In recent months, consumers have been issuing complaints to their state attorney general's office and Better Business Bureau, as many have experienced credit report problems due to outstanding video rental fees.
Before going out of business, many video rental stores sold old debt, stemming from late movie return fees, to debt collectors, who are now trying to recoup payments from consumers.
While it seems unlikely, some consumers have seen their credit scores drop 70 points as a result of these missed payments. Others say they've been fraudulently harmed for purchases they never made. This is because many debt collectors have been reporting this debt to credit bureaus that then give it the same weight as a missed mortgage or credit card payment.
Consumers who check their credit reports and find this type of negative mark may benefit from contacting a credit repair company. By talking with a credit specialist, individuals can gain valuable expertise from professionals who can help mediate the situation.
Many movie rental services, such as Netflix and Blockbuster, now offer monthly plans without late fees, which have become increasingly popular among consumers.