Is Your Home Equity Line of Credit Damaging Your Credit Scores?
If you have a home equity line of credit (or HELOC), it could be damaging your credit scores without you even knowing it, even if you’re making your payments on time. The reason HELOCs can be a problem for your credit rating is because lenders often report them incorrectly to the reporting agencies. Fortunately, this is a problem that can be easily fixed.