Debt & Credit Repair

Debt & Credit Repair

How to Begin Improving Your Bad Credit

The first step in any credit improvement process should begin by pulling your credit reports. Why? Because it's important to understand exactly where you stand before you can improve upon anything.

Updated by Joshua Heckathorn on Mon, 2010-08-30 17:00

How Payments Are Applied to Credit Card Balances

You may have heard that the CARD Act of 2009 now requires credit card companies to apply payments towards balances with the highest interest rate first. While this is true to a certain degree, there's been quite a bit of confusion among consumers regarding how the rule actually works.

Updated by Joshua Heckathorn on Sun, 2010-07-11 17:00

Can I Be Fired for Declaring Bankruptcy?

The short and simple answer is "no". The Federal Bankruptcy Act prohibits employers from firing employees solely because they've filed for bankruptcy, but there may be other signs leading up to bankruptcy that could serve as cause for your dismissal.

Updated by Joshua Heckathorn on Sun, 2010-06-27 17:00

Credit Reports: How One Baddie Becomes Two

When creditors are unable to collect a debt for an extended period of time, generally 6 months or more, they will write it off their books. To the debtor, this will show up on their credit reports as a charge-off, which could remain for up to 7 years and will negatively impact their credit scores.

Updated by Joshua Heckathorn on Tue, 2010-05-25 17:00

How Debt Validation Works

Have you been contacted by a collection agency regarding an old debt you're not sure is yours? If so, you have the right to receive more detailed information before cutting a check to anyone.

Updated by Joshua Heckathorn on Mon, 2010-05-17 17:00

Paid Collections May Not Improve Credit Scores

It seems logical—pay off that nagging collection on your credit report, and you should see an improvement in your credit score, right? Well, that's not exactly how it works. In fact, paying off an account in collections may not do anything to improve your credit score in the short run.

Updated by Joshua Heckathorn on Mon, 2010-05-10 17:00

Don't Tap 401(k) to Pay Off Debt

Are you thinking about tapping your retirement funds to get rid of lingering credit card debt? If so, don't do it, and here's why:

While racking up too much debt on credit cards may be one of the worst financial moves a consumer can make, raiding retirement funds to dig out of debt ranks high on the list of financial "no-nos" as well.

Updated by Joshua Heckathorn on Tue, 2010-04-06 17:00

Paid Collections: Will They Go Away?

Many consumers are surprised when they find paid collection accounts still sitting on their credit reports. Unfortunately, it's a common misconception that paying off an account in collections will simply cause it to go away. The truth is that's not always the case.

Updated by Joshua Heckathorn on Mon, 2010-03-01 16:00

What's the FDCPA?

The FDCPA, or Fair Debt Collection Practices Act, protects consumers from abusive collection techniques and provides legal recourse to fight back against third-party debt collectors who violate the law.

Updated by Joshua Heckathorn on Sun, 2010-01-17 16:00

What's the CROA?

2008 was a tough year for credit repair agencies. In fact, the Federal Trade Commission shut down more than 30 businesses for violations of the CROA - The Credit Repair Organizations Act - which defines how credit repair agencies must operate. The trend has continued into 2009 as various state agencies and the FTC are on a mission to find those companies who continue to prey on unwary consumers and put a stop to their unlawful business practices.

Updated by Joshua Heckathorn on Sun, 2009-12-06 16:00

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