What is a credit freeze and what makes it different from credit fraud alert? The credit freeze was first introduced in California in 2003. Today, however, a credit freeze can be done in all 38 States and can be requested from any of the three major credit bureaus- Equifax, Experian and TransUnion.Once a consumer puts a freeze on his credit , no lender, insurer, employer or anyone else can make an inquiry or request on his credit report. The fact is, not even you, can look into your credit report unless you order the credit bureau to “unfreeze” or “thaw” your credit.Unlike a credit fraud alert which only lasts for up to 90 days, a credit freeze will last for as long as the owner of the report doesn’t request that his report be thawed. Therefore, if you want to apply for a new credit card or you plan to get a loan, you need to notify the credit bureau in advance to get the freeze be lifted.The unfreezing of the credit report can take from within minutes or up to a week, depending on the State or the credit bureau issuing the report. You have the option to choose […]
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Today’s headlines can be depressing, particularly if you’re having money problems. From the decline in the value of your home to the tightening of the credit market, the bad news can seem overwhelming. It’s at times like these that the slick operators and “scam-sters” crawl out from their hiding places like cockroaches.
There is any number of credit repair and debt consolidation companies that would like you to believe that you can’t improve your bad credit without their help. Don’t believe them. Particularly be wary of companies that want you to pay for credit repair before they provide any services, or if they suggest that you create a “new” credit identity. Some of these approaches can get you into deeper financial (and maybe even legal) trouble.
There are many, common sense steps you take yourself to fix some of your credit problems. Many will require discipline on your part, and some might be downright painful, but you can get your financial affairs back in order.
Credit card debt is one of the easiest debts to fall into because it’s the easiest way to get credit. You’d be surprised how many people think of paying off their credit cards in terms of making the […]
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When you have bad credit or a low credit score, the faster you can fix the problem, the faster you’ll have more money in your pocket. The interest rates you pay on loans will start falling, and you might even find the premiums you pay on life, health, and auto insurance will drop. So, what’s the fastest way to repair your credit problems? There isn’t a single solution, but many small steps you can take. Here are a few:
Secret #1: The piggyback method. If you are a married woman with some or no credit, and your husband has excellent credit, read on. You can leverage his credit with the piggyback method. It lets you build credit in your own name, and at a much faster pace than if you had to build it all by yourself. Have your husband add you as an “authorized user” or “secondary account holder” to his account. In most cases, his entire account history gets posted to your credit report. The piggyback method is easy, effective, and extremely fast.
Secret #2: Remove (some) negative items from your credit report. Let’s say you request copies of your credit reports, and discover five bad accounts you can get […]
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