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FrontLine’s “The Secret History of The Credit Card”

By on January 25, 2009 in Collections, Credit, credit card, Credit Crisis, Credit Report, credit score, Equifax, Establish Credit, Experian, finance, Free Credit Report, Improve Credit, new credit, Sub-prime, Transunion

I found this news story put together by FrontLine and The New York Times.
It talks about some of the history of credit cards, but also many of the dirty little secrets of the credit industry. If you are looking for some background, this is a good place to start.

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Why Did My Credit Card Company Reduce My Credit Limit?

By on January 21, 2009 in Charge-off, Chargeoff, Collections, Credit, credit card, Credit Crisis, credit limit, Credit Report, credit score, Default, Equifax, Establish Credit, Experian, finance, Improve Credit, Payment, Payment Plan, Transunion

Becky has a JC Penney card, issued by GE Money Bank. She has never been late (she showed me her payment history online), and is well below her credit limit of $400.00. A few days ago, right after she made a large payment and paid the card off, she got a letter telling her that her credit limit would be reduced to $100.00 or her current credit limit, whichever was greater…

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Do I Have To Include All My Debts In My Bankruptcy?

By on September 3, 2008 in Bankruptcy, Chapter 13, Chapter 7, Charge-off, Chargeoff, Collections, Credit, Credit Report, credit score, debt, Equifax, Experian, Judgement, Payment Plan, Reaffirmation, Transunion

When you file for bankruptcy, you will be asked to provide a list of your creditors, and any accounts that are to be included in bankruptcy. This list is intended to be exhaustive. The court will take your list, and use it to notify your creditors that you have filed for bankruptcy protection, and let them know that they can no longer pursue collections against you.

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A Collection Company Is Suing Me! What Should I Do?

By on September 1, 2008 in Charge-off, Chargeoff, Collection Agencies, Collections, Credit, Credit Crisis, Credit Report, credit score, Default, Equifax, Experian, Judgement, Payment, Payment Plan, Settlement, Statute of Limitations, sued by collection agency, Transunion

Getting sued is a terrible thing. The prospect of having to go to court, the possibility of a judgment on your credit report, and having to meet a debt collector face to face fills most people with dread. Unfortunately, once that suit is filed, there is very little you can do to get out of going to court.

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How Do I Get Secured Credit?

By on August 30, 2008 in Bankruptcy, Chapter 13, Chapter 7, Charge-off, Chargeoff, Collection Agencies, Collections, Credit, credit card, Credit Report, Default, Divorce, Equifax, Establish Credit, Experian, Federal Reserve, finance, foreclosure, Forgiveness of Debt, Free Credit Report, Improve Credit, Insurance rate, Insurance score, Judgement, loan, Mortgage, new credit, Payment, Payment Plan, Reaffirmation, secured credit, secured credit card, Settlement, Statute of Limitations, Sub-prime, Taxable Income, Transunion

Often, when you are starting out to build or rebuild credit, you will have a very difficult time getting a credit card. The creditors look at you and see that you are too large a risk to work with. When that happens, you can either keep trying different creditors, or you can try to get a secured credit card or secured loan through your credit union or bank…

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My book, Credit Cleanup, has been released!

By on August 27, 2008 in Bankruptcy, Chapter 13, Chapter 7, Chargeoff, Collection Agencies, Collections, Credit, credit card, credit clean up, Credit Crisis, Credit Report, credit score, Equifax, Experian, foreclosure, Free Credit Report, Judgement, Payment, Reaffirmation, Settlement, Statute of Limitations, Transunion

I’m so excited, I can’t hardly stand it! My book, Credit Cleanup, is available for sale!

This e-Book will show you how to read a credit report, how to find errors and items harming your credit scores, and how to fix those items that can be fixed efficiently and effectively. You don’t have to pay someone else to do this work! Credit Cleanup will teach you how to manage your credit report and keep it clean, and it will do this for hundreds or thousands less than you would pay a credit repair company, and with better results!

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How Can I Get Credit After Bankruptcy?

By on March 24, 2008 in Bankruptcy, Chapter 13, Chapter 7, Charge-off, Chargeoff, Collection Agencies, Collections, Credit, credit card, Credit Crisis, credit repair, Credit Report, credit score, Equifax, Establish Credit, Experian, Improve Credit, Judgement, new credit, Payment, Payment Plan, reestablish credit, secured credit, secured credit card, Settlement, Transunion

OK, your bankruptcy has been filed. You might have a discharge, or might be on a payment plan. Either way, you need to start RIGHT NOW to build your credit back up. I personally made a mistake.

After my bankruptcy, I waited 2 years to get started on rebuilding my credit. I thought you HAD to wait, and that no one would give you a card, or a car loan, or any other kind of credit. I was wrong.

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What Is The Bankruptcy Process and What Do All Those Terms and Dates Mean?

By on March 21, 2008 in Bankruptcy, Bankruptcy Process, Chapter 13, Chapter 7, Charge-off, Chargeoff, Credit, Credit Crisis, Credit Report, Default, Equifax, Experian, Mortgage, Payment, Payment Plan, Reaffirmation, Transunion

So you are filing for bankruptcy. You are taking the plunge. A bit confusing, isn’t it?

Well, the process is pretty well laid out. There are a few steps you will take, and then with luck, it will be over. I’m going to give you a quick overview, but you really should ask your lawyer what to expect.

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How Long Do Creditors Wait To Declare an Account in Default?

By on March 20, 2008 in Charge-off, Chargeoff, Collection Agencies, Collections, Credit, credit card, Credit Crisis, Credit Report, credit score, Default, Equifax, Experian

So, you’ve missed a payment or two. You probably could have made them, but other things, like eating, got in the way. Now your creditor is calling, writing, emailing, and generally acting like you are a bad person. You don’t want this to go to collection, and you don’t want to lose the ability to use the card. So, how long do you have before the creditor writes you off?

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The Finances of Debt Collection

By on March 18, 2008 in Charge-off, Chargeoff, Collection Agencies, Collections, Credit, credit card, Credit Crisis, Credit Report, credit score, debt collection, Default, Equifax, Experian, finance, Payment, Payment Plan, Transunion

You aren’t going to believe this, but it’s true. Here is the secret behind debt collection: creditors want their money! OK, I am being kind of irritating there, but that is what drives debt collection. How the process works, however, is pretty interesting.When you apply for debt, the creditor decides if you are credit worthy. They do this based on your income, your past payment history, your line of credit to used credit ratio, and your credit scores. It takes a computer about 1 second to make this decision.

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