Charged off debts: People often wonder how long a negative item can remain on their credit reports. Whether its a repossession, judgment or collection account, the time limits are extremely important — especially if you are trying to rebuild your credit. It doesn’t just go away. Well, it will but not for many years. Find out how long bad credit sits on your credit reports including state laws that affect you. Read more.
Accord & Satisfaction vs. Restrictive Endorsement: What’s the difference? There’s a lot of confusion when it comes to the discussion of restrictive endorsements. Despite rumor that you can just send one to a creditor and he has to accept it, the fact is – that’s false. There has to be an accord and satisfaction to create the agreement. Find out how to correctly create a restrictive endorsement for collection accounts. Read more.
Car Loan Default Consequences: Having trouble paying your car payment may be the least of your worries if you’ve let it lead to a point of no return. A creditor can repossess (take back) your vehicle and hit you with a ton of fees. These fees can include storage, repo fees, sale (auction) fees as well as maintenance and insurance protection for the car. Find out exactly what can be charged to you for a repossessed vehicle and how best to avoid this massive debt nightmare of never ending fees. Read more.
Dealing with Debt Collectors: It’s stressful enough knowing you cant pay your bills but the added stress of a debt collector hounding you is pretty awful. Besides the constant worry of being sued or contacted at your job is the stress of how exactly to respond to a bill collector. Do you just ignore them and hope for the best or do you face them head on and try to work out a settlement or payment plan? Learn how to deal with debt collectors and protect yourself. Read more.
To Repair or Not to Repair: Surely by now with all the websites promoting credit repair, you’ve thought once or twice about taking on the task. But do you do the work yourself or pay someone to do the legwork for you? Despite the myths that credit repair is illegal, its not. I suppose the word “repair” tends to make people think its a scam or illegal but in reality its simply a lot of structure and paperwork. For someone who has decided to tackle their credit issues, it can pay off wildly. People have deleted 10 -20 items from their credit reports simply by using legal methods coupled with follow through and education. Learn more about how you can legally work to improve your credit using methods that are not only legal, but very successful. Read more.
