Archive for the ‘credit’ Category
admin on July 1st, 2008
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Credit disputes are more common now due to the increase in identity theft and identity fraud. While these occurrences are not at all considered to be mandatory for a credit dispute, they do make up a discernable amount of credit disputes that are submitted and reported. Nonetheless, whether a person is disputing their credit due to identity theft, identity fraud or the individual’s simple belief in an error having been made, the process for disputing the credit reporting is the same.
There are three credit bureaus in the United States of America to which individuals can dispute credit aspects of their report. Some people prefer to send disputes to all three of the credit bureaus, but this is not always necessary. In the event that a person has a dispute, they need to contact their chosen credit bureau(s) on which they see the disputed item. Here are the following contact information links and numbers that you will need in order to dispute an aspect of your credit report.
Equifax:
Phone: 800-685-1111
Website: www.Equifax.com
Experian:
Phone: 888-EXPERIAN
Website: www.Experian.com
TransUnion:
Phone: 800-916-8800
Website: www.TransUnion.com
For credit disputes, you need to have a recent credit report and credit report number, which is a number on the top of your credit report, used to identify the report. Typically this report needs to be dated within 90 days of your credit report dispute filing. You can get a free credit report – liegitmately free and not a trial version – from www.AnnualCreditReport.com. One free credit report from each of the three bureaus is permitted each year or every twelve months.
Let the credit bureau know in writing what you think is inaccurate on your reprt. Send letters to the creditor to the same effect as well. When you send a letter to the creditor(s) include a copy of the affected items on your credit report. Remember to include COPIES and not the ORIGINALS of the credit report.
admin on June 27th, 2008
When it comes to filing for bankruptcy, it is very common for individuals to include their credit cards in their filing. While this is great for individuals who are actually in need of financial assistance, some people actually decide to file for bankruptcy and then charge up a storm on their credit cards, intending for the card to be included in their filing. However, if they are caught in this scheme, they can be taken to court by the lender and found guilty of defrauding their lender(s) – that is, that the individual had no intention of paying back the lenders after or when they borrowed money.
In order to make sure that you are not accused of defrauding the credit card companies that you are involved with, it is best not to make any large purchases on your cards for ninety days prior to filing for bankruptcy. It may be tempting to go out and make an impulsive, expensive purchase the night before filing for bankruptcy, but you will almost always be caught and charged. Cash advances totaling more than $750 or luxury purchases over $500 in a ninety day time period before filing for bankruptcy are suspect.
As soon as you decide that you are going to file for bankruptcy, this is the time to stop using your credit cards. You will only be further compounding your debt. If you are involved in debt that you won’t be able to get out of, stop spending and stop using your credit card! If you have to use your card even after you have come to the decision to file for bankruptcy, you will HAVE to stop at the next logical point. After you go to a bankruptcy lawyer, do NOT use your credit card! If you are found to have used your credit card after going to see a bankruptcy lawyer this can get you in serious and substantial trouble. This is clear evidence that you were intending to defraud the credit card company.
admin on June 23rd, 2008
There are a few different credit report sites in the vein of www.freecreditreport.com and www.truecredit.com that offer what they advertise as free access to see your credit reports. The truth is the access is not free as much as it may seem at first glance. You, as a user on their sites, will actually have to register with the site and submit your own personal credit card information at the start of your free trial session. If you do not cancel within a certain amount of time, you will get charged for the use of the site. Even though some of these sites are going so far as to put ‘free’ in their domain name, they aren’t really free if you use them for more than 7 days or so.
Whether or not you see this as a scam is in the eye of the beholder. Some people may not have a problem with supplying their credit card information, even if they do so just to use the site for a supposedly free trial. Other people may not want to give out their information. Some people don’t want to give away the information because it is private and they may question the security of web sites in general, but other people are concerned that they may not cancel their trial in time. Some people may inadvertently end up paying for one month (or more!) of the ‘free’ credit report site if they do not pay strict attention to their trial period. Even being just a little bit late to cancel means that you are late and you will have to pay.
Some sites are easier to cancel than others, which can add to the stress of these sites. In some cases, people can simply send an email in order to cancel their membership. Other sites require their customers to call in order to cancel the subscription. These credit report sites may not be attractive to people who don’t feel they need to know their credit status on a consistent basis; for those who do, such sites can save them time and money!
The Federal Trade Commission has made information available on their website which advises that consumers are due a free annual credit report from the three major credit bureaus. This true free credit report site can be found at www.annualcreditreport.com. Keep in mind – the report is only free once every twelve months. If you need your credit report to glance at occasionally just to make sure everything is in order, this is a great option.
admin on June 12th, 2008
Credit Counseling is an education service that is provided to individuals interested in learning how to avoid taking on debt that cannot be repaid. In many cases, credit counseling is part of the process for individuals who are trying to establish a debt management plan for themselves. As you receive an education in relation to debt and credit, the education service provider will often be working with the creditors with whom you are involved. The most important thing to understand when it comes to credit counseling is that this is not a quick, get-rid-of-your-debt scheme. If you are involved in credit counseling, you need to have a sincere desire and commitment to eliminating and controlling the debt that you have in your life.
If you are involved in credit counseling, one of the first steps that might be taken is the closing of all of your included accounts. This is done in order to help prevent you from acquiring any more debt. When your debt is consolidated, you will most likely be paying less in your one consolidated monthly payment than you would have been paying if you were to continue paying individual monthly bills. When this occurs, you will also most likely notice that your interest rates have changed. People who are involved in a debt management plan as a part of credit counseling will often receive lower interest rates, which will help them to pay off their debt more quickly than they otherwise might be able to pay it off on their own.
Despite the fact that there are a number of positive benefits that individuals can take out of credit counseling and a debt management plan, these processes are not without criticism. In the 1990’s the number of credit counseling services increased significantly and it is believed that this increase is linked to some of the abuses in the industry that have surfaced. Individuals interested in credit counseling services need to be very careful that they are not scammed. Research needs to be done in order to validate the credit counseling services that you may be interested in working with in order to improve your finances. To help with this, you may want to consult the Better Business Bureau in order to make sure the company you are interested in is in good standing with the Bureau.
When you choose a legitimate credit counseling service, you will be on your way to an increased credit education and credit score. Financially, this education can really help you to turn your life around by helping you with the debt you have already incurred and educating you in order to limit your debt in the future.
admin on June 2nd, 2008
Understanding credit card terms can help you to be more aware of precisely what is stated in the fine print of your credit card application and contract. Here are some of the most important terms in the field of credit cards and what they mean for you.
Average Daily Balance: The Average Daily Balance is the average dollar amount that exists on the card at any given point in time. Over a period of time, usually thirty days or the number of days in a month, the total balance is added up and then divided by the total number of days. The Average Daily Balance is used by credit card companies in the Average Daily Balance Method to determine the amount of interest due on a credit card.
Annual Percentage Rate: The Annual Percentage Rate is the total amount of money that a person will pay each year in interest on the amount of money that they spend with the help of their credit card. It is important to be aware that you will not just have the pay interest in the form of the Annual Percentage Rate, but there will also likely be simple interest attached to your purchases as well. The lower APR you can secure with your credit card, the better. Credit Card companies are required by law to reveal to you the APR for their cards.
Cardholder Agreement: A Cardholder Agreement is probably the most important document that you will receive from the credit card companies with which you work. This agreement will cover all specifics of the agreement that applicable to your relationship with the credit card company including any legal options available to you if you have a problem with the company. All questions dealing with the terms and regulations of the agreement can be found in this document.
Cash Advance Fee: When you use your credit card in order to get cash up front, you will be charged a specific fee just for getting this cash. This is an up-front fee that needs to be paid by the card holder.
Finance Charge: Finance charges can take the shape and form of many different charges on your credit card bill. In general, a finance charge is any amount representing the cost of using or borrowing money, in this case through the use of a credit card. These fees can include interest and transaction fees, late fees, over the limit fees and more.
Grace Period: The Grace Period is the length of time between the due date of your payment and the date on which penalties will start to accrue, due to the lateness of the payment.
Minimum Payment: This is the very least amount of money that needs to be paid to the credit card company that you utilize. It is a fraction of your total balance due.
Periodic Rate: The Annual Percentage Rate (APR) is used in order to calculate your annual interest rate, but the periodic rate looks at the amount of money due in interest for each period. Usually, the period of a credit card is one month. You can determine your Periodic Rate by dividing your APR by the twelve months within a single year. If your APR is twenty-four percent, you would divide twenty-four by the twelve months in a year, and the Periodic Rate would be calculated as two percent.
Variable Interest Rate: Your variable interest rate will move up and down over time, based on the changes that may occur in the market.
Balance Transfer: Transferring your debt from one credit card to another is known as a balance transfer. The entirety of the amount due on your one credit card will be transferred to the other through this process.
