Credit Repair Credit Cards

Q: I Have Often Heard The Phrase"Don't Mess With The IRS. "Is There Anything that Can Be Done If I Owe The IRS Money?

Admin — Mon, 06 Dec 2004 20:49:00 -0800

A: First, do not assume that the IRS is always correct. However, always respond to any IRS notice within the time allowed to avoid any additional penalties and interest over and above the taxes you may owe.

Be sure to keep all records including copies of checks, receipts and invoices in case you are audited.

The normal time limitations for an audit is three years, provided there was no fraud of gross misrepresentation of income. If you disagree with an IRS decision you can file a petition in the U.S. Tax Court.

If you have a serious problem or are in a ...

Free Credit Report Information, Links & Resources from the Consumers Union.

Admin — Thu, 18 Nov 2004 06:09:00 -0800

The Consumers Union has some great information about the new free credit reports that are going to be available starting December 1st. Here are several links from their site to help you get many of your questions answered. If you don't already have their site bookmarked, then you might want to visit them at: http://www.consumersunion.org

	How And When Can I Get My Free Consumer Credit Report?
	How do I order?
	How long should it take and where to complain?
	What are some other rights created by the FACT Act? New rights for victims of identity theft Military Active Duty alerts Free reports from nationwide consumer specialty reporting agencies
	How do I read my consumer credit report?
	How can I fix errors?
	Can I fix my credit with "credit repair" services?
	What should I do if I become a victim of identity theft?
	What can the consumer credit reporting agencies do with my personally identifiable information?
	Do I need to buy anything in order to get my free consumer credit reports?
	What is a Credit Score? How can I get my credit score from a lender? How is my credit score calculated? How can I monitor my own credit?
	What is Credit Monitoring?

Read the full article here.

Excerpt:

"Beginning December 1, 2004 consumers living in the western U.S. will have the right to order a free copy of their consumer credit report thanks to a new federal law adopted by Congress in 2003. Consumers elsewhere in the nation will get the same right over the next year as the law is phased in across the country.

Your credit is one of your most important assets. Having good credit means you should have more options to borrow money at the lowest cost and from the best lenders. It also means that others who look at your credit to decide whether they will serve you, such as landlords, insurance companies, or even prospective employers, are less likely to turn you away or penalize you because you have poor credit.

Take the first step to find out where you stand in the credit world. Get a copy of your consumer credit report and credit score.

Your consumer credit report should contain accurate and up to date information about your credit history and behavior. Having your consumer credit report and credit score in hand and reviewing it lets you see what your creditors or those who base decisions on your credit will see. If you discover mistakes, you can have them corrected. Reviewing your consumer credit report can also alert you if someone has stolen your identity."

Q: I Heard Bankruptcy Referred to as a Quick Fix for Credit Problems, Is Bankruptcy Really a Way Out of Debt?

Admin — Mon, 15 Nov 2004 01:38:00 -0800

A: Bankruptcy should be used only as a last resort. For example, someone who has only one debt that cannot be paid in time should consider alternatives such as working out a more reasonable repayment plan with the creditor, selling something to pay off debt, trying to negotiate a lower amount, or temporarily taking on a second job.

Although bankruptcy may seem like an easy solution, remember that it will stay on your credit record for at least seven years and in the meantime you may find it extremely difficult, if not impossible, to get a mortgage or buy a new car. If a major catastrophe really does strike within that seven-year period, you will not be able to file for bankruptcy again.

Another option to regular bankruptcy is a wage earnings plan, which requires that you pay each of your creditors back over a period of time at a reduced amount. The plan must be approved by the bankruptcy court.

A better option may be consumer credit counseling (such as offered by Consumer Credit Counseling Services). This is a national organization that provides financial counseling to people with debt problems. A counselor will work with you and your creditors to come up with a repayment plan.

Q: Will i Still Owe Money After I File For Bankruptcy or Will Bankruptcy Wipe Out All of My Debts So That I Can Make A Fresh Start?

Admin — Mon, 15 Nov 2004 01:28:00 -0800

A: It all depends upon the debt. If you went on a major shopping spree, or took a luxury vacation, and spent thousands of dollars using your credit cards, your creditors may convince the bankruptcy court that you should not be released from your obligations (due for the three years immediately before filing), particularly not social security, or withholding payments you as an employer should have made for your employees. Also, bankruptcy will not eliminate child support and alimony obligations.

Q: If I Do File Bankruptcy, Is There Any Property I Can Keep For Myself, or Must All of My Property Be Sold to Pay My Creditors?

Admin — Mon, 15 Nov 2004 01:26:00 -0800

A: Certain property is considered exempt from bankruptcy. In most cases you may keep your home (up to a specific dollar value) and some items of personal property.

Q: Do I Really Have Leagal Rights If I Owe Money?

Admin — Mon, 15 Nov 2004 01:22:00 -0800

Answers to Some Common Questions

Admin — Mon, 15 Nov 2004 00:35:00 -0800

Here is a list of some of the most commonly asked questions regarding credit, and your credit report. You will get answers to help with Credit Issues, Bankruptcy, Credit Counseling, Credit Reports, Credit Repair and more...

Q: What is a Credit Bureau or Credit Reporting Agency?

Admin — Mon, 15 Nov 2004 00:21:00 -0800

A: A credit bureau or credit reporting agency is a service that provides prospective creditors with the information about you: primarily the debts that you have and your payments record. The bank will request a credit report if you apply for a loan to buy a house.

This report will tell the bank how many credit cards and other loans you have, whether or not you make your payments on time, wh ether someone has sued you and obtained a money judgment, and whether you have filed bankruptcy within the last seven years. There are three major credit reporting agencies in the country, namely Equifax, Experian, and TransUnion.

Q: How Do People Get Into Financial Trouble

Admin — Sun, 14 Nov 2004 14:45:00 -0800

A: Of course we all heard the story about the family who accepts every credit card that is offered by mail, then charges up each card up to the maximum limit and cannot make the payments. Or, they can make ...

Q: Will I Know When I Am In Financial Trouble?

Admin — Sun, 14 Nov 2004 11:08:00 -0800

A: There are several signs that you may need help with your finances, Including:

Juggling your bills from paycheck to paycheck and not being able to pay them all at one time;

Getting late payment reminders in the mail ...

Q: Can I Pay More Than The Monthly Amount Due On The Credit Card Statement Or Loan?

Admin — Sun, 14 Nov 2004 10:54:00 -0800

A: Not only is it possible, it is wise and responsible to pay as much as possible to reduce the outstanding loan balance, particularly on credit cards. Making only the minimum monthly payment, particularly on large balances, results ...

Q: Can I Apply For Credit After My Debts Have Been Discharged In A Bankruptcy Proceeding?

Admin — Sun, 14 Nov 2004 09:09:00 -0800

A: Certainly one can and should begin reestablisheing good credit after bankruptcy. While some people report that they receive credit card applications in the mail immediately after their debts have been discharged, many find that the reestablishing good credit takes ...

Q: Even Though I Have a Fixed Income, I Get Applications for Credit Cards in the Mail. What Should I do With Them?

Admin — Sat, 13 Nov 2004 16:08:00 -0800

A: First, decide whether it is important or necessary that you have a credit card. Second, ask yourself whether you will use it responsibly. If the answers are yes to both questions, then:

-Check the interest rate the credit card ...

Q: What Is a Credit Score?

Admin — Sat, 13 Nov 2004 15:52:00 -0800

A: A credit score is a type of grade given by a lender based upon your application and credit history, including the number and types of accounts, total outstanding debt, number of late payments, how long you've had accounts, etc. ...

Q: How Does a Lender Decide Whether I am Qualified for a Loan or Credit Card?

Admin — Sat, 13 Nov 2004 15:42:00 -0800

A: First, your application is reviewed and information verified. A copy of your credit report is ordered and your credit history reviewed. Your total monthly obligations are considered in determining whether you can reasonably take on more debt; the length ...

Q: If a Creditor Reports My Late Payments to a Credit Bureau, Even Though I am Doing the Best That I Can, What Should I Do?

Admin — Sat, 13 Nov 2004 15:33:00 -0800

A: You usually find out that a creditor has reported this type of information when you apply for a loan. If you are turned down for the loan because of your credit report, you have the right to a copy ...

Q: What Information Does My Credit Report Contain?

Admin — Sat, 13 Nov 2004 02:00:00 -0800

A: Your credit report contains your credit history, including: the names of all of your current and past creditors, your payment record, your employer's name and address, your employment history, current and previous addresses, public information such as judgments and bankruptcies, and referrals by creditors to collection agencies.

Q: Where can I Find the Terms of the Loan?

Admin — Sat, 13 Nov 2004 01:39:00 -0800

A: The Federal Consumer Credit Act requires disclosure by lenders of the total cost of credit, the amount and due dates for repayment of the loan, the amount of any late payment fee, etc. The credit card companies provide a detailed description of the terms and conditions that you should read and understand before accepting the card. Banks and other lenders provide the information in their Truth-in-Lending disclosure forms and other loan documents. These should be reviewed carefully and understood before signing.

Q: How do I Apply for a Loan or Credit Card?

Admin — Sat, 13 Nov 2004 01:19:00 -0800

A: An appilcation form must be completed; the amount of information required depends upon the lender. Questions include your name, address, social security number, name and address of employer, how long you have been employed there, whether you rent or own your home, and your annual income. All information you provide must be accurate, so there won't be any discrepancies.

Q: What is the Difference Between a Credit Card and a Debit Card?

Admin — Sat, 13 Nov 2004 00:29:00 -0800

A: A credit card is, in reality, a loan; you will need to pay back the principal plus all accrued interest according to the terms to which you have agreed. A debit card is similar to a check; the payment is immediately deducted from your account.

Q: What if I Have Never Had a Loan Before?

Admin — Sat, 13 Nov 2004 00:23:00 -0800

A: Your first step should be opening a savings and checking account. Once you have accumulated several hundred dollars, ask the bank for a secured credit card. Your deposit will be used as security for payment in case you default. You may also try getting your first loan with a co-signer, often a parent. Anyone to whom you have owned and repaid a debt can be a good reference when applying for credit.

Q: Whats is the Difference Between a Credit Card and Loan?

Admin — Fri, 12 Nov 2004 23:53:00 -0800

A: The result of using either is the same- money that was loaned for a purchase or some other purpose (such as education) must be repaid. A credit card is typically considered an open-end loan, similar to an equity line of credit with a maximum amount from which you can borrow.

Q: Why Do I Need Credit?

Admin — Fri, 12 Nov 2004 23:43:00 -0800

A: While few of us are fortunate enough to have inherited enough money to pay cash for a house or a car, most of us will need a loan to make major purchases. Many students need financial aid for college. Also, credit cards are required for hotel and airline reservations, car rentals, and Internet purchases. Credit, in this case, refers to an amount of money at your disposal for a variety of porposes.