Posts Tagged ‘credit history’

Bad Credit And What It Can Lead To

Tuesday, July 27th, 2010

Bad credit is disliked by consumers in a great deal in the present because it draws many bitter results on consumers such as bad credit records. A weak credit rating is represented by the term ‘bad credit’ and therefore it is important to state that there are many issues confronted by it in the present.

Bankruptcy is a fine example. It is an issue which has turned tables around the world posing a number of drawbacks in both the financial and political stability of nations. Today the United States houses an unsettled credit card bill figure which exceeds $10k. This certainly is a fact which has bothered consumers in a great deal. All these figures and numbers represent the economic drawback of the world.

When you feel that you are thrashed with massive debts, you may identify some issues coming your way lead by bankruptcy. Consumers find great difficulties in finding solutions for such issues in the present and therefore it destroys the social and financial background of consumers.

Once bankruptcy is picked by consumers today, they may find things getting quite messy around them as their valued assets will be estimated and sold as long as they pay back debts. Here, consumers will have to go through a total recondition in their financial status and therefore it will be a start right from the beginning for you.

This certainly is a disastrous fact in terms of consumers who are already facing huge debt issues and therefore they will have to scope their vision over a total reconstruction. But, all of these issues are preventable if consumers think wise before hand and cut off all unnecessary expenses. Here, you should always think that eliminating your expenditure in practice is a very good step towards financial stability.

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Why Bad Credit Can Be Dangerous

Sunday, July 25th, 2010

The poor credit figure of consumers is spoken out as bad credit. It has become dangerous in the present mainly due to the financial crisis the world is facing. As a result, consumers are always confronted to constant challenges of bad credit. One of them is bankruptcy. In fact, it is a serious outcome of bad credit.

Bankruptcy is an aspect which has the complete ability of destroying a consumer’s financial background in a major way. It is because once the consumer is unable to make the timely payments his/her creditors will be on their way to courts seeking for justice. This will result in a trustee’s intervention. Here, your assets will be managed and sold in order to regain the total debt of your creditors, even in full.

This will be the main reason of your failure and therefore bad credit has become a fact which is demanding constant attention from consumers today. But, don’t estimate that your relief is soon after the completion of bankruptcy. In fact, it will only act as a beginning of worries. Once it is completed you will be remained with least assets paving you way to start from the very beginning.

You will have to build up your financial background from the beginning, just as adopting a child from infancy. This will take much effort though may be successful at the end. This may require a total reconstruction of your assets. You will need to gain everything which you lost as a result of heavy spending.

So, now you may understand that bankruptcy is not easy as you think. It is not the simple debt relief method in the market available for you. But it is a snare which comes in disguise. As long as you keep this thoroughly in your mind you will be out of worries. Furthermore, bad credit will be a subject looked upon with caution.

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Simple Ways To Improve Your Credit Score

Wednesday, July 21st, 2010

Consumers today find great difficulties in terms of a bad credit score. Simply, a bad credit means having a poor credit rating. This has become a severe issue when it comes to the present world economic crisis and things seem to be getting even tighter. So, having a good credit score is mandatory in order to obtain a better grip in finance today. But, if you think that you are down with a bad credit rating, there is no need to panic as there is always an answer for everything!

You can consider about the methods of eliminating your bad credit record in first hand. Here, you may consider the fact of getting relevant feedback on your past credit record. This can be obtained from credit bureaus. It is true that the past is something that you cannot change, but something is better than nothing!

Here, you should think back to what you made wrong when it came to decisions. These can be fixed as long as you identify them and act accordingly. It is so very important that you get in tact with these facts if you think about receiving a fine credit record. Through this wise method, you will also find ways of saving more by spending less.

Furthermore, it is very important to state here that today consumers need to find ways in order to satisfy their needs through less expensive methods. This is very important when it comes to improving your credit score as massive expenditure breaks down all hopes of relief.

Once again, it is really important for consumers to think about methods which demand less and offer more in return. Also, in the process of eliminating a bad credit history and enriching your credit score more accurately towards the future, the advises stated ahead may be most valuable as it has become a proven fact when comparing things to the current economic state. So follow some of these simple tips and start building momentum which will eventually improve your credit score.

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categories: finance, credit, bad credit, credit history, personal finance

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Improve Your Credit Score With These Simple Tips.

Friday, April 30th, 2010

Within your life there are going to be quite a few elements which can be influenced by your credit history.

Numerous banks figure out if to lend or not to lend funds or loans to you depending on your credit.

For those who have a poor credit this can impact your daily life. But there may be even so means which you can strengthen your credit history.

Initial factor would be to discover exactly where you happen to be around the credit ratings ladder.

You’ll be able to request a copy of the credit score record from any nicely acknowledged lending firm for instance Trans Union Credit rating, or Equifax.

There are countless individuals nowadays that take their credit history record for granted. You will discover millions of individuals inside the US and your credit score report could turn out to be inaccurate.

To prevent this from happening to your account request a copy of your credit history record each year.

If you locate that there’s something that’s not precise with your credit rating record you’ll want to let the credit history bureau know about it and make certain that it really is corrected.

In case you file for bankruptcy this makes your credit history credit score unsightly so make sure to prevent this from occurring for you, talk to a monetary adviser or an expert from the field initial.

Any dormant bank accounts will use a negative have an impact on on your credit history survey also.

This is so even should you don’t owe any money to these accounts, your credit score will likely be affected tremendously. Credit rating scores are figured out by the volume of debt that is owed along with the quantity that is certainly obtainable to you.

To make your credit rating far better make sure to pay your bill as soon as they are due.

By paying for the points that you simply need to have most, overlooking what you’d love to have, you may soon be capable of increasing your credit history.

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I Have a Judgment Against Me Because I Goofed and Now I Need to Remove It!

Sunday, March 21st, 2010

So, one of your creditors had been threatening a judgment against you. Unfortunately, he tired of threatening the action and actually carried through with it. Now, he has been granted a court-ordered judgment against you.

To make matters worse, you just found out that your credit score has taken a nose-dive because of the judgment. Many people do not know that a court-ordered judgment can be reported on your credit history for 10-12 years. If the debt remains unpaid at the end of this time period, often the judgment can be renewed. In fact, even a judgment which has been paid can stay on your credit report for seven years after it is paid!

Now, you would like to remove the judgment from your credit report. You need to be aware that it is illegal for credit reporting agencies to remove accurate entries. There are only two ways an entry can be legally removed from a credit report. The first way is to prove that an item is inaccurate. The second way is to dispute the item and, if the creditor cannot verify the item within a legally specified time frame, the credit reporting agency is legally required to remove the item. Items which consumers believe are false can be disputed pursuant to the Fair Credit Reporting Act (FCRA). Included in the FCRA, are judgment and public record items.

You will need to draft and submit a dispute letter to the appropriate credit reporting bureaus if you decide you would like to dispute a judgment which appears on your credit report. There are three major credit reporting bureaus. These three bureaus are TransUnion, Equifax, and Experian. To whom the credit reporting bureau will forward the dispute will depend upon what kind of debt is involved. For instance, a dispute for a car loan judgment could be forwarded to a loan company, bank, car dealership, etc.

Unlike car loans and credit cards, judgment and public record information is located in governmental buildings and maintained by county personnel. In light of this, a judgment dispute will be forwarded in most cases to the county courthouse in your county. As humans verify this type of information, as opposed to fancy software programs, it normally takes longer to verify this type of dispute and, in many cases, the verification is not able to be completed within the specified time frame of 30 days. When this happens, the credit reporting agency, by law, must remove the judgment entry from your credit report.

It is possible for you to move forward with credit repair on your own. However, if you do not have the time or if you just don’t enjoy wrangling with credit reporting agencies, you might consider speaking to a consumer rights attorney. The typical consumer rights attorney has tackled hundreds, and maybe even thousands, of similar cases.

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How Do I Get Rid of a Judgment?

Friday, February 5th, 2010

If you have obtained a judgment by losing a legal case involving a debt, you may be able to have the judgment vacated. To try to do this, you would need to file a Motion to Vacate.

If it is granted, a Motion to Vacate will suspend the original judgment and, at the same time, will request a new hearing. You will need to prepare for the hearing and will need to be ready to argue for dismissal of the case.

So What Steps Do I Need to Take?

The following steps will yield results if followed carefully (depending upon state law):

1. You will need to determine the court’s procedural laws for your state. By researching this information, you will learn how to draft the motion and what explanations justify dismissing a judgment. It is crucial that you perform this research. This will allow you to learn for what reasons a case can be thrown out on a technicality.

2. Take your completed Motion to Vacate to the originating court’s court clerk and file it. Ask if there are any other documents which need to be filed. You will need to pay a filing fee when you file the motion and you should request certified copies. Mail the original to the plaintiff, who is most likely your creditor or the collection agency which initially filed the suit. Be sure that you mail the motion by certified mail, return receipt requested.

3. You will need to calendar the date and time of the hearing. Make sure that the court clerk has your current address so the notice of hearing can be mailed to you.

Normally, the plaintiff has 35 days to respond to the motion. Sometimes, the plaintiff will try to settle out of court or will not show up at the hearing. If the plaintiff does not show up, you win by default!

You should demand that the creditor file dismissal paperwork and require that the judgment be withdrawn by the credit reporting agencies if your creditor wants to settle out of court. Be sure to commit your agreement to writing in the form of a legal agreement.

“Unpaid’ judgments are very damaging and “paid” judgments are not much better! Because of this you should do everything in your power to negotiate a complete deletion of the judgment from your credit report.

You will need to be prepared to prove the creditor wrong if the case does go to court. The creditor, being the plaintiff, is responsible for proving its claims.

Some thoughts to keep in mind include:

1. Be ready to attack the creditor’s documentation. For instance, demand that the creditor produce a copy of the original contract for the debt.

2. It is imperative that you review your state’s statute of limitations law to determine if the debt is outside of the statute of limitations. You have no legal obligation to pay this debt if it is, indeed, outside of the statute of limitations. If this is the case, the matter will be dismissed.

3. If it appears that a judgment is in your future, think about employing a consumer credit attorney for advice. Consumer credit attorneys make their living handling cases just like yours and will be able to guide you through the process and offer valuable advice.

Whatever you decide to do, you should not sit still and allow a creditor to place a questionable judgment on your credit report!

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Judgment or Lien: Can My Creditor Take My House and Property for Non-Payment?

Thursday, January 28th, 2010

You may be wondering if it is possible to lose assets because a creditor has filed or is threatening to file a judgment against you for non-payment. Simply put, yes, you can lose assets. If a debt goes several months without being paid, your creditor must go to court with the issue. Unfortunately, it is likely that the result will cost you in one way or another. Just as everyone’s case is unique, so will the result be.

Typically, once you have been served with judgment papers, you will have 30 days to respond. This paperwork will put you on notice that you are to appear in court regarding the overdue debt. It is wise to use these 30 days to negotiate with the creditor and reach a resolution.

If a judgment is obtained against you and depending upon the laws of your state, the creditor will be able to use specific legal remedies to obtain payment. Wage garnishment, property seizure, and possibly a lien against your property or home are some options which may be available to the creditor. You will not be able to sell your home or borrow against it until the debt is fully paid if a lien is placed against your home.

To make matters worse, your credit score will take a horrible plunge! It is important to note that a judgment can be reported on your credit report for up to ten years. A judgment is the worst mark you can have on your credit report, other than a bankruptcy. During the financially difficult times we are presently experiencing, it is more important than ever to have an excellent credit score.

In the end, resolution to the debt issue is all the creditor wants. In light of this, creditors are often responsive to working out a resolution in order to avoid legal action. However, for this to take place, you and the creditor will need to communicate in order to hammer out the details.

If you ignore your creditor’s request to negotiate a settlement or a payment plan, you may very well wind up in court, allowing the court the opportunity to rule against you. Judgments should be avoided at all costs!

If you feel you don’t want to tackle this situation alone, you can look into hiring an experienced credit attorney who can guide you through the process. It is always best to deal with debt matters head-on rather than opting for avoidance.

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Will I Be Affected By a Judgment?

Tuesday, January 26th, 2010

If you have a debt which is subsequently sent to collections, you will drastically damage your credit score. Your credit score will be damaged even more significantly if your creditor decides to seek a judgment.

If you are served with a Notice to Appear in court with regard to an unpaid debt, your creditor is through trying to work with you to collect the debt. After receipt of the Notice, you will have 30 days to object to the filing. If you can prove that the debt is invalid, you can have the case dismissed.

A creditor may or may not be serious if it threatens to file a law suit. However, going to court should be a very, very last resort in your mind.

If your credit report lists an “unpaid” judgment, it will remain on your credit report for 10-12 years. If the judgment remains unpaid at the end of this time, it can be renewed. A judgment which has been paid can remain on your credit report for up to 7 years from the date paid.

Assuming you owe the debt, the debt is still within the statute of limitations (check your state’s statute of limitations laws), and you would prefer to negotiate the outcome instead of going to court, you should make an attempt to contact your creditor. Prior to doing this, you should check your state’s statute of limitations laws because, if the debt is beyond the law, making an offer to pay could begin the clock ticking again and eliminate any statute of limitations claim you may have had.

If you are ordered by the court to pay a debt and an official court order is issued, the impact on your credit score will be devastating. However, if you decide to contact your creditor and arrange for payment, you may be able to avoid this traumatic black mark.

Offering to negotiate a settlement is the best solution for all parties. Typically, creditors do not want to go to court and will accept a portion of the amount owed just to bring the matter to a close. If you do not have a lump sum to offer as payment, you can always attempt to negotiate a payment plan. If your creditor is not “in the mood” to consider any offers, you might think about calling the lawyer handling the case for your creditor.

If a judgment is dismissed, it will be reported on your credit report as “legally void.” This is considerably less harmful than a “paid” judgment. Paid judgments remain for seven years on your credit report from the time paid.

It would be best to negotiate a settlement which includes a complete deletion of all negative information from your credit report related to the transaction. If you and your creditor are able to agree, be sure to obtain a written agreement with both of your signatures. You should always remember that, once the court becomes involved, negotiating opportunites become slim to none.

An experienced credit attorney might be a good idea. You may, in the long run, save some money and lessen the damage to your credit score by employing a seasoned consumer credit attorney.

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2010 – The Year of Credit Rebuilding

Tuesday, January 19th, 2010

There has been no time in recent history when your credit score has been as important as in 2010. The vast reduction of available credit in the form of cut backs perpetuated by the credit card companies is the predominant reason for this. In fact, maybe you noticed that your available balance was drastically reduced overnight!

It is much more difficult to get a mortgage. The minimum score needed rose by an average of 40 points and the minimum score required for reasonable rates is up 28 points.

If your credit score is less than stellar, obtaining new credit in 2010 will prove to be almost impossible.

What you will need this year is a proven strategy for boosting your credit score.

This past weekend, I sat down and committed to paper my 2010 financial goals. I even included my goal of increasing my FICO score to 775.

Your financial goals may not be the same as mine. However, I hope that you have given them some thought. Whatever goals you may choose, it is important to include improving your FICO score and removing negative items from your credit history in your overall plan. For a simple formula to help you achieve these financial goals, see below:

Credit Strategy #1: Work on Removing Negative Items From Your Credit History

You should immediately attempt to remove any questionable late payment, repossession, collection, charge off, bankruptcy, or other negative item, by disputing the information.

To accomplish this, you can use the dispute form letter which you will find here.

Often some items can be quite stubborn. Charge offs, judgments, and repossession are especially “sticky”. You may need to get more aggressive than just a standard dispute letter.

Something you might try is called “debt validation.” This is where you demand that your debt be validated by the original creditor. (This is substantially different from disputing an item with the bureaus. However, it is often very effective when dealing with collections and charge offs.)

Debt validation is probably not something that you would want to take on yourself. The fact of the matter is, I tried it once and did such a bad job that creditors just ignored my letters.

However, I went to Lexington Law and then it was a different story. I was so relieved when Lexington Law was able to get Midland Credit, a big bad collection agency, to notify the credit bureaus and instruct them to remove all of my charge offs and collections.

Lexington Law’s services are not for everybody. It is more for people who are deadly serious about their credit and have some immediate financial goals for 2010. If you are one of those people you can get on the phone with a paralegal today by dialing this number: 800-636-3158.

Credit Strategy #2: Move Forward with Building Good Credit

The good news is that this is easy to do if you already have an unsecured account. Keep paying those accounts on time. In fact, I suggest setting up an auto payment system so you never slip up. Plus, this saves postage so you are saving twice!

The bad news is for people who don’t already have an unsecured account – like a Visa/MasterCard account. It is tough to even get a card if your score is in the 500 range.

Credit Strategy #3: Don’t Get Discouraged or Let Down Your Guard

Don’t lose sight of your goal and what you want to accomplish. Rebuilding your credit will take time. The sooner you get started the better. It is wise to keep track of your credit score by maintaining a detailed log. Begin your log by noting your credit score as of today’s date and tracking it as you rebuild good credit and as questionable negative items are removed. If you are successful with your goals, your credit score should increase each month.

Don’t get discouraged when things don’t go your way. There are usually different ways to tackle a problem.

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Can I Avoid a Judgment?

Tuesday, December 29th, 2009

A judgment is a legal remedy sought by a creditor in order to obtain payment of a debt. In case you don’t normally read the fine print when you apply for a credit card or take out a loan, you actually agree to this. Yep, you agree to be sued if you don’t make your payments.

The main goal in a creditor’s law suit is to prove that you actually owe the debt. It is smart, if you really do owe the debt, to attempt to resolve any pending legal action quickly. It is often that a creditor may prefer a settlement to continuing with a legal action. To show good faith, it is helpful if you can provide an up-front partial cash payment.

You will want to know if the statute of limitations is still in effect. If not, the debt is no longer legally collectible. However, it is important to understand that the payment of even a small amount will reinstate your obligation to pay.

If the matter is being handled by an attorney for the creditor, consider calling the attorney and making an offer. No matter what you decide to offer, the attorney is bound legally to discuss your offer with the creditor.

For many reasons, going to court should be avoided. In all instances, a settlement is better than ending up with a judgment. If a judgment is obtained by your creditor, it will then be shown on your credit report. A judgment can remain on your credit report for up to ten years.

SHOW UP if you are forced to go to court! Many people who cannot reach a settlement with their creditor make the error of not attending the hearing. This, in turn, means that the creditor will be granted the judgment by default!

You will need to be ready to present a defense and work toward a resolution if you do appear in court. The judge and plaintiff creditor will respect the fact that you showed up and prepared for the hearing. Understand though that you will need to present a defense.

When a creditor obtains a judgment, you will receive a notice of judgment which will give you 30 days in which to pay the debt. Once the 30 days have passed, if you have not paid the debt in full, the creditor may take certain actions to collect the debt, such as placing a lien against your house or other property. If a lien is placed on your home, the lien will have to be paid off prior to your home being sold or refinanced, or before you can take equity in your home.

The garnishment of wages is another legal remedy which is allowed in some states. Additionally, sometimes creditors are allowed to seize personal property to collect the debt.

If a judgment is added to your credit report, the effect is devastating. In addition to loss of borrowing power, other issues will surface. For example, that great new job offer may not happen! Try to avoid a judgment if at all possible.

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