Archive for the ‘Credit Report’ Category

Take Time for a Financial Tune-Up

Saturday, May 22nd, 2010

Many people know that it's important to maintain healthy credit, particularly in a bad economy. But “maintaining good credit” is a vague concept at best. Here’s a look at some concrete steps you can take to improve your finances—even if you only have a few minutes to spare.

Fifteen-Minute Finance Boosters

This post from WalletPop.com outlines a few ways you can bolster your financial situation in a mere quarter hour. Here’s a look at the suggestions.

  • Set up an emergency fund: Most experts advise having some money set aside for unexpected expenses (like car repair, illness or even job loss). This can be as easy as figuring out how much money you’d like to have in your fund (experts generally recommend anywhere from three months’ to one year’s expenses), setting up a high-interest savings account and starting regular contributions.
  • Look at your credit report: One essential part of maintaining healthy finances is keeping current with how the authorities view you as a credit risk. And, thanks to the Fair Credit Reporting Act, doing so is as easy as visiting www.annualcreditreport.com and following the prompts. All Americans are entitled to one report per year from each of the big three reporting bureaus. If you space them out, you could check up on your credit once every four months.
  • Review your bills: Take a look at the goods and services you pay for each month (utilities, cable, phone, insurance, etc.). Then do a little research online or by calling your providers and see if you can get a better deal somewhere else (or from your current provider). Bonus: the money you save each month can be funneled into your emergency fund.
  • Draw a map: In order to stay on top of your finances, you should be able to understand them fairly easily. Take out a sheet of paper and outline your accounts, debts and credit cards. Making a visual representation of your finances should help you see any unnecessary duplications and help you determine what you can eliminate to streamline things.
  • Think about retirement: Even if you already have a retirement account through your job, you can start a Roth IRA, which would grow tax-free. The government has instituted contribution limits, though, so do a little research before you commit.

One of the most important things to remember about improving and maintaining your finances is that you don’t have to do everything at once. A little work at a time can make a big difference in the long run.

Additional Resources

Fair Credit Reporting Act

Posted in Credit Report, Credit Score, Financial Literacy, Personal Finance | Comments Off

Bankruptcy Credit Report Questions Answered

Tuesday, May 6th, 2008

Bankruptcy Credit Report - You want to avoid bankruptcy at all costs - not only will you be left high and dry financially it will also take a devastating toll on your Credit Report, translating in a 7 to 10 year time period to get back on your feet. Exactly what damage will my Credit Report take and what are my options?

How long will it take to really get back to a secure financial position? Well that depends on quite a few factors so lets go through each one and try and match your situation. Firstly, when you file for bankruptcy (chapter 7 and NOT 13) all you debts get eradicated and you money owed to creditors get taken to zero. It’s important to no that not ALL your debts will be completely erased - only those debts to Creditors. You will still have to pay money for things such as: student loans; criminal fines and penalties, forfeitures, taxes, debts arising out of willful misconduct and or malicious misconduct by the debtor, even spousal and child support, liability for injury or death from driving intoxicated, and non-dischargeable debts from a prior bankruptcy. You also need to note that when assets are being sold that there are certain assets that are non-exempt. This includes property such as: A second home - like a holiday home, Family heirlooms, a second car or truck, expensive musical instruments, collections such as stamps and coins, all investments such as cash, stocks, bonds, and bank accounts.

It’s interesting to note that you might be able to get a loan shortly after you file for bankruptcy, because of the simple reason that now you’ve filed for bankruptcy then all your debts are returned to zero. So when you approach creditors they will have a look at your Bankruptcy Credit Report and note that now you have a very low debt. But it’s not quite as simple as that you still need to show a solid and steady income stream and you need to have opened a few accounts, maybe some credit cards account and have built up a repayment history - showing that you can pay back creditors and debts. It’s quite logical to see that if you start building up multiply bankruptcies then you will find it extremely difficult to get future loans - so don’t get into a habit of filing for bankruptcy.

What are the alternatives to filing for bankruptcy? First make sure you visit experts that will look at ways to get out of having to file for bankruptcy - these include Consumer Credit Counselor (CCC), if you prove to your creditors that you are seeking help form these professional they will in most cases stop debt collection actions giving you a temporary reprieve form the pressure of having to make payments that you see no way of making. Look at your debt and work out what expenses you can live without - remember that your accommodation and transport are the most essential items so try and cut other expenses first.

To find out more about Credit Reports be sure to check out www.credit-reporter.net

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