What You Can Do To Keep Your Credit Score Afloat
April 29, 2008
Are you ready for a fresh financial start this year? Here are a few easy ways to spring clean your credit score, and begin today to pay down your debt.
Order a copy of your credit report. Consumers have access to one free copy per year from the three main reporting agencies: Equifax, Experian, and TransUnion. Go to www.annualcreditreport.com to request a copy of your credit report from all three agencies. Your credit report will give you a detailed list of all your financial history, and give you your FICO score, the three digit number that banks and lenders use when determining a loan, and your interest rate. Now that you know your FICO score, you can begin to work to raise that number.
The Fair Debt Collection Practices Act
April 19, 2008
One of the most frustrating parts of falling behind on a debt is when the creditor loses patience in trying to collect on their own and sends your balance to a collector. You may have heard horror stories about collectors harassing borrowers who are struggling to pay off debts. Harassment was a technique that many collectors turned to historically to collect debts and the Fair Debt Collection Practices Act was put into place to protect borrowers with outstanding debt from abusive, illegal, and unethical collection practices. Consumers do have rights, and the Act defines these rights explicitly.
Prior to 1977 when the Fair Debt Collection Practices Act was passed, debt collectors used several means to collect debts that were annoying, embarrassing, or even dangerous to borrowers. Some of the collector’s tactics included threatening phone calls in the middle of the night, showing up at a borrower’s place of employment, posing as an attorney, and going to great lengths to let other people know about the borrower’s financial struggles. The Act outlined several rules that debt collectors must follow, including:
Some Simple Money Making Tips For Kids
April 15, 2008
Kids are enterprising people. When they need more money, they will actually ask what they can do. Teach your children the value of a dollar earned with these five tips for them to make money.
1. Find work around the house. These additional jobs do not have to include their usual chores. Resist creating a job just for them to make the money. This is the same as opening your wallet and handing the cash over to them. Examine what already needs to be done and choose an age-appropriate task.
Understanding How Debt Settlement Works
April 9, 2008
We all get into financial situations that we can’t handle from time to time. Sometimes the debt we incur is more than we can cope with and we need help. If this applies to you, then debt settlement is one possible solution. However, be aware of all that it entails in order to make an informed decision about whether it is right for your situation.
If you’ve spoken with creditors with no success, you might want to consider a third party debt settlement agency. Each month with creditors if your payment is late, you are charged a fee. If you go over your credit limit, you will also be charged another fee. Within even a few months, things can quickly get out of control.
Credit Counseling Explained
April 3, 2008
Some people tend to have thousands of dollars of debt. This is not something a person would usually plan but it can greatly affect a person’s credit standing if they are unable to pay. If this is a problem, help can be found from credit counseling. The following is some information about credit counseling.
If you owe a lot of money and find it hard to manage to pay your bills, you may need to talk to a credit counselor. A credit counselor is very knowledgeable about managing and repaying debt and their goal is to help a person get out from under their debt and how not to end there again.
Counselors work for the customer. They are there to help the creditors get back their money and to help the client get back on their financial feet. A credit counselor will listen to you and come up with suggestions to help you repay your debt.
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