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Our bills vary from credit card payments, mortgages, phones, and utility payments. Basically, loan issuers would come for their money if you don't make payments on time. Each collection adds to your credit report and can cripple your loan negotiation ability. In the most recent FICO models, paid collections will not damage your score, Credit Score but unpaid ones surely will. If one of your accounts goes into group, your credit rating plummets depending on a few components. If your score is significantly high, you'll lose more points than someone with a small number of points. Should you skip a payment, your lender would report it to the agencies as"payment" But if you don't pay penalties or bring your accounts to status, you may experience a collection. Instantly you experience a set; your credit score would drop drastically. Resolving a set is a painstaking process, hence making timely payments is obviously an perfect way.

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