Can not returning a library book on time really decrease your credit score?
I’ve read in 2 online articles that something “simple” as not returning a book to the library on time may cause a decrease in your credit score. Is this actually true?
Whoa! Some of these answers are starting to scare me! The library always seemed like such an innocent organization to me. Guess not!!
It is if the library reports your overdue book as an outstanding debt.
One time, I moved and had a couple of books in with some others of my own.. I didn’t realize I had them until I went to apply for a loan, and discovered that I had a very nasty report from them. It took about a year to convince the library to remove the report, which they ultimately did, as they had received letters back, saying ‘moved’ but had made no attempt to call, though they did have my number.
The clerk I dealt with was adamant… and finally I went up the ladder and told the higher up that this report was going to cost me a lot~!~ of money, as it would severely affect my interest rate. He did, finally, have it removed..
Yes. Always return your books. I think.
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It is possible, but would be more than just your simple not returning a book on-time. If you return the books a little late and pay the few dollars in fines nothing else would happen. However, if you fail to return the books at all and/or have a significant amount of fines. They will turn you over to a collection agency. That collection agency will place a collection listing on your credit report which will lower your score.
I don’t think there is an exact number, but with the financial troubles of some cities this amount may be as little as $10.
no. There is a fee added each day for so many days. Then you have to pay to replace the book. Thats it theres no credit reporting going on. You just cant use your library card until you pay the fees which at the most would be $100. Call your library and ask if you’re so concerned.
It’s like everything else. The fine is there to pay and it’s a black mark somewhere.
Not in the UK- it would be highly unlikely that you would be allowed to borrow so many books at a time to make it economically viable for them to record the debt to the extent that it would affect your credit rating. Not returning them though is not fair to others that may be waiting to borrow them.