Moving Out Of Country: Will My Bad Credit Follow Me?
When opportunity is low, people need to go where the money goes. It is in this spirit that many people are choosing to look into emigrating as a means of finding a good footing for their financial future. When considering leaving the country for any extended period of time, there are definitely things that need to be asked about and researched. If you’re planning on leaving the country and taking up residence somewhere other than the USA, you may be wondering what will happen with your outstanding debts once you leave.
Will My Bad Credit Follow Me?
When looking into whether or not your debts will follow you to another country, the answer is anything but simple. An outstanding debt will be handled differently depending on a number of factors, including how much the debt is for, how long it has been outstanding, how much, if any, has been paid back on it, whether or not it’s in collections, and who the debt is with or what it’s for.
Depending on which country you’re planning on moving to, the credit reporting agencies may be the same, or they may share information. If these companies are the same, your credit will transfer into your new country of residence. If these companies do not share information, you may still be asked for your previous SSN number. This number will hold all the information about your present financial situation in your previous country. The bottom line is that, whether in your country of origin or not, your credit history will haunt you so long as you allow it to. If creditors can find you and your SSN, then your debts will follow you no matter where you go. How it will affect you may depend on the country itself, but you can’t run from your debts.
Emigrating isn’t the Answer
Fleeing the country is a very heavy decision to make, and should never be taken lightly – especially since your debts will follow you anyway. If you’re feeling trapped enough to consider emigration, you may feel like you’ve considered every other option. Be aware, however, that even after spending a fair amount of time, energy and money on a large move, out of country, that you could still be wrung up on charges of fraud if your outstanding bills are worth a considerable sum of money. It’s a creditor’s job to track you down, and they’ll employ many methods to do so. The truth is that, if they can find you in the USA, they can likely find you outside of it as well. Your poor credit score will likely be as much of a hindrance in a new country as it is currently.
Straightening Out Debts
While it may seem to be counterintuitive, the best answer to outstanding debt is to clear your slate and start again. Phone the creditors that you’ve been avoiding and start to work out a plan for payment. By putting your financial future on track, you will start to see positive affects in all areas of your life, and begin to get into a better situation for the years to come.
This guest post is from Allison with CreditScore.net, where you can learn more about getting out of debt.
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