A judgment is the legal document stating the final decision on the outcome of a lawsuit. For many consumer credit cases the judgment involves a debt that is owed. In these cases, the judgment is frequently a monetary award to the plaintiff which is usually a creditor such as a credit card company or bank. The judgment in debt disputes may include a formal document issued by the court ordering the defendant to pay a certain amount of money to the credit card company or bank or whomever who has … [Read more...]
Advantages of a Good Credit Report and a Good Credit Score
October 27, 2010 By Leave a Comment
The benefits and advantages of a good credit score and good credit report is far greater than just obtaining the ability to have easy access to credit. There are several advantages to maintaining a credit score of which one is certainly, lower rates for new credit and bank loans. Lenders will use a credit report, along with a credit score, an evaluation of your capacity to repay and any collateral in making decisions to lend you money. Most lenders also take these same matters into … [Read more...]
Credit Reports are the Foundation for Credit Scores
October 20, 2010 By Leave a Comment
A credit score, often referred to as a FICO score, is a number based on the information in an individual’s credit file or credit report. Because your score is constructed from the information in your credit report it is always worthwhile to review your credit report to find out what is causing either a low credit score or a good credit score. In fact, it is hard to improve your credit score numbers if you don’t know what is in your credit report causing the low numbers. Since a … [Read more...]
Remove Inquiries from Credit Report Sample Letter
September 30, 2010 By Leave a Comment
When trying to improve a credit score, removing inquiries from the credit report can help. Inquiries, as a rule, have very little impact on a credit score but they can shape the score if there are a number of credit report inquiries in a short period time recorded in the credit report especially when the individual credit report has a limited credit profile or credit history. Before a consumer pursues the process of trying to remove the inquiries from a credit report they should be … [Read more...]
Credit Score Scale
September 27, 2010 By Leave a Comment
In order to improve a credit score or to know the likelihood of being approved for a loan or credit request, a consumer should know what the range of credit scores are or what the appropriate credit scale is. The common credit score scales available are not absolute measures, but can be used as a good guide on where an individual’s credit score falls within the available range of scores. There is not one credit score scale. Credit scores are determined based on the information in an … [Read more...]
Review the Credit Accounts in Your Credit Report to Improve Your Credit Score
September 9, 2010 By Leave a Comment
Once a consumer is familiar with the components from a credit report that factor into a credit score, one of the first step steps to try and improve a credit score is to review the credit report for errors and inaccurate information. Credit reports are often filled with numerous errors however; most of these errors do not impact a credit score. The focus in reviewing the credit report is to have the accounts and records that impact the credit score repaired or removed. When reviewing a … [Read more...]
Debt Validations Letters
September 2, 2010 By Leave a Comment
The Fair Debt Collection Practices Act (FDCPA) gives consumers the right to request that a debt be validated which can be requested with a debt validation letter. Debt validation is different from the verification process that can be done through the credit reporting agencies. A request to verify a debt simple means the credit reporting agency requests that the creditor verify their records for accurate information. A debt validation requires that the collection agency prove the debt is … [Read more...]
Understanding Pay for Delete Letters
August 28, 2010 By Leave a Comment
Removing negative information from a credit report is the fastest method to increase an individual’s credit score. One of the procedures available for removing negative or derogatory records from a credit report is using what is referred to as a Pay for Delete Letter. The pay for delete letter name describes exactly what this document is. A pay for delete letter is sent to the creditor or collector agency asking that they remove the bad payment record from your credit report in return … [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...]
Fair Credit Reporting Act
February 10, 2010 By Leave a Comment
The Fair Credit Reporting Act (FCRA) is a United States federal law that provides consumer protections and regulates the collection, distribution, accuracy and privacy regarding the use of consumer credit reports. The law was originally passed in 1970 and has been amended since. Companies that gather and sell information about consumers regarding where they work and reside, how they pay their bills, and whether they have public records filed make up the credit reporting industry. The FCRA … [Read more...]