Child support is an on-going payment obligation imposed on the noncustodial parent to assist with financial support the child needs on a daily basis, including:
Any overdue child support payments will be reported to credit bureaus just like any other missed payments. Once listed on a credit report the remark will remain reported for 7 years. Stay tuned and find out how to prevent this form happening, today!
Once a credit report has a missed payment reported it will negatively impact consumer credit scores. If the missed payment has been accurately reported, the derogatory remark cannot be removed.
If the consumer is under the impression the missed payment has been incorrectly report it may be disputed with the credit bureaus and child support collection agencies.
To successfully dispute the remark the consumer will require proof the account has been paid consistently on time in order to refute the derogatory remark.
Child support will only be reported to a credit bureau if an individual has missed their payment obligations. Once missed payments have been reported to the credit bureaus it can remain reported for seven years.
In addition to the negative impact missed child support payments have on an individual’s credit score, noncustodial parents will have an increased debt-to-income ratio. This will make mortgage and other loan applications significantly more difficult to acquire.
Credit scores are influenced by multiple elements with the most impactful being your payment history. Once outstanding debts have been settled it is vital all debt obligations are maintained to gradually improve your credit score.
Alternatively, you may consult credit repair specialists like Credit Sage. Utilizing the experience and knowledge of credit repair specialists will ensure the necessary actions are taken to boost your credit score and overall financial health.
Consistently maintained child support payments won’t impact your credit score, only your debt to income ratio. Child support payments will negatively impact your credit score if payments are missed. If accurately reported it will remain as such for 7 years.
Consult Credit Sage now and start building your credit score today!
Speak with a live credit specialist for your free consultation, now