Credit reports and credit scores are often misunderstood. Understanding these products can be confusing especially when consumers hear about how important credit scores are combined with the intense marketing of credit scores and credit report services. Credit score and credit reports are closely related yet completely different products. A credit report is a list of all of credit information, public record information, and identification information that the credit reporting agencies … [Read more...]
Credit and Credit Scores after Bankruptcy
March 16, 2010 By Leave a Comment
Filing bankruptcy is a series decision that impacts an individual’s credit and credit score for quite some time. Bankruptcy doesn’t have to shut off credit access altogether nor does filing bankruptcy have to be significant detriment for financial success. There are certainly numerous cases of individuals that have filed for bankruptcy and rebounded stronger and gone on to create significant wealth. A bankruptcy is always one of the biggest negative factors that impact a credit … [Read more...]
Will a Debt Consolidation Loan Help My Credit Score?
March 9, 2010 By Leave a Comment
A: Debt consolidation loans are one of many alternatives to help improve an individual’s financial position. Debt consolidation loans can reduce a number of monthly debt payments into one consolidated payment that will usually have a much lower monthly payment. The debt consolidation can certainly reduce monthly payments and reduce stress but the impact on credit scores will generally be fairly small shortly after the loan. Over time a debt consolidation loan can improve a credit score … [Read more...]
Drawbacks of Credit Cards and Credit Use
March 5, 2010 By Leave a Comment
One of the primary reasons consumers run into credit issues and subsequently suffer with a low credit score is too much credit card debt. Excessive and unmanageable credit card debt not only causes credit and credit score problems but also is a primary cause of personal bankruptcy filings. The use of credit usually involves spending money that is not readily available. Obtaining a home mortgage is one form of credit in which borrowers use the money extended with the credit to buy a … [Read more...]
Watch for Debt Collection Scams
March 4, 2010 By Leave a Comment
Debt collection scams can cost consumers financially as well as cost time and aggravation. Debt collection scams and errors occur when the information about a consumer’s debt is recorded incorrectly. Errors regarding debts and debt collections may include minor issues such as the wrong amount recorded in the credit report or major issues such as the wrong person being attributed to the bad debt. Errors often occur when a bad debt is released or sold from the original creditor to a … [Read more...]
Managing Money and Credit
March 2, 2010 By 1 Comment
Learning how to manage money the right way is an important step for individuals to take toward controlling their financial position. Understanding where your money is coming from and where it’s going to, not only helps to manage a household budget but can make sure that an individual’s credit remains good as well as helping to improve credit and credit scores that are already weak. One of the first steps toward financial control and sound credit management is to calculate your net … [Read more...]