December 21, 2024 | Car Accidents
Do Car Accidents Affect Credit Scores?
Getting straight to the point, a car accident does not directly affect your credit score. Car accidents are not reported to the credit bureaus, thus they are not directly affecting your credit score. Your credit score only contains debt related to credit accounts and public records (credit cards, mortgage, auto loans, etc). Should you fail to pay your debts after a car accident, these failed payments can negatively affect your credit score. Indirectly, a car accident can affect your credit score.
What Can Happen to My Credit Score after a Car Accident?
After a South Carolina car accident, insurance companies will begin processing claims and expenses. If you are injured in a car accident, medical bills can start to pile up. Your auto loan and car insurance bills will continue piling up each month as well. If you’re unable to make payments on those bills then your credit score can be negatively impacted, hurting your credit score. Below are a few ways car accidents can indirectly harm your credit score:
- Car Insurance Can Increase – Your car insurance premiums can increase due to the accident. Insurance companies could increase your risk and that will increase your premium. If your car was extensively damaged during the accident, purchasing a new car could also increase your premium.
- Home Insurance Can Increase – Having bad credit can make it more difficult to get a home loan causing increased rates as well.
- Medical Bills – Car accident injuries can result in disabilities and/or lengthy hospital stays. Depending how long and costly the ensuing treatment is, you may end up owing thousands of dollars in medical bills which could ruin your finances and credit.
- Car Repair Costs – Repairing or replacing a car can get expensive, especially when you were not intending to do so. This can result in costly upfront or monthly payments.
- Loss of Future Employment Opportunities – If a potential employer were to run a credit check that didn’t meet their expectations or hiring criteria, this could cost you an employment opportunity.
Contact a Columbia Car Accident Lawyer at Jeffcoat Injury and Car Accident Lawyers Today
For more information, contact the car accident law firm of Jeffcoat Injury and Car Accident Lawyers to schedule a free initial consultation. We have five convenient locations in South Carolina: Columbia, Lexington, Orangeburg, and Blythewood.
Jeffcoat Injury and Car Accident Lawyers – Columbia, SC
1333 Main St #510,
Columbia, SC 29201
(803) 200-2000
Our firm is located near you. We have an office in Columbia, SC.
Find us with our GeoCoordinates: 34.0036663,-81.0346429
Jeffcoat Injury and Car Accident Lawyers – Lexington, SC
5465 Sunset Blvd Suite B,
Lexington, SC 29072
(803) 721-4241
Our firm is located near you. We have an office in Lexington, SC.
Find us with our GeoCoordinates: 33.9981412,-81.2202483
Jeffcoat Injury and Car Accident Lawyers – Orangeburg, SC
161 Elliott St SE Suite B,
Orangeburg, SC 29115
(803) 884-2053
Our firm is located near you. We have an office in Orangeburg, SC.
Find us with our GeoCoordinates: 33.4913915,-80.8608485
Jeffcoat Injury and Car Accident Lawyers – Blythewood, SC
749-2 University Village Dr,
Blythewood, SC 29016
(803) 866-5190
Our firm is located near you. We have an office in Blythewood, SC.
Find us with our GeoCoordinates: 34.2165616,-80.9866654
Jeffcoat Injury and Car Accident Lawyers – Columbiana Dr
380 Columbiana Dr
Columbia, SC 29212
(803) 200-2000
Our firm is located near you. We have a secondary office in Columbia, SC.
Find us with our GeoCoordinates: 34.0857948,-81.1613165
About The Author
Michael Jeffcoat earned his law degree from the University of South Carolina School of Law and is licensed to practice in South Carolina. As the founder of Jeffcoat Injury and Car Accident Lawyers, he is dedicated to helping clients navigate complex personal injury cases, focusing on car accidents, truck accidents, and other serious injury claims in Columbia. Click here to see some of the outstanding case results Michael has achieved for his clients.
Location: Columbia, SC
