Overdue Books Affecting Credit Score

Library Garden:

Library Garden is an ongoing conversation among librarians with differing perspectives (public, academic, school, and youth), but one shared goal: ensuring the health and relevance of libraries.

I recently subscribed to Library Garden as one of my LIS-Weblogs and found a very interesting article about overdue books affecting ones credit score. I was eager to read this article, because unfortunately I have to submit past due patron records/accounts to Unique Management which is the Jeffersonville Township Public Library collection agency.

This article referred the reader to a website (www.kiplinger.com/magazine/archives/2006/03/credit.html) to gather more information about the changes to ones credit score due to overdue library books and fees. The article “Boost your score” contains a very interesting pop quiz, which even surprised me.

Pop quiz: Which affects your credit scores more, getting married or having overdue library books?

Surprise answer: A library fine that goes to collection can shave 100 points off your credit score -- and boost your annual interest payments by hundreds of dollars. But getting married doesn't affect your score at all unless you co- sign for a loan with your new spouse.

After reading this article, I agree that some action needs to be taken in regards to overdue materials and fines, and unfortunately reporting a past due account to the collection agency is the only effective way (at least for the Jeffersonville Public Library).

I believe that when a person requests a library card and signs that card their actually stating that “I accept responsibility for all items charged out on this card, any fees assessed for overdue items, or replacement costs for damaged or lost items”. (JTPL Library Card Statement)

What do you think?