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Melissa last won the day on January 25 2016

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  1. Melissa

    Is Credit Repair Legal

    Bad credit can take hold of anyone’s financial life, whether due to financial missteps of the past or erroneous information reported by creditors. If you’ve had a late payment on a credit card, an account that found its way to a collection agency, or irresponsible use of credit accounts, your credit history shows a less-than-ideal picture of your financial character. Incorrect reporting of your accounts gives off the same negative vibe to entities that have access to your reports. Lenders, employers, and even insurance companies see these black marks on a credit report as a glaring red flag. Continue reading...
  2. The growing trend of shopping and banking online or through mobile phones plays a significant role in the increasing number of identity theft victims each year. Combined with the advancing technology used by cyber criminals to steal consumer information, it is no surprise that nearly 17.6 million Americans suffered from identity theft in 2014, the latest year for which data is available from the Bureau of Justice Statistics. Identity theft continues to be a threat to consumers and their financial lives as it can lead to serious issues with an individual credit report that are a challenge to correct. For that reason, it is important to know the rights and protections you have under federal law as it relates to stolen information. Continue reading...
  3. In 1970, the law governing the activities of the three major credit reporting agencies, known as the Fair Credit Reporting Act or FCRA, was passed in an effort to provide a specific set of rights for consumers. The FCRA is focused on safeguarding the information gathered, maintained, and shared by the credit reporting agencies, namely Equifax, TransUnion, and Experian, but extends its reach to cover similar information used within other systems, such as employers, housing, and banking. Continue reading...
  4. Your credit score is comprised of a number of factors, not the least of which is your history of on-time payments. If you made the unfortunate mistake of being late o n a payment for a credit card, student loan, mortgage, or personal loan in the past, it may seem like all is lost. However, there are ways to remove a late payment from your credit history without having to wait the standard seven years it takes the credit reporting agencies to remove that negative information. Here are three tips for getting your credit back on track by removing late payment information from your credit report. Continue reading...
  5. For borrowers, it can be a difficult task to keep up with monthly debt payment obligations, especially when the number of credit accounts increases over time. Although it may be challenging to remember due dates or amounts due, it is important for individuals to keep a close eye on when accounts need to be paid. A late payment on a mortgage, credit card account, personal or auto loan can have a detrimental effect on your overall creditworthiness, regardless of how late the payment actually is. The effect of a late or missed payment can stay with you – and your credit report – for as little as a few months up to years into the future. Continue reading...
  6. Melissa

    What is a Credit Bureau?

    With the influx of personal and business lenders in the financial market over the past few decades, it has become increasingly necessary to have a system in place that provides relevant information on borrower risk. The credit bureau system was designed to achieve that end, as it acts as the organization responsible for compiling information from lenders regarding the credit behavior of borrowers. A credit bureau is an independent entity that allows subscribers, or lenders, the ability to easily access credit application history, repayment history, default history and total debt obligations of borrowers to determine overall creditworthiness. Continue reading..