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Do car accidents affect credit score?

On Behalf of | Feb 18, 2020 | Car Accidents

It is easy for a car accident to blemish your credit history. The effect may not be direct, and it may take you time before you realize it. But your driving records do not have a link to your credit report and insurance companies do not report your car accident to your credit company. So, how does it influence your credit?

According to Stumble Forward, regardless of whose fault an accident is, you may have to spend an outrageous amount for your emergency room visit. During such situations, it is almost impossible to make financial decisions. Different costs will continue to pile up, such as facility fees, treatment fees, and medication fees.

Sometimes, bills may pile up to an extent you are not able to clear them. You may have to await your insurance, as even the minimum payment you make may stretch you to your maximum. During the period your expenses remain unpaid, you may lose some of your credit score points.

A personal injury can very quickly take you from a high credit score with chances of receiving loans to a poor credit score with no chance of getting any financial help. It is, therefore, best to consult with a personal injury lawyer immediately you get into an accident.

They can help you recover your expenses before you suffer from long-term credit damage. An attorney can help you negotiate the payment of your medical fee. They can as well inform your credit card company of your situation on your behalf to prevent any changes in your rates. You will then only have to focus on getting better.

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