Being buried by credit card debt is overwhelming. However, before taking out a personal loan to pay off credit cards, you need to consider the different advantages and disadvantages. It’s possible that a personal loan could set you on the right path to eliminating credit card debt, but if you aren’t careful, you could create more problems for yourself. The root cause of the high cost of credit card debt is the interest rate. Many cards are characterized by higher interest compared to other financial products such as student loans or mortgages. If you are behind

Repairing your credit takes observation on your part. We often get two types of bills in the mail; Bills that are past due and those that are up to date. The fact is ignoring your bills is only delaying, and it does not help repair your credit. If you have current bills and there are no overdue charges be sure to take care of these bills first since by paying this will keep you out of the credit bureaus. It is important that you have a stable financial situation to get out of debt. If your

What is a credit score? A credit score summarizes your entire credit report information into one number. This number is calculated by a mathematical equation that evaluates many types of information from your credit report at that particular credit-reporting agency. By comparing this information to the patterns in thousands of past credit reports, scoring identifies your level of credit risk. Your score tells a lender how likely you are to repay a loan, or make credit payments on time. The higher your score is, the better chance you have of getting the credit you apply for.

Freezing your credit is the best way to keep criminals from accessing your credit without your consent. If you want to freeze your credit, you’ll need to contact each of the three major credit bureaus individually; each has a slightly different process. Generally, you need to provide your Social Security number, birthdate and other information confirming your identity. Freezing credit and lifting freezes are now free as part of changes to the Dodd-Frank Act signed into law in May 2018. The credit bureaus have until late September to comply. » SIGN UP: Monitor your credit score for free while

  The Fair Credit Reporting Act was put into law in 1970, which was prior to the computer age, to protect the American people from misinformation that the Credit Reporting Agencies (i.e. Equifax, Trans Union and Experian) reports every day. This law REQUIRES the CRA’s (Credit Reporting Agencies) to have PHYSICAL COPIES of the contract documents we signed with creditors that they are reporting but they DON’T because everything they are reporting is transferred to them from the creditors electronically – not face to face or by mail. This means the CRA’s do not ever review

WhoWhyPrecedent/LawFine Creditors if they report your credit history inaccuratelyInjury to your credit report and credit scoreFCRA Section 604 (A)(3)$2500 Credit bureaus if they refuse to correct information after being provided proofDefamation, willful injuryFCRA Section 623 CUSHMAN VS. TRANS UNION CORPORATION US Court of Appeals for the Third Circuit Court Case 115 F.3d 220 June 9, 1997, Filed (D.C. No. 95-cv-01743). Extent of damages incurred by the wronged party, as deemed by the courts Credit bureaus if they reinsert a removed item from your credit report without notifying you in writing within 5 business days.Consumer protection afforded

What is a collection agency? A collection agency is any person or company whose main purpose is the collection of debts for other companies. An attorney who collects a consumer debt for a creditor is considered a collection agency under federal law. Typically, a collection agency will represent several different creditors. Collection agencies are governed by several different laws. Each state has its own laws to govern collection agencies, ranging from requiring state licensing and licensed managers to virtually no state regulation whatsoever. However, every collection agency is governed by a federal law called the Fair