Here are some blogs about credit reports, including how to handle old debts!
February 2011
Is TU stepping up?
The last couple of days has been very interesting. I have been contacted by the guys at TU, and by guys I mean the President and the COO, who seemed to be interested about working with us in a more constructive fashion. They wanted to discuss how we could work together to streamline the process and cut costs for both of us. My first reaction was … […]
November 2010
Credit Scores … Real Time?
I talked with a member a couple days ago that was totally frustrated with the credit bureaus and the whole credit scoring process. Hmmmm…sound familiar? Jack’s situation was that he had paid off several bills with a bonus check from work about 10 days ago. He had called the three credit card companies involved and verified he had indeed posted the payoffs which totaled almost $6000. He then had his mortgage broker pull a new credit report thinking he would have the increase in credit score that he thought the payoffs would give. He only needed about 17 points to qualify for this loan but was told that his scores had actually gone down 2 points from a month prior. Well this is what prompted Jack’s call. He was confused and upset that he had read something I wrote previously about how FICO computes credit scores. He thought that by freeing up his credit lines and paying down the debt would help his credit scores. Was he right? […]
August 2010
Collection Companies are a pain!
Why would anyone be interested in reading about credit report collections? Well, most the time it’s because you have been denied credit and have ordered the credit report to see what’s going on. Low and behold many times there are collections on your credit report. These collections are being reported by collection agencies and they’re killing your credit scores! When someone researches their credit report for problems and finds collections, usually the immediate response is to begin looking for ways to correct or remove those items from their credit report. The good news is there are a few ways. The most popular way is by disputing them with one of the 3 main credit bureaus (Equifax, Trans Union and Experian) that are reporting them. You can also contact the collection agency directly and try to… […]
July 2010
How to deal with Old Debt…Zombie Debt
Sometimes old debt that you thought was long ago dead and forgotten comes back to haunt you. A scary practice performed by junk debt buyers and collection companies is the purchase of old and often outdated debts for pennies on the dollar and then come after you for payment. These outdated debts are known as Zombie Debts which you may have to kill if they resurrect from the grave. […]
May 2010
Can you legally remove a bankruptcy with credit repair?
This question came in recently from Janice and I started to send a reply to you but decided I’d address this in the blog for all to read. Janice, I thank you for sending in this question as many people wonder the same thing. Of course, you can insert foreclosure, tax lien, judgment, collections, slow pays, repossession, and the whole list of bad credit issues one might face to the question “Can you legally take a bankruptcy off a credit report?”. The short reality is every single entry on your credit report is suspect. The Fair Credit Reporting Act (FCRA) and law that states you as a consumer have the right to challenge the credit reporting agencies (CRA’s) and demand removal of any trade lines that are reported inaccurately, that cannot be validated or simply outdated. […]
What are mortgage lenders looking for?
Today, I’d like to tell you what mortgage lenders look for in when deciding on granting your request for a new mortgage loan. Now this is not meant to be an underwriting class but a basic understanding of the process and what you’ll want to consider as you begin thinking about buying a new home. When you’re looking for a new mortgage many lenders evaluate your credit based on the “Three C’s.” Credit Is it likely that you will repay the loan? Are your payments on time and up-to-date? Are you financially stable and reliable? What are your credit scores? Today’s marketplace, most conventional lenders require your scores to be in the 700+ range and most FHA loans a 620 score or higher. Capacity Are you able to pay the loan? What kind of outstanding personal debt do you have? Do you have enough earning power and net worth to repay a mortgage or home equity line of credit? […]
4 important factors about your credit report
4 important factors about your credit report If you want to be successful financially, your credit report can be one of the most important tools in your arsenal. A good credit report opens doors to opportunities others do not have, such as getting a small business loan or investment loan. Protect the following detailed items in your credit report like gold! 1. Personal Information Section: This area discloses things like your names, surnames, known aliases, Social Security number, date of birth, your current address and previous addresses, place of work, name of your spouse, open credit accounts, judicial cases and any public document, like bankruptcy and mortgage execution (foreclosure). This tells a creditor about your character and habits. They can make assumptions, like changing your residence every few months might show some instability. If your employment changes often, this might show a bit of a compromise in your ability to pay your debts. […]