Can My Gym Canceled Membership Balance Affect My Credit Score?

Gyms are a great way to get healthy, stay in shape, and take advantage of fitness classes. However, at some point, most people will want to cancel their gym membership. Many people cancel their memberships without issue, but some unscrupulous gyms make it difficult to cancel your membership. If your gym is giving you the runaround when you try to cancel, you might be tempted to refuse payment. You can remove payment information or cancel your linked cards to stop paying your membership.

Considerations When Canceling a Gym Membership

Your credit report contains a record of all of your recent debts, both paid and unpaid. If you fail to pay back a loan on time or do not pay a bill, then this may end up on your credit report, causing your score to drop. For this to happen, however, the company to whom you owe the money has to report it to the credit reporting agency. This might happen in the case of a gym membership if you agreed to pay membership fees and then stopped paying them for no good reason.