Archive for: September 2013

Should I Use a Credit Repair Attorney to Repair My Credit?

When looking for credit repair, do you need a credit repair attorney or a credit repair company? Each year, thousands of consumers applications for credit, insurance, home and auto loans are rejected due to bad credit or inaccurate information on their credit reports. So, when looking for professional help to repair your credit, you might ask; “Do I need a credit repair attorney or law firm to repair my credit?”  The answer is, probably not.

A credit repair attorney and a professional credit repair company utilize the same laws, they take much of the same procedures, and use much of the same methods for repairing your credit.   The actions and duties they undertake to repair your credit are often identical.  But, lets say you don’t pay your creditor on time and they decide to take you to court in a lawsuit, most credit repair attorneys are not going to represent you in court, but often consumers believe or assume they will simply because they hired an attorney. So why would you pay a law firm a higher monthly fee, if you can get the same result from an affordable credit repair company?

When you evaluate and compare reputable credit repair companies and law firms, you might ask; “Can I hire a professional credit repair company, and expect the same or better results than hiring a credit repair attorney?” The answer is, yes.  Now you are comparing apples to apples, one companies service record against the others, and one companies prices against the others – that is just smart shopping. But often, people just assume that when they hire a credit repair attorney or law firm, they are getting some additional legal services or expertise.  Unless your agreement specifically states they will take additional legal actions at no additional cost, then you are simply just paying a higher monthly fee for no additional services, and that’s just not very smart – it means you are paying for the perception of expertise instead of paying for results.

It is good to work with a credit repair professional that has experience and expertise at an affordable price – that too is just smart shopping.  However, some companies and law firms claim they have hundreds of thousands of clients.  While that may sound like a valid point, the question is not how many clients they have served, but what percentage of them remain happy clients?  Is there any way you can verify that they have had hundreds of thousands of clients?  No, of course not, so remember, just because they say it, or put it one their website doesn’t mean that it’s true, nor does it mean the client got what they paid for. There are some attorneys and law firms who specialize in specific legal issues that relate to credit repair, or may include credit repair services.

Issues such as identity theft, garnishment, divorce, bankruptcy, unemployment, disability and accident injury cases can also have a negative affect on your personal credit.  In which case, you should talk directly to the attorney to discuss what legal actions will be taken in addition to their normal services. So how do you choose between a professional credit repair company and a credit repair attorney? You should choose the company who, based on your interactions with them, leads you to feel comfortable that they value your business, give you the attention you need, and can do what they say they can do, without any exaggeration or misleading claims that you can’t verify.  It does not matter what they did for some other hundreds of thousands of people, the only thing that matters is what they can do for you, and how well they can do it, and if they are competitively priced.

Four Strategies to Avoid Family Debt

debt

Financial threats can visit families in many different forms.

A health crisis, student loans or a broken transmission can all lead to unexpected debt.

While the average family share of credit card debt is $15,325, NerdWallet notes American consumers owe $11.16 trillion to creditors.

Mention a formal budgeting process to families, and you’ll most likely get an eye roll that would make any teenager proud.

When even seasoned economists can’t agree on where the economy is going, how is the average family expected to know what is best for their economic futures?

 

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Simple Solutions to Life’s Most Stressful Financial Problems

If you’re losing sleep over money matters, being blinded by stress can sometimes mean you miss the most obvious solutions to your troubles. If you’re worried you might be that person, then take our advice and double-check you’re not missing out on implementing a simple solution to your financial problems.

– My House Won’t Sell

– I Can’t Secure A Job Interview

– My Debts Are Crushing Me

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Common Financial Mistakes You Make in Your Twenties

financial mistakes

For many of us in our twenties, we experience the elation of suddenly earning substantially more than we’re otherwise used to; long gone are the days of babysitting and summer jobs. Of course we’re excited to treat ourselves for all of our hard work, but the decisions us ladies make in our youth can haunt us for years to come. Therefore, you should try your best to avoid the financial mistakes that are all too common among adults in their twenties!

Foreclosure and creditworthiness.

Foreclosed on your home and wondering how it affects your creditworthiness?  How a foreclosure affects your credit history and creditworthiness may vary based on your specific circumstances and how you manage your credit following the foreclosure. The foreclosure typically stays on your credit report for up to seven years from the date filed. Initially, a foreclosure may cause your credit score to drop more than 200 points. The exact figure will vary based on other aspects of your credit history. This drop may make it difficult to obtain any loans or credit right after the foreclosure. However, if you continue to pay your other accounts and debts in a timely fashion, you may not have to wait a full seven years to successfully apply for a new mortgage or installment loan. There are many factors for the creditor to consider during the application process. Many mortgage companies won’t approve a new mortgage for you for at least two years following a foreclosure, but that is not a hard and fast rule. If you have a hefty down payment and a low debt-to-income ratio, you may be more likely to get an underwriter approval. So what happens after seven years? After seven years, make sure to check your credit report. The law generally requires credit reporting bureaus to remove the foreclosure from your record after seven years. Having this removed may not have an immediate affect on your credit score, but it will no longer play a factor in the underwriting process.