Posts Tagged Debts
Federal Credit Report – FAQs
John Mcfadden asked:
Did you are entitled to your own Federal Credit Report? maybe not? Over 75% of Americans don’t even know what their Credit Score is! and a further 20% have never even seen their Score! If you want to be smart when applying for a loan then it’s essential to get your Report and get answers to your questions.
I’ve heard o the Fail Debt Collection Practices Act (FDCPA) what does it do and what are my rights?
It applies to any personal or family household debts. This might include any money owed for the purchase of a house, car, or medical care. This also includes Credit Cards or other Charge Accounts. FDCPA makes it illegal for debt collectors from engaging in any unfair or deceptive practices during collection of these kind of debts. Any abusive practices is also illegal.
Some of your rights that falls under the (FDCPA) include:
Debt Collectors cannot be untruthful when collecting any debt records. For example: falsely implying that you may have committed an actual crime.
Debt Collectors need to stop contacting you. Provided you have asked them to in writing.
Debt Collectors must not make contact with you at work if they know your employer disapproves.
Debt Collectors must not harass, or stop you saying something or try to abuse you in any way.
Debt Collectors must not contact you at only a time period of between 8 a.m. and 9 p.m.
Debt Collectors cannot identify themselves to you at all, while on the phone.
Who Has The Right To View My Federal Credit Report?
If someone has a legitimate business need then they can get access to your Report, including your Credit Score.
The criteria for doing so must include the following:
Any Insurance companies.
They are considering granting you credit.
Employers and potential employers (but only with your consent).
Companies with which you have a credit account for account monitoring purposes.
People considering your application for a Government license or a benefit.
A state or even a local Child Support Enforcement Agency (CSEA).
A Government Agency but information that is limited usually to your name, address, former addresses and any current or former employers.
Any Debt Collectors.
Your Landlords.
Because a recent change tot eh Federal Credit Reporting Act you are now legally
entitled to get a copy of your Report. There are only 3 nationwide consumer reporting companies .
Your Report – Free Nation Wide Reporting
A recent amendment to the federal Fair Credit Reporting Act requires that each of the nationwide consumer reporting companies:
1. Equifax
2. Experian
3. TransUnion
Under US law they have to provide you with a free copy of your credit report You can request for one only once every 12 months.
Hopefully this article has answered some of your questions regarding Federal Credit Report, feel free to respond with any comments of questions, tips or advice.
Stephanie
Did you are entitled to your own Federal Credit Report? maybe not? Over 75% of Americans don’t even know what their Credit Score is! and a further 20% have never even seen their Score! If you want to be smart when applying for a loan then it’s essential to get your Report and get answers to your questions.
I’ve heard o the Fail Debt Collection Practices Act (FDCPA) what does it do and what are my rights?
It applies to any personal or family household debts. This might include any money owed for the purchase of a house, car, or medical care. This also includes Credit Cards or other Charge Accounts. FDCPA makes it illegal for debt collectors from engaging in any unfair or deceptive practices during collection of these kind of debts. Any abusive practices is also illegal.
Some of your rights that falls under the (FDCPA) include:
Debt Collectors cannot be untruthful when collecting any debt records. For example: falsely implying that you may have committed an actual crime.
Debt Collectors need to stop contacting you. Provided you have asked them to in writing.
Debt Collectors must not make contact with you at work if they know your employer disapproves.
Debt Collectors must not harass, or stop you saying something or try to abuse you in any way.
Debt Collectors must not contact you at only a time period of between 8 a.m. and 9 p.m.
Debt Collectors cannot identify themselves to you at all, while on the phone.
Who Has The Right To View My Federal Credit Report?
If someone has a legitimate business need then they can get access to your Report, including your Credit Score.
The criteria for doing so must include the following:
Any Insurance companies.
They are considering granting you credit.
Employers and potential employers (but only with your consent).
Companies with which you have a credit account for account monitoring purposes.
People considering your application for a Government license or a benefit.
A state or even a local Child Support Enforcement Agency (CSEA).
A Government Agency but information that is limited usually to your name, address, former addresses and any current or former employers.
Any Debt Collectors.
Your Landlords.
Because a recent change tot eh Federal Credit Reporting Act you are now legally
entitled to get a copy of your Report. There are only 3 nationwide consumer reporting companies .
Your Report – Free Nation Wide Reporting
A recent amendment to the federal Fair Credit Reporting Act requires that each of the nationwide consumer reporting companies:
1. Equifax
2. Experian
3. TransUnion
Under US law they have to provide you with a free copy of your credit report You can request for one only once every 12 months.
Hopefully this article has answered some of your questions regarding Federal Credit Report, feel free to respond with any comments of questions, tips or advice.
Stephanie
Why You Should Check Your Credit Report After Bankruptcy
Jennifer Quilter asked:
If you’re thinking, as many do, that there is no reason to look over your report after you’re finished discharging your debts, you would be very wrong. There are a number of reasons why you should look over your credit report after bankruptcy, and chief among them is to help you rebuild your finances for the future.
It is extremely common after you’ve discharged debts for companies not to mark them properly on your report. Instead of saying “included in bankruptcy” as they should, they’ll often leave them marked as open. You need to call the companies and get them to mark them as being included, and all of your balances dropped to $0. Having any owed accounts will hurt your credit further right now, and hurt you in the future.
After you’ve finished discharging your score may even go up because you should no longer have any debts, as long as your information is filled out accurately by companies.
The main reason you should check your credit report after bankruptcy is that in as little as two years you can have a good score again if you keep on top of your finances. You’ll have a number of things to do, and it will take time. You’ll need to work on building up a history of on time payments with cards and small loans, but all of this effort starts with making sure your report is accurate.
It is typical for you to have to call multiple times to get them to do this, so a lot of people will give up and decide it’s not worth it. The truth is that this is while you filed in the first place and you’re going to want to get this taken care of, keep calling until this gets changed and save yourself a lot of trouble in the future.
After bankruptcy you have an opportunity for a fresh start, you should check your credit report and make sure these things are taken care of so that you can make that happen.
Barry
If you’re thinking, as many do, that there is no reason to look over your report after you’re finished discharging your debts, you would be very wrong. There are a number of reasons why you should look over your credit report after bankruptcy, and chief among them is to help you rebuild your finances for the future.
It is extremely common after you’ve discharged debts for companies not to mark them properly on your report. Instead of saying “included in bankruptcy” as they should, they’ll often leave them marked as open. You need to call the companies and get them to mark them as being included, and all of your balances dropped to $0. Having any owed accounts will hurt your credit further right now, and hurt you in the future.
After you’ve finished discharging your score may even go up because you should no longer have any debts, as long as your information is filled out accurately by companies.
The main reason you should check your credit report after bankruptcy is that in as little as two years you can have a good score again if you keep on top of your finances. You’ll have a number of things to do, and it will take time. You’ll need to work on building up a history of on time payments with cards and small loans, but all of this effort starts with making sure your report is accurate.
It is typical for you to have to call multiple times to get them to do this, so a lot of people will give up and decide it’s not worth it. The truth is that this is while you filed in the first place and you’re going to want to get this taken care of, keep calling until this gets changed and save yourself a lot of trouble in the future.
After bankruptcy you have an opportunity for a fresh start, you should check your credit report and make sure these things are taken care of so that you can make that happen.
Barry
I need a personal loan for $3000 over 12 months – have little credit, but am current on all payments. Help?
mstatl asked:
I’m having some trouble finding a personal loan for about $3000 to eradicate my credit card debt. I have been in the country for a year, and have had a difficult time getting credit/established. I’m a full-time employed professional, and although I have made more than the minimum payment on my cards every month, and have been on time with all payments, i’m still having trouble getting credit. I have checked my report, and there are no apparent issues. I have a plan to pay these debts off myself within the next six months, but would like to do it sooner if possible. If anyone can reccommend a lender who could help in my situation, i’d greatly appreciate it. Thank you!
Shannon
I’m having some trouble finding a personal loan for about $3000 to eradicate my credit card debt. I have been in the country for a year, and have had a difficult time getting credit/established. I’m a full-time employed professional, and although I have made more than the minimum payment on my cards every month, and have been on time with all payments, i’m still having trouble getting credit. I have checked my report, and there are no apparent issues. I have a plan to pay these debts off myself within the next six months, but would like to do it sooner if possible. If anyone can reccommend a lender who could help in my situation, i’d greatly appreciate it. Thank you!
Shannon
Removing NCO Financial From Your Credit Report
Chane Steiner asked:
NCO Financial seems to be one of the largest collection agencies in the world. It’s definitely one of the most searched for terms on the internet as far as debt collectors go. Many consumers want to know how to remove NCO Financial from their credit reports, so I have decided to write an article on the subject.
Collection accounts like NCO Financial are removed from credit reports by the thousands everyday. You may have seen or heard ads on television or on the radio about services offering to remove bad credit from your credit reports and wonder if they are legitimate or not. I bet you’d be surprised to know that most of them are.
If you have searched the internet for collection agencies like NCO Financial Services, you will see that they have plenty of complaints about them. You will see that the tactics they use to collect debts are not always so honest and their employees have very little integrity. You will also find that having a collection account reporting on your credit report can hurt your credit scores pretty bad and prevent you from obtaining the loans you need to live a decent life.
There are a few ways you can remove collections from your credit report. The most popular and probably the most effective way is to dispute the account with the credit bureaus. By law you are permitted to dispute any item on your credit report that is “questionable”. If you are not sure that the details of an account are being reported correctly or if you are completely unfamiliar with the account at all, then you can dispute it with the credit bureaus.
Writing debt validation and pay for delete letters are a couple other techniques used by credit repair services and consumers trying to repair their credit. While they are not as popular, these techniques and other credit repair techniques are very effective in getting those nasty collection accounts removed from your credit report.
Bradley
NCO Financial seems to be one of the largest collection agencies in the world. It’s definitely one of the most searched for terms on the internet as far as debt collectors go. Many consumers want to know how to remove NCO Financial from their credit reports, so I have decided to write an article on the subject.
Collection accounts like NCO Financial are removed from credit reports by the thousands everyday. You may have seen or heard ads on television or on the radio about services offering to remove bad credit from your credit reports and wonder if they are legitimate or not. I bet you’d be surprised to know that most of them are.
If you have searched the internet for collection agencies like NCO Financial Services, you will see that they have plenty of complaints about them. You will see that the tactics they use to collect debts are not always so honest and their employees have very little integrity. You will also find that having a collection account reporting on your credit report can hurt your credit scores pretty bad and prevent you from obtaining the loans you need to live a decent life.
There are a few ways you can remove collections from your credit report. The most popular and probably the most effective way is to dispute the account with the credit bureaus. By law you are permitted to dispute any item on your credit report that is “questionable”. If you are not sure that the details of an account are being reported correctly or if you are completely unfamiliar with the account at all, then you can dispute it with the credit bureaus.
Writing debt validation and pay for delete letters are a couple other techniques used by credit repair services and consumers trying to repair their credit. While they are not as popular, these techniques and other credit repair techniques are very effective in getting those nasty collection accounts removed from your credit report.
Bradley
Questions about my credit?
Eric Z asked:
I have never had a line of credit. With this said, the only thing on my credit report is negetive. The amount showed that I owe is $2,201(12 accounts) in debts. I just recently paid off $1,400 (10 accounts). I have about $800 (2 accounts) left to pay. With my fathers help I opened a credit card in my name and he also verified me as an authorized user on one of his credit cards. Right now 2 of the credit bureau’s don’t even give me a score, the other one gives me a 458. My question is how long will it take if I make all my payments on time for my credit to go up about 100 points? Also my father is willing to co- sign for a personal loan to help my credit. Should I do that? or is that to many lines of credit?
Lucille
I have never had a line of credit. With this said, the only thing on my credit report is negetive. The amount showed that I owe is $2,201(12 accounts) in debts. I just recently paid off $1,400 (10 accounts). I have about $800 (2 accounts) left to pay. With my fathers help I opened a credit card in my name and he also verified me as an authorized user on one of his credit cards. Right now 2 of the credit bureau’s don’t even give me a score, the other one gives me a 458. My question is how long will it take if I make all my payments on time for my credit to go up about 100 points? Also my father is willing to co- sign for a personal loan to help my credit. Should I do that? or is that to many lines of credit?
Lucille
How To Read A Credit Report
Thomas Morva asked:
Your credit card report is your financial report. Your future transactions depend on this information. You may find yourself in a situation when you didn’t get the job you were sure you would get, or that you were turned down for an apartment that you wanted to rent. You look for the reason, and realize it is because of the irregularities that are present in your credit card report.
When so much depends upon your credit report, it becomes imperative that you ensure that there are no negative errors in it. For this, first of all, you need to verify that all the information given in the credit report is correct. The information is classified into four categories.
Personal Information
This section of your credit report spells out your personal details such as your name, spouse’s name, your age, salary, current employers, and former employers. Don’t simply assume your personal information mentioned is correct. Apart from checking these details, you also need to check that nothing is misspelled.
Reported Accounts
This section is further divided into two categories: monthly accounts and default accounts.
Monthly accounts
All financial organizations, insurance companies, departmental stores, oil and gas companies, and more report your credit history and these find mention in the monthly report section.
Default accounts
This section lists all the payments that you did not make. These may include telephone bills, electricity bills, installment etc. Again, you need to do a careful check of these accounts, as there may be chances that you made the payments, but they have been erroneously mentioned under this category.
Public Information
As the name itself suggests, this section of your report details information that is of public interest. This includes details of law suits, bankruptcies, court judgments, loans and debts. It is important for you to note that landlords, bankers, insurance companies, and prospective employers all check out your credit report. Any adverse information can prevent your getting the job or loan, as the case may be.
Inquiries
This section lists all the companies, banks, employers, and landlords, who have made inquiries about your credit report. Too many inquiries can result in a negative impression, as most lenders will assume that you are looking around for a lot of cash and so you might not be able to pay your installments.
Alice
Your credit card report is your financial report. Your future transactions depend on this information. You may find yourself in a situation when you didn’t get the job you were sure you would get, or that you were turned down for an apartment that you wanted to rent. You look for the reason, and realize it is because of the irregularities that are present in your credit card report.
When so much depends upon your credit report, it becomes imperative that you ensure that there are no negative errors in it. For this, first of all, you need to verify that all the information given in the credit report is correct. The information is classified into four categories.
Personal Information
This section of your credit report spells out your personal details such as your name, spouse’s name, your age, salary, current employers, and former employers. Don’t simply assume your personal information mentioned is correct. Apart from checking these details, you also need to check that nothing is misspelled.
Reported Accounts
This section is further divided into two categories: monthly accounts and default accounts.
Monthly accounts
All financial organizations, insurance companies, departmental stores, oil and gas companies, and more report your credit history and these find mention in the monthly report section.
Default accounts
This section lists all the payments that you did not make. These may include telephone bills, electricity bills, installment etc. Again, you need to do a careful check of these accounts, as there may be chances that you made the payments, but they have been erroneously mentioned under this category.
Public Information
As the name itself suggests, this section of your report details information that is of public interest. This includes details of law suits, bankruptcies, court judgments, loans and debts. It is important for you to note that landlords, bankers, insurance companies, and prospective employers all check out your credit report. Any adverse information can prevent your getting the job or loan, as the case may be.
Inquiries
This section lists all the companies, banks, employers, and landlords, who have made inquiries about your credit report. Too many inquiries can result in a negative impression, as most lenders will assume that you are looking around for a lot of cash and so you might not be able to pay your installments.
Alice