credit repair
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Student Loans: The Only Type of Risk-Free Lending
The only type of risk-free lending in the United States is student lending. Student loans cannot be discharged in bankruptcy and can even survive your death. No other type of lender in America is afforded the same protections as student loan lenders. Student loans are not dischargeable in bankruptcy Lots of different types of debts…
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The Silver Lining to Filing Bankruptcy
Bankruptcy solves all sorts of financial problems. But when you’re facing the choice of filing bankruptcy, it can be easy to see only the downsides. If you decide that bankruptcy is the best option for you, try to focus on the benefits instead. Most situations are not as bleak as they seem, and there is…
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5 Common Credit Repair Myths
Credit repair could be considered more of an art than a science. How you, individually, repair your credit depends on how it was damaged in the first place. Educating yourself about how you can repair your credit is smart, but don’t fall for the traps. Here are five common credit repair myths. 1. A credit…
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How Bankruptcy Promotes Entrepreneurship
Starting a business takes moxy, guts. Business owners can offset the risk of failure with feasibility planning and hard work. But many businesses fail, and our economy must not doom entrepreneurs to complete ruin. The truth is that failure is an inexorable characteristic of business. In a way, the availability of bankruptcy promotes entrepreneurship. Only one in…
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How Your Credit Score is Calculated
Your credit score is calculated using the “FICO Five” factors: payment history, credit balances, length of history, credit mix, and new credit. Instead of having a single credit score, however, you actually have three. Each of the the three major credit bureaus (Experian, Equifax and TransUnion) compile their own separate credit scores. Yet every credit…
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Will Foreclosure Affect My Spouse’s Credit?
When facing foreclosure, wanting to protect your spouse is a natural instinct. Whether your foreclosure will affect your spouse depends upon whether the mortgage loan was a joint debt. Going through a foreclosure is never easy. But a foreclosure is even more stressful when it affects loved ones, especially a spouse. Love makes you ask yourself the question:…
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What Does It Mean When a Debt is Charged Off?
Many people experience a feeling of relief when they see on their credit reports that an old debt has been marked as “Charged Off.” Some think that these debts have been forgiven because a creditor has charged off the debt. But what exactly does it mean when a debt is charged off? You Still Owe…
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D.C. Small Claims Increase is a Big Win for Creditors
Effective immediately, the jurisdictional limit of D.C.’s Small Claims Court has increased from $5,000 to $10,000. By contrast, Virginia’s small claims (General District Court) limit is $25,000, and Maryland’s small claims (District Court) limit is $30,000. The D.C. small claims increase took effect pursuant to the District of Columbia Judicial Financial Transparency Act of 2016. Make no…
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Bankruptcy in the Bible
Deuteronomy defines bankruptcy in the Bible. But the Bible also frequently mentions lending, fair pay, creditors, interest payments, and money in general. Let’s start out with one of Jesus’ most important messages before we take a look at the Old Testament. The Golden Rule You may know of the so-called Golden Rule from the Sermon on…
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Does Foreclosure Show Up on a Background Check?
Running a personal background check can tell a potential employer or landlord a lot about you. Today’s background checks include more than just your criminal record. Background checks also reveal prior addresses, previous employers, and your credit history. But does foreclosure show up on a background check? Foreclosure Will Appear on Your Background Check To…
