Posts Tagged ‘ making payments ’

Finance charges and minimum credit card payments

Dear Experian, I have a rather simple question. My wife and I disagree on whether a finance charge is already included in the minimum payment required. She says that we should pay both the minimum amount and the finance charge on time to maintain a good credit score. I say that you only need to pay the minimum amount on time to maintain a good credit score. Paying the finance charge is like paying more towards your balance that will shorten the life of your debt but it will not affect the credit score. Who do you think is correct? - GMN

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Individual payments to collection agency not always reported

Dear Experian, I am currently making payments on accounts that are on my credit report. Do the credit bureaus recognize my payments that I'm paying to the collection agency? - AYR

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Payments should be made to collection agency, not original lender

Dear Experian, I made payment arrangements to pay a debt to the original credit card company; however, a third party collection agency is now contacting me for payment on the same account. Who should I be making payments to? - ALT

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