Sunday, October 2, 2011

Repair Bankruptcy

Many people find themselves in financial situations that are difficult or impossible to resolve. Often, bankruptcy is the only solution. You can repair bankruptcy damage to your credit report, but nothing works better than time. If you are contemplating filing bankruptcy, there are things you can do initially to mitigate the damage, making it easier to repair bankruptcy once you have filed. If you can afford to exclude a home from bankruptcy and continue to make the payments until the home can be sold, this will help ensure that you are able to buy a home before the bankruptcy stops appearing on your credit report.

Bankruptcy appears on your credit report for up to ten years; repairing bankruptcy damage to your report does not have to take that long. There are many options you have for repairing bankruptcy. While not always the most practical, repaying some of the debt can help. Even more important is establishing new credit as soon as the bankruptcy is discharged. That may seem like an impossible task, particularly in the current economic climate where credit has been curtailed for even the best credit risks, but even small, prepaid credit accounts are a smart way to begin to repair bankruptcy damage.


After your bankruptcy is discharged (allow at least 60 days for the reporting to catch up), you should request copies of your credit report from all three credit reporting agencies (Experian, Equifax, and TransUnion). Go through the report line by line and make sure that every debt that was included in your bankruptcy is being reported with a "0" balance and is noted as included in bankruptcy. By doing this, you ensure that only the bankruptcy counts against you and not, in addition to the discharged bankruptcy, each individual credit card debt.

As you work to repair bankruptcy damage to your credit report, make sure you set up a budget that allows you to pay bills on time with ease. Use a credit card to make a purchase to help reestablish your credit, but have the money for the debt set aside. When the bill comes, pay more than the minimum amount and pay it well before the due date. Establish lasting credit management habits, and don't allow yourself to get in over your head. With time and effort, you can repair bankruptcy damage to your credit report and have access to needed credit within 12 - 18 months after your bankruptcy is discharged.

Repair Bankruptcy

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Saturday, October 1, 2011

How to Handle an Unknown Charge-Off on Your Equifax Credit Report

It is not uncommon to find an unknown collection account on your Equifax report. It is actually estimated that more than 20 million reports have an error serious enough to affect the outcome of a loan they are interested in receiving from a creditor. These errors are due to the massive amounts of data that are inputted and removed by the bureaus.

Their main focus is selling your file to lenders, while the task of making sure the file is accurate lays in your hands. The first step to having inaccurate accounts removed is to "dispute" the entry with the bureau reporting the negative. You can do this by mail in a simple but straightforward letter saying the account is "not mine".


You want to instruct them to investigate the account with the creditor. This MUST be your first step...most people get this wrong by contacting the creditor first! Keep in mind that this type of letter to the bureau is your right according to the fair credit laws. You should hear back from them no later than 30 days from the day your letter arrives at their office. Equifax will let you know the outcome of their investigation in writing.

If they claim that the outcome of their investigation proves the account is accurate, that's the point you want to contact the creditor asking them for their "method of verification". They are to provide you with the details of how they gave verification to the bureaus that the information was accurate.

How to Handle an Unknown Charge-Off on Your Equifax Credit Report

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Friday, September 30, 2011

What Is A FICO Score?

Your FICO score or credit score as it's commonly called is a very important calculation that can control whether or not you are eligible to receive credit and if eligible the terms you can receive credit under. Failure to understand the impact this score can have on you future purchasing power and lifestyle can be disastrous. This article will break down all the information you need to know regarding your FICO score.

As I mentioned above the FICO score is a numerical score that is based on your financial history as collected in your credit report. Creditors can use this number to evaluate whether or not you are able to pay a loan back on time. The higher the score the more likely you are to pay off a loan on time and the less of a credit risk you pose.


The FICO or credit score ranges are broken down as follows:

720-850 - This represent the best score range

700-719 - Able to obtain favorable financing terms

675-699- This is still a decent score range

620-674 - May have trouble obtaining favorable credit terms

560-619 - May have trouble obtaining credit

500-559 - Time to improve your score

Your credit score is broken down into 5 distinct categories each with their own importance based on a percentile. The 5 categories and the percentage they represent I relation to your credit score are as follows:

Payment History - 35%

Amounts Owed - 30%

Length of Credit History - 15%

New Credit - 10%

Types of Credit Used - 10%

Your payment history contains information on credit cards, retail accounts, installment loans, finance company accounts and any mortgages you may have had. It also details any past due accounts and the amount owed on hem. You will also find bankruptcy information as well as other adverse information in regards to your credit history. This is why it warrants a 35% piece of the pie.

Your amount owed is generally speaking the amount owed on any accounts you currently have and number of accounts with balances. Note that it has a large impact (30%) on your credit score. The length of your credit history details when accounts were opened and the last activity on those accounts. New credit shows the number of recently opened accounts by the type of account and number of account inquiries. Finally the type of credit used is a snapshot of what types of financing you have held.

Other information that is included in your credit report but has no bearing on your FICO score includes your race, age, where you live and your sex and employment information. Although the FICO score doesn't use these factors the employment information may be used by other companies and creditors to help in their decision making process.

There are three major credit-reporting agencies - Equifax, Experian and TransUnion that have your credit information on hand. Each of these credit bureaus maintains their information separately, which can cause the financial data to be slightly different among the three of them. Most experts agree that in order to get the best snapshot of your financial history and credit worthiness it is a good idea to request a report from each of the reporting agencies. It is also highly recommended that you actually review your credit report once a year in order to identify and correct any errors before they cause any future potential problems when you apply for credit. Recent changes in the laws no allow for consumers to request 1 free credit report each year in order to look for any such errors.

Here is the contact information for each of the three reporting credit bureaus:

Equifax: (800) 685-1111,

Experian: (888) 397-3742,

TransUnion: (800) 888-4213,

As you can see your FICO Score is a very important number that represents your financial trustworthiness in the eyes of creditors. Failure to properly monitor it could cause you future headaches when it comes time to apply for any form of credit.

What Is A FICO Score?

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Thursday, September 29, 2011

The Advantages of Having a Good Credit Score

There are many advantages and benefits of having and maintaining a good credit score. If you have a credit score of 720, 740, or 760 and up, you have a good score. With high credit scores you will be able to save money each month with lower interest rates on all your financial products.

You will also notice you get a better reception by the car salesmen, home lenders, and even insurance salesmen when you step into their office. They know they have a better chance with closing the sale with you because they can get you approved for a loan at a low rate that you can afford and one that you will be happy with.


A above average credit score will entitle you to demand the best interest rates on home loans, home equity loans, credit cards, car loans, personal loans and more. And in most cases lenders should have no problem accommodating your requests. You've earned your credit now put it to good use.

Another of the advantages of having good credit or good scores to be more precise since you do have to maintain a good score with all 3 of the major credit reporting agencies - Equifax, Experian, and Transunion - is that potential employers will not turn down your application because of your credit history. You stand a better chance of landing a job with a high score as opposed to a low score.

Even if you do not agree with the way most companies use credit scoring information, if you want to get into their game, you have to play by their rules.

And when you do play by their rules, you get to enjoy the benefits of low rate balance transfer offers even when credit is drying up for less than qualified applicants. You still get the perks of being disciplined and not overextending yourself and spending more than you could afford to pay back.

As you can see, there are many benefits and advantages of having a good credit score. To get into the high 700+ credit score range, pay all your bills on time. Stay on top of the due dates like a hawk. Only use a small portion of the balance - less than 25% is ideal. Keep accounts open - 10 to 15 years at a minimum. And don't apply for credit you do not need. Follow these simple steps and you'll be on your way to the best deals on credit anywhere.

The Advantages of Having a Good Credit Score

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Tuesday, September 27, 2011

Tips On Avoiding Bad Credit

Having a good credit rating is one of the most important factors to your financial well being. A person or couple with a good credit rating can be approved for a mortgage, credit card, car loan, or personal loan with a lot less difficulty than a person with bad or poor credit. Your credit rating is extremely important and if you would like to increase the opportunities available to you due to a good credit rating, here are some tips.

Obviously the most important tip to avoiding bad credit is to be responsible and pay your bills in a timely manner. However, since life throws a few curve balls, discrepancies can arise, identify theft and fraud can happen and an unexpected lay off or illness can throw a persons credit rating in a downward spiral.


If you are having difficulties paying your debts and would like to avoid bad credit, the best advice is to contact your lender immediately and communicate to them the problems you are having. Most financial difficulties are temporary and many creditors will likely create a reduced payment plan or allow you to stop payments for a few months. However, if you don't notify your creditors and your payments stop suddenly, they are more apt to report you to the credit bureaus.

Another important tip is to request your credit report each year or every six months. There are three main credit bureaus that report your credit scores to banks and lenders. They are Trans Union, Experian, and Equifax. Depending on your residence state, you may receive a free credit report each year. Check your credit report for any discrepancies and for any new loans or credit cards opened up in the last few months. If you are a victim of identity theft or fraud, you will usually notice immediately and can contact the bureaus to correct the situation. If you are trying to avoid bad credit, take a look at the above suggestions.

Tips On Avoiding Bad Credit


Monday, September 26, 2011

Remove Bad Credit History - How to Clean Up Your Credit Report and Raise Your FICO Score

Having and maintaining excellent credit in todays economic crisis is important. With negative information on your credit profile pulling your FICO scores down you will find it hard to secure financing, get low interest rate and even buy certain forms of insurance. The god news and little known secret is that removing bad credit history from your credit report is not that hard, you just need the right plan.

The first thing you have to do is get a copy of a tri-merge report that shows what the three major bureaus are reporting about you. Those three companies are Equifax, Trans Union and Experian. You can buy a tri-merge report online very easily.


Next look your report over for errors and negative accounts that will pull your FICO scores down fast. These include late payments, collection or judgments and charged off accounts. These are the three most common causes of bad credit and low scores.

Once you identify these problems you need to start the process of disputing those accounts. You can do this online at the bureaus websites or by sending a dispute letter in the mail. The letter is the recommended way because it leaves a paper trial.

When they receive your letters the bureaus will ask the issuing lender to prove the negative information true. If they fail to do so within 30 days then the item will be removed from your report. Make sure you do it slowly one or two accounts at a time or the reporting agencies will get wise to your plans and put you on a frivolous dispute list and ignore your requests.

Remove Bad Credit History - How to Clean Up Your Credit Report and Raise Your FICO Score

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Sunday, September 25, 2011

How can I hire a collection agency to collect my tenant debt?

Transfer my debt to a collection agency immediately tenant is not my first choice. Me, I would point out first thing in the debt Experian, Equifax and TransUnion, and allow the debtor to the credit and work a few months before I gave it to an agency that will cost me a commission heavy.

Debt Collect tenant is very different from other debt collection, such as credit card debt. Collection agency represents you and your company, and could be brought to justice, mustviolate the law. And, equally as important as any legal issues, how well you recover the debt.


I worked in the industry for 12 years and I believe that most collection agencies work hard, ethically and in compliance with the law. But, as in most industries, there are those agencies that I will be as renegades. They operate outside the law, or right on the edge. Unfortunately, these companies get all the press, so that all agencies in a bad light.

The fact of theWhat collection is that the industry meets the basic needs for the economy. Imagine if everyone could just stop paying the bills, without repercussions. Do you think that banks lend money to someone? And what would the prices of all goods and services?

Here is what I consider to pick the most important factors for the recruitment of agency debt tenant:

o The agency had checked the Federal Trade Commission (FTC), the violation? The FTC regulates and examines theField collection, with more than one injury that worries me.

o Is the agency licensed in all 50 states? Although this is not necessary to do business, helping to clarify this issue, companies that have a national presence and large enough to satisfy the needs of the state.

o If the company is bound and insured? If the company does not carry a minimum of $ 1 million for liability insurance, would not my business to them.

The participation of the agency orAmerican Collectors Association? Again, no need to work in the field, but it may interest and participation of the company must show in their industry.

The agency or debt Experian, Equifax and TransUnion? This is using one of the most extensive collection agencies to motivate a debtor to pay its debts. Not all companies report.

o What type of debt, the company specialize in? The list of types of debt collection agencies is extensive. Theircommercial or consumer debt for collection. Consumer debt is a car loan, credit cards, utility bills, mortgage, medical expenses, rent, etc. In order to collect debt tenant do a good job, understanding the terminology and the economy is of crucial importance. Very few national collection agency specializing in particular in the collection of that debt.

The company or collect judgments and non-judgmental account? Only a few companies to collect the debt for the owners to collect both types ofAccounts.

o Do they work for the account of the life of the account? And 'common for agencies that have received the latest news about the job harder. How old account is considered less collectable. Often, agencies will be working hard on the account for 8-10 months, and after they left almost exclusively to the credit bureau reporting to help collect the debt. It costs a company more than a collector of accounts to work before, so having a good agency expects to collect a higher fee. I want oneCompany, the account works as long as is legally possible. If the ratio is about the debt to credit agencies need to collect the debt, I can very easy and convenient to do, without paying a commission.

or agency to evaluate in advance the bills? In industry this is called "evaluation of the paper." Surprisingly, it boasts at least one company that specializes in tenant debt to them to evaluate the accounts before you start collecting at all. This enables the company is to spend timeand resources on debt that they "believe" are the most sought after by collectors. This reduces their head, but does nothing to help many of their customers. Landlord, the losers are those who rent the apartments, the average daily average people. You want an agency that focuses only on high-end properties, with well-to-do borrowers rent? You would get roughly the same amount of effort, if given the debt, Experian, Equifax and TransUnion yourself, for much less!

The agency or acceptingCollection of accounts from the host independent? At least one of the few agencies that specializes in national tenant debt, will have only on clients or fail to take a minimum of 100 rental units. This is because they do not want to be disturbed by calls for service from independent owners.

or will the company provide references from other owners, who use their services? References are important, so you can not only learn how well the agency collects money, butas well as with their customers. I've heard from agencies that mistreats its customers when they called with a known problem or concern.

an interview with you or the Agency on how best to recover their debt has to offer compared to other companies? If they do this, run! Running for a number of reasons: If so, earn more than other agencies do, how they do it? Did he threaten to hurt borrowers and the Fair Debt Collection Practices Act (FDCPA)? This could increase the chances of your beinginvolved in a dispute. Most likely, their boast is only a marketing ploy and a cheap at that. A global average of how much she means to collect about as much as what they for breakfast. In addition, you have no way to verify their claims. The truth is that nobody can predict how well you can pick up for you until you look at the accounts and work on them for a while '. In fact, it may take some years until they can not realistically assess whether the company was effectively taken.So, do your research in advance is very important.

o The cost agency a fee to take the debtor files? Provided to justify the charge, and it seems like they're a great company, I will continue to look for another company.

• What is the agency responsible for collecting your debt? This is the last question, because it is the least important, but it is often the first question I asked. When I asked this question, I know you are on callsomeone who does not know what to ask. The fact is that you are a company that found 30 percent of what they collect fees. But 30 percent are resources that may undertake to recover the debt, is limited. Do you prefer a recovery of 30 percent of nothing, or 50 percent of the $ 3,000 debt? Do not be fooled by a very small commission.

I realize that this is a very long list of questions and concerns. But once you have done your homework and put an agency iscan focus on the task, your business and do not worry.

A good part of the tenant liability is refundable if you hire the agency and orders. It may take some time to gather what I need, but the restoration of profits at any point is the icing on the cake.

Even sending a bill for an agency is not my first choice for the collection of debt tenant. My philosophy is that I have a debt to credit agencies report and are easy to collect the debt. Afterseveral months, as I have already collected the debts would be easy, I give the account of an agency and make them work reliably.

Contact us with your specific questions tenant debt and try to help.

Bill Gray

How can I hire a collection agency to collect my tenant debt?

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