How Your Divorce May Affect Your Credit
July 11, 2008
Mary and Bill recently divorced. Their divorce decree stated that Bill would pay the balances on their three joint credit card accounts. Months later, after Bill neglected to pay off these accounts, all three creditors contacted Mary for payment. She referred them to the divorce decree, insisting that she was not responsible for the accounts. The creditors correctly stated that they were not parties to the decree and that Mary was still legally responsible for paying off the couple’s joint accounts. Mary later found out that the late payments appeared on her credit report. Read more
Beware Of Identity Theft!
July 11, 2008
In the fast moving and highly technological age in which we live, identity theft is also on the increase. With the ease of access to information from anywhere in the world, a stranger can have access to your personal financial and identity information and in a moment either ruin you financially or assume your identity and make your life a real nightmare. Your goal is never to become a victim. Read more
Does Your Debt Collector Follow These Rules?
July 10, 2008
The Fair Debt Collection Practices Act applies to those who collect debts owed to creditors for personal, family and household debts. These include car loans, mortgages, charge accounts and money owed for medical bills. A debt collector is someone hired to collect money you owe.
Within five days after a debt collector first contacts you, the collector must send you a notice that tells you the name of the creditor, how much you owe, and what action to take if you believe you don’t owe the money. Read more
How to Spot Bogus Credit & Loan Offers
July 1, 2008
Millions of Americans are confronted with fraudulent credit and loan offers from individuals and businesses who are just trying to get into their wallets. They frequently prey on those having problems obtaining credit from legitimate sources. They will often come on to you such as:
“Credit problems? No Problem!”
“You have been preapproved for an unlimited line of credit”
“We don’t care about your past. You deserve a loan!”
Read more
Your Credit: How to Establish, Use and Protect It
June 22, 2008
Good credit is valuable. Having the ability to borrow funds allows us to buy things we would otherwise have to save for years to afford: homes, cars, a college education. Credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay. That is why learning how to use credit wisely is one of the most valuable financial skills anyone can learn. This article will cover the following topics:
* What Lenders Look For
* How to Establish Credit
* Protecting Credit
* Common Reasons for Denying Credit
* Improving Poor Credit
* Divorce and Credit
* Paying Off a Loan Early Read more
Mortgage Payments Sending You Reeling? Here’s What to Do
June 13, 2008
The possibility of losing your home because you can’t make the mortgage payments can be terrifying. Perhaps you are one of the many consumers who took out a mortgage that had a fixed rate for the first two or three years and then had an adjustable rate. Or maybe you’re anticipating an adjustment, and want to know what your payments will be and whether you’ll be able to make them. Or maybe you’re having trouble making ends meet because of an unrelated financial crisis. Read more
Car Ads: Reading Between the Lines
June 13, 2008
Many new car dealers advertise unusually low interest rates and other special promotions. Ads promising high trade-in allowances and free or low-cost options may help you shop, but finding the best deal requires careful comparisons. Read more
Buying A New Car
June 12, 2008
A new car is second only to a home as the most expensive purchase many consumers make. According to the National Automobile Dealers Association, the average price of a new car sold in the United States is $28,400. That’s why it’s important to know how to make a smart deal. Read more
Buying A Used Car
June 12, 2008
“I can’t wait to get my own car.”
Sound familiar? Before you start shopping for a used car with a teenager you know, do some homework. It may save you serious money. Consider driving habits, what the car will be used for, and your budget. Research models, options, costs, repair records, safety tests, and mileage through libraries, book stores, and web sites. Read more
A Summary of Your Rights Under the Fair Credit Reporting Act
June 12, 2008
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Here is a summary of your major rights under the FCRA. For more information, including information about additional rights, go to www.ftc.gov/credit or write to: Consumer Response Center, Room 130-A, Federal Trade Commission, 600 Pennsylvania Ave. N.W., Washington, D.C. 20580. Read more
