How to Check a Credit Report in Canada

A credit report is a snapshot of your credit history. It contains information about your borrowing and repayment activity over the last seven years. If you've taken out a loan or a credit card, it'll be on the report. If you've missed a payment, that will be on there, too. It's important to check your credit report on a regular basis to make sure there are no mistakes on it. Two credit bureaus hold Canadian credit reports: TransUnion and Equifax....

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How to Garnish the Self-Employed in Florida

If a resident of Florida owes you money under a contract and has not made payments as agreed under the contract, you may opt to garnish the person's wages to recover amounts the debtor owes. Typically, this involves obtaining a judgment and authorization from the court to garnish wages, then contacting the debtor's employer to have a portion of his wages withheld. Because a self-employed person does not have a specific employer, garnishing self-employment income can be more difficult than garnishing a payrolled employee's wages. However, simple...

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Can I File for Chapter 13 Bankruptcy When I Owe a Family Member Money?

Chapter 13 bankruptcy is commonly used by people to reorganize debts. It addresses all debts -- including those owed to family members. People filing for Chapter 13 are forced by federal law to include debts owed to relatives. Chapter 13 and other types of bankruptcy requires a listing of all debts. Considerations A Chapter 13 bankruptcy requires a commitment of three to five years because of its required payment plan. Loans from family members are included in the payment plan, but there is no guarantee they will receive money. Participants...

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How to Get a Judgement Off Your Credit Report

A debt judgment from a credit account can have a serious negative impact on your credit score. A credit account judgment can lower your FICO score and stay on your credit report for up to seven years. There are several things that you can do to try and get the judgment removed from your credit report. Instructions 1 Get a current copy of your credit report from all three credit bureaus: Experian, Transunion and Equifax. Visit AnnualCreditReport.com to request your free credit report from each credit bureau. Once you get your credit report,...

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How Do Employers Use Credit Reports?

Credit reports are critical to your financial life. Creditors use information in your credit report to determine whether you are a high or low credit risk. However, some employers also verify information in your credit report before extending employment offers. Rules vary per employer regarding whether a high or low credit score can eliminate you from the applicant pool. Character Employers in certain fields use your credit report to determine your character. According to ABC News, credit history is only one tool used to measure your judgment...

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Steps to Avoid Bankruptcy But to Stop Paying Credit Cards

When financial avalanches hit, you may have no choice but to stop paying on your credit cards; however, you may also not be able to file for bankruptcy. This may happen if you recently lost a well paying job and have to wait it out a few months to financially qualify for Chapter 7 bankruptcy or if you want to begin paying on your cards again once you find a new job. There are a few ways that you can stop making payments on your credit cards, while avoiding bankruptcy at the same time. Ask for Deferment If you have been paying an additional...

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Bad-Credit Repair Information

Bad credit can cost you money in higher loan interest rates. Negative credit information such as bankruptcies and judgments can remain on your credit report for up to 10 years, according to an article on the Tennessee Department of Commerce and Insurance website titled "Improving Your Credit the Right Way." But with the right bad-credit repair information, you can take the steps to improve your financial situation despite past challenges. Free...

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Can They Take Your Tax Refund for Not Paying a College Bill?

If you decide to go to college, you may have to take out student loans to complete your tuition payments. Although loans from the Department of Education typically do not have to be repaid until you graduate or stop attending, you can find yourself with a significant debt. If you have trouble repaying the loan, the Department of Education has various programs to help you, but will take collection action if you simply don't pay. Default Defined The Department of Education has many tools to collect your debt. The Treasury Department's Financial...

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Help & Counseling for Credit Debt Consolidation

Anyone drowning in debt may feel compelled to investigate debt consolidation as a path to eliminate their suffering. However, it's important to fully understand how to handle debt consolidation to utilize it successfully. Research different loan rates and budget your finances before jumping into debt consolidation to avoid some of the road blocks to digging yourself out of debt with this method. Debt Consolidation Loans Debt consolidation loans wrap up your existing debt under one loan with one interest rate and monthly payment. These are...

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Can Wages Be Garnished Over an Unsecured Debt?

A secured debt is linked to your assets, such as your home for a mortgage; the lender can foreclose on your home if you stop making payments. Unsecured debt, such as credit card debts and medical bills, is not tied to your assets. If you default on your payments for an unsecured debt, the creditor can take certain measures, including a wage garnishment, to recover the unpaid amount. Determination All states except Pennsylvania, North Carolina, South Carolina and Texas allow creditors to garnish wages for unpaid debts. Specifically, if you...

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Strategies Used To Negotiate Down a Credit Card Bill

Sometimes it becomes necessary to close out your credit card account because you can no longer afford to pay the debt. If you have gone several months without making a payment and the credit card company is threatening legal action, your best bet is to negotiate a settlement. Such negotiation is never easy: you want to minimize and they want to maximize the balance. By understanding the procedure and your options, you'll pay as little as possible. Account Closing Specialist One way to help you get the best deal when closing a credit card...

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How to Find a Financial Counselor

Proper money management is a skill developed over time and with many stumbles in the process. When you are in a tough financial situation you are unable to fix on your own, working with a professional is a way to solve the issue while enhancing your abilities. Once you find a financial counselor to assist you, you'll know that managing finances is not impossible and you do not have to repeat your mistakes. Instructions 1 Assess your financial situation. You must review your household budget and any outside factors putting strain on the finances...

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If a Credit Card Account Is Closed by the Lender Can It Ever Go Into a Positive Status?

Credit card companies take the closing of an account very seriously, and when they do so the decision is usually permanent. Card companies usually close accounts because of nonpayment, and that process can take several months as the card company waits for the account holder to resume paying as agreed. When that does not happen, the card company closes the account -- with no chance for the account holder to reestablish it as a positive account. Timeline MSN Money reports that credit card accounts are usually closed and listed as charged-off...

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What Should You Include in a Hardship Letter?

A hardship letter is a letter written to your lender detailing the reasons you cannot continue making mortgage payments. While the premise appears simple, the writing and tone of the letter should not be. This is often the only document that can persuade your lender into stopping the foreclosure process. The following serves as an outline, by paragraph, of what to include. The Basics In the left-hand margin, include your name and address along with your lender's name and the loan number. These should all be on their own separate lines....

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How Can a Lien Against Your Property Affect You?

A lien is usually a last resort for a creditor whose attempts to collect payment from a debtor have been successful. A lien is a legal document the creditor files with your local county office, which states that the creditor has an interest in your property. Types of Liens The most comment liens are judgment liens, mechanic's liens and tax liens. A creditor or other individuals to whom you owe money can file a judgment lien against your property...

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How to Remove a Medical Collection

Unpaid medical bills are often turned over to collection agencies. Once that happens, the agency reports delinquency to the credit bureaus. This negative mark can remain on a credit report for up to seven years. Getting medical bills that have gone to collections off of a credit report is difficult, and collection agencies are notorious for using deceitful tactics in pursuit of unpaid debts. Despite protective regulations enforced by the Federal...

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How to Use a Restrictive Endorsement to Settle Debts

A restrictive endorsement is a statement of terms that is attached with a payment or printed directly on the back of a check stipulating the conditions under which the check may be deposited, cashed, transferred or paid for imbursement of a debt, item, or service. Restrictive endorsements in regard to debts typically mean the payee sets forth conditions to retire a debt specifically, but these restricted funds do not necessary indemnify the payee...

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How to File a Writ of Execution and a Default Judgment

You can enforce payment of a default judgment by filing the judgment to create a lien on the debtor's real estate and using a writ of execution, a separate document that allows you to take the debtor's property to recover the judgment. A default judgment is a court award you received after filing against a debtor who did not answer or appear in court. A writ of execution allows the law enforcement agency that handles writs in the area to seize property of the debtor and sell the property at auction, with the money going to the judgment creditor....

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How to Eliminate Unsecured Loans

Unsecured loans can be eliminated through debt negotiation and other methods. Collateral, such as real estate, isn't required for an unsecured loan, making the elimination of the loan easier. Secured loans, such as an automobile loan, are harder to eliminate. For example, the only way to eliminate an automobile loan is to pay the debt in full. If you fail to do so, the lender can repossess the car and sell it at auction. Instructions 1 Review your available cash in checking, savings and other investment accounts to determine how much you...

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The Responsibility for Debt When a Spouse Dies

The death of a spouse or loved one often comes as a shock, and not everyone dies with their finances in the shape they would like. Dealing with such issues may be difficult, especially for a spouse in mourning, but their importance cannot be overestimated. In some cases, the spouse has no responsibility for the debt, but not always. The specific nature of the debt varies depending on circumstances, as does responsibility for the debt. Executors and Administrators If the deceased left a will behind, it falls to a designated person -- called...

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How to Build Credit Fast With Multiple Secured Loans

Secured credit loans are excellent for building credit, and also are used by people who are rebuilding their credit. People applying for credit for the first time usually find that secured loans are very easy to qualify for, and the same is true for those recovering from credit problems. The easy qualifying exists because terms of the loan remove much of the risk for the lender. The most important key for the borrower is making sure the payment history...

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How to Get a new Personal CPN (Credit Profile Number) Legally

Hey Everybody, In a previous article, I mentioned to you that the best way to clean up your credit is with the formation of a LLC or Limited Liability Company and obtaining a CPN number as part of it. In this follow up to this story, I will share some new info that I learned about. Instructions 1 The Real Story about CPN or Credit Profile Numbers After spending much time researching the legalities of CPNs I have discovered that it is legal...

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How to Get Furniture With Poor Credit

Purchasing brand-new furniture can be very expensive. In fact, many individuals resort to using store credit to pay for large purchases so that payments can be split up over the next 12 to 24 months. Unfortunately, those with bad credit will have a difficult time obtaining credit from most furniture dealers--and if credit is granted, it will likely come with a very high interest rate. However, there are relatively affordable ways to purchase furniture even if your credit is in poor shape. Instructions 1 Take a close look at your finances...

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Can Wage Garnishments Be Removed Without a Lawyer?

Wage garnishment is a process that involves having money taken out of your paycheck by one of your creditors before you receive it. While you could hire a lawyer to try to stop the garnishment, you can also take some steps to stop the wage garnishment on your own without the legal fees. Quit Your Job While it may not be the most attractive option, you could stop the garnishment on your own by quitting your job. A wage garnishment is a process that involves losing part of your paycheck. Your employer essentially pays your creditor for you...

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The Disadvantages of Consumer Credit Counseling

Consumer credit counseling services are educational programs set up to help people who have made poor credit decisions learn about their credit, and how to manage it. However, while these services do offer distinct benefits for people who really need them, there are also a number of potential disadvantages to using credit counseling services. Negative Cedit Impact Typically those who seek out credit counseling services already have credit...

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Credit Dispute Tricks

Credit disputes are a legal right given to consumers by a law called the Fair Credit Reporting Act. The Federal Trade Commission explains that disputes do not cost anything and force the Equifax, TransUnion and Experian credit bureaus to eliminate mistakes from your records. Often the errors involve delinquent payments and other harmful entries, according to Motley Fool finance advice writer Dayana Yochim, so disputes are an effective credit repair tool. Free Credit Reports Dispute as many items as possible on all three of your credit reports....

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Is There Any Type of Relief for Senior Citizens in Debt?

Senior citizens in debt can opt to file bankruptcy or find assistance through a government-approved credit counseling agency. While bankruptcy is always a serious undertaking, some states, including Michigan, allow people over age 65 to keep more of their assets even after filing for bankruptcy, notes Bankruptcy Action. Credit Counseling Senior citizens can take advantage of government-approved credit counseling services to either prepare...

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How to Type a Payment Agreement Letter

Anytime you owe a debt, but are unable to meet the currently agreed-on payments to the lender, you can write up a payment agreement letter. This document needs to meet your needs not the lender's, according to the Fair Debt Collection website (see Resources). It offers the lender a revised repayment plan based on your current financial situation. The lender doesn't have a legal obligation to accept the new terms. It may reject your letter and demand...

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I Can't Afford My Truck: Can I Just Give it Back?

If financial problems mean that you are unable to continue paying for your vehicle, it is important to find a solution to this problem, preferably on your own terms. Giving the vehicle back to the bank is just one possible resolution. Be sure to contact the bank or finance company holding the note and let them know about your problems. They may be able to work with you toward a solution. Voluntary Repossession If you are unable to pay for your vehicle, you can arrange to give the vehicle back to the bank as a voluntary repossession. To...

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How Do I File a Motion to Dismiss on a Time-Barred Debt?

Getting sued for money owed can be a disaster for anyone. Depending upon your financial situation and the size of the alleged debt in question, a lawsuit to collect a debt could drive you into bankruptcy to avoid the execution of a judgment. Some debts, however, become uncollectible by operation of the statute of limitations. In order to secure the benefit of the statute of limitations, you have to correctly raise it as a defense. Instructions...

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Legal Credit Help

Consumers who suffer from credit problems are frequently desperate. Unscrupulous companies take advantage of those who need the most help by advertising credit relief in exchange for high fees, and then cannot deliver what was promised. Fortunately, there are legal solutions that consumers can use to help reestablish a good credit history. What's Legal You should order your credit report at AnnualCreditReport.com and examine it carefully....

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Can I Use My Debit Card to Buy Something on the Internet?

Debit cards are an easy way to make purchases and have the money immediately taken out of your bank account. You can use this type of payment when shopping online with most merchants. While you can use your debit card, it may not necessarily be the safest alternative when shopping online. Fraud One of the reasons that some consumers are hesitant to use debit cards online is because of the potential for fraud. If someone gets access to your debit card numbers, they could immediately take money out of your bank account. This is not the same...

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Does Adding Someone to Your Credit Account Help Their Credit?

It can be hard to watch a loved one struggle to regain credit footing after amassing debt, especially on the heels of unforeseen circumstances such as losing a job or undergoing expensive emergency medical care. Adding someone to your credit account may seem like a quick fix to help address her credit problems, but there are risks involved, and changes to previous FICO credit score calculations may render the financial move worthless. Credit...

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How to Answer a Summons While Working on a Loan Modification

Answering a summons while negotiating a loan modification is stressful. If related, the two events could determine if you keep your home or lose it to foreclosure. A foreclosure summons is the notification of a lawsuit for unpaid mortgage debt, with the lender seeking to take possession of your home. A loan modification can refinance the loan to make it more affordable and resolve missed payments. A summons for an unrelated debt, such as credit cards, does not affect loan modification for a mortgage. Instructions 1 Ask the lender to withdraw...

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How to Calculate the Interest Expense of a Floating Credit Line

A floating credit line, also known as a variable interest rate line of credit, has interest expenses that change frequently. The floating interest rate is usually obtained by adding a margin, which is a certain number of percentage points to an index, such as the prime rate. The interest expense each month is based on both the current interest rate and the amount owed on the credit line. Floating credit lines are most commonly found on credit cards and home equity lines of credit. Instructions 1 Look up how the floating interest rate is...

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How Can I Stop My Salary From Being Garnished?

When a creditor or a legal institution, such as the Internal Revenue Service, garnishes your salary, your employer is required to withhold a specific portion of your income each pay period until the issuing agency releases the garnishment. Though it can be hard to stop a garnishment once it has begun, there are ways to do so. Payment Arrangement Before garnishing your paycheck, the debt collector sends you notices requiring you to pay the debt, or at least contact you to make some type of arrangement to pay off the debt. If you pay attention...

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The Effects of Bad Personal Credit on Corporate Credit

A personal credit score is a three-digit number that helps creditors determine your level of risk as a borrower. When you start a business, your individual score may be used in place of corporate credit. Corporate credit measures how well your business manages its credit accounts. Starting a business with a bad personal credit score can prevent you from opportunities to raise your corporate credit score. Expanding Your Resources Having a good personal credit score means increased access to capital when you start your business. For example,...

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Can You Add Positive Information to Your Credit Report?

Borrowing from creditors can be difficult if your credit report includes negative information concerning past due accounts and late payments. However, there are some ways to improve the information on your report as a way to rebuild your credit. The Facts Although a credit report is based only upon the information that creditors provide to the credit reporting agencies, individuals are ultimately responsible for the way they manage their...

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