Houston Credit Repair Expert, Vanessa Perry explains what to do about your car payment if you are involved in an accident in the episode below.
What Happens if Your Car Gets Totaled?
If your car gets totaled make sure that you continue to make the payments. Make your payment even if your insurance will cover the payment. It does not matter if you have gap or full coverage. The reasoning behind this is to insure you will not have a 30 day late on your credit report. The insurance can always reimburse you directly for the payment. Paying the payment on time saves you more in the long run by preventing any damage to your credit score.
Can A Car Accident Hurt My Credit?
A car accident itself can not hurt your credit, but the aftermath can. Medical bills, car payments, insurance can all result in negative credit marks on your credit. If you are late with your insurance or car payment and if your medical bills are unpaid they will go into collections. Make sure to be prepared incase of an accident and have money saved up for a worst case scenario. In the event you do get in a car accident and miss a car payment due to the insurance not making the final payoff in time consider credit repair. Many times these events result in a late payment or even a repossession on your credit. Unfortunately the insurance companies do not respond to claims as fast as the crash itself.
Houston Credit Repair
Credit repair might be the best choice if you have some dings on your credit from a car accident. The credit specialists at Impeccable Credit Services have extensive experience in the credit industry. With physical locations it is convenient to come in and meet face to face or have a virtual consultation as well. If you have any questions regarding your credit feel free to contact us at 713-378-1500.
