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Prison builder download7/14/2023 ![]() Even if bills are set to be automatically deducted from a bank account, someone must be able to manage that bank account or funds must be available in advance. Phone calls are expensive, and online bill pay is impossible. Once incarcerated, it’s difficult to make payments and manage your finances. For someone in prison, bills may be forgotten or overlooked for other priorities or payments like legal fees or fines. Over time, positive payment history helps build a strong credit score, but a late payment can quickly drop a score. The number one factor of your credit score is payment history. Below are a few reasons that may cause a credit score to plummet for those in prison. This is because your credit score is the product of several factors, and some of these may be forgotten, neglected, or abused when an individual is in prison. It would be nice if it were that simple, but while a prison sentence may not appear on your credit report, it can have a profound impact on your credit score. Since a prison term isn’t reported on your credit history, then there’s no way for it to affect your credit score, right? Whether you served one day or 100 years, your credit history does not include incarceration information. The good news is that a prison term will not be reflected on your credit history. However, for those 53,000 serving less than a year and undoubtedly thousands more serving under three years, credit history is an important factor to consider since it may come into play sooner than not. ![]() Those serving longer sentences may not be concerned with credit scores or the impact prison has on credit history. Of those prisoners, 53,000 were serving sentences of less than one year. Most people don’t plan to go to prison, yet according to a Bureau of Justice Statistics report, 1,561,500 people were incarcerated in 2014. Credit building opportunities exist for all adults. ![]() Prison doesn’t have to mean a life sentence of bad credit. ![]()
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