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Tackle Credit Repair
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Bad Credit Home Loan To Get You Out Of Debt
A "bad credit home loan" can help you climb your way out of debt and get you started back on the road to upstanding, good credit. There are many lenders who are willing to make bad credit home loans to you - a loan based on your equity in your home even if your credit has slipped or isn't as perfect as it could be. By taking out a bad credit home mortgage or home equity loan, you can consolidate a... Read article
Credit Cards for Bad Credit
Half of the world's population suffers from bad credit, though the severity of the situation varies from one person to the next. Some people have extremely bad credit, while others just have a few dents causing their credit score to sink. Either way, you will still be happy to know that credit cards for bad credit do exist. The trick is in finding them.
There are several types of credit... Read credit counseling article
Tackle Credit Repair
Though you're in debt at this time, if you dig down deep and decide to fight for your financial freedom back, you can surely find a solution. Credit repair becomes a necessity in some of our lives at times since we do not always have great debt management skills going into adulthood.
The creditors that have lent us money are doing so in good faith and under the assumption that they will be paid back, and paid back on time. However, these are people too and what they really want is their money back, and so on that note are usually willing to extend the amount of time for you to pay them back, instead of dealing with all of the inconveniences of reporting you and such. Not only that but they're also hoping that you'll be a returning customer too.
The lenders are often thought of as the enemy but the real vicious ones are the collection agencies that get handed your files when you do not pay or contact the lender to let them know that you do plan to pay. These collection agencies will stoop to all new lows just to find you, even if it means breaking the law to get to you. The reason being that they're paid a commission for every debt that the recover.
Your best defense, or offense I should say is to get ahead of the game. This is the ultimate weapon against the collection agencies, the same people who could really care less about you, whether it's intimidating you to give them your last dollar that will feed your kids, or from dropping dead from a heart attack because of the stress. So, getting your credit card debt, and other loan balances paid off before they have a chance to get to you, is the offense of choice.
You'll want to contact each creditor, let them know that you're having some problems, but that you're setting up a budget in order to pay them. This same budget that you truly are creating is what's going to help you break through all of your debt. After setting up your budget plan, you then want to check out the balances in your checking and savings accounts, and note how much money you have in each.
If managing money is not your strongest point, you can actually open an account at Paypal, which will then give you a chance to get a debit card. This will help you if you want to make purchases that you couldn't make without a credit card, such as renting a car. Also, you can also get back money for using the card, so paying your bills with the debit card, which is directly connected to your bank account anyways, can earn you up to 1% of your money back. May not seem like a lot but it adds up rather quickly.
There are many available resources to you if you're still having trouble with your debt. The resources that don't add on to your existing debts are the best ones to go with when in your situation.
There are even government loans and grants to those who have a low income, and are in trouble with their credit. You also have debt consolidation, and bankruptcy options to choose from if things turn extremely grim. Be careful and responsible in all of your choices.
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Credit Bureaus
A credit bureau is an organization that tracks the credit histories and related information of individuals and businesses. The three major nationwide credit bureaus are Experian, Trans Union and Equifax. The job of a national credit bureau is to collect and sell credit information. A credit bureau is a clearinghouse for credit history information. Make no mistake about, they make a tidy sum by collecting and selling this information when a business or individual applies for credit.
When you, as an individual or a business apply for credit of virtually any kind, that information gets sent to at least one or more of the credit bureaus. Even if you are declined, that information becomes part of your credit report. Your accounts are reported to the credit bureaus regularly as far as your outstanding balance, the amount of your monthly payments, and a history of any late payments on each account.
The really scary part of this is the many reports and studies which state that anywhere from 35% to one report that claimed 70% or more of the information maintained by the credit bureaus is INACCURATE to some degree. To a certain degree, some could argue that this could be expected since the credit bureaus are maintaining data on hundreds of millions of individuals and businesses, which amounts to a staggering amount of data to keep track of. Yet the reported inaccuracies are disturbing.
Who is responsible for ensuring that the data maintained by the credit bureaus on you is accurate? You, and only you, and that "quality control" does not happen automatically.
Why should you care? Having inaccurate information in your credit report can affect many aspects of your life. It will have a major impact on your ability to get a mortgage at a decent interest rate, your ability to get a car loan, even your ability to open a new account with a department store or get a Visa or Mastercard. These days, many employers are running credit checks on employee candidates, and part of the hiring decision process hinges in part on the applicant's credit report.
Another reason to periodically check your credit report is because of the new "high tech crime" of identity theft. Someone can steal your identity easier than you may think, open a ton of credit card accounts in your name, charge them to the hilt, then disappear from the face of the earth. And then YOU are stuck with months and even YEARS of battles to document that this person was not you, while all during the process your credit report is so bad that merchants may not even take CASH from you for a purchase.
You are entitled to a free copy of your credit report from the credit bureaus any time you have been denied credit. You are also entitled to a free copy of your report once a year, which is strongly recommended. Review it in detail, and call the credit bureau if you do not understand it. They are obligated by law to help you understand the information there.
If you find errors or inaccuracies, by all means write a dispute letter. Keep records of all your correspondence with the credit bureaus. They are obligated by law to follow up on disputed information and to correct it if it is wrong. They do this by contacting the merchant or vendor who reported the information, and if that merchant cannot verify the information as being accurate, then it must be removed.
In summary, get a copy of your credit report from all three of the major credit bureaus, and do it today. Chances are better than good that you will find errors on it, and the sooner you get those errors corrected, the better off you will be.
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