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I WENT EVERY DAY DOING THE SAME THING AND GETTING NO WHERE, then finally I started tracking my results so I could improve my spending.
Here is a list of what you will see on a credit report: Accounts/Trade lines: This includes credit cards, auto loans, mortgages, real estate, installment loans and revolving debt like department store cards. The report will include information on the accounts such as the balance, payment history, terms, and account status - such as whether the account was put into bankruptcy, charged off, or repossessed.
You have probably seen ads on television, the radio, and the internet promoting to “lower your interest rates,” “reduce your monthly payments,” “end collection calls,” and “get you on the road to financial freedom.”
Don’t despair if you find yourself with a less than desirable credit score and credit history. You are human and can make mistakes. It’s natural. The key to this is recognize that your spending habits are out of control, your credit has been damaged, and then vow to never get yourself back in the same situation after you have gotten your credit repaired.
Collection companies have done a great job over the years of convincing consumers that paying off collections will raise their credit scores. Many are actually surprised to learn that paying off collections will actually lower their credit scores.
The Consumer paid the account balance in Full but the credit report still shows the consumer owes the creditor: The account was paid in full and should be reporting a zero balance.
A strong federal law, the Fair Debt Collection Practices Act, protects consumers against certain unfair collection practices. It applies only to outside or third-party debt collectors (not creditors collecting their own debts) and only for personal (not business) debts. State laws may provide additional protection.
Fixing credit report errors requires knowing who to contact to resolve a variety of errors that may be found as you examine your report.
I get asked every week from a client, How can we separate our expenses and learn how to create a budget. My answer is usually the best way to attack a problem is to start with the problem. Ourselves? Our budget is not the problem, the money we make is