When I was young and dumb I wasn't the best with handling money. I often found myself playing the "I hope I get paid before this clears the bank" game. I usually won , but quite often lost. Now that I'm 15 years older, wiser and more responsible, there are still very few places that will accept my checks. Why is that?
Sat Aug 01, 2015 4:21 pm
oldguy Senior Member
Cash: $ 716.00
Joined: 21 May 2006
quote: I usually won , but quite often lost. Now that I'm 15 years older, wiser and more responsible, there are still very few places that will accept my checks. Why is that?
Seven years for most 'negatives' such as late payments, bad checks. But much longer if your accounts went into collections and you entered a partial payment agreement. To a lender (or anyone extending credit or accepting your check) the non-payment or partial payment means that the lender got stiffed, ie, he never got paid. Whereas a late check means that he got paid late.
But to a Business, there is no point in doing business with someone with a history of non-payment. One bad check takes away the profit for the next 10 sales - no reason to take that risk on a 'frequent flyer'.