Credit Rescue Inc.

Credit Rescue Inc. https://www.creditrescuenow.com Red light camera tickets a credit risk https://www.creditrescuenow.com/red-light-camera-tickets-credit-risk <div data-rss-type="text"> <p> 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. </p> </div> <div data-rss-type="text"> <p> A city can proceed with consumer collections as they happen, but when years of collections are put on consumer credit reports on this large scale, it can be devastating to the economy of a city. </p> </div> <div data-rss-type="text"> <p> In every incident that I looked at, the consumer was not notified of collection placement – and should have been, according to the law – before the collection agency placed the debts on the consumer’s report. Consumers must have validation of debt upon request, so we contacted the New Mexico Attorney General’s office and advised them of the situation. </p> </div> <div data-rss-type="text"> <p> Credit Rescue Now was also on the phone with Credit Watch, the collection agency for red light tickets. The representative for that organization let us know that all red light camera tickets are to be removed from a consumer’s credit report upon receipt of payment. This is good news. </p> </div> <div data-rss-type="text"> <p> A lot of residents of Albuquerque do not know there was even a red light ticket placed on their credit reports. My recommendation to check all your credit report to see if you have any of these collections. If so, just pay it and it will be removed from your report. </p> </div> <div data-rss-type="text"> <p> I hope this information will help all who have run into this situation. Remember we have free credit classes and free manuals on the second Saturday of every month. Please RSVP to 505.899.1448. </p> </div> <div data-rss-type="text"> <p> Until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=view&id=3180&Itemid=80" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Wed, 02 Oct 2013 19:37:00 GMT https://www.creditrescuenow.com/red-light-camera-tickets-credit-risk

Keep lease judgments off credit history https://www.creditrescuenow.com/keep-lease-judgments-credit-history <div data-rss-type="text"> <p> 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. </p> </div> <div data-rss-type="text"> <p> Now remember, if you have judgment on your credit report or early lease termination, go back to the property knock on your door and state you had lived in the same residency and you were wondering when the next tenet moved in. One of our clients did this and found out the next tenant had moved in two weeks after they moved out. Because of this situation you can get the judgment dismissed and only pay for the time the residency was empty. Note: A landlord cannot charge twice for the same rent. </p> </div> <div data-rss-type="text"> <p> Of course, one of the best ways to avoid this kind of situation is to go through investigation of a lease arrangement before you sign a contract. With that in mind, one of the first things to do was to investigate the area and call the local police to find out the crime level in the area. If you are thinking of renting an apartment, be sure to ask how many times the police have been called to that apartment complex. Many consumers have walked out on their contract due to unexpected crime at the apartment complex or surrounding areas. </p> </div> <div data-rss-type="text"> <p> You also want to be sure to get a lease that properly fits your future. Don’t take a one-year lease if there is a possibility of a job change. It is best to do six months at a time if possible. </p> </div> <div data-rss-type="text"> <p> Before signing a contract, walk through the apartment or home with the manager and document all imperfections in the dwelling and have the manager or owner sign it. Follow up with photos of every room. Put this documentation in a file and don’t lose it, because we have seen management change hands and the new person will have no documentation of the imperfections you found. This will save you from being charged excessive fees and you will cut down on many problems when moving out. <br/> We offer free credit education classes and free credit manuals on the first and second Saturday of every month. Until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=view&id=3040&Itemid=80" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Wed, 02 Oct 2013 19:34:00 GMT https://www.creditrescuenow.com/keep-lease-judgments-credit-history

Don’t let someone else’s credit problems slow you down https://www.creditrescuenow.com/dont-let-someone-elses-credit-problems-slow <div data-rss-type="text"> <p> 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. </p> </div> <div data-rss-type="text"> <p> In most cases, cross referencing will only report to one reporting agency, and rarely two of the reporting agencies, but if an account shows up on your report that it is not yours and is reporting all three reporting agencies, this is usually identification theft and not cross referencing. </p> </div> <div data-rss-type="text"> <p> Recently I had the most severe case of cross referencing I have ever seen – 29 accounts showed up on a client’s credit report, which is just devastating to a credit score. At this time in our history, consumers have enough problems without adopting someone else’s <br/> This obvious question is, how do you fix this if it happens? If you are being cross referencing because of confusion about “Junior” or “Senior” versions of the same name, get a letter notarized from the person you’re being crossed referenced with, starting the account or accounts listed below are yours and do not belong to Junior or Senior. Include a letter of your own that verifies your social security number and date of birth and requests that the other accounts be removed from your report, as they do not belong to you. (Note: Just make sure you attach it to your letter). </p> </div> <div data-rss-type="text"> <p> If you are cross referenced with someone with similar or identical names, you can come to one of our free credit classes and get a free manual that goes into detail for dealing with this. Remember, we have our free on the second Saturday of every month. Call our office at 505.899.1448 to sign up. </p> </div> <div data-rss-type="text"> <p> Until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Wed, 02 Oct 2013 19:31:00 GMT https://www.creditrescuenow.com/dont-let-someone-elses-credit-problems-slow

Your own personal credit FAQ https://www.creditrescuenow.com/personal-credit-faq <div data-rss-type="text"> <p> 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. </p> </div> <div data-rss-type="text"> <p> <b> Q. Will it hurt my credit score to close my credit card? </b> <br/> A. Yes it will. A total of 15 percent of your credit score is length and history, so by closing the account, all history you have built up is gone, thus dropping your credit score. If you close the card with a balance you will lose additional points because you have dropped an account with a balance. Just pay the card down to zero and charge something very small once every four to six months and pay it off. This will preserve your credit score. </p> </div> <div data-rss-type="text"> <p> <b> Q. Why did my credit score go down when I paid an account which was a collection agency? </b> <br/> A. When a collection account is paid it does drop the credit score because it updates the Profit and Loss date, date of collection and date of last activity. You still need to pay the account if you legally owe it and all your information is being reported correctly to the reporting agencies. </p> </div> <div data-rss-type="text"> <p> <b> Q. My credit card company has lowered the credit limit on my card as I bring my balance down. Why? </b> <br/> A. All credit card companies practice damage control and will review how you are paying your other creditors. If you’re maxed out on all your credit cards, or have new delinquencies and new collection accounts on your credit report, creditors will start lowering the limits and even close your credit card accounts even if they have never been paid late. This is how they control their losses. Just get everything in good shape on the credit report, then call the credit card company back and ask for a review of the credit request they stop lowering the credit card limit because it is hurting your credit score. Remember, a credit card at its limit is 30 points off of your overall score. </p> </div> <div data-rss-type="text"> <p> <b> Q. I was told that if I pull my credit many times for an auto or home loan, as long as the credit was pulled in a 30 day period for the same thing, that it would not hurt my credit score. What are the facts? </b> <br/> A. this is not true. We found that six inquiries a year will not hurt your credit score. Past that, ten percent of your score will be affected, so plan your credit pulls. </p> </div> <div data-rss-type="text"> <p> <b> Q. What constitutes a delinquency on my credit report? How late to be to affect my credit score? </b> <br/> A. A lot of clients have advised me they were told by their bank they have to carry a small balance to help there score. This is not true. If you charge on this card, this is a transaction that you pay off when your statement comes in. This is an update to your report, and then your last activity will be updated. It is the best to pay your balance off every month. </p> </div> <div data-rss-type="text"> <p> I hope this information was helpful to you all. Till next time, good credit to you and remember we have a free workshop with free credit manuals on the second Saturday of every month. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Wed, 02 Oct 2013 19:29:00 GMT https://www.creditrescuenow.com/personal-credit-faq

Take care of your credit while renting https://www.creditrescuenow.com/take-care-credit-renting <div data-rss-type="text"> <p> 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. </p> </div> <div data-rss-type="text"> <p> When renting a home or apartment, one of the first things to do is investigate the area and call the local police and find out the crime level in the area. If you are thinking about renting an apartment, be sure to ask how many times the police have been to this apartment complex. Many consumers have walked out on their contract due to unexpected crime at the apartment complex or surrounding areas. </p> </div> <div data-rss-type="text"> <p> Also, be sure to get a lease that properly fits your future. Don’t take sign a one year lease if there is a possibility for a job change. It is best to do six months at a time if possible. </p> </div> <div data-rss-type="text"> <p> Before signing a contract, walk through the apartment or home with the manager and document all imperfections in the dwelling and have the manager or owner sign it. Follow up with photos of every room. Put this documentation in a file and don’t lose it, because we have seen management change hands and the new person will have no documentation of the imperfections you found. This will save you from being charged excessive fees, and you will cut down on many problems when moving out. </p> </div> <div data-rss-type="text"> <p> Now, if you have a judgment on your credit report for rental that you had early termination on, go back to that house or apartment you lived in and ask the new tenant when they moved in. Because if they moved in right after you moved out, the judgment can be dismissed because management cannot charge the same rent twice. </p> </div> <div data-rss-type="text"> <p> Protect your family and rent wisely. And until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Wed, 02 Oct 2013 19:27:00 GMT https://www.creditrescuenow.com/take-care-credit-renting

Get the errant debt collector off your back https://www.creditrescuenow.com/get-errant-debt-collector-back <div data-rss-type="text"> <p> Get the errant debt collector off your back! </p> </div> <div data-rss-type="text"> <p> A lot of consumers are receiving collection letters for debts they never heard of. </p> </div> <div data-rss-type="text"> <p> Many times this comes from “skip tracing,” when a collector cannot find the consumers who owes them money. There are many avenues to try and locate the consumer-and in some cases get the wrong person. </p> </div> <div data-rss-type="text"> <p> If you receive such a letter from a collection in error, I’ve provided a letter that can be sent to the collector to get them off your back. Simply send it by certified mail, so there is proof of receipt. The collection company cannot call, write or put a remark on your consumers report until the dispute is revoked. </p> </div> <div data-rss-type="text"> <p> To the right is an example of a “cease and desist” letter to the debt collectors. </p> </div> <div data-rss-type="text"> <p> Remember, we have free credit workshops along with free manuals on the second Saturday of each month. Until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Mon, 30 Sep 2013 19:20:00 GMT https://www.creditrescuenow.com/get-errant-debt-collector-back

Credit is not a barrier to home ownership https://www.creditrescuenow.com/credit-barrier-home-ownership <div data-rss-type="text"> <p> 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. </p> </div> <div data-rss-type="text"> <p> I specialize in preparing credit for a home loan qualification. I have seen loans done with as little as 580 credit score. I work with a lot of mortgage lenders and have seen this happen firsthand. </p> </div> <div data-rss-type="text"> <p> Another thing that many consumers do not know is that you can have up to $1,000 in negative debt and still qualify for a home loan. Mortgage lenders go by your mid score: if Equifax is 660 credit score, Trans Union is 640 and your Experian is 200, your lender is going to go with 640 credit score to qualify the loan. Even if you have a present “late pay” on your records (as long as the late pay can be explained), you can still qualify for a mortgage. </p> </div> <div data-rss-type="text"> <p> Another good point to be aware of is that every three years you go without owning a home you become a first-time home buyer, which comes with (in most cases) down payment assistance through Mortgage Finance Authority. So if you lost a home to foreclosure four years ago, you should be okay to buy again within three years. (There may be some exceptions to this, but you will not know unless you try right?) </p> </div> <div data-rss-type="text"> <p> This is one of the best times to buy a home in history with very low interest rates which will allow you to have low house payments for what you already paying for each month in rent. Do not attempt to buy a home unless your financial environment is stable, of course, but don’t let vague worries about credit stop you. </p> </div> <div data-rss-type="text"> <p> Home ownership can be an important piece of your retirement. You owe it to yourself to explore options. </p> </div> <div data-rss-type="text"> <p> Until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Mon, 30 Sep 2013 19:19:00 GMT https://www.creditrescuenow.com/credit-barrier-home-ownership

ID theft now targets the very young https://www.creditrescuenow.com/id-theft-now-targets-young <div data-rss-type="text"> <p> <b> Editor’s note: The text of this column ran in the last issue of Local iQ with the wrong column signature and tagline. </b> </p> </div> <div data-rss-type="text"> <p> As we all know, ID theft in this country has gotten out of control. Identification thieves use personal information they steal to acquire credit or to commit crimes in someone else’s name. That this causes many Americans great financial distress, and expenses goes without saying. </p> </div> <div data-rss-type="text"> <p> You know this has gone too far when ID theft is committed against our children. Two recent cases of ID theft involved the perpetrators acquiring a child’s Social security number. In the first case, the child’s information was stolen when from the middle school he went to. By the time he turned 19 and went to start his credit journey, his credit was destroyed because credit cards and even two homes were brought to his name, all while he was under the age of 18. </p> </div> <div data-rss-type="text"> <p> In another case a child was named after his father, and his father turned around and used his social security number to acquire many levels of credit. By the time the young man turned 19 years of age, his credit was also ruined. Furthermore because he did not file a police report against his father, I had to send the 19 year old kid to file bankruptcy. </p> </div> <div data-rss-type="text"> <p> This is the reason a child’s social security number is the most sought-after. The person committing the ID theft now has an 18 year window to use the child’s Social security number. Slick, yes, but it is happening. </p> </div> <div data-rss-type="text"> <p> Measures you can take to protect your children include, first, being very selective about who you release your child’s Social security number to. If you have to give out your child’s Social security number, question the person you give it to. Ask them how safe your child’s personal information will be, and be sure to get the name of the person the information will be given to </p> </div> <div data-rss-type="text"> <p> Secondly, pull your child’s credit report every one to three years to make sure the report is clear. If it is clear it should come back as no record found. This will indicate the credit report has not been compromised. </p> </div> <div data-rss-type="text"> <p> If your child’s personal information has been compromised, I recommend monitoring with Life Lock. Just go to LifeLock.com <br/> We at Credit Rescue Now provide free credit education workshops on the second Saturday of each month from 11a to 1pm. learn more about credit and how it works, and also learn how to protect your child’s personal information. And until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Mon, 30 Sep 2013 19:17:00 GMT https://www.creditrescuenow.com/id-theft-now-targets-young

There is life after bankruptcy https://www.creditrescuenow.com/life-bankruptcy <div data-rss-type="text"> <p> 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. </p> </div> <div data-rss-type="text"> <p> Let’s start off with the most commonly filed bankruptcies: Chapter 7 is full liquation dismissal of all debts; Chapter 13 ids debt reorganization, where your debts are paid back through a court trustee; and Chapter 11 is a business bankruptcy debt reorganization. <br/> Although bankruptcy should be your last resort, it is a provision that is necessary for consumers who are at the end of their financial resources and their debt outweighs their income. But there is life after bankruptcy, and quicker than you think. </p> </div> <div data-rss-type="text"> <p> I send about 10 consumers a month to file bankruptcy because they don’t have the income to settle their debts, but I can help them restore their credit after filing. My average client, after filing for bankruptcy, will be back in the 600 range within 80 days of discharge and in the 700s within one year. </p> </div> <div data-rss-type="text"> <p> In rebuilding your credit after bankruptcy, pull your credit report to make sure all your creditors are reporting zero balances and delinquencies after bankruptcy you will need to contact the credit reporting agencies to get your credit report corrected. </p> </div> <div data-rss-type="text"> <p> The next step is to re-establish your credit. First thing, stay away from companies who offer you a credit card with a large processing fee. These accounts usually do not end well. The best thing to do is open a secured loan, first for $500 with a bank or credit union; they will give you a loan against your own money. Once you have completed this, go to another bank or credit union and open a $500 secured credit card. This will give you one installment loan and one revolving account to start building your credit. (If you don’t know where to establish credit, U.S. new Mexico Federal Credit Union will open both accounts at the same branch using the same deposit.) </p> </div> <div data-rss-type="text"> <p> Within 60 days or less of completing these steps, your credit score should go into the 600s. It is very important not to use 30 percent of the credit card limit, because if you do it will drop your score. The upside: Within two years of bankruptcy, you can buy a home if was not included in the bankruptcy. If it was included, then it is three years. You can purchase a vehicle right after discharge, in most cases for less interest than the one included in bankruptcy. </p> </div> <div data-rss-type="text"> <p> As you can see, bankruptcy is not the end of your financial future, it’s the beginning of a new one. Folks, remember, just because you have credit issues does not make you a bad person. You’re just one of thousands caught up in the pitfalls of suffering economy, and it is your time to do well with new credit. </p> </div> <div data-rss-type="text"> <p> Don’t forget, if you need help we have a free credit education workshop and free credit manuals on the second Saturday of every month from 11a-1p. Call our office at 505-899-1448 to RSVP. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Mon, 30 Sep 2013 19:16:00 GMT https://www.creditrescuenow.com/life-bankruptcy

Debt settlement companies: your best friend or worst foe? https://www.creditrescuenow.com/debt-settlement-companies-best-friend-worst-foe <div data-rss-type="text"> <p> 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? </p> </div> <div data-rss-type="text"> <p> Let us dig a little deeper into this phenomena. Did you know that any debt that a debt settlement company settles which exceeds $600 will need to be claimed by the consumer as an income to the Internal Revenue Service? So, if a consumer settles $100,000 in debts, $50,000 of that must be claimed as income with the IRS. In addition, the debt settlement company must receive a fee for their service, which is a percentage of the total debt and is often deducted prior to the actual creditors. So let’s put this all together: if you are paying the debt settlement company a percentage of your debt, paying creditor, and having an additional portion of funds claimed as income by the IRS, how much money are you really saving? </p> </div> <div data-rss-type="text"> <p> In the past three years I’ve encountered countless consumers who have fallen victim to some of more unscrupulous settlement companies, making monthly payments to them for over a year while no payments were being made to the actual creditors- which in many cases caused the accounts to be referred to collections, thus inflicting even more damage to the creditor’s history. </p> </div> <div data-rss-type="text"> <p> Furthermore, a debt settlement company cannot prevent a creditor from sending an account to collections or even pursing legal actions against a consumer during the settlement process if they are not being paid. </p> </div> <div data-rss-type="text"> <p> While there surely are legitimate debt settlement companies that do indeed help consumers escape their financial dilemma, many of them are under government and local state agency investigation for illegitimate practices, so know what to look for and what to avoid. <br/> Most importantly, ask questions. Get all the facts before you sign on the dotted line. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Mon, 30 Sep 2013 19:13:00 GMT https://www.creditrescuenow.com/debt-settlement-companies-best-friend-worst-foe

Know the score about credit https://www.creditrescuenow.com/know-score-credit <div data-rss-type="text"> <p> Credit bureau scores are often called “FICO Scores” because most credit bureau scores used in the U.S. are produced from software development by Fair Isaac and Company (FICO). FICO scores are provided to lenders by major three major credit reporting agencies; Equifax, Experian and Trans Union. </p> </div> <div data-rss-type="text"> <p> The credit score number based on an analysis of information contained in a credit report, which provides an indication of how likely a person, is to repay his or her debts. The number can range from 300 to 900. FICO scores provide the best guide to future risk based solely on credit report data. The higher the score, the lower the risk. </p> </div> <div data-rss-type="text"> <p> Here’s how your credit score is determined: </p> </div> <div data-rss-type="text"> <p> Looking at this breakdown, the length of time you have had credit is one of the most important parts of your credit score. Your credit cards are what push you into the 700 to 800 point range. The longer you have them in good standing, the higher your score increases. When you close a credit card this will have the opposite effect, this will drop your credit score drastically, because you closed out all history you have built on this card. </p> </div> <div data-rss-type="text"> <p> Remember a credit card should just be a tool to improve your score. Just small purchases and pay off the card every month. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Mon, 30 Sep 2013 19:11:00 GMT https://www.creditrescuenow.com/know-score-credit

Varied credit accounts impact score https://www.creditrescuenow.com/varied-credit-accounts-impact-score <div data-rss-type="text"> <p> Varied credit accounts impact score. Many times I am asked what the difference is between a revolving credit account and an installment account? I find that clearing up this confusion can help consumers make educated decisions about their credit. </p> </div> <div data-rss-type="text"> <p> A revolving account is the most common kind of credit account, with credit cards being the most obvious example. With a revolving account you are required to make a payment each month – either the minimum due, or more if you choose – and keep doing so until the balance is zero. </p> </div> <div data-rss-type="text"> <p> An installment loan is another form of consumer credit. But unlike a revolving account, an installment loan can be paid ahead to avoid monthly payments. For example, if you are going out of town for three months, with an installment loan you can pay ahead for 90 days so you will not need to worry about another payment until the fourth month. </p> </div> <div data-rss-type="text"> <p> Those are the two most common types of consumer credit, but there are variations you should also keep in mind. <br/> For example, another revolving account is equity line of credit, usually offered against the equity you have built up in your home (it is also referred to as a Helock loan). Most consumers do not realize that this type of loan is a revolving account, so it affects your score like a credit card. </p> </div> <div data-rss-type="text"> <p> As with a credit card, your credit score will drop if you use an equity line of credit to the limit. In fact, unless you keep your use of the loan at or below 30 percent of the limit, it could lower your credit score. Therefore, if you have a home equity loan and it’s as a limit or even close to it, and you are having trouble paying it down, you should refinance the equality line into your main mortgage. </p> </div> <div data-rss-type="text"> <p> Don’t get me wrong, an equality line of credit is a very useful tool- as long as the loan is kept under control. But also remember, a revolving account at its limit can negatively affect your credit score 25 to 30 points. </p> </div> <div data-rss-type="text"> <p> Until next time, good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Mon, 30 Sep 2013 19:09:00 GMT https://www.creditrescuenow.com/varied-credit-accounts-impact-score

The ins and outs of credit closure https://www.creditrescuenow.com/the-ins-and-outs-of-credit-closure <div data-rss-type="text"> <p> <span> <span> The ins and outs of credit closure. A credit card is a helpful tool to aid in the ascension of any consumer’s credit score. A revolving account, such as a credit card, is the only way to establish length in credit history, which accounts for 15 percent of a person’s credit scores, they are eventually paid off and therefore no longer contribute to the evaluation of credit scores. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Just as obtaining a revolving account can boost credit scores by 15percent, closing a revolving account, even in good standing, will actually cost the consumer 15 percent off his or her credit score. Furthermore, a consumer can expect and additional 45-point loss for closing a credit card account it still has a balance. The credit score system does not differentiate between a closed account with a balance; they are both closed accounts with a balance, and therefore can both trigger this 45-point reduction of a consumers overall score. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> The best way to put a credit card to work for you to pay off the balance, but keep it open and active by making a small monthly purchase and paying it off when the statement is received. This technique will help credit scores climb without incurring any debt. </span> </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Thu, 26 Sep 2013 14:07:00 GMT https://www.creditrescuenow.com/the-ins-and-outs-of-credit-closure

Simple tips prevent ID theft https://www.creditrescuenow.com/simple-tips-prevent-id-theft <div data-rss-type="text"> <p> <span> <span> Identity theft is an issue reaching epidemic proportions. It is an invasion of legal privacy and can fell like a personal violation as well. Yet there are things to prevent it. There are simple tips to prevent ID theft. <br/> </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Be proactive to protect your information and your credit. I recommend you review your credit report twice a year, carefully inspect it for any possible indicators that your information has been compromised. Here’s what you should be looking for: addresses you’ve never lived at, jobs you’ve never had, names you don’t go by any extra social security numbers that are not yours, any inquires you yourself did not authorize and of course any trade lines for accounts that do not belong to you; these are key indicators that someone is fraudulently using your personal information. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> It is also a good idea to contact the three credit reporting agencies- Equifax, Experian and Trans union- and request that a consumer statement be placed on your credit file advising them not to grant credit to anyone who is in possession of the signature and social security card at the time of application. You may also have your phone number placed on your file so that the credit grantor may contact you for authorization if the above documents are not provided. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> While credit monitoring services are helpful, they alert you to identify theft only after it has taken place. In an attempt to be proactive, it would be best to use a company that locks your information to prevent theft from happening at all. One example of such a company would be Life Lock. I can testify that I have, on more than one occasion, experienced the effects of Life Lock when I was unable to pull to pull a credit report for a client until they unlocked their information by contacting Life Lock and providing a pin number for authorization. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> Those are just a few of the tools you might utilize to protect yourself from identity theft. </span> </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Thu, 26 Sep 2013 14:06:00 GMT https://www.creditrescuenow.com/simple-tips-prevent-id-theft

Be proactive, track your health care bills https://www.creditrescuenow.com/be-proactive-track-your-health-care-bills <div data-rss-type="text"> <p> <span> <span> Over the past 24 years I have seen a very big problem consistently show up consumers’ credit reports: Many people who have had medical issues think their medical care was paid for by insurance, only to see the unpaid bills end up in pursuit for back payment. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> This is a minor problem for consumers. It costs a person’s credit score 45 points for each unpaid bill turned over for collections. But there are things you can do to educate yourself about the issue and avoid this mistake. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> If you go to a doctor or clinic, the visit is given a code by a medical transcriber, who them submits the code to your insurance company. This does not mean the bill will be paid automatically. Given how complicated coverage is these days, it’s quite possible the bill will not get paid, and the whole time you may think it has been. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> You have been proactive with your health care and make sure you follow the process from the doctor to insurance company. I have been through six major surgeries myself and I learned this from personal experience. It is important to always make sure to have your hospital bills audited. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> I personally was charged $700 for prescription, and when audit was done it turned out to be a $700 box of tissue. As you can see, it’s best to make sure to have your medical bills audited, which you can request from the hospital. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> If the insurance is being billed correctly and they are hesitating to pay, this is another issue to look into. The New Mexico Department Of Insurance (DOI) governs all insurance companies, and no insurance company wants your claim to be investigated, only to be looked into. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Remember, be proactive. And until next time, good credit to you. </span> </span> </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Thu, 26 Sep 2013 14:04:00 GMT https://www.creditrescuenow.com/be-proactive-track-your-health-care-bills

Keep your cool, your cards and your credit https://www.creditrescuenow.com/keep-your-cool-your-cards-and-your-credit <div data-rss-type="text"> <p> <span> <span> The holidays are long past and the dust of new year has settled, but many people are still facing the familiar new hangover of elevated card balances. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Many of my clients ask me this time of year, “What is the best way to handle paying down my credit cards, and in which order?” It doesn’t matter if your limit is $500 or $5,000- if your limit, it affects your score for the same reason you are better off to start with the smallest card and start from there. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Remember, a credit card at its limit can cost up to 30 points off, the smallest ones first to get a quick score increase. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Every year many consumers get into credit card disputes with their creditors over purchase or charge backs. If this happens to you, don’t get upset and close your account because of how your credit card company is handling your dispute, it will be you who loses. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> I can tell you how many clients get upset with the credit card company and say, “I’m going to teach you, you just lost a valuable customer, close my account.” And then they find out their credit score dropped 15 percent because they closed a credit card that carries credit history. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> A closed account with a balance can drop your credit score up to 45 points. So keep your cool and keep credit. Until next time good credit to you. </span> </span> </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Thu, 26 Sep 2013 14:02:00 GMT https://www.creditrescuenow.com/keep-your-cool-your-cards-and-your-credit

Protect your credit while buying a car https://www.creditrescuenow.com/protect-your-credit-while-buying-a-car <div data-rss-type="text"> <p> <span> <span> Many consumers do not look forward to an automobile purchase, and never really know what to do. They go in blindly, unaware of the traps and hazards of the auto buying game, and end up hurting their credit in the process of purchasing a vehicle. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> When shopping for an automobile, you must go with a plan. First, learn everything you can, including available features and pricing. A knowledgeable is a smart customer. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> When you have all the information on the automobile you want, check your credit scores with Equifax, Trans union and Experian. Take the reporting agency that reflects your highest score, then call to the different credit unions and ask what reporting agency they use to authorize loans. When you find the one that uses the same reporting agency that reflects your highest score, go see a representative at the credit union and apply for a loan. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> By doing this research on your credit scores and with credit unions use which credit reporting agencies, you will insure the best interest rate, because the higher the score the better the interest rate. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Many times when you just let the dealership for a financial institute to finance your auto loan, you end up with many inquiries, lowering your credit score. Besides that, it’s just more wiser to look after your own best interests in a significant transaction like this. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> If the dealership is selling a vehicle for $20,000 and the credit union shows the auto is worth $15,000 the credit union will give you pre-qualification letter for $15,000, which will most cases be accepted, saving you $5,000. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> I also recommend buying a one-year-old automobile so you don’t suffer first-year depreciation. And a car that’s just a year old you still have a warranty. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Happy hunting, and till next time, good credit to you. </span> </span> </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Thu, 26 Sep 2013 13:59:00 GMT https://www.creditrescuenow.com/protect-your-credit-while-buying-a-car

To co-sign or not to co-sign https://www.creditrescuenow.com/231 <div data-rss-type="text"> <p> <span> <span> One time or another, are children or family members will ask that question: Will you co-sign for me? Many times it’s hard to say no to our loved ones, but that is exactly what we need to do. Say no! </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Over the last 23 years of helping consumers with credit problems, I have seen many instances were of consumers co-signing for their family members, only to find themselves not able to buy things they need. Why? Because the person they co-signed for missed their payments, or had their item repossessed. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Remember, by co-signing you are just as responsible as for the debt as the person for whom you co-signed. The account will be on not just the credit report of the person you co-signed for, but you credit report as well. Therefore, every time the person you co-signed for gets a late notice, you get a late notice. Whatever happens to their credit happens to yours. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> Each “late pay” is 35 points off your credit score, which can hurt your credit qualification up to a year or more. In many cases, you will not know the account is late for up to 30-60 days before you hear from the collection department. </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> When your children and family members ask you to co-sign, the best thing to do is to offer to help them establish their own credit by using the “red robin” method. Here’s how it works: </span> </span> </p> </div> <div data-rss-type="text"> <p> <span> <span> If your family members take this simple approach to establish credit, they can obtain their own loan without your help. Until next time, good credit to you. </span> </span> </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Thu, 26 Sep 2013 13:59:00 GMT https://www.creditrescuenow.com/231

Don’t fall prey to false bill collectors https://www.creditrescuenow.com/dont-fall-prey-to-false-bill-collectors <div data-rss-type="text"> <p> Consumers across America are being contacted by unlawful collection agencies. Bill collectors are posing as police officers who threaten to lock up consumers for debts for they do not owe. </p> </div> <div data-rss-type="text"> <p> A recent good morning America segment that told a story of a women who was scared so badly when false bill collectors told her she would be locked up and never see her family again that she gave them $2,000 over the phone. </p> </div> <div data-rss-type="text"> <p> In my job as a credit advisor, I had clients across the country tell me they were advised debt or deported for not for not paying their debts. Some were even told they would be arrested at their place of employment. </p> </div> <div data-rss-type="text"> <p> Remember, a bill collector cannot threaten to do something they cannot legally do, nor have intention of doing. This is a violation of fair Debt and Collection Practices Act. Also a bill collector cannot a message on your answering machine or with your family or friends that owe you debt. This is another violation of your rights. </p> </div> <div data-rss-type="text"> <p> Many bill collectors will leave a message they are calling about certain case number, then give you the number, when in fact this is really the account number. This is unlawful. A case number is connected to an already filled court action, so if a bill collector calls about a case number, it is unlawful to refer this way unless the agency or law office is collecting on a case already filed. </p> </div> <div data-rss-type="text"> <p> How do you know if the collection agency is real? A bill collector, upon contact with a consumer, must first identify themselves and what company they are calling from. They also, upon request, have to give the consumer a full accounting of debt on letterhead to validate a company as well as the debt. This is a good way to prove or disapprove the legitimacy of a company collecting debt. A consumer may also contact the New Mexico attorney general’s office to have a company checked out. </p> </div> <div data-rss-type="text"> <p> Remember, if you think your rights have been violated and you are unsure, you can call Credit Rescue Now and get free advice over the phone, or you can come to Credit Education Classes where you will get a free manual on your rights. Until next time good credit to you. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Thu, 26 Sep 2013 01:27:00 GMT https://www.creditrescuenow.com/dont-fall-prey-to-false-bill-collectors

To Whom It Will Concern https://www.creditrescuenow.com/will-concern <div data-rss-type="text"> <p> <em> Date: </em> <br/> <em> Re; Acct# </em> <br/> <em> Your name </em> <br/> <em> Address </em> <br/> <em> The company name </em> <br/> <em> Address </em> <br/> <em> To whom it may concern: </em> </p> </div> <div data-rss-type="text"> <p> <em> This will serve as your legal notice under Federal Fair Debt Collection Practices Act (FDCPA) to cease all communication with me in regard to the debt reference above. Do not contact me, or any third parties, via the telephone regarding this debt. </em> </p> </div> <div data-rss-type="text"> <p> <em> Furthermore, I formally dispute this debt. Please provide me with documentation that supports why you think this debt belongs to me and why you think I owe this amount. Please send me copies of the original application for this account, any signatures associations with this etc. The documentation you provide does not prove this debt is mine. Again, I have never had an account with this company. </em> </p> </div> <div data-rss-type="text"> <p> <em> You are also notified that should any adverse information be placed against my credit reports, appropriate actions will be taken under the Federal Credit Reporting Act (FCRA). </em> </p> </div> <div data-rss-type="text"> <p> <em> Thank you for attention to this matter, </em> <br/> <em> Sincerely, </em> <br/> <em> Your Name. </em> </p> </div> <div data-rss-type="text"> <p> </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Sun, 15 Sep 2013 19:21:00 GMT https://www.creditrescuenow.com/will-concern

Information on credit reports can be rife with inaccuracies https://www.creditrescuenow.com/information-on-credit-reports-can-be-rife-with-inaccuracies <div data-rss-type="text"> <p> I have been reviewing credit reports for 24-plus years, and in all my time I have never seen a one completely accurate report. Inaccurate reports cost lending institutions across the country millions upon millions dollars in lost revenues due to erroneous reporting, as well as millions lost to consumers due to higher interest rates as a result of inaccurate information on their credit reports. </p> </div> <div data-rss-type="text"> <p> Inaccurate credit reports are a problem which most consumers do not know how to correct. In many cases they end up working with a company that may just end up taking their money with no resolution. </p> </div> <div data-rss-type="text"> <p> <b> How to spot wrongful reporting </b> </p> </div> <div data-rss-type="text"> <p> Here are some of the things to look for when hunting <b> </b> for <b> </b> inaccuracies in your credit report. </p> </div> <div data-rss-type="text"> <p> The balance should reflect zero once the debt has been sent to collection. It is unlawful to report the same debt twice accounts reflecting delinquents past the date of payoff. Public records : Look for this field on your credit report , many times you will find judgments or tax lines that were paid , yet are still reported owing. </p> </div> <div data-rss-type="text"> <p> These are the most common credit report mistake. To see the most common credit report mistakes. To see actual examples I have posted some videos on YouTube. Just type in “Credit Michael Ramos” and you will see four videos. Look for the one on credit reporting to learn more about on how to take care of your own credit. </p> </div> <div data-rss-type="text"> <p> At credit Rescue Now we will pull your credit report (the fee $35 for a single person, or $45 for couples) and review it with you for free. That’s another way to make sure you catch inaccuracies on your credit report. </p> </div> <div data-rss-type="text"> <p> <a href="http://www.local-iq.com/index.php?option=com_content&task=category&sectionid=24&id=135&Itemid=80&limit=15&limitstart=0" target="_blank"> Featured on Local-IQ.com </a> </p> </div> Tue, 10 Sep 2013 02:18:00 GMT https://www.creditrescuenow.com/information-on-credit-reports-can-be-rife-with-inaccuracies