Worried about missing a Rent-A-Center payment? Find out if it impacts your credit—and share tips!
👉 Don't miss out. Click here- [ Ссылка ]
CHAPTERS
00:00 - Does RAC report to the credit bureaus?
01:00 - Understanding Late Payments and Credit Impact
03:04 - Communicating with Rent-A-Center
04:06 - Tips for Lease-to-Own Success
VIDEOS to WATCH NEXT
Let’s Talk: Insights That Make You Think - [ Ссылка ]
Life Hacks From the Cockpit - [ Ссылка ]
How to Make Good Choices and Not be Misled - [ Ссылка ]
Get Out of Debt Help, Financial Advice & Other Topics to Succeed with Money: [ Ссылка ]
STEVE'S RESEARCH NOTES
On-Time Payments Are Not Reported: Rent-A-Center generally does not report on-time payments to the major credit bureaus (Equifax, Experian, and TransUnion). This means that regular payments typically won’t help build credit, nor do they improve your credit score.
Collections and Credit Impact: If a Rent-A-Center account becomes severely delinquent, it may be sent to a third-party collection agency. This agency can report the unpaid debt to the credit bureaus, which would negatively impact the credit score of the individual in debt.
Lease-to-Own Agreements: Rent-A-Center’s lease-to-own agreements differ from traditional credit-based financing, meaning they don’t follow the same credit reporting standards. The advantage is that customers typically do not need a credit check to begin leasing items, making it accessible for those with limited or poor credit.
Benefits of Early Communication: Contacting Rent-A-Center before a payment becomes overdue can often lead to flexible options. Many rental companies, including Rent-A-Center, may provide extensions or work out a payment plan to help avoid collections.
Source for Verification: For specific policies, always refer directly to Rent-A-Center’s customer service or their official website, as terms can vary by location and customer agreement.
DESCRIPTION
In this episode, we address a critical issue raised by John regarding late payments with Rent-A-Center and their implications on credit scores. We clarify that while RAC doesn't report on-time payments to credit bureaus, unpaid accounts may eventually be sent to collections after 60 to 90 days, which can negatively impact credit scores. We stress the importance of proactive communication with RAC if payment issues arise, as they are generally willing to work with customers to avoid collections. Additionally, we explore the appeal and hidden pitfalls of lease-to-own arrangements and highlight the necessity for consumers to understand which payments affect their credit. Listeners are encouraged to share their experiences and stay engaged as we delve into the complexities of these agreements in future episodes.
#oldguyinsights #RentACenter #CreditScore #LatePayment #LeaseToOwn #CreditReport #FinancialTips #CreditImpact #RentToOwn #DebtManagement #CreditScoreTips #AvoidCollections #CreditAdvice #MoneyManagement #ViewerAdvice #CreditBureau #FinancialEducation #BudgetingTips #RentToOwnAdvice #CreditRepair #PaymentTips
