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Did You Remember to Return Your Library Book On Time? If Not, It Could Hurt Your Credit Score

We all know that not paying your mortgage or automobile loans on time will affect your credit score, but did you know not paying your library fines might be filtering in to hurt your credit? While researching credit information for a client of mine, I came across this article by Liz Pulliam Weston of MSN Money: "Wierd stuff that hurts your credit". Not only that, unpaid traffic tickets might not only end you up in jail, your credit score can likely take a hit, too!

In this all too important age of the perfect credit score (850, by the way) and consumers needing around a 620 score to qualify for a decent mortgage, these little overlooked bills/fines could be a stumbling block if not addressed. Do yourself and your community a favor - kindly return your books on time. You really don't want that coming back to bite you when you go to buy a house a year or so down the road.

Grandville Public Library Speaking of libraries - this is a photo of the Grandville, MI Public Library (part of the Kent County System). Have you checked it out lately? It's a beautiful building offering books, movies, internet and computers and so much more!

Posted by Ed Vogt, Grandville, MI Audu Real Estate on 11/19/2007 06:18 AM

Comments (21)

credit scores, mortgages, ed vogt, audu real estate, grandville, mi, kent county, liz pulliam weston, msn money

This post has been included in Michigan Information Kent County, MI Information Grandville, MI Information

21 Comments on Did You Remember to Return Your Library Book On Time? If Not, It Could Hurt Your Credit Score

NOV

2007

Thats very interesting, thanks for the post

Are you kidding me ? I have never heard of this and I use my library all the time. Thanks for the heads up. I'll ask them about it, although I am rarely late, I just renew if I'm not finished.

So - if my kid has a card - and he loses the book - and he does not tell me - and the Library does not tell me - is my kid starting out life handicapped financially?

Hypothetically speaking, of course?

My wife has overdue books I am sending her this blog . Thanks for the post

I had no idea, and I had two overdue materials where the fine was $4 for EACH! Yikes!

It's getting pretty interesting and odd the different items that can affect credit scores..

I never heard of this. I haven't been to the library in years. I have a Half Price Books near me so I just buy the books now.

That is something I never thought would affect a credit score, but then again, we should walk through life thinking anything bad we do with money such as not paying any bill could affect the score.

Peggy & Missy - It's not meant to frighten you, just a friendly reminder. And I don't think (hopefully) all libraries do this. Maybe it's just in the bigger cities (the article didn't say which libraries).

Well Kevin: Hypothetically speaking, you make a good point. I would hope the children's credit scores aren't affected - they shouldn't have one at that early phase in life. But you never know.

Hi Charlie - funny:) and Carol - if you read the rest of the story, it is pretty interesting what does affect your score. I did quite a bit of reading on that this morning.

Jeff - I actually started going to our library quite a bit last year when I was having computer issues; used theirs several times. But I like going anyway, to just to check out different things that are going on there.

Linda - You're exactly right. Money owed is money owed, regardless of who it is owed to.

Ed- Well, as a self proclaimed book-aholic this just gives me more reason to continue to purchase my books (usually on sale!) and then either donate, trade or resell those that I'd rather not add to my personal library. I'm pretty protective of my credit score!

Jackie

Ed, Wow, I was not aware of this...thanks for the information, I'll be sure to pass it on to family and friends. :)

All the Best,

This was very informative. I had absolutely no idea! Thanks for letting us know about this. I wonder if it could reflect rentals of videos? That's where I'm probably more guilty. :)

Great Information, thanks for sharing it with us here on AR! I really didn't know all of that stuff affected your credit!

NOV

2007

Jackie - I usually buy mine, too, since I'm rarely finished reading by the time they're due...but I still like to check out different ones occasionally when I'm not sure of the authors or the books or just because I'm so close to the library (walking distance).

Hello Therese and Lola: I don't think this includes all libraries, just some, but it's just a good reminder to pay your overdue fines and return your overdue items. The article seemed to state that it was more of the older debts they were going after.

NOV

2007

Hi Michael: I didn't realize that, either. It's amazing that some libraries would go after someone for that - but I guess when you've tried other measures and nothing has worked - get 'em where it counts (credit score). I'm thinking they would rather have their books and fees, instead.

I hadn't thought about this but will certainly ask. I've an article by Weston before, and she's quite good.

Are you serious? Well Ed i haven't been to the library in years.lol I'll remember that..

NOV

2007

Hi Robert: Yes, I'm serious - and so was this article. It is certainly odd that something like that could possibly affect your credit score. But don't let that keep you away from the libraries:)

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