At some point, you are likely to have a dispute with a vendor or creditor. It may be that the new television you bought stopped working as soon as you got it home or there were extra charges on your credit card statement that you don’t think belong to you. Unfortunately, most companies have leverage when it comes to coercing you to pay. They may threaten to report the outstanding amount as a negative item on your credit report, thereby dropping your credit score. While there are ways to handle such disputes with creditors, the disputed amount may show up on your credit report in the interim. If the credit bureau receives enough proof from your creditor that you owe the amount, it will remain on your report for 7 years. Try to resolve disputes with your creditors quickly to avoid this situation. It may take repeated letters or phone calls to the company but it is worth the time and trouble.
Refusing to Pay Can Come Back to Haunt You
by Sonya Smith-Valentine
Article by Sonya Smith-Valentine
Sonya has written 176 awesome articles for us.
Sonya Smith-Valentine is an accomplished attorney and CPA, dynamic trainer and energetic speaker whose engaging style makes a lasting impact on her audiences and clients. With over twenty years of experience, Sonya colors her timely and relevant messages with drama and humor. Using her legal background, Sonya goes beyond inspiration to convey concrete ideas and practical tools that allow audiences and clients to make real financial changes in their lives. Audiences and clients walk away with renewed determination to embrace their inner strength and manage their financial reputations all the way to success.