You’re a new parent, you’re looking for a name for you new son. What better idea than to carry on the family name than to name your son after you. So little Johnny Jr. is born and you live a life of blissful pride as you watch your namesake grow and mature. “What a beautiful and enduring legacy we have created, right dear?” WRONG! So What’s The Problem? The problem is the credit reporting bureaus are extremely automated and if a name that is very similar and has other similar characteristics, … [Read more...]
How to Detect and Avoid Credit Repair Scams
Back when life was much simpler, when credit was in the form of a firm handshake and the person’s word that they will repay the loan, the terms FICO (Fair Isaac Corporation), CROA (Credit Repair Organizations Act), FCRA (Fair Credit Reporting Act), among others, would have seemed like a foreign language. All anyone needed to do to “fix” their credit or to gain credit in those days was to “appear” credit worthy. In the early days of credit, a person’s credit worthiness was determined by the … [Read more...]
The 6 Simple Steps To Repairing Your Own Credit
So you’ve obtained your free credit report that is allowed to you once per year via www.annualcreditreport.com and discovered that there are serious errors on your credit report. You have scoured the Internet in search for help from companies and law firms who charge a hefty fee to correct your credit. A fee such as $99.00 to start a service on top of $99.00 per month until your credit is corrected (which could take upwards of one year!) So What Do You Do Now? Load up your printer ink and buy … [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...]
How to Re-Build Your Credit After Bankruptcy
So you’re walking out of the bankruptcy court thinking to yourself, “What have I just done?” Not to fear! There is a light at the end of that tunnel. The light at the end of that tunnel is new-found HOPE and DISCIPLINE. First Things First Jump back into the credit game! You’re probably saying to yourself, “Well this is what brought me to bankruptcy court.” True, it is what brought you there. This time, you are going to actually be a player in the game and not get played by the game. You need … [Read more...]
