Tag Archives: Credit score

Short sale of my home is it a good idea?

Recently on our legal forum a user asked, “I bought a house two years ago. I had a great job, but I bought a home that was a bit out of my price range. Three months ago I lost my job. I have not made my mortgage payment since then, and the bank is threatening foreclosure. I am wondering if what a short sale is and whether it might be a good idea?”

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Steps to rebuilding your life after Chapter 7

Recently on our legal forum a user wrote, “I always prided myself on paying my bills on time, living with very little credit, and following a strict budget. I was married for 10 years. During that time my husband spent every last dime we had and made numerous financial mistakes. He recently left me for another woman, but I am left with a great deal of debt and financial chaos. I have been considering filing Chapter 7 bankruptcy. If I decide to file can I rebuild my life or will I be relegated to credit exile forever?”

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Credit report will bankruptcy delete negative information?

Having a bad credit report and low credit score can make it difficult to buy a new home, purchase a car, get a job, rent an apartment and get a low interest rate on any type of loan. Recently on our bankruptcy forum a user asked, “I have had financial issues for the last five years. Unpaid bills, medical debt, and a judgment are all now listed on my credit report. If I decide to file bankruptcy does the bankruptcy filing erase all of these debts and allow me to truly start over?” Continue reading

Identity theft steps to protect myself?

Identity theft, which occurs when someone steals your personal, medical, or financial information, is a growing problem. In fact, in 2014 alone, the Federal Trade Commission (FTC) recorded 332,646 identity theft complaints, up slightly from 2013. The FTC estimates that the cost associated with identity theft is just a bit higher than one billion dollars per year, an average of more than $2,000 per incident. Continue reading

What common mistakes can lower my credit score?

Credit scores are used to help lenders assess the risk of lending money. A credit score is supposed to determine a consumer’s likelihood to repay a loan or credit line based on their past credit history and current credit status. Credit scores are used by a variety of businesses including banks, credit card companies, auto dealers, and retail stores, and they are one of the primary indicators of a person’s creditworthiness.

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Medical bills can hurt your credit score

If you have unpaid medical bills you can expect your credit score to be lowered. In fact, according to experts, medical debt is the most common type of collection account, representing nearly half of all reported collections. The Federal Reserve notes that “almost one in six credit reports contain a medical debt collection” and “two in five Americans reported a lower credit rating last year due to unpaid medical bills.”

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How to Rebuild Credit Post Bankruptcy

 

Most of you might think that people who file for bankruptcy protection should not be concerned with rebuilding credit, but you would be making the wrong assumption if you think such. In our American society today, we use credit for many of our daily operations in life, and unless we are loaded with cash, credit is very important to every American. So, how do you rebuild credit post bankruptcy? Continue reading