Credit counselors (the good and the bad)

If you have bad credit and are considering working with a third party to help you improve your score or get your finances in better shape, you may be considering working with a credit counselor. There are some important things to think about before you choose a counselor and decide if it is really the best option for you.

 What is Credit Counseling?

 Credit counseling is a service that is provided for a fee or sometimes for free for qualified individuals, who have difficulty making payments on their debts, are going through bankruptcy, or have other financial difficulties. Often times, counseling can be provided by a certified counselor who is specially trained to help you manage your finances better, to find strategies for paying off debt, and to help you understand how to avoid bad financial situations in the future.

 What To Look for in a Credit Counseling Agency

 As in every industry, there are good and bad credit counseling service providers. However, some of the ones you want to avoid can be very dangerous, since they would potentially be dealing with some of your most important and financially sensitive information. › Continue reading

Tuesday, January 19th, 2010 Credit No Comments

Free Credit Report

Credit Reports

A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. This information is accessed by creditors, insurers, employers, and other businesses to evaluate your applications for credit, insurance, employment, or renting a home.

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report once every 12 months. To order, visit or call 1-877-322-8228. Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through

You should review your credit report from each agency and if you find any mistakes contact the consumer credit reporting agency immediately. The company is then responsible for researching and changing or removing incorrect data. This process may take as long as 45 days. At your request, a corrected report will be sent to those parties that you specify who have received your report within the past six months, or employers who have received it within the last two years. › Continue reading

Tuesday, January 5th, 2010 Credit No Comments

Credit Score

What is a Credit Score?

Your credit score is a three-digit number based on your bill-paying history and debt profile. Lenders use this to determine the likelihood of certain credit behaviors, including whether you will pay on time and your credit score will have an important impact on the interest rate you will pay to borrow money. › Continue reading

Tuesday, December 29th, 2009 Credit No Comments