How to Delete a Judgment From My Credit Report

A judgment is a formal decision or order given by a court of law. With respect to your credit report, judgments pertain to decisions regarding the repayment of debt. Creditors and other lenders who see the judgment information when performing a background check may be less inclined to open a credit account for you. If the judgment information being reported is in error and does not belong on your report, you can contact the credit bureaus to have it removed. Judgment information outside the allowed reporting time period may also be removed. Instructions...

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How to Apply For Government Grants The Easy Way

The government offers grants and low interest/no interest loans for various reasons. Reasons include business costs, hospital costs, car repair, home building expenses, daycare costs, community out reach programs, charitable events, and misc. You can spend hours online trying to find various grant programs or you can apply for government grants the easy way by going to the source. Instructions 1 To apply for student grants ans scholarships...

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What Are Non-Exempt Assets in a Judgment in Texas?

If you win a judgment against a non-paying debtor, you usually have the legal right to collect the money that owed to you. Unfortunately, if your debtor lives in Texas, you may not be able to collect any of that money. Texas has some of the most liberal protections for debtors in the country, and it is entirely possible that a Texas debtor could protect all of his assets from a judgment. Judgment If you are a creditor and your debtor won't pay his debt to you, you can sue him in court to win a judgment. A judgment is simply the court's...

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Laws on Disputing Inaccurate Information in Credit Reports

The information contained in your credit report can determine whether you are approved for a credit card, mortgage loan, cell phone or any other type of credit. Many employers also run a credit check when hiring new employees. Erroneous or inaccurate information can cause your credit score to suffer, which can make it difficult to obtain new credit or favorable interest rates. Fortunately, federal law allows consumers the right to dispute credit...

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What Are the Benefits of Balancing a Budget?

There are many benefits to establishing and balancing a budget. The first step is to create your budget and you should have every dollar accounted for. General categories should include: household, food, entertainment, kids expenses, medical, savings and every other area where you spend money. Once your budget is made and you start to follow it, you will find many benefits. Have a Plan Having a budget means you have a plan. Your budget tells...

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Debt Recovery Steps

The debt recovery process begins the moment a debtor first misses a payment on a credit account or loan. His original creditor has a set of procedures it follows to attempt to collect the debt before attempting to sell the debt off to a collection agency. Once the creditor sells the debt to a collection agency, a debtor may not have long until he is taken to court to force him to pay the debt. Contact by Original Creditor When you miss payments on your loan or credit account, your creditor may contact you through the mail or call you to...

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Strategies to Pay Off Debt

Paying off debt can save you plenty of money in interest charges and fees, but more importantly it can give you access to more money to save, invest or enjoy. Pay off your debt and stop watching your money go straight to your creditors every month. Know Your Debt It will be much easier to pay off your debt if you first take the time to fully examine how much debt you have. How much money do you owe, and whom do you owe it to? Even if your...

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Should I Pay Off My Credit Card or Save Money?

Many people struggle with the question of whether to pay off their credit cards or save money. There isn't one answer that will apply to every person; however, you can make a more sound financial decision when you consider the pros and cons of doing one or the other. Despite the conventional wisdom that paying off high interest credit cards is better than saving, you need to decide what your best option will be based on your needs, priorities and...

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When Should You Refinance to Consolidate Credit Cards?

Refinancing your mortgage can do more than lower your interest rate. By taking a cash-out refinance for more money than you owe on your old mortgage, you acquire a sum of money you can use as you choose. One use for the money is to pay off your credit cards, leaving you with only one monthly payment. This can save you money, but it may not be as good a deal as it sounds. Comparisons Paying your mortgage lender instead of a number of credit-card companies produces multiple benefits. Mortgage interest rates are usually lower than credit card...

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How to Remove Negative Credit Reporting That Is Older Than 7 Years

Without credit, major purchases such as homes, cars, recreational vehicles and even education are not possible to consumers who are not cash rich. However, at some point many consumers who have used credit have had a negative item reported. While there are many methods to having these items removed, there are some items like collections, judgments, bankruptcies and foreclosures that will remain for at least seven years. There is a process to removing those items that all consumers can follow. Instructions 1 Acquire a copy of the credit...

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Does Financing a Car Build Credit History?

If you are in the market for a new or used car, you may wonder if you should finance your car through a lender or save the funds necessary to buy the car outright. Although buying a car outright can save you the money you would pay in interest on a vehicle loan, it does not help you build your credit history. In most cases, financing a vehicle will help you establish or rebuild your credit, increasing your ability to qualify for future loans. ...

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Should You Close Some Accounts to Raise Your Credit Score?

Your credit score is calculated using a formula created by the Fair Isaac Corporation. Here's how it breaks down: Your payment history makes up 35 percent of your score. Your debt to credit ratio makes up 30 percent. The average age of your credit (closing old accounts and opening new ones lowers this number) makes up 15 percent. The different types of credit you use makes up 10 percent (having a mix of credit cards, mortgage and car loans raises this number). The last 10 percent is based on inquiries made (applying for credit and having your...

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Do Collection Agencies Have Access to Credit Bureaus?

Not all debts incurred by debtors are collected by the people to whom they owe money. Often, creditors hire collection agencies or sell their debts to collection agencies, as collection agencies are more skilled at collecting on debts than creditors. Because collection agencies have a legitimate business need to access a credit report, they can access this report, as well as report the status of debts to credit bureaus. Acessing Credit Reports As long as a collection agency pays the money required to access a credit report to the credit...

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How to Deal With Long Term Debt

Having debt can be extremely frustrating and feel like something you are enslaved to. Unfortunately being in some amount of debt has become commonplace. With the costs of everyday life, the uncertainties of the economy and the incessant advertisers pressuring us to constantly buy more, bigger and better items, it is no wonder that so many of us are behind the eight ball. If you are in debt, even long-term debt, there is hope for you. With a certain degree of planning, diligence and discipline you can be on your way to lowering and potentially eliminating...

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If My Wages Are Being Garnished, Can a Lien Also Be Put on My Home?

If your creditor sues you in court, he may be able to obtain a court order to force your employer to withhold some of your pay for your creditor. On top of this, your creditor can use other methods to collect the debt, including placing a lien on your home. Judgment To obtain the right to garnish your wages, your creditor has to go through the court system. If your wages already are being garnished, it means that your creditor has successfully brought a lawsuit against you. The judgment gives your creditor the right to use various legal...

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The Best Debit Card Sources

Debit-card sources should go beyond just listing debit-card issuers. The best sources of information help consumers determine what type of debit-card services are available and what fees they should expect to pay. Consumers also should understand what their responsibilities are if their debit cards are used without their consent. Debit-Card Issuers The websites of card issuers are good sources for information if you're shopping for a debit card. Card issuers' sites will have up-to-date information about terms and services they provide....

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Can You Get a Garnishment Removed From Your Credit Report?

A garnishment -- when your employer withholds a portion of your wages to pay off a debt -- indicates that you failed to honor previous financial agreements. Not paying your creditors negatively affects your credit scores. Federal law gives you the right to dispute incorrect information on your credit report, but a successful dispute is no guarantee that the garnishment will not continue until you pay off what you owe. Garnishment's Impact A garnishment does not appear on your credit report. Because of this, it cannot directly impact your...

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Who Can Garnish Your Wages in Pennsylvania?

Pennsylvania law limits who can garnish wages. Courts in a child custody case can garnish wages. Credit card companies or other commercial creditors cannot. Residential landlords, bankruptcy courts and student loan companies can also attach wages in Pennsylvania. Federal Law Pennsylvania law applies, except for federal debts. The federal law governing wage garnishment sets a ceiling on the amount of money that can be garnished from a...

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What Is Considered a Debt?

The simple definition of debt is money owed to a person or organization you've borrowed money from, with the intent or requirement to pay the money back. There are different types of debt. Some debt is considered good and some debt is considered bad. The type of debt you have, and the amount of debt, partially determines your credit standing. Common Debts Common types of debt include house mortgages, student loans, car loans and personal loans. Medical bills, credit cards and other bills you've made arrangements to pay regularly in an effort...

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Can a Bank Account Be Levied Before a Judgment?

A levy is a garnishment order, usually from a civil court, although the Internal Revenue Service and other tax agencies can also issue bank levies. Garnishment freezes a debtor's bank account, allowing a debt collector or tax agency to take money from the account. . Levies and garnishment are not possible in consumer debt cases until after the debt collector obtains a judgment in court. Protection The Fair Debt Collection Practices Act, places restrictions on the behavior of debt collectors as they attempt to collect debt. The act makes...

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How to Delete a Collection Account & Its Effect on Credit

Delinquent credit card accounts eventually get charged off and sold to debt collectors, which add a collection entry to your credit reports. Collection agency entries hurt your credit badly because they are part of your payment history, which is 35 percent of your credit score, according to the Fair Isaac scoring company. You cannot delete accurate collection information yourself, but the debt collector may agree to erase the item in exchange for a discounted payment from you. Instructions 1 Review your finances and determine how much you...

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What Happens to Personal Debt With the Fall of the Dollar?

The phenomenon of a dollar declining in value can have various effects on your ability to pay off personal debt. The specific effect on your situation depends on a number of factors. Causes of a Declining Dollar The dollar can decline against other currencies for a variety of reasons. A long period of low interest rates from the central bank, such as that experienced in the years immediately prior to 2010, can result in the cheapening of the currency. Another cause could be the failure of Congress to control the budget deficit, which ballooned...

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Seizing Your Bank Account

When a person falls into debt with creditors, he may be the subject of various kinds of aggressive collection methods. While some of these methods are relatively benign -- for example, repeated calls and emails -- others may involve the forcible seizure of the due funds. Some debtors may be subject to seizure of their bank accounts, which can occur if a judge hearing the creditor's case orders it. Civil Judgment Funds cannot be seized from a bank account without the explicit permission of a civil court judge. A bank is not allowed to provide...

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How to Add Rent to a Credit Report

Since your credit report is a reflection of your payment history, make sure it represents an accurate picture. While most major creditors supply information to credit-reporting agencies, smaller creditors usually do not. Consider a few easy steps to take to add an unreported account to the three major credit-reporting agencies. Instructions 1 First, get your most current credit report by going online to AnnualCreditReport.com. AnnualCreditReport.com is the official site to obtain your free online credit reports from the three nationwide...

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How to Take Responsibility for Paying Someone Else's Debt

When a friend or family member gets into debt, he may approach you at some point about taking responsibility for it. In some cases, your family member or friend may not be able to get approved for financing without your guarantee of payment. In other cases, he may simply need help paying the bill and you want to help. If you want to take responsibility for another person's debt, you can typically do so, but the process can vary depending on the policies of the creditor. Instructions 1 Get the information about the debt from the other individual....

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Federal Regulations for Debt Counseling

The credit counseling industry has received a great deal of attention in recent years. Common complaints include excessive or hidden fees, failure to disclose material facts, and false promises about eliminating inaccurate information from consumer credit reports. The industry is partly funded by the banking industry, and the presence of creditors on debt counseling agencies' boards of directors has also drawn fire from consumer advocates. The Regulatory Environment Credit counseling and credit repair services must comply with multiple...

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Should I Pay Charge-Off or Collection Accounts First?

When prioritizing debt, charge-off accounts are often the last debts to be paid. Paying Charge-Off Accounts A debt is not forgiven when it is charged-off, so you may face legal action on an unpaid charge-off account. Although paid charge-off and collection accounts are clearly labeled as such on credit reports, it is preferable for these accounts to appear as paid rather than unpaid. Ignoring Charge-Offs State laws...

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How to Negotiate a Write-Off Debt

Negotiating a debt that a creditor considers a write-off is possible in writing or over the telephone. The creditor officially lists the debt as a charge-off after considering it noncollectable because you stopped making payments as agreed. Charge-offs usually occur after debts are past due by more than three months. The creditor sends the charge-off information to the major credit bureaus, making it difficult for the debtor to qualify for new credit at competitive interest rates. People seeking to improve their credit can consider negotiating...

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How Often Can You Dispute a Credit Report?

One of the reasons the Fair Credit Report Act allows you to view a free copy of your credit report annually is so you can review it to ensure that all of the information contain in it is correct. If you do find errors, you can dispute them so that your credit report is corrected and it does not negatively affect your credit score. How Often You can dispute any incorrect information on your credit report whenever you find it. If you are getting your free annual copy of your report, then you may find yourself disputing information once a...

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What Is the Minimum You Have to Pay on Bills?

Bills can take many forms, from bills for utility payments to bills for various forms of credit, such as credit cards and loans. However, what all bills have in common is that they constitute a debt obligation. A person presented with a bill is usually legally obligated to pay the person issuing it. While the ways in which the bills must be paid back differ greatly, generally all bills must be paid in full. Contracts Most bills are issued as the result of an agreement, either written or oral, in which one party agrees to pay another party...

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Payday Loan Laws in California

At first, a person needs money until the next payday for unforeseen expenses. Then he has difficulty paying off the loan and gets an extension. Because of the high interest rate on payday loans, the loan grows too large, and the borrower files for bankruptcy. This is the plight of many people, so the state of California has passed laws that restrict the use of payday loans. Licensing Requirement All payday lenders must be registered with...

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Pros & Cons of Interest-Only Vs. Reverse Mortgages

An interest-only mortgage allows a borrower to simply pay the interest on the debt without making a principal reduction each month. A reverse mortgage uses the equity in a home to pay the borrower each month, as opposed to the borrower paying the lender. Significance An interest-only mortgage requires the borrower to make payments to the lender, while a reverse mortgage is the exact opposite. However, a borrower of any age can get an interest-only...

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How to Find a Grant That Helps Prevent Foreclosure

Grants are monetary awards that are not paid back and that are put to use in specific ways. Grants for higher education and business are well known, but grants are also available for homeowners to prevent foreclosure. Finding the appropriate grant can be complicated because of competition, deadlines and eligibility, but with some persistence, homeowners in danger of foreclosure may be able to find a grant that can pay their back mortgage and keep...

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How to Undo a Reverse Mortgage

A reverse mortgage is a special loan type that is available to homeowners who are 62 years of age or older. Money is borrowed against the equity in your home and is distributed through payments sent to the homeowner at regular intervals. Reverse mortgages are also associated with high fees and potential impact on assets after a homeowner's death, so some homeowners have second thoughts and want to undo their reverse mortgage before they start receiving...

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How to Compare Consumer Credit Counseling Services

As an alternative to defaulting on outstanding debt or declaring bankruptcy, many people opt for entering a debt restructuring program under the auspices of a consumer credit counseling service. While these services have helped a lot of people get back on their financial feet, not every credit counseling program is created equal. Your task will be to find a program that will not only help you eliminate debt but also develop constructive financial habits that prevent you from getting into more debt down the road. Instructions 1 Identify at...

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How to Stop the Harassment of Credit Card Companies

Many credit card companies make courtesy calls for the purpose of collecting their debt if it is past due. In some cases, creditors employ abusive tactics that are considered harassment. If a creditor is addressing you in an abusive manner or calling your job, you can request that they stop. If the creditor doesnt stop harassing you after your request, you may file a complaint. Dont allow yourself to be stressed by harassing calls. Instructions...

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Credit Card Judgment Statute of Limitations

The National Foundation for Credit Counselings 2009 Financial Literacy Survey determined that 26 percent of Americans fail to pay their bills on time. Should a credit card company or debt collector file a civil lawsuit against an individual for failing to pay his credit card bills, a judgment is often the result. Significance Credit card judgments occur when a debtor either ignores the court summons regarding her unpaid credit card debt or...

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How Does Credit Work?

What Credit Is Used For Your ability to purchase or lease the things you don't have cash for is based on your current credit status. Most of the time, homes, cars and boats are purchased using credit. Booking reservations for hotels, car rentals and cruises requires a credit card. Credit scores are used to rate your insurance and rent you a house these days. Having good credit can be a very powerful thing, as you find you can do almost anything, go anywhere and buy everything you want. It can also get you into quite a jam if you don't use...

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