Category Archives: Credit Repair Laws

First Credit Card Enables Early High FICO Credit Score

 First Credit Card Big Opportunity Life has it’s benchmarks.  Turning 7 is the classical entry into the “Age of Reason” in some religions.  Now it is possible to commit a sin!  The first credit card makes it possible to commit financial sins that can lower your credit score for many years to come.  Those who

Employment Credit Checks Under Congressional Attack

Employment Credit Checks Widespread Employment credit checks are justifiable when it comes to jobs that require being trusted with large amounts of money.  Jobs requiring security clearance might also be included in the category where employment credit checks are a necessity.  For the rest of us employment credit checks represent an annoying intrusion invading the

Charge Offs, Judgments and Liens on Your Credit Report

Charge Offs, Judgments, Liens Charge Offs, Judgments, Liens are among the most difficult problems facing the consumer who is trying to turn his credit score around.  Many people do not really understand just what  “charge offs” are and what can be done about them. What are Charge Offs of a debt? A creditor charges off

Subprime Auto Loans Easy Availability Lacking Regulation

Subprime Auto Loans Easy Availability.  The largest increase is among sub prime borrowers as might be expected.  Mississippi, South Carolina and Alabama are the worst offenders.  Expect regulatory scrutiny to tighten in the near future. New technology enables dealers to remotely disable ignitions when a payment is missed for ease in repossessing the vehicle. A

Craigslist Loan Co-Signer Borrower Desperation Move

Craigslist Loan Co-Signer Never a Good Move I’ve been hearing about this one for a while.  Would be borrowers with either no credit history or truly terrible credit have been advertising on Craigslist for co-signers.  It seems as though anyone stupid enough to fall for this scheme probably deserves what they get.  These requests are

Tri-Merge Credit Report Information Complexities Analyzed

Tri-Merge Credit Report Information It is critical to begin the process of reviewing, analyzing and fixing your credit reports well in advance of your target date for home buying.  Fixing credit thoroughly takes time.  Six months ahead is a minimum time to allow yourself for review and removal of negatives.  More time than that is

Credit Score Coding Explained

Negative Entries on High Credit Scorers Credit Scores of 760 and beyond frequently have notations of a negative nature.  Yes, even the well off have problems.  We have all read stories about lottery winners who have found misery with their winnings instead of the happiness they imagined such a windfall would bring.  Needy relatives, alcoholism,

Medical Debt Credit Score Reform Hopeful

Medical Debt Credit Score Reform Hopeful UPDATE:  New FICO 9 will not count paid medical debt in collections as a negative!  This policy will make an enormous difference in the credit scores of those with large amounts of medical debt in their credit reports.  Unpaid medical bills will be counted less while paid medical bills

Debt Collectors Verify Employment Through Equifax

Debt Collectors Verify Employment Through Equifax Always make debt collectors prove their ownership of the debt.  Older debts are sold and resold so frequently that many times it is impossible to prove who really owns the debt. Debt collectors verify employment through Equifax.   If you ever wondered how debt collectors know where you work

Lenient Vantage Credit Scoring Model Little Used

Lenient Vantage Credit Scoring Model Little Used The already lenient Vantage Credit scoring model is now called Vantage 3.0.  It has become even more lenient.  FICO is by far the most widely accepted credit scoring model in the money lending industry.  Vantage is used by less than 10 percent of lenders.  It is sometimes derided

Choose Non-Profit Debt Consolidation Agency

Choose  Non-Profit Debt Consolidation Agency Choose non-profit debt consolidation agency if you decide to go the debt consolidation route.  Agencies that have received non-profit status from the IRS will provide the most beneficial services to customers.  Nonprofit agencies can charge only modest fees to their customers. The non-profit debt consolidation agency negotiates with creditors to

Federal Reserve’s Credit Card Rules Review

 Credit Card Rules Review On February 22 of 2010 the Federal Reserve’s  credit card rules went into effect. These credit card rules benefit consumers in a variety of ways. Understanding these credit card rules is critical to sound financial decision making. I will highlight those credit card rules that are of interest.  These credit card

Credit Reports Change Continuously

Credit Reports Change Continuously Many consumers think that a credit report is a static document that is occasionally updated and changed for better or worse.  Credit reports change continuously in reality.  There is really no credit report waiting in some file cabinet at the credit reporting agency.  Nothing happens until an order is placed for

Credit Report Problems Hurting Employment

  Credit Report Problems Hurting Employment Are credit report problems hurting employment for a lot of people?  Does a less than stellar credit report indicate that a job applicant may be or become a security risk?  Do financial negatives mean you are more likely to steal or take a bribe?  An even bigger question is

Rental Payments Affecting Credit Scoring

Rental Payments Affecting Credit Scoring Rental payments affecting credit scoring could be great news for those with thin credit files who pay their rent on time.  Let’s not get get too excited about the possibilities for increasing our credit scores until we examine the facts. if rental payments affecting credit scoring is the trend of

“Big Data” Creates “Super Credit Score” Risk Software

“Big Data” Creates “Super Credit Score” Risk Software Cutting edge money lenders around the world are interested in more than the financial data included in your traditional Credit Reporting Agency reports.  They are starting to pry into your social circles, interests, hobbies, friends and associates.  Some of the new applications require access to Facebook, Twitter,