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Does making late payments on Electric Bill impact credit?


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I am a student and I have a roommate and the power bill is in my name and she has been making late payments lately and it is really worrying me...I plan to move by myself in February and I want to know will her making late payments have an impact on my credit or my future service with the Electric company?

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I am a student and I have a roommate and the power bill is in my name and she has been making late payments lately and it is really worrying me...I plan to move by myself in February and I want to know will her making late payments have an impact on my credit or my future service with the Electric company?

I have NEVER (in 30+ years) had a "UTILITY" report

 

"IF" one showed up...I would dispute it (but that is me)

 

Some people would love to have 10 or 20 extra positive accounts

 

I HAVE NO USE FOR 10 or 20 (or MORE) ACCOUNTS

THAT HAVE A "CREDIT LIMIT/HIGH BALANCE" OF LESS THAN $200

 

(even if they are all positive)

Edited by GEORGE
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You should try to takeover that account ASAP or transfer it into their name. It will probably only report if it gets charged off. Make sure you get something in writing from the utility that it is paid in full when you transfer it, because a balance left owing of a few cents could get charged off.

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My utility company ( National Grid ) did report me to equifax and almost a year after still report as closed account.When they first reported it was described as a net30 term account under collections.After many disputes and good wills they never budged,i pif and closed.The tradeline still reports everymonth but after many disputes i managed to get it reportas a positive closed tradeline.

 

My electric bill at the time was about $20-$40 a month and since i thought it was low i used to pay them after 3-5 bill were together over $100 and that was my mistake,My advice get your name off the contract asap,making late payments won't make any bad other than internal ayment history with that particular company,the problem arrives when they send you to collection and the tradeline lands in your report by either their internal collection dept. or any other collection company they sell the account to.

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I am a student and I have a roommate and the power bill is in my name and she has been making late payments lately and it is really worrying me...

I plan to move by myself in February and I want to know will her making late payments have an impact on my credit or my future service with the Electric company?

The late payments won't affect your FICO credit score unless the account gets reported to the credit bureaus. Most utility companies don't report their accounts unless the debt gets charged off. However, there are some utilities which report to the CRA's (credit reporting agencies = credit bureaus).

 

However, the late payments are very, very likely to affect your utility account, both now and also at your new address next year.

 

If you'll be getting service from the same utility company at your new address as you have at your present one, definitely, because this account has had late payments.

If you'll be getting service from a different utility company at your new address than the one which you have at your present one, it probably will affect you anyway. Utilities often will contact the previous utility provider to find out if the account had a history of always being paid on time, or not.

 

Plan right now that dealing with your present utility company's billing will very likely be a big extra part of the expenses related to making the move.

Pay the account up to date fully now. Talk to your roommate now about paying you, not making payments to the utility, for the rest of the time between now and when you will be moving out -- because this account is in your name and it's your credit which is at stake.

 

Once you know what date you will have moved out, call the utility well ahead of the moving date and close your account as of the day after you will be moved out. It's up to your roommate to contact the utility to order service in her own name.

 

Notify your roommate now that you will be closing out your utility account for your current residence effective the day after you will have moved out. Your roommate had best be prepared to have to get utility service in his or her own name at that point.

A security deposit might be charged to her at that point but that's none of your business because it will be entirely a matter between your roommate and the utility company.

 

For yourself, you had better bank several hundred extra into savings because your history of late payments may quite likely mean that a security deposit will be required from you for service when you move.

 

 

I understand that you may not have intended to pay late but the utility company really doesn't care, and frankly shouldn't have any reason to care, that you may have had some sort of agreement with your roommate about paying the bill. From the utility's perspective, this account was in your name. It wasn't paid on time. That's your history.

 

Pay off the entire amount due as soon as the utility company has prepared the amount of your final bill for your current address.

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