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Absolutely. By planning for expenses and tracking spending, you eliminate surprises and reduce the need to use credit for everyday needs or emergencies.
Do not ignore the lawsuit. Respond by the deadline, either personally or with an attorney. You may be able to negotiate a settlement or payment plan before the court date.
You are protected by the Fair Debt Collection Practices Act (FDCPA). This federal law prohibits collectors from using abusive, unfair, or deceptive practices. This includes harassment, calling at unreasonable hours, making false statements, and discussing your debt with unauthorized third parties.
It is generally a minor factor, accounting for about 10% of your FICO® Score calculation. While not the most influential factor, it can be a tie-breaker between two otherwise identical credit profiles.
Yes, from a financial responsibility standpoint, you should address it. While it won't remove the negative mark, updating the status to "Paid Charge-Off" looks significantly better to future lenders than an unpaid one and may help your score over time.
