Author: Robert

Most of us realize that our credit report is reviewed when we apply for a credit card, mortgage, or car loan. However, it is often forgotten that your credit report may also be reviewed when you apply for auto or homeowner’s insurance, utility services, or a cell phone.

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.”

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.

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