Bad Economy, No Job – How Can I Repay My Debts?
When you have collection agencies calling you and you are in debt up to your eyeballs, it’s time to take action and quick. First step you need to take is to get a job, sooner than later. You cannot afford to use the bad economy as an excuse any longer. The bad economy may be standing in the way of you getting the job that you desire, but it shouldn’t keep you from obtaining gainful employment that will help you start paying your bills. Your only priority when you have debt to repay should be to get a job that allows you to have enough income to start repaying those creditors. Read more
Honey, I cheated with your checkbook
Twenty nine percent of people in a committed relationship admitted to lying to their partner about their spending habits, according to a Harris Interactive survey of 1,796 people ages 25-55.
Money can be a source of happiness and dismay in a marriage. Having too much or not having enough can spell out problems for an otherwise happy couple. It gets worse when secrets are kept from one another and spending habits threaten the financial well-being of the marriage. More and more Americans admit to lying to their partners about their spending habits. Read more
Re-establishing your credit
If you have fallen victim to bad circumstances in the past and your credit report has suffered as a result, there are still some steps you can take once you are on your feet again, to start re-establishing your good name, in terms of credit.
· If you are looking at purchasing a car, making a substantial down payment can make up for your bad credit history. Creditors will be in favor of this because they assume less risk and think that you will have more incentive to repay them since you’ve already invested a substantial amount. Once the loan is repaid in full, you will have taken a step towards re-establishing your ability to pay and thus it will be easier to obtain other credit in the future. Read more
Foreclosure stigma haunts would-be renters
As if losing a house on the court steps wasn’t enough, some former homeowners may fiand themselves turned away by apartment owners spooked by the foreclosure history on their credit reports.
CreditReportBlog.com sympathizes with individuals hit with such a dreadful experience as foreclosure on their home. Along with bankruptcy, foreclosure can be one of the most devastating experiences in one’s life. Being forced out of your home, can cause enormous stress, shock, and even depression to an otherwise content person. Read more
Can you get a Business Loan with BAD CREDIT?
Getting a business loan with bad credit can be very difficult. Banks will not even entertain the idea of lending to a business with bad credit, so you are better off not wasting your time there. Fortunately for some business, there are institutions out there that will approve bad credit applications for a business loan. At the same time, they will charge substantially higher interest rates for making these loans to a high risk client and will require substantial collateral from your business or personal assets. Read more
The Fair Debt Collection Practices Act
Although you may have defaulted on your loans and owe creditors their money, remember, you do have the right to be treated fairly by the collection agencies. Creditreportblog.com feels for its readers who are frustrated at being hounded by these collection agencies, leading to a lot of stress in their daily life. In order to keep these aggressive collection agencies in check, the Fair Debt Collection Practices Act was put into place. This act applies to those who work on behalf of creditors to collect outstanding debts from individuals, such as unpaid car loans, mortgages, credit cards, and medical bills. Under this Act, there are certain guidelines that the collection agency must adhere to. Read more
Settlement results in free credit monitoring service
You can sign up today to receive free credit monitoring services from the credit bureau TransUnion due to a settlement the company reached on a class-action lawsuit.
Credit Report Blog.com would like to advise all consumers that a settlement has been reached in the class-action lawsuit filed against TransUnion Credit Bureau. The lawsuit was filed because TransUnion irresponsibly sold customer information in the form of marketing lists to other businesses. TransUnion denied any wrongdoing, while at the same time, stating that they had stopped the practice as far back as 2001. Read more
What to look for in a CREDIT COUNSELOR
At Credit Report Blog (Creditreportblog.com), many readers write in about having heard of credit counseling agencies and ask whether they really are helpful and even make sense to hire, when you are already up to your neck in debt. People think of the services of a credit counselor as another bill to pay. If you are one of many Americans living paycheck to paycheck, worried about calls from debt collectors and not being able to work out a suitable repayment plan, then a credit counselor could be the answer. However, you have to be very careful when choosing a counseling service. Many credit counseling organizations claim to be non-profit but actually end up charging high fees that are sometimes hidden or suggest solutions that cause the person to go deeper into debt. Read more
Bankruptcy and your credit report
We at CreditReportBlog.com get this question asked pretty often by our readers: Is it a good idea to file bankruptcy to get rid of our debts? Well the answer is not a simple one. With the economy in shambles these days, more and more Americans are looking at filing for bankruptcy as the only alternative left to get themselves out of a bottomless hole of debt. However, before you go ahead, you must be made aware of the terrible stain filing bankruptcy leaves on your credit report. Read more
Escaping Bankruptcy’s Effects With Equity
“Bankruptcy has terrible effects on your ability to obtain finance. In order to solve this problem there are many things you can do.”
http://www.bestsyndication.com/
***Credit Report Blog*** Using the equity you have built on your home as a way to getting approved for a loan after bankruptcy sounds like it could be the only way out for someone in dire need of obtaining a loan. Lenders see the equity in your home as collateral for approving the loan. However, we at CreditReportBlog.com suggest that every consumer look at their own situation before choosing to go this route. Read more
Low Credit Scores hurt in more ways than you know
CreditReportBlog.com has done extensive research on how low credit scores hurt innocent buyers. We are all aware of the obvious ways in which a low credit score hurts us like higher mortgage and credit card interest rates. What we don’t realize is that there are many other unsuspecting ways that a low credit score may affect our lives.
EMPLOYMENT
You may find it surprising that some employers care about credit scores as well. Close to 70 percent of companies, especially large organizations will check credit before they hire a person. The logic behind it is that they assume credit problems at home create stress and distraction at work. They don’t want to have an employee get collection calls at work or have to get involved in garnishing wages. Read more
What does “bad credit” mean?
“Bad credit” means exactly what you think…BAD CREDIT. It implies that a person or business entity has a bad credit history and is not of sound financial health. It means that you are a “high risk” to lenders and credit may not be extended to you, as you may not be able to make timely payments. Bad credit can be the result of late/missed payments, filing for bankruptcy, or exceeding credit card limits. Read more