How to Resolve Credit Reporting Disputes

Your credit score and credit report are important because bad credit can cause keep a person from getting a personal loan, a mortgage, a job or even an apartment. Mistakes on your credit report can lower your credit score, so it's important that you eliminate the mistakes. The Fair Credit Reporting Act states that the credit reporting agency is responsible for making right any credit reporting disputes. Here are the basic steps to use to resolve credit reporting disputes on your own. Instructions 1 Request your credit report from all credit...

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Help With Unpaid Medical Bills

The high costs of health care place many people at risk of financial ruin, with only one major illness or injury standing between them and bankruptcy. According to CNN Health, 62 percent of the bankruptcies filed in 2007 resulted from costly medical bills that people were unable to pay. Fortunately, there are some programs and options available to help with unpaid medical expenses. Billing Processes Unpaid medical bills can quickly build interest charges and place a person even further in debt than at the start. As a first resort, attempts...

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Can I Get a Deferral on Student Loans if I Am Married?

When you have a difficult time covering your basic bills, you may not be able to continue making student loan payments. Fortunately, you have the option to put your student loans on deferment. This will protect your credit score and prevent you from paying late fees or other penalties. Being married should not affect your ability to put your student loan on deferment. Getting a Loan Deferment You can qualify for deferment for a variety of...

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Can I Transfer My Assets to My Wife if I'm Getting Sued?

If you do not pay a personal or business debt, an accident, unpaid taxes or other financial liability, a creditor or injured party may sue you for the amount you owe. If the court issues a judgment against you, the creditor or injured party may take several steps to recover the judgment amount, plus court costs and attorney fees. You may be subject to garnishment of wages, as well as amounts held in bank accounts in your name. You may also lose personal property and real estate you own. In most cases, transferring assets to your wife will not prevent...

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How Long Before Negatives Are Removed From a Credit Report?

When you have a judgment, late payment or some other negative item show up on your credit report, it can significantly hurt your credit score. The negative items can remain on your credit report for up to 10 years. In some cases, you can get the items removed sooner. Seven-Year Items Some negative items remain for seven years, according to the law. After seven years, the credit bureaus will remove these items. Some items in this category are account charge-offs and late payments. A judgment against you in a civil suit can also stay on your...

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Debt Reduction Programs by the US Government

The federal government explicitly states on its grants website that it does not help delinquent borrowers with credit card debt. However, if you need help with your mortgage or a small business, you may be in luck. And if it's credit card help you need, a nonprofit is standing by. Government Grants: Scam or Not? The federal government does indeed provide billions of dollars in grants funding, if you're a researcher and have a clear, written...

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Statute of Limitations on Collection Agencies for Credit Cards

All states have statute of limitations on collecting credit card debt. The statutes, which vary from state to state, regulate how long debt collectors have to win court judgments for delinquent credit card debt. Credit and debt website BCS Alliance reports that the statute of limitations on credit cards in Alabama is three years, six years in Maine, eight in Wyoming and 10 in Rhode Island. On average, debt collectors have about six years to use the court system to collect credit card debts. Misconceptions Credit card debts never expire....

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Credit Education 101

Educating yourself on how credit works and on how to manage credit can help you achieve a high FICO, Fair Isaac Corporation, credit score. Credit scores are between 300 and 850; and the higher your score, the easier it is to get approved for mortgages, auto loans and various other types of installment loans. Payment History Providing creditors with monies owed on or before the due date is a key component in maintaining a good credit history....

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The Collection Agencies Act

Collection agencies that work for a creditor or have purchased the debt from a creditor have the right to collect. The collection agencies act regulates how the collector can collect and when the collector may collect. Violating the rules of this act could lead to a civil lawsuit against the creditor and possibly eliminate the debt of the debtor. Notice Of Debt A debt collector must notify a debtor within 30 days of the debt. Other important information that should be included with the letter is the name of the original creditor if applicable,...

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Unable to Pay Debt Letters

If you are having trouble paying your bills, you should contact your creditors as soon as possible and let them know about your situation. Many companies are willing to work with you if you notify them immediately and are honest about your finances. Although you can conduct this kind of business over the phone, a letter provides evidence of your correspondence that protects you from unscrupulous creditors who may agree to one thing over the phone and then change the agreement later. Heading Start the letter by putting the date, your name...

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How to Get Outdated Information Removed From My Credit Report

Old and outdated information can cause problems with your credit report, whether it results from prescreened offers going to a former address or incorrect credit information being associated with your file. You can submit a report detailing the inaccuracies on your credit report, whether it's for an account that needs to be removed or addresses you haven't used in years. The three nationwide consumer credit reporting companies are Equifax, Experian and TransUnion. These credit reporting agencies contact the party that provided the disputed data...

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How to Clean Up Credit in Six Months

Your credit report is very important to your life. It will determine whether you can afford your next mortgage. It may even determine if you can get the next job you apply for. Changing your credit could mean changing your life. If you start today, you will see results very quickly, in just six months. It may take determination and work, but the work is time limited. Instructions 1 Get a a copy of your credit report. Go to AnnualCreditReport.com...

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How to Get a Credit Card Settlement

If you are swimming in credit card debt and are considering bankruptcy, you may want to try for a credit card settlement first. A credit card settlement is an agreement you make with the creditor for a lesser amount than the total debt you owe. When paid in full, your debt is then cleared. While a credit card settlement will appear on your credit report, it is nowhere near as bad as a write-off or bankruptcy. Instructions 1 Obtain and organize your financial documents. You will need a copy of your most recent credit card statement and the...

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How to Find Information on Past Due Student Loans

When you accept a student loan to finance your education, you are expected to begin repaying the student loan after a certain period of time. Missing a few payments will result in contact from your lender, and perhaps even a collection agency, demanding immediate payment. A lender can easily lose track of you over time, however, if you move or change your telephone number. Should you find yourself in a position in the future where it may be possible to pay off past-due student loans, you must get information about the loans, and to whom you owe...

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How to Pull Your Credit Scores for Free

An excellent credit score opens many doors. "When you apply for credit -- whether for a credit card, a car loan, or a mortgage -- lenders want to know what risk they'd take by loaning money to you," explains MyFICO.com. Lenders determine your credit risk through your credit score. While credit reports are offered to consumers in most states annually at no cost, the credit bureaus typically charge a fee to see your three-digit credit score. You can avoid these fees using a free online service. Alternatively, when applying for a loan, you can also...

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Tips on How to Pay Off Bills Early

By paying your bills off early you can save yourself a lot of money. Paying your bills off early involves sending in extra money each month. Find different ways to discipline yourself to not spend money and add that extra amount to the payments. Once you pay off your debts, you may have extra cash to spend on thing you couldn't afford before or be able to build up savings. Pay Extra One of the best things you can do to expedite the paying off of your bills early is to pay a little bit extra each month. Even if you can only send 10 or 20...

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How Can a Credit Counselor Help?

After struggling with debt for a time, you might need assistance from an outside source. Credit counselors can help you evaluate your situation and your options when you find yourself in a substantial amount of debt. In some cases, people seek out credit counselors voluntarily. Those who file for bankruptcy must see them as part of the process. Credit Counseling Basics Credit counseling takes many forms, but the basic services are the same. When an individual is in trouble with debt, talking to a credit counselor can help to get their financial...

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How to Get Student Loans Decreased

Your student loan payments begin six months after you leave school, but you may be unable to make your payments if you are unemployed or underemployed. You can reduce or defer your student loan payments in several ways, although your loan company does need to approve any changes to your current loans. Instructions 1 Apply for an unemployment or hardship deferment on your student loans. Prepare any documentation that the lender requests to prove your hardship or unemployment claim. 2 Consolidate your student loans into one loan. You...

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Can a Third-Party Collection Agency Collect Interest?

Even if you know exactly how much you owed your credit card company when it charged off your debt, don't be too surprised if the bill you receive from the third-party collection agency that purchased your account is much higher. Third-party collection agencies are independent companies that collect debt on another company's behalf. Unlike in-house collection agencies, which are owned by the creditors themselves, third-party agencies are bound by the Fair Debt Collection Practices Act -- which sometimes allows debt collectors to charge interest...

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Does Cancelling a Gym Membership Go on Your Credit Report?

When a person does not pay a debt that he owes, he risks suffering not just financial penalties from avoiding the debt, but facing damage to his credit rating, too. If a creditor reports the debt to a credit reporting agency, the agency may drop the person's score, as he will be viewed as less creditworthy. However, a canceled gym membership will usually not go on a person's credit report. Credit Report A person's credit report contains a record of all of their recent debts, both paid and unpaid. When a person fails to pay back a loan on...

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Extreme Ways for Wiping out Credit Card Debt for Free

Although television advertisements may claim differently, you do not need to hire an outside source to manage or consolidate your credit card debt. Spending your money wisely and strategic planning of credit card payments can save you a lot of money and stress. Implementing several simple practices can help you to pay off debt and reduce future spending. Budget Yourself Figure out exactly how much money you have to spend per week or month....

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Credit Bureau FAQ

Credit bureaus play a large role in your financial life and you may never have any direct dealings with them. These are companies that keep track of a great deal of credit information on you and every other consumer. They create a credit report on you and the information that they have could affect whether or not you can get financing. What Do Credit Bureaus Do? Credit bureaus are organizations that keep track of your payments and interactions with your creditors. Every creditor that you have has the ability to report your account information...

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Debt Consolidation Vs. Bankruptcy

Debt consolidation and bankruptcy are two very different considerations for those facing an overwhelming amount of debt. Although each option offers some advantages, each option could also affect your credit rating. However, if you are behind in your bills, your credit rating is already being affected, so taking action is critical. Before taking any action, though, it is necessary to understand all your options. Debt Consolidation Credit...

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The Debt-to-Income Ratio for a Credit Card Hardship Program

If you're having trouble making your minimum payments to your credit card company, a hardship program might be just what you need to get yourself caught up. However, the requirements for such programs are difficult to understand. A critical factor in a creditor's decision to offer you a hardship program is your debt-to-income ratio. Credit Card Hardship Programs A credit card hardship program is a program administered by credit card companies that helps you to make your monthly payments and begin paying down your outstanding balance. Each...

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Credit Repair Myths

When you start to research ways to repair your credit rating, you may find that there is a lot of contradictory information. The first step to mending your credit, or finding the right credit repair company, is to understand the difference between myth and reality. Advertising Just because a credit repair company is allowed to make claims in their advertising does not mean those assertions are true. If something in an advertisement strikes you as too good to be true, have it looked over by a financial or legal expert before contacting...

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Are Credit Monitoring Services Worth it?

Being a victim of credit fraud or identity theft may motivate you to take action to ensure it doesn't happen again. If you haven't experienced it already, you may be someone who worries about having your personal information stolen. To alleviate the public's concern, there are credit-monitoring services to help you track the activity on your credit report for a fee. Whether it is worth it will depend on your individual situation. Purpose Thieves may steal your identity by finding details about you in your trash, by stealing your wallet,...

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How to Remove Yourself From Federal Debt

Federal debt is the most serious type of debt. The most common federal debts are outstanding IRS taxes and student loans. Only in the most desperate of financial conditions is federal debt cancelled or forgiven--and in some cases, these situations still do not erase these debts. The only way to remove yourself from federal debt is to repay the obligations. Instructions 1 Pull a current copy of your credit report from a free online provider...

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How Does a Charge Off Affect My Credit Score?

Charge-Off When you charge a purchase on your credit card, the credit card company considers that loan an asset because the company expects to get it back from you. However, if a payment isn't made on the balance after a period of time, typically 120 to 180 days, the credit card company may write that loan off as a loss if it no longer expects it to be paid, and that's known as a charge-off. Negative Impact A charge-off says to future lenders who read your credit report that you are a person who does not pay their debts, so you are...

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What Is the Penalty for a Person Who Does Not Pay His Debt?

The use of credit, such as credit cards or consumer loans, can lead to an accumulation of debt. When you accrue debt, you have a legal obligation to make good on it and the owner of that debt expects payment. If you do not pay your debts, you should understand the penalties that could occur as a result of not doing so. Significance When you owe debt, the owner of that debt can take legal action in court against you if you don't pay. This is done by filing a lawsuit in civil court. If the judge determines that you owe the amount sought,...

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How to Discuss Debt Before Marriage

If you thought the "sex talk" with your parents was awkward, you must be really be squirming at the thought of discussing debt with the person you are about to marry. As difficult as this may sound, it must be done. The two of you have to sit down and discuss how much each owes. This is imperative to the financial health of your future and your relationship. Instructions 1 Honestly talk about your individual credit scores. Remember that there are three credit reporting agencies. These different agencies have different information and give...

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What Can I Do if I Am Behind on My Mortgage?

When you fall behind on your mortgage payments, the prospect of losing your home to foreclosure becomes very real. Whether it's a short-term setback or you simply can no longer afford your home, the time to act is now -- the sooner you make arrangements with your lender, the better your chances of keeping your home and saving your credit. Contact Your Lender If you have not already contacted your lender, do so as soon as possible. Before calling, know two things: how much you can afford to pay from this point on, and whether you foresee...

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Does Having More Than 1 or 2 Bank Accounts Affect Your Credit Score?

A person's credit score is an estimate, made by financial services firms called credit reporting bureaus, of a person's creditworthiness -- the likelihood that he will pay back any money that is loaned to him. The higher a person's credit score, the better a lending risk he is. Credit scores are calculated using a wide variety of data related to a person's credit history, but any information related to bank accounts is not included. Credit Reports The information in a person's credit report relates directly to a person's previous history...

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What Happens to a Credit Score After a Dispute?

Boosting your credit score may require consistent monitoring of your credit report. Under federal law, both the credit reporting company and the information provider are responsible for correcting inaccurate or incomplete information in your report, according to the Federal Trade Commission. Removal of inaccurate derogatory information can significantly boost your credit score once a decision has been made regarding your dispute. Response Times A major benefit to disputing through credit bureaus is that each creditor is given 30 days to...

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Can a Credit Card Company Take Money Out of My Checking?

Imagine the shock and panic of discovering that money is missing from your checking account. Upon further investigation, you discover that your credit card company withdrew funds from your account without your knowledge. While this may cause a whirlwind of events, such as messing up payments for other bills, it's important to understand that, in some circumstances, the credit card company can legally withdraw funds from your bank account. Automated...

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How to Repay a Federal Stafford Loan

Paying a student loan can be done in a variety of ways. In addition to sending a check through the mail, you can also submit your payment online and over the phone. Online payments are secure and provide a quicker processing time. Instructions 1 Know your account information and loan balance(s). To find out financial information on your student loan(s), visit the U.S. Department of Education's National Student Loan Data System (NSLDS) at www.nslds.ed.gov. This site will provide loan information including: lender, outstanding balances, loan...

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How to Prove Debt

Someone asked to prove a debt is usually a debt collector. The Fair Credit Reporting Act gives you the right to demand that debt collectors prove they have the right to collect from you. Although it may not happen often, it is possible that an unethical debt collector could attempt to collect from you although it is not legally authorized to do so. The debt collector may have at one time been assigned to collect a debt that is yours but actually traded or sold the debt to another collection agency. Instructions 1 Communicate in writing with...

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How to Find Old Debts

Its not always easy locating old debts, especially those from several years ago. It is common for people to forget about old credit card accounts, loans and other types of bills. Quite often, people become overwhelmed with debt and simply push bills aside. In fact, many people eventually forget which creditors they owe. However, there is a way to locate your old credit accounts and bills. Learn how to find old debts in a short amount of time. Instructions 1 Obtain a copy of your credit report from the three major credit bureaus: Equifax,...

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What Happens If You Default on Student Loans in Ohio?

College graduation means facing mountainous debt for many students in Ohio and around the country. The federal government backs loans for college students, enabling them to afford to go to college. Students do not have to make payments on loans until after graduation, but if a student does not make paying educational loans a priority, he risks going into default. Bankruptcy typically does not discharge student loans, so the consequences of default can be severe. Default As soon as a student loan is late, lenders consider it delinquent....

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Can a Credit Card Company Access My Bank Account?

Credit card companies can access your bank account to withdraw money for a bad debt, but only after filing a lawsuit and gaining permission from a judge. You will be notified of that process every step of the way, giving you ample time to make payment arrangements or resolve the issue in some other way. Bank Garnishment Bank garnishment is the procedure credit card companies use to withdraw money from your bank account without your permission. Garnishment can be financially devastating, and you should do everything possible to avoid one....

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