A bit of a sad topic here, but I think it’s necessary under the furlough conditions. The partial government shutdown affects 9 federal departments and about 800,000 employees.
So, this is a bit of advice. First off, if it’s a matter of having several late payments on your credit report, or most of your accounts paid, while one is charged off, or close due to non payment, you definitely want to have the late payments. It is more damaging long term to have a charged off account than it is to have several late payments. Remember, with late payments, you can still bring the account back to good standing over time. However, a charged off account stays bad until its deleted due to a Fair Credit Reporting Action violation, or until the statute of limitations runs out.
Folks, hang in there. We are hopeful the government will return to ‘normal’ shortly, until then, pay late, but pay… call your creditors and explain to them your situation. Many have programs to alleviate the damage.
For more guidance, give us a call. Advice is always free…
Scoreology – The Science of Credit Repair