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Red light camera tickets a credit risk – About a month ago I started getting calls from banks and mortgage companies that their loans all over Albuquerque were falling through for auto and mortgage loans. The reason? Years of red light camera tickets recently went into collections, all at one time, and thus put on the credit reports of Albuquerque consumers. Sure enough, I had many clients come in to have meetings to see if they were credit ready wise. Scores were knocked down between 35 and 45 points for each collection entry for these red light tickets.
Keep lease judgments off credit history – I have seen many cases on my office of consumers with judgments on their credit reports due to early termination of a lease. In many cases the lease was walked out on due to a hostile living environment. Whatever the case, there are things to get this mark removed from your credit history.
Don’t let someone else’s credit problems slow you down – Cross-referencing of others on your credit report – credit information that erroneously shows on your report because another person shares identical or similar name – can cause great financial hardships and has become an epidemic. I get one to two cases of cross referencing, and if the person you’re being cross referenced with has negative credit history, this will completely shut down your ability to get A+ credit.
Your own personal credit FAQ – I get a lot of questions at Credit Rescue Now, Where we counsel consumers about financial landscape and how to make sure their credit remains strong and sound. I thought it would be helpful to put together a list of frequently asked questions and answers. I hope this information is helpful.
Take care of your credit while renting. People know what major financial step home ownership represents, but we often overlook the financial and credit implications of renting an apartment or home. There are some important things to consider.
Get the errant debt collector off your back!
Many consumers do not believe they can own a home due to their credit. I have seen consumers who thought their credit – because of past collections, tax liens or judgments – would keep them buying a house for seven years. This couldn’t be further from the truth.
Editor’s note: The text of this column ran in the last issue of Local iQ with the wrong column signature and tagline.
Bankruptcy is a word that scares many people, and those who have already filed bankruptcy often think their life is over for the next 10 years. This couldn’t be further from the truth.
Given the current condition of our economy, financial debt has become a pitfall for many consumers. These conditions have brought forth many consumers. These conditions have brought forth many who claim to be offering a helping hand to such consumers, a way out of their tangled web of financial despair. Just as there are legitimate resources available to consumers, there are just as many, if not more, deceptive practices that will only drive you deeper into financial distress. I’m sure we’ve all seen and heard the countless commercials for debt settlement companies that promise to “settle your debts for pennies on the dollar.” But you really need to think about the statement. “Pennies on the dollar” could actually amount to 50 to 70 cents on the dollar. Put it that way, it doesn’t sound quite as appealing, does it?
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