What is Debt Consolidation
Credit Card Debt Consolidation
Medical Debt Consolidation
7 Tips About Debt Consolidation
Common Debt Consolidation Mistakes
Debt Consolidation
Risks of Debt Consolidation, Types of Debt Consolidation Loans, Pros & Cons
Balance Transfer or Debt Consolidation?
Debt/Credit Calculators
 
Discussion Forum
 
Credit Counseling and You
Non-Profit Credit Counseling
 
Consequences of Credit Card Default
Effects of Credit Card Default
9 Common Credit Card Mistakes
Eliminate Credit Card Debt in 90 Days
Credit Card Debt
10 Expenses You Can Not Afford If You Have Credit Card Debt
Truth About Credit Card Companies
Should I Tear Apart My $300 Limit Credit Card - The Worst Credit Card Ever?
Disputing Credit Card Debt
401k vs Credit Cards: Where to invest?
 
Debt Settlement Letters
Sample Letters
Write a Powerful Debt Validation Letter
Reputable Debt Settlement Agreement
 
Debt Settlement vs. Debt Consolidation
Dangers of Debt Settlement
Avoid Debt Settlement Pitfalls
Debt Relief Tools/Debt Management Programs
Debt Settlement FAQs
Is Debt Settlement Money Taxable?
 
Reduce Medical Debt
Free Bill Consolidation: Does it exist?
Budgeting to Stay Debt Free
10 Debt Reduction Mistakes
Should I Pay Off my Debt or Save Up for a Down Payment on a House?
Bill Consolidation
Three Secrets to Lowering Your Debt
Tips To Lower Your Bills
 
Government Debt Help
Debt Help During Recession
Debt Relief During a Recession
What Debt Relief Means
 
Pay Off $50,000 Debt
Worried About Bills?
Money & Debt Videos
Report Illegal Collection Activity
Managing Medical Bills
Medical Debt & Bankruptcy
The Facts on Debt
Debt Quotations
Drowning In Debt?
Who to pay first?
Managing Debt FAQs
Medical Debt Solution
12 Hot Tips for Eliminating Debt
7 Debt Elimination Mistakes
2 Ways to Achieve Debt Elimination - Debt Snowball Elimination Method
 
Payday Loan Consolidation
Payday Loan Debt Consolidation
Payday Loan Relief
Default on a Payday Loan?
Payday Loans | Consumer Information
Problems with Payday Loan Stores
Bad Credit Loan Relief
How Payday Loans Work
 
What is Loan Consolidation?
How to get a $50,000 loan
Get an $80,000 Loan
$100,000 Loan for Debt Repayment
Veteran's Home Loan Refinance Options
Government Loans vs. Private Loans
Finding a Government Loan
Student Loan Consequences
 
Reputable Debt Consolidation Companies
Debt Consolidation Company Reviews
Reputable Debt Management Companies
List of Debt Companies in USA
Debt Companies By City
 
How Debt Affects Your Credit
What is shown on my credit report?
Improve Your Credit Score
Correct Credit Report Errors
Can Debt Settlement Ruin Credit?
Can Debt Negotiation Ruin Your Credit?
 
401k Limits
Safe CD Rates
Financial Planning
Banks versus Credit Unions
AMEX Horror Stories
IRS Tips For Audit
Choosing a Tax Preparer
American's not planning for long term care
Understanding Usury Laws
Unemployed During A Recession
FREE Government Grants
Where does money really come from?
 
About Us
Contact Us
6 Payday Loan Debts Owe
Borrow a Loan to Pay Off Payday Loan?
My husband was out of his job and Payday Loans were rolling over

Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Correcting Your Credit Report

Nothing in this world will ever run without a hitch – at least, not so long as humans are pulling the strings. If you value your credit, then it is important to keep tabs on your report regularly and dispute errors. Although credit reporting agencies (also called credit bureaus) should only report accurate and current information, the final say and ultimate responsibility lies in your hands to make sure of it. You also have the burden of proof if you ever have to appear in court, so make sure you leave a clear and unmistakable paper trail. In other words, send everything via certified mail, make copies of every document mailed, and keep detailed records of every action you take.

Video: Dealing with credit report inaccuracies

1. Get Your Credit Reports

If you aren't already keeping a close eye on your credit report, you may not become aware of a problem until you are denied credit. Whether you are preventing that situation or trying to fix it, the first thing is to get your credit reports from TransUnion, Equifax, and Experian – the major credit bureaus. You can get your report from each company once each year at no charge through Annual Credit Report Service, or pay a fee to receive it directly from the bureaus. Just keep in mind the information on each report since your creditors may not report to every bureau.

2. Understand What Can Be Removed

Fixing errors on your credit report(s)Just because something is negative doesn't mean it should not be on your report. Your credit report must contain all credit and debt data so long as it is accurate and up-to-date. You may dispute wrong information, duplicate information, and old negative information. “Wrong” information includes accounts you never opened, lawsuits you were never a part of, and data relating to someone else's name. Duplicate information sometimes happens out of error – you may wish to have it removed so creditors don't count it twice. Last, most information on your credit report should not be older than seven years. Some data, such as bankruptcy, student loans, and child support arrears stay longer. Check your state's statute of limitations on those items, as they can vary from state to state.

3. Take Action to Remove Inaccuracies

You will need to file your dispute with the bureau via website, phone, or mail. They will need some kind of identification (typically your social security number), a description of the inaccuracy, and what the information should reflect. If you have any documentation on your side (like court papers or copies of cashed checks) you should include those too – and don't forget to make copies and send it via certified mail. After 30 days a dispute notation should have shown on your credit report and the creditor given a chance to prove their case. If the creditor fails to verify the information, the bureau will have to stop reporting it – but that does not mean it has been deleted. If you receive a letter stating the item has been deleted along with an updated copy of your credit report, then the item has been permanently purged from your report. Otherwise, do not assume the change has been made.

Video: The impact of inaccuracies on your credit reports

Important Last Steps

Most of the time the above steps are enough to remove inaccuracies. However, if your case is different, write a letter to the creditor explaining why the information they are reporting should be changed along with any documents which support your case. If you still haven't been able to get the change you would like, you can write a letter of explanation which will be attached to your report. This is 100 clearly written words explaining your side with supporting facts and sent to the three major credit bureaus. You never know, those 100 words could make or break your credit application.

Annual Credit Report Request Service
877-322-8228

Experian
888-397-3742

TransUnion
800-916-8800

Equifax
800-685-1111