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...]
Managing Money and Credit
March 2, 2010 By Leave a 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...]
No Credit or Credit Score Same as Bad Credit
February 6, 2010 By Leave a Comment
Good credit and a good credit score is an important facet of our lives whether it is used to buy a house, for employment screening, purchasing insurance or a whole host of other activities that often require a good credit history. For some consumers though, credit is a burden and they prefer to exercise their use of cash and avoid credit. Since there are so many actions that require a credit score such as renting a car, purchasing things over the phone or the Internet, and even writing a … [Read more...]
Credit Report Complaints and State Consumer Protection Agencies
February 2, 2010 By Leave a Comment
State consumer protection agencies enforce consumer protection laws and often make available consumer protection information to inform consumers of the state and help file complaints. Many state consumer protection agencies regulate credit reporting agencies and credit repair organizations as well collection agencies. State consumer protection agencies contact information by state: Alabama Consumer Affairs Division Office of Attorney General Alabama State House 500 Dexter … [Read more...]
The Federal Credit Repair Organizations Act – Full Text
February 2, 2010 By Leave a Comment
The Federal Credit Repair Organizations Act prohibits a variety of false and misleading statements, as well as fraud by credit repair organizations. The Federal Trade Commission as well as the individual states, enforces The Federal Credit Repair Organizations Act. The Federal Trade Commission’s Bureau of Consumer Protection works for the consumer to prevent fraud, deception, and unfair business practices in the marketplace. This federal government department protects consumers from … [Read more...]
Problems with Credit Repair Services
January 26, 2010 By Leave a Comment
There are numerous companies in the credit industry that target consumers who have poor credit with assurances that the company can clean up an individual’s credit to help improve their credit score or help them obtain a new loan. The sales pitches from these companies sound encouraging, especially for those individuals that have poor credit or have had a bad experience due to their poor credit and poor credit scores. Unfortunately, most of these companies can not deliver on their … [Read more...]
Handling Credit and Credit Score Problems
November 2, 2009 By Leave a Comment
Credit has become an almost indispensable tool in our society. Almost everyone uses some form of credit whether it is in the form of credit cards, car loans or mortgages. Credit allows us to purchase goods and services by paying for them later which can be very convenient to buy big ticket items or stretch our monthly budget. But credit can cause money problems if not managed wisely. Money problems are often the immediate result of too much debt with unmanageable monthly payments. … [Read more...]
Severe Negative Information in a Credit Report
October 28, 2009 By Leave a Comment
One of the four main components of credit data in a credit report includes public record information. Public records include items such as bankruptcies, tax liens, legal judgments and other legal proceedings recorded by a court. These records are often the biggest drags on a credit score. Some of these accounts may be able to be cleared up or removed from the credit history or credit report with a little bit of work. Most of these public records unfortunately, can not be altered or … [Read more...]
How Your Credit History May Affect Your Auto Insurance Rates
September 24, 2009 By Leave a Comment
Auto insurance companies often consider your credit report when they are determining the proper rate to charge you for your auto insurance. If you are shopping around for auto insurance, be aware that potential insurers may be looking at your credit report. There is a statistical correlation between consumer's credit history and possible auto insurance claims. Insurers assume that customers with better credit records are also more likely to be good risks for auto insurance policies. Not … [Read more...]
Increase Your Credit Score While Removing Delinquent Credit
September 2, 2009 By Leave a Comment
Generally the biggest component of credit repair and improving a credit score is eliminating the delinquent credit accounts from your credit report. Removing delinquent credit accounts requires written disputes to the credit reporting agency and entails patience, good execution and time. While this process is taking place, it is prudent to work on the rest of the credit report and credit accounts to improve the credit score. Two approaches that can help measurably with the credit report … [Read more...]