Given the current economic turmoil occurring in America lately, unemployment is at an all time high, jobs are scarce, and people are more stressed about finances than any other time in recent memory. To add fuel to this already growing financial inferno, while the times were good, we did what Americans do best: spend money! And when Americans spend money, we’re talking credit, and lots of it! The Honeymoon Is Over So now that you may be out of a job, bills are stacking up, and your phone is … [Read more...]
How to Protect Your Identity For Free
Key Statistics 11.1 million adults were victims of identity theft in 2009 The total fraud amount was $54 billion The average victim spent 21 hours and $373 out of pocket resolving the crime 4.8% of the population was a victim of identity fraud in 2009 13% of identity fraud crimes were committed by someone the victim knew The Most Common Types of Identity Theft While working as a credit repair expert, I encountered many clients who were victims of identity theft of some kind. The … [Read more...]
Consumer Reporting Agencies- Who Is Gathering Data About You?
Believe it or not, you are for sale! Yes that’s right, every aspect of your life is up for grabs and there are companies making a lot of money with your personal information. These companies are known generally as consumer reporting companies. They gather data about you such as your credit and payment histories, mortgage histories, rental histories, checking account histories, medical and pharmacy histories, and the list goes on! Sold To The Highest Bidder! Once these companies gather … [Read more...]
Stale Collections and What Happens When You Pay Off Old Accounts
What Is A Stale Collection Account? A stale collection is any collection account that has been sitting on your credit report and, for whatever reason, you have not paid it. Typically, these types of accounts sit on your credit year after year. Then, since we are all the responsible, moral types, we get our tax returns or come across a large sum of money and we decide to pay off these old debts because it’s the responsible thing to do. After you pay your old debts, you think you are all … [Read more...]
Vital Things You Need To Know About Your FICO Score
The Origins of FICOFirst of all, let’s briefly discuss the origins of FICO (Fair Isaac Corporation). Back in 1956 many were introduced to credit scoring by two pioneers in the field: engineer Bill Fair and mathematician Earl Isaac. Over the years, the pair convinced lenders that mathematical formulas could do a better job of predicting whether an applicant would default than even the most experienced loan officers. Thus, the birth of your FICO score.Understand that there are now many different … [Read more...]
