Knowing Your Credit RightsWritten by T.B. Collins
There is an old statement that holds true when trying to restore your credit rating, and statement is “knowing is half battle.” This statement exemplifies what consumers who have had past credit problems should do, and that is to learn everything they can about credit repair. Repairing or rebuilding your credit is not a simple task, and knowing what laws protects consumer and how to use them is first step in this process. The Federal Trade Commission has established a set of laws to protect consumer from abuses by credit reporting agencies. These laws are designed to make sure that consumer’s credit file is accurate and up-to-date; this law is commonly known as Fair Credit Reporting Act. The F.C.R.A. is strongest tool consumer has to ensure that what is reported by credit reporting agencies truly reflects what is contained in their credit file. Before these laws were enacted, consumer was at mercy of credit reporting agency, not to say that there were abuses, but finding out what was contained on your credit file was almost impossible. This is why under these laws consumer has right to request a copy of there credit file at anytime they choose, also there is a new law that requires credit reporting agencies to provide a free annual credit report to consumers in certain states. The importance of knowing what is contained on your credit is that you have an opportunity to correct any inaccuracies contained in credit file. The most common of inaccuracies is out of date information including incorrect address, employment, and repayment history. This information can decrease your credit score dramatically, and have a negative impact when viewed by credit grantors, so knowing what is contained on your credit file is a major benefit provided by this act. Now that you know what is contained on your credit file, it is time to repair some of negative comments contained in file. The Fair Credit Reporting Act gives consumer ability to dispute inaccurate information contained within report, and this can include entries that are not yours, entries that are past time limit, and entries that have been corrected but not reported.
| | Why is an Estate Plan Necessary?Written by First Commonwealth Financial Corporation
Before answering this question, it's important to understand how real and personal property passes following a death.The Four Ways Real and Personal Property Passes at Death... 1.Direct transfer to a named beneficiary a.This would include life insurance and retirement-type accounts 2.Jointly owned property, such as real estate will pass directly to joint owner 3.A will bequeaths specific real and personal property to an heir 4.Operation of law or "Dying in Testate" - The state takes control of your estate Without an Estate Plan, you could, "Die in Testate." This means, a state court would choose an administrator of your estate and, if needed, a guardian for your minor (under 18) children. The court appointed administrator would distribute your property according to state intestacy laws, regardless of any desire you may have expressed during your life.
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