This time of the year, everybody is thinking about their finances. Money is on our minds. So while you’re rummaging through your receipts and reviewing those W2 forms, add a credit report to your list.Why get your credit report right now? Making sure your credit report is accurate can get you lower interest rates, save you money and help protect you from identity theft.Wow! A credit report can do all that? Well, yes. It’s quite a powerful financial record. The more you know about your report, the better off you’ll be when getting a mortgage…buying a car…renting an apartment…even getting a job.Put on your thinking cap. Let’s test your credit IQ.True or false: You have 3 separate credit reports, and each one can contain different information. True. Each of the big three credit bureaus—TransUnion, Equifax and Experian—keeps its own record on you and gathers information independently. That means each report is unique, and that can mean three different credit scores as well. In order to get your complete credit history, you should consider all three credit repots and scores. This combines all your information in one easy-to-read report.True or false: You only need to check your credit report once a […]
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Today, unfortunately, many people find themselves under debt and are struggling to find a way out of their situations. There is no shortage of plans and schemes out there offering a way out of debt. At this time, it should suffice to deal with two major approaches to solving your debt problems and alleviating your financial woes. The first one is debt consolidation while the second is called debt negotiation. Either may prove to be an effective means to remove the weight of your debt load.
Debt Consolidation
If you are considering debt consolidation, you have a few options available to you. Many credit card companies and creditors offer customizable debt repayment plans can consolidate all of the debt and put it under a single payment that has a lower interest rate. There are also debt consolidation companies that specialize in the area of debt assistance. If you apply with one of these services, all or most of your outstanding debts are consolidated into a single monthly payment. This payment is typically lower per month and is offered at a lower interest rate than most creditors will allow.
Since this payment will be […]
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One of the monumental tasks I had to face after my financially devastating divorce was repairing and improving my credit score. Not that it was a number any one would have been proud of before the divorce, but it did manage to occasionally qualify us for things we definitely couldn0t live without, like a 720 plasma television at 29% interest and a new hunting dog.
When you apply for credit and you are sitting there with your fingers crossed, hoping for a positive outcome, your credit score is not where it needs to be. I0m sure most folks probably realize this. What they may not be aware of however, is a low credit score is a huge risk factor for divorce.
In fact, it0s probably one of the more reliable predictors of divorce available and one that I use regularly in my family counseling practice.
Most are taken aback when I ask them for their credit score and thank it has something to do with their ability to pay for my services. When I explain to them that it is a consideration I must make in evaluating and developing an effective strategy to try and save their marriage, most just sit there […]
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