Consumer Credit Information

Credit History

 
Your credit report shows how well you managed your responsibilities during a certain period of time. Over time, any negative information drops off, but the positive information remains. To create a positive credit history:

• Print clearly when applying for credit.

• Consistently use your complete name. Providing complete, accurate and consistent identification on your credit applications helps set up your credit history correctly from the beginning. It also minimizes the chance that your credit file will be incomplete or mixed with another consumer's file.

• Pay your bills on time. Most lenders look at the most recent information on a report. So if you've paid your accounts on time for the last two to three years, the lender may ignore a series of late payments from five years ago.

• Review your credit report 60 to 90 days before making a major purchase (such as a home or car).

• Set up a budget, and live within it. In the age of self-help and empowerment, managing your finances should top your list.

If you begin to fall behind on your payments:

• Contact your lenders. Ignoring the situation will only add to your problems. Many lenders will work with you to set up a different payment schedule or interest rate. It never hurts to ask.

• Pay your bills when they're due. If you have an overdue bill, unpaid debt, tax lien or judgment, pay it off. You may find it easier to pay one affordable consolidating loan rather than several separate accounts.

• Stop using credit until your finances are under control.

• Look to professionals if you need assistance or if you don't have time to develop your own plan. Nonprofit credit counseling organizations such as our sponsor below help consumers understand credit reports, contact creditors, manage debt and set up budgets.

Going to a credit repair clinic may not be of help to you. There is nothing any credit repair clinic can legally do for you - including removing inaccurate credit information - that you can't do for yourself for free, and their fees can be substantial, ranging from hundreds to thousands of dollars.

The Credit Repair Organization Act is a federal law that prohibits credit repair clinics from taking a consumer's money until they have fully completed the services they promised. It also requires such firms to provide consumers with a written contract stating all the services to be provided and the terms and conditions of payment. Consumers also have three days to withdraw from the contract.

Negative information

Federal law specifies how long negative information may remain on your credit report. Most negative information must be erased after seven years. This includes late payments, accounts that the credit grantor turned over to a collection agency and judgments filed against you in court - even if you later paid the account in full. Unpaid federal tax liens remain for 15 years.

The length of time a bankruptcy remains on your credit report depends upon which type you file. Chapters 7, 11, and 12 remain for 10 years. Chapter 13 remains seven years.

Credit reporting agencies use the date of original delinquency or, in the case of public records, the date of filing to determine when negative information is deleted. Positive information may remain on your report indefinitely; however, Experian generally displays positive information for seven years.

Negative information remains on a consumer's credit report for the allowed period of time as long as it can be verified by the company that reported it. Usually only time can erase bad credit.

Consumer Credit Information Index

Visit our Credit Counseling Partner Below

Non Profit Debt Consolidation Application

Get a FREE Non Profit Debt Consolidation Quote
Become DEBT FREE within 5 years!
Please fill out the following form to help us address your financial needs.
Please only list your unsecured loans credit cards, unpaid bills, etc.
First name:
Last name:
Home Phone:
Work Phone:
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Email:
Amount of debt owed:
Address:
 
City:
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Fields in bold are required, please enter at least one phone number so you can be contacted.

How a Credit Counseling program works?

A credit & debt consolidation plan will allow you to manage your finances without a consolidation loan and without declaring bankruptcy! If you are having trouble meeting the minimum monthly payments on your bills, feel you are slipping further behind each month and need debt relief, let us go to work for you!

Consumer Credit Counseling & Debt Consolidation

Consolidation of credit card debts and unsecured loans makes rapid debt reduction possible. All members of  professional and legal staff are trained in debt mediation with credit card companies and unsecured creditors. Why? ...Because a debt financed at 8% or lower is much easier to pay down than is a 22% credit card interest charge! In some cases, the negotiated interest charges on consolidated debts may be brought down to ...zero !

Budget and Credit Counseling Services

We provide professional budget planning and credit counseling. We carefully answer your financial questions and recommend steps to resolve your financial difficulties that may be preventing you from making the most out of your money and credit.

Why waste money on high interest creditors?

Save your financial resources for yourself and your family! Credit Consolidation can take all of your unsecured bills, negotiate with all of your creditors for new interest charges and terms, making it possible for you to make a single monthly payment towards satisfying your obligations – while allowing you to maintain a comfortable household budget.
 

Non Profit Debt Consolidation

Creditors, looking to protect their debtors, will normally only work with non profit debt consolidation organizations. These IRS accredited 501(c)3 organizations are deal better with your creditors., so you know that you are getting the lowest cost debt consolidation option. These organizations will serve your interest, and they are set up to help you, not the creditors.

Many times, these non profit debt consolidation organizations have a pre negotiated rate with the creditors that is available to their clients. These rates will often reduce your monthly payments by 50%, and halve your interest rates. Because of compounded interest, these reduced interest rates can decrease the payment times from over 35 years for credit cards to under 5 years. Your payment time is reduced, even though you are paying less money each month!

These organizations are safer than for profit firms, because they aren't making money by exploiting you. There fees are linked to their costs, which allows them to help people like you without charging expensive fees.

To be contacted by a licensed consolidator, fill out the form above, and you will be contacted by a non profit debt consolidation organization. Take the first step towards financial independence, choose to let our debt consolidation organization help you.

 

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