Errors on Your Credit Report: What You Should DoWritten by Tim Gorman
There are times when you may be turned down for credit and you do not understand why. According to Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your credit report within 60 days of request for credit, if you are unemployed but looking for work, are on welfare, or believe that your credit report is incorrect because of fraud. You may also receive a copy of your credit report for a small fee at any time in which you want to review information contain therein. If you dispute any of information on your credit report, there are steps that you, credit reporting agency and information provider must take to have information corrected or deleted form your report. 1. You should contact credit reporting agency and request that inaccurate information be taken off. To do this you will need to send a letter of request and enclose a copy of report with incorrect information highlighted. Send your request certified mail and indicate that a return receipt is requested. 2. The Credit reporting agency will forward request to information provider at which time they will review and investigate request. If information cannot be verified, then they must remove it. They can either correct or deny request to change information. They will then send their findings to credit reporting agency.
| | What is Debt Consolidation?Written by Tim Gorman
Debt consolidation may be answer for anyone drowning in a sea of unpaid bills. Debt consolidation lumps all of your unsecured debts including credit card bills, doctor, dentist, veterinary, and other service provider bills – any bills that are not secured by collateral or property such as an automobile or a house – into one monthly payment.Types of Debt Consolidation There are several ways to achieve debt consolidation, including one that does not require borrowing more money. Debt consolidation options include: 1. Home Equity Loans – A popular method of debt consolidation, home equity loan is a mortgage based on amount of equity you have invested in your home. It should be noted that home equity loans are secured by your house, which means if you fail to make payments on schedule, and according to terms of loan, you risk losing your house. 2. Personal Loans – Many banks and other lenders offer unsecured personal loans based on your annual income. The amount that can be borrowed will vary from person to person, and not everyone will qualify for this type of loan. To use personal loan proceeds for debt consolidation simply deposit loan money into your bank account and write checks to your creditors, or ask lender to disburse money to your creditors for you. 3. Private Loans – Some people may be able to borrow from family or friends and arrange very individual terms. Borrowing from others in your personal life can be tricky business and it is advisable to make sure any arrangements are made in writing.
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