what happens to your credit rating when your debt becomes enforceable?

Answer 1

If you're talking about your debt going into collection, it will hit your credit fairly hard depending on your overall credit depth.

If you have only a few accounts, and one goes into collection, the impact will be grand. But if you've got a ton of history, and multiple unaffected tradelines, the significance will be less.

Either way, you want to avoid a collection at all costs as it will deduct points from your credit score. And ultimately rattle your credit score if it becomes a charge-off.

It's best to work with the original creditor to resolve the debt problems before it gets any further. It will leave a nasty mark on your credit report for 7 years if you don't resolve it now.

Learn more at http://www.thetruthaboutcreditcards.com

Answer 2

Not sure what you mean by enforceable, but anything that lands on your credit report affects it. The worst things are charge offs and judgments, so try to limit those. The best thing to do is to pay the debt off before it gets on there; because once it does it's hard to remove.

Answer 3

wrecks your credit rating.

Your credit rating is already at risk as soon as you miss a payment, way before it goes to a collection conpany or to court.