| |
| |
|
Debt Relief Information |
|
|
|
Credit Repair? Its All Up to You
Log onto to a search engine such as google.com and type in the term credit repair. It's likely that Google will return more than 25 pages of listings, many of which will be companies claiming they can "erase bad credit," "create a new credit identity - legally," " credit problems - no problem." "quick credit repair," and on and on. Here's the good and bad news of credit repair, according to the U.S. Government - nobody but you can repair your credit. If you do respond to one of these credit repair offers, here's what to look for to know it's probably a scam: � The company wants you to pay for credit repair services before they provide any services. � The company does not tell you what your legal rights are and what you can do for yourself. � The company recommends that you do not contact a credit reporting company directly. � The company suggests you create a new credit "identity" and then a new credit report by applying for an Employer Identification Card to use instead of your Social Security number. � The company advises you to dispute all information in your credit report or take an action that seems illegal - such as creating a new credit identity. The truth is that no one can legally remove accurate and timely negative information from your credit report. The law allows you to ask for an investigation of information in your file that you believe is wrong or incomplete. There is no charge for this. Everything a credit clinic can do for you legally, you can do for yourself at little or no cost. So, what can you do? Let's suppose you apply for and are denied credit, insurance or employment. The most likely reason for this is that one or more companies provided negative information about you. This could be a credit card company or mortgage company reporting that you missed payments or that some of your payments were 60 or more days late. Or it could be a report that you wrote checks that were returned for insufficient funds. If you believe the information was inaccurate, you should first request a copy of your credit report. You need to ask for this report within 60 days of when you were denied credit or turned down for insurance or a job. This report will be free. If you find negative items on your credit report that you believe are mistakes or outdated, you can dispute them, also at no cost. Both the reporting company (Equifax, Experian or TransUnion) and the company that provided the negative information about you are responsible for correcting any information you can prove was inaccurate or incomplete. To take advantage of this, you need to contact the company with the negative information on your credit report, and the company that provided the information to that company. For example, if the credit report with the negative information came from TransUnion and the company providing that information was your mortgage holder, you need to contact both TransUnion and the mortgage company. Start by telling the consumer reporting company (TransUnion, Experian or Equifax) in writing, what information you think is wrong or incomplete. You should include copies (not originals) of any documents that support your position. Make sure you provide your complete name and address, and that you identify each item in the credit report you dispute. State the facts and explain why you disagree with the information. Be sure to request that the information is removed or corrected. The consumer reporting company must investigate the items you questioned - usually within 30 days - unless they consider your dispute frivolous. They must also send all the your information to the company whose information you dispute. In turn, this company must investigate your claim and report the results back to the consumer reporting company. If the information provider finds the disputed information is, in fact, wrong, it must notify all three nationwide consumer-reporting companies so they can correct the information in your file. This is how you repair your credit if the "bad" items in your credit report were inaccurate. On the other hand, if the negative information was correct, the only sure cure is time. A consumer reporting company can report most accurate information for seven years, and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Here's the better news. Just because you have a poor credit report doesn't mean you won't be able to get credit. Creditors set their own credit-granting standards, and not all of them will look at your credit history the same way. Some may look only at the more recent years when they evaluate you for credit, and they may grant credit if you bill-paying history has improved. For FREE help with debt and credit problems, get Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com
MORE RESOURCES:
debt relief - Google News |
|
|
|
RELATED ARTICLES
Reduce Your Debt With These 5 Tips It's never pleasant to realize that you're in financial hot water, but pretending the situation doesn't exist is NEVER the way to deal with the problem. If you're having trouble meeting monthly payments, find yourself borrowing or using credit cards to meet daily expenses, or have one or more of your credit accounts turned over to a collection agency, it's time for you to get proactive and bring your debts back under control. Debt Problems? You Can Negotiate With Your Creditors It is always possible to negotiate with creditors - even if they have already taken you to court to get a judgment or to garnish your wages.Getting a creditor to reduce your monthly payment helps and does provide short-term relief. IVA Advice An IVA (individual voluntary arrangement) is an alternative to bankruptcy introduced by the government as part of the Insolvency Act 1986. This article provides an overview of IVAs and suggests what readers should watch out for when looking for IVA advice. Eliminating Credit Card Debt The overwhelming task of eliminating your debts can often seem like an uphill battle. Without the knowledge and expertise of a professional on your side, unfortunately, the odds are not in your favor. The New Bankruptcy Law -- How Will It Affect Debt Negotiation? In April 2005, Congress made sweeping changes in U.S. Life After Bankruptcy Bankruptcy and Credit - What Happens After Your Debts Are Discharged?Bankruptcy will remain on your credit report for ten years. But you may be able to get credit fairly quickly - almost immediately after a bankruptcy - although you will pay dearly for it. Start Small and Your Wealth Will Get Bigger We've all heard the phrase, "You have to start somewhere." Nothing could be truer of creating wealth and prosperity in your life. Tips To Take Control Of Debt Collection Yes, debt collection tips can help. You may think you have no power when the debt collector comes calling, but think again! Creditors don't like losing out on the ability to collect money owed them. Stop Debt Collectors Can you stop debt collectors ? . . Debt Settlement : What You Need To Know Debt Settlement companies work with your creditors to help you reduce your unsecured debts though arbitration and negations. The important thing to realize about Debt Settlement is that it is a different type of program than Consumer Credit Counseling or Debt Reduction. How to Avoid Bankruptcy Bankruptcy is a legal way to offer folks with high interest debt a fresh financial start in life. In case you are considering personal bankruptcy as an answer to your debt problems, you are not alone. Benefits and Drawbacks of Bankruptcy Outlined below are some of the benefits and drawbacks of bankruptcy. It should be noted that bankruptcy is not to be entered into without first having sought professional advice. Can You Escape the Trap of Ever Growing Debt? It's difficult not to be concerned when facing numbers like these:43% of U.S. Utah, the Nation's Bankruptcy Capital Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act, designed to minimize frivolous bankruptcy filings and to require debtors to repay some of their debt. Once it takes effect in October, 2005, the law will make it harder for those with problem debt to have their debt wiped away by the courts. Your Ticket Out of Debt Relief If you are in debt over your head and wondering if you will ever find a way out, the answer is yes! Serious financial problems can make life miserable and cause a great deal of stress and worry. Many people have found themselves in the situation of avoiding calls from creditors and wondering how they will ever get out of debt. The Last Debt Solution Should Be Bankruptcy A debt solution like bankruptcy should really only be used as a last possible solution. The problem with this solution of debt problems is that it includes a lot more than simply eliminating debt. Debt Relief -- Why Most Programs Have A 75% Failure Rate Debt consolidation, equity loans, credit counseling, debt management plans, even Chapter 13 bankruptcy - it doesn't matter which of these debt programs you're talking about. They all suffer from one fatal flaw, the number one problem that causes most people to fail at eliminating their debts through these techniques. Creating A Realistic Budget Budgeting -- ooh, what a scary word! If you want to frighten someone whose finances are out of control, suggest that they tally up their expenses on a piece of paper. We all understand the value of such an exercise, but when it comes to the practicality of putting a budget together, we get cold feet. Debt Recovery Can be Easy OK, so you are up to your head in debt. You are stressed out, it is now affecting the way you function and absorbing most of your daily thoughts. Deal with All Your Debts with Care! Lots of people take a large ammount of loans and suddenly they discovered that they're in debt and life seems pretty gloomy for them, in this situation please don't despair. Most people have been there and know just how easily it can creep up on us.
|
| home | site map |
| © 2006 |
 |
|
|
|
 |
|
||||
|
||||
|
