Archive for January, 2010

Credit repair agencies (the good and the bad)

If you are in the difficult position of having a less than desirable credit score, some of the commercials and ads for credit repair agencies may have piqued your interest. You may think a credit repair agency is the only option, especially if you have gone through a bankruptcy or feel that your spending habits are out of control and you do not know how to get a handle on them. If that is the case, you may feel going to a third party for help may be the best option. But is it always the right choice? It really depends on where you go for help.

 Who Needs a Credit Repair Agency and Why?

 The first thing to be aware of is that even if you have bad credit, you do not need a credit repair agency to begin the process of improving your score. It is something you can do all on your own as long as you have the right information. This is because the Fair Credit Reporting Act ensures that citizens have the right to know their credit score and be able to see what kind of information is being used to arrive at the score. For example, you may find that there is inaccurate information contained in your credit report, which you are then allowed to have corrected by notifying the appropriate reporting agency. › Continue reading

Tuesday, January 26th, 2010 Credit No Comments


Basic Information About Bankruptcy

If you are facing mounting financial troubles, you may be considering bankruptcy. There is a lot of confusion about bankruptcy and the different types of bankruptcy – and what happens during and after bankruptcy proceedings. Knowing exactly what you are getting into when considering bankruptcy is important to determine if it is truly the best or only option available.

What is Bankruptcy For?

According to the Federal Bankruptcy Laws, the goal of bankruptcy is to help a debtor who has gotten himself into insurmountable financial trouble a way to begin again and forgive certain debts (keep in mind some debts will not be removed via the bankruptcy process.) › Continue reading

Thursday, January 21st, 2010 financial Info 1 Comment

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

Dealing with Debt Collectors

First and foremost, if you borrow money you should pay it back. At some point in time most of us will fall into trying times which can make paying bills difficult but everyone deserves to be treated fairly and with dignity.

Ask for verification of the debt. By law, the agency must verify the debt within five days after it initially contacts you. If they don’t, then they can no longer attempt to collect on that debt or report it to the credit report agencies. If they do verify the debt, you can either provide them with evidence that disputes their claim or negotiate to pay the debt. If the debt is being collected by someone other than the original company, you will also want to verify that the company contacting you has the right to collect on it, even if you know you owe the original debt. › Continue reading

Thursday, January 7th, 2010 Debt 1 Comment

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