by Adam | Sep 1, 2015 | Credit Repair
As you continue to learn more about how your financial decisions affect your credit, you may often find yourself asking, “Why didn’t anyone tell me this before, when I was younger?” From car buying to credit cards, there are a lot of ins and outs to learn when it comes to managing your finances, and you may have had to learn some of those lessons the hard way. Teaching your children some of these important financial lessons before they’re faced with tough decisions can help save them a lot of grief and financial woes. Here are some important financial principles that even children should learn and implement to set the stage for a successful financial future. 1. Save, save, save! Children as young as toddlers can learn the value of saving their money. Giving them the opportunity to work and earn their own money for something they desire rather than buying it for them on the spot teaches them a valuable lesson about impulse control and patience. What may start as saving for a simple toy may translate to them saving for a car as an adult rather than relying completely on loans and credit. 2. Budget In addition to teaching your children to save for a specific purchase, teaching them to stay on top of every dollar they earn or spend is also very important. For some tips on where to start if you’re new to budgeting yourself, here’s a good article with some basics. Teach them to be aware of their spending habits and preferences so they can budget accordingly. If they learn these lessons when they’re young...
by Adam | Aug 27, 2015 | Credit Repair
It can be easy to get caught up in the spirit of buying and giving during the holiday season, only to cringe with regret and remorse when you see your credit card statement come January. From buying gifts, attending holiday parties, decorating, and even keeping your car and home ready for a winter storm, there are expenses that inevitably come with the holiday season. This year, don’t let the holidays break your bank account and ruin your credit. Rather than let all of these seasonal costs sneak up on you year after year, take some time to follow these simple steps that will help you stay in control of your finances without missing out on any part of the holiday festivities. 1. Start early Don’t wait for the stores to tell you the holidays are approaching. Start saving months in advance, even at the beginning of the year, so you aren’t caught off guard with holiday expenses. Ideally, you should create a segment of your monthly budget dedicated to holidays and gifts so that each month an amount is put away for the holidays. This can fund not only the end-of-the-year holidays, but any birthdays or other holidays that come up during the other months as well. 2. Look at the numbers first Before you even begin your shopping, look at your regular income and expenses for the upcoming months. Determine how much extra you can set aside for holidays. If it’s not as much as you’d like, review your budget to see if there’s somewhere else you can take money from, look into some side jobs, or work...
by Adam | Aug 18, 2015 | Credit Repair
You may have heard that too many “credit inquiries” can lower your score. This is both true and false – only some kinds of inquiries can lower your score, while others are harmless. Whether you’re applying for a loan or checking up on your own credit score, it’s important to know which kind of inquiry you’re initiating so you can avoid the more damaging ones unless absolutely necessary. What is a “credit inquiry”? Anytime someone requests your credit report or score, that is called a “credit inquiry.” Examples of common credit inquiries include: When you apply for a credit card When you apply for a mortgage When an employer conducts a background check When you apply to rent an apartment When a credit card company determines if you qualify for a card or special offer When you check your credit score or request your credit report The purpose of a credit score – and a credit report, for that matter – is to determine your credit worthiness. A higher score indicates that you have a good history of paying off loans on time without missing payments, and a lower score indicates that you’re more at-risk for defaulting on a loan. This information is useful for all kinds of people, organizations, and corporations. For example, a landlord may want to know if a potential renter has a good history of making monthly payments. Checking your credit is a fairly good indicator of this. There are two kinds of inquiries: hard and soft. “Hard” inquiries can lower your score A hard inquiry may actually knock your credit score down a few points, so they should only...
by Adam | Jul 27, 2015 | Credit Repair
Having poor credit is an unfortunate situation to be in, especially when there are discrepancies or disputed information on your report. While it is possible to try and resolve this issue and repair your credit alone, the process can be grueling and complicated. Thankfully, dependable and trustworthy companies are available to help. The top-three reputable credit repair agencies are compared side-by-side here, including a review of each company’s price, features and services. This allows us to bring you the most reliable information possible so you can choose the right company for you. #3 – MyCreditGroup Pros: With a score difference of just .05 from the leading company, Lexington Law, MyCreditGroup offers several similar factors, including: Month-to-month contract Identity theft protection Licensed Bonded Registered with the Attorney General They also provide users with all services including credit score analysis, couple’s discount, dedicated account manager, privacy protection, and payoff resolution – or help negotiating and paying off your debt – a service that neither of the top two companies offer. Cons: Unlike the two leading companies, MyCreditGroup doesn’t offer a refund policy, educational materials or online chat capabilities. MyCreditGroup is the most expensive group in the top three, charging $99 for First-Work Fee and $69 for Monthy-Fees. #2 – Sky Blue Credit Repair Pros: As the runner-up Credit Score Company, Sky Blue Credit Repair offers the same functional features as Lexington Law, including month-to-month contracts, identity theft protection, licenses, insurance, registry with the attorney general and they offer a refund policy. They also provide users with the same services as Lexington Law like: Email and phone support FAQs Online and Phone Registration...
by Adam | Jul 20, 2015 | Credit Repair
Having poor credit can put you in a paralyzing financial state. There is, however, a solution that many individuals don’t know about: do-it-yourself credit repair. Consider the following four steps to take in the first month of your credit repair efforts. 1. Make your point clear After obtaining a credit report from all three credit agencies, the first thing you need to do is write a letter to the credit reporting company. This letter should include all the information you think is inaccurate on your credit score. Your letter should include the following: Complete name Current address Each disputed item The facts and reasons behind your dispute A request for the information to be removed or corrected Your letter should also include a statement requesting a returned receipt for documentation. 2. Be patient Repairing poor credit is not a quick process. It takes considerable time and effort, but can be done. After submitting your letter to the credit reporting companies, they have 30 days to investigate and process the items you questioned. The credit reporting company must then forward all of the relevant data you provide to the original organization. After the original provider conducts their own investigation on the allegations, they send the results back to the credit reporting company. If, indeed, the disputed information is found inaccurate, the original organization must notify nationwide credit companies. 3. Ask for action After all investigations are complete and results have been decided, the credit reporting company will send you a copy of the results in writing as well as a copy of the report if anything was...
by Adam | Jul 8, 2015 | Credit Repair
Managing your credit can take some work, but it will pay off when you have lower interest rates and more lending options. Unfortunately, incorrect information can occasionally make its way into your credit report and damage your score. Left unresolved, you’ll continue to pay the consequences. If you notice something incorrect on your credit report, you should write a credit dispute letter, but sometimes that will need to be followed by a Method of Verification letter. Here’s what you should know: What is a Method of Verification? If you dispute something on your credit report and the credit reporting agency tells you that the disputed item has been verified, you have the right to request verification in the form of a “method of verification.” According to the Fair Credit Reporting Act (FCRA), the credit reporting agency is required to give you method of verification within 15 days of your request. This should be hard evidence that goes all the way back to the original creditor. Don’t settle for verification from a third-party database. Writing a Method of Verification Letter If a dispute comes back verified, but with no actual verification or documentation, it is time to send a letter and request it. Follow these steps when writing a Method of Verification Letter: Call the credit reporting agency using the phone number at the top of the verification report in question. Give them your credit report number and request the method of verification. Cite FCRA, Section 611. Request hard evidence that goes back to the original creditor and ask for the original creditor’s information. If the person you talk to...
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