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Credit Card Fraud Alerts

October 6th, 2017 (No Comments)

You can ask your credit card company to set up a fraud alert so that you can be notified by e-mail or text when there is a charge over a certain amount.  But some fraudulent charges are made in small amounts.  The criminal could buy $5 worth of snacks just to see if your credit [...]

Service Members and Debts

September 30th, 2017 (No Comments)

The Consumer Financial Protection Bureau gets 41% of its complaints from service members, but only 26% from others. Service members have faced problems with information being given to the commander of the unit and also with being called at work several times. It is likely a violation of the Fair Debt Collection Practices Act to [...]

Credit Builder Loans

September 21st, 2017 (No Comments)

Credit builder loans can help you improve your credit score. Try get a secured loan, which means you should have collateral for the loan. Make your payments on time, every time. Make sure the lender will be reporting to the credit bureaus or else it will not help your credit. Title loans and payday loans [...]

Pay-for-delete Letter

September 13th, 2017 (No Comments)

If you have a debt on your credit report that cannot be removed, try doing a pay-for-delete. You can make a deal with the collection agency where you pay some or all of the debt, and they will remove the negative item from your credit report. Make sure to get the agreement in writing. This [...]

Consumers Paid for Debts They Did Not Owe

August 31st, 2017 (No Comments)

In August of 2017, the Federal Trade Commission charged a debt collection operation with taking money from consumers for debts they did not owe. The debt collectors used names that sounded like law firms, such as Cohen, Daniels & Moss. They threatened legal action and used profanity. Many people paid just to stop the harassment. [...]

Credit Repair Organizations Act

August 21st, 2017 (No Comments)

In 1996, Congress passed the Credit Repair Organizations Act. Credit repair companies try to get negative information removed from your credit report, which should increase your credit score. The Act protects consumers in the following ways: · The credit repair companies cannot misrepresent their services · The company has to have a written contract with [...]

Your Credit Score and Buying a Home

August 11th, 2017 (No Comments)

What does your credit score need to be to buy a home? If your credit score is below 650, you may have trouble getting a loan. Your best interest rate is going to be if your credit score is 750 or higher. If your credit score is below 650 and you eventually want to buy [...]

Home Equity

August 2nd, 2017 (No Comments)

The equity in your house is the difference between the market value of your home and the amount you still owe on the home. As you keep paying on your mortgage, your equity increases. If you sell your house in the first few years after you buy it, you may not have any equity in [...]

Credit Repair Companies

July 21st, 2017 (No Comments)

You can benefit from hiring a credit repair company to fix your credit score. Having a higher credit score can help you get a lower interest rate on mortgages and loans. This can make the cost of credit repair worth it. The credit repair company should gather your information, send out letters and do follow-up. [...]

Credit Freeze

July 13th, 2017 (No Comments)

If you have had identity theft, you may want to do a credit freeze. But be careful because if you will be applying for a loan soon, the credit freeze will create obstacles. To do a credit freeze: 1. Contact each credit bureau separately and request a credit freeze. 2. You must contact each credit [...]

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