Managing Your Personal Finances During a Recession
Economists now agree that the American economy has entered a recession. Since March 2009, America has witnessed history’s longest bull market in which the S&P 500 rose 330 percent. Unfortunately, the party is over. The deadly and highly contagious coronavirus has shut down our economy. Since March 2020, tens of thousands of Americans have died, […]
The Top 4 Credit Killers and How to Avoid Them
You don’t have to have a perfect credit score. Few do. Yet having good credit is important for getting good interest rates on credit cards, mortgages, and vehicle loans. Employers look at credit scores, too, when making hiring decisions. Even if you have a suboptimal credit history, you can boost your credit score by avoiding […]
Debt in Collection on Your Credit Report
The debt collection industry makes several billion dollars annually. From Q4 2009 through Q2 2015, no fewer than 33 percent had a debt collection item on their credit reports. Today, 28 percent of Americans have negative collection debts weighing down their credit scores. If you have a debt in collection on your credit report, you’re […]
Will a Loan Modification Hurt My Credit Score?
If you fall behind on your mortgage, you have options, but you must be proactive. One of the best ways to get back on track with your mortgage is loan modification. But will a loan modification hurt your credit score? Loan modification can hurt your credit score The biggest negative effect to your credit from […]
Are All of Your Creditors Listed on Your Credit Report?
The credit bureaus have gotten pretty good about instantaneously obtaining and promptly reporting your personal financial information. The credit bureaus are big, savvy, and flush with cash. But are all of the creditors you owe listed on your credit report? Maybe not. These are some of the most common types of bills and creditors that […]
How to Refinance With a Foreclosure on Your Credit Report
Whether you can refinance with a foreclosure on your credit report depends upon two factors: your loan terms and your mortgage lender. Negative credit events like foreclosure affect every credit decision made by lenders. A foreclosure will stay on your credit report for seven years. But many creditors look past previous foreclosures during the refinance application […]
How to Find Out If You Have a Debt in Collection
If you’re concerned about your credit score, you probably want to know if you have any debts in collections. Having debt in collection can badly harm your credit score. And the damage can multiply if unaddressed. Creditors often report debts to credit agencies but do not seriously attempt collection on the debt. You may believe that […]
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 […]
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 […]