It’s like a report card, and it’s the quickest way to know how your accrued debt, and your management of it, is affecting your credit.
Bohemia, NY (PRWEB) April 30, 2013
On April 30, 2013, John Monderine, CEO of the leading collection services agency Rapid Recovery Solution, issues a statement regarding several pervasive credit score myths.
According to a recent article from CBS News (4/22/13), it is essential that people check their credit score at least once a year, and even more, that they know what it means. Author Dave Johnson clarifies some issues:
- Late payments and bad debt stay on a credit report for seven years, and bankruptcies for ten years.
- Only what consumers buy on credit, not with cash, is used to calculate their credit score. It’s better to use credit cards in a responsible way rather than to switch to cash entirely, says Johnson.
- Closing a credit card could hurt a consumer's credit score. The entirety of credit available should never be used -- only about 30 percent, according to Johnson.
- Looking at one's credit may have an impact on the score, but it is small. Income is irrelevant in calculating credit scores; it's all about how the credit is used.
John Monderine, CEO of collection services agency Rapid Recovery Solution, says that the credit score is the starting point for assessing a consumer's personal finances. “It’s like a report card, and it’s the quickest way to know how accrued debt is affecting your credit. The report, on the other hand, shows all the account balances and payment history, so consumers can determine if any debts are slipping through the cracks.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.