How Can Child Support Ruin Your Credit Report
Child support is one type of collection that you may see on your credit report. Although child support is not commonly found on a credit report like other collections such as bankruptcies, liens, and foreclosure. All collections on your credit report have a stated time they will stay in place. Although it is sometimes possible to negotiate for them to be removed earlier, a chapter seven bankruptcy for example can stay on your credit report for as long as twenty years. A chapter thirteen bankruptcy staying for seven.
Child support however is a lot less severe than finding judgments or bankruptcy on your credit report and removing it is quite simple. In fact, child support should not even feature on your credit report unless you are in arrears with your payments. There is really only one solution to how to remove child support from credit reports and that is by paying off the amount owed. It is as simple as that to remove child support from your credit report. Once you pay back all monies owed, the collection will be removed from your report. Child support will only appear on your credit report if you indeed fall behind on payments, and it will be removed when paid unlike more complicated circumstances such as foreclosures.
If you have repaid monies owed for child support and find that the collection still appears on your credit report, then a simple letter of credit dispute to the creditor stating the date at which you repaid the overdue money should be all that is necessary. Being able to remove child support from your credit report is that simple, and you should never put yourself in a position where you owe this money.
If you find yourself in a phase of financial difficulty and are unable to pay your child support, then like any other collection on your credit report, it can ruin your life and financial existence. Any collection on your credit report will make it extremely difficult for you to gain credit from any major money lender, and this situation should be avoided at all costs by means of cutting back on your daily expenditure and sticking to a tighter budget. If you do find yourself in a situation where unpaid child support features on your credit report, then all you need to do to remove child support from your credit report is to pay back the money owed.
Until you pay back the money you owe for child support, there really is very little room for negotiation on the removal of child support on your credit report. This is simply as, unlike other collections, child support will not remain on your report once it has been paid back. Simply ordering a new copy of your credit statement from the three credit bureaus should be enough for you to remove child support from your credit report.