What can be wrong with saving 10, 15 or even 20% on your purchases? Well, a lot can be wrong with using your credit reports and scores like store coupons. Here’s what can go wrong and why you should avoid opening new store credit cards at all costs.
Equifax, TransUnion and Experian…we all know these guys. I’ve written about them about a thousand times over the past decade. We credit types tend to focus on these guys for obvious reasons. What you may not know is that these are not the only companies that are keeping an eye on you.
When we talk about credit data we have to focus on the credit reporting agencies — and these guys are not exempt from the world of wacky wild mythical information. Here are four of the most commonly misrepresented “facts” about credit reporting.
There’s a 50% chance that you may have to go through the process of separating yourself from your ex-spouse’s credit. And while it’s really easy to co-mingle debt, it’s next to impossible to de-mingle it.
There are a variety of ways to get out of credit card debt: You can budget. You can file bankruptcy. You can enroll in a debt management plan (DMP) through one of the member organizations of the National Foundation for Credit Counseling. You can work with your credit card issuer directly and seek help through one of their hardship programs. You can attempt to settle the debt on your own. Or you can enlist the services of a debt settlement company. The purpose of this article is to explore debt settlement as an option.
The subject of credit repair is a powder keg, lightening rod, PR loser…chose your own metaphor. Opinions on the subject seem to be polarized, meaning you either like credit repair companies or you hate credit repair companies.
Short sales are a relatively new phenomenon and because of this there’s an incredible amount of misinformation about the impact to your credit. Some people are even going so far as to say that a short sale is neutral to your credit, which is incorrect.
What is a credit inquiry and do they hurt my credit scores? And what’s this rumor I keep hearing about how FICO (FICO) scores are protected from multiple inquiries in a short period of time? All this and much more on this week’s episode of Credit Blab with John Ulzheimer.