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lending institutions to loan money to a delinquent parent under almost any circumstances,” according to Mr. Wiggins. “It will make it very difficult for child support evaders to borrow money, particularly if their child support arrearage is large.”
For each individual owing child support the credit bureaus will receive information about total dollar amounts owed and the length of time the debt has been overdue. Many of the debts are large. Approximately 15,000 of the 50,000 people who are slated to be reported owe debts of $9,000 or more.
The new policy will undoubtedly change the status of many individuals’ credit ratings, thus providing a major incentive to pay up. Bad credit can stay on an individual’s credit bureau report for up to seven years. “That’s a long time to wait to buy a new car or take a vacation,” said Mr. Wiggins. Of course, there is a way to avoid all the hassles and headaches of a bad credit rating. “Just pay up,” says Mr. Wiggins, “and all will be forgiven.”
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