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Credit Card Debt And The Interest Only Loan
Here is an example of the system gone wrong: a mortgage loan
that encourages paying off one debt, in order to over extend
yourself with another debt. This is what happens with the
interest only loan and credit card debt. As a borrowing nation,
I...
Credit Cards - Friend or Foe?
These days nearly everyone has a credit card and you've probably
heard many stories about people who have overcharged and gotten
into trouble with them. But credit cards are not all bad, they
can be very convenient and have advantages over...
Credit Repair and Avoiding Court
If you ever entered a courtroom, you know that the stress
elevates, even if you are in the room for someone else. Courts
are an automatic source for lifting stress. Moreover, to avoid
the courts means we have to abide by laws and pay our debts....
Credit Scoring: What it is, and How It Affects You
If you have applied for a mortgage in the past five years, you’ve probably heard of credit scoring by now. Perhaps you were told that your credit scoring was wonderful, or needed work. Or maybe your mortgage would have been lowered by several...
Like It Or Not, You Have A Score To Settle! (Part 1 Of 2 On Credit Scoring)
Just when most people finish with school and can stop worrying about test scores, there’s a new kind of scoring that enters the picture. It’s called credit scoring. And, its impact on your financial future can mean more to you than a college degree....
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Credit Repair Defaults
If you have defaults on your credit record, it is possible to
have some of them removed. Defaults are non-payments recorded on
your credit files. When a person is in default, they are
subjected to lawsuits, liens, judgments, and other complicated
situations. If you are a student struggling to pay student
loans, a renter struggling to meet monthly bills, or a homeowner
battling to stay out of debt you might want to know what is
available to you.
If you have a college loan, which means you have a loan from
the government you can ask for a default, which gives, you time
to repay the loan. Other types of defaults include insurance
policies, bills, car loans, personal loans, and other types of
credit lines. Sometimes we are subject to debts that may not be
ours.
There are thousands of collection agencies and credit reporting
services throughout the US. Sometimes there are errors sent to
the credit bureaus that put the default on your credit file.
Once the default goes on your credit file it remains there until
the bill is paid in full. Now, if you did not make the purchase
the first thing you want to do is file a dispute. The problem
however, defaults remain on your credit file for a period of
time before they are removed.
The upside is fighting for your rights and disputing the
allegations made against you are telling creditors that some
boo-booed. If either you have credit cards and purchased an item
or service on the card and the service or item was defeated, you
must first dispute the problem with the providers. After you
have disputed the issues with the providers, you will next
contact your credit card lender and inform them of the defaults
on your credit report. DO NOT pay on items or services that done
you wrong, since this means the creditors will view you in a
different light.
If you have, insurance policies are delinquent on your bills,
you might loose your coverage, however in some cases you might
be in more trouble than you realize. Read all terms & agreements
as well as any other fine prints before obligating your self to
a
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contract. If there is a default against you on your policy
contact your provider immediately and try to work out a plan.
By making contact, you could save your insurance as well as
additional debts added to your accounts. Anyone that lends you a
line of creditor subjects you to defaults if you cannot make
payments. If you have defaults on your credit files make sure
that you work to pay the debts down to avoid complications.
Identity Theft
Now here comes the bad deal when it comes to dealing with
defaults on your credit file. If you are subjected to identity
theft, the ultimate resource is to continue fighting for your
rights. People are robbed, beaten, murdered, and violated and so
on every single day.
The difference between these situations and identity theft is
these people are survivors and identity theft victims are
victims for the remainder of their lives. I can say this with
confidence, since it has been seven long years since I was
robbed of my identity and today I am still fighting for my
rights. Today I cannot get an apartment in my name, nor can I
get credit.
The reason...My credit file has Freud Alert written all over it.
Once a Freud Alert is posted on your credit, file it leaves
creditors open as to who committed the crime. If I had known
about the FREEZE option when I sent letters notifying my
creditors that my identity was stolen, I would have had a much
better chance in life. Instead, no one told me. Now I am passing
the word on to others, since I never want anyone to suffer as I
have as a result of identity theft.
When your identity is stolen, defaults hit your credit files
continuously and remain there until the time allowed. If you are
a victim of identity theft, make sure that you ask the credit
bureaus to put a FREEZE on your accounts. This tells the
creditors that you are a victim.
About the author:
Tony Robinson is a business owner with vast experience in all
facets of Credit and Credit Repair - for further tips and
techniques visit http://www.officialdebtfree.com
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