Tag: fast credit repair

The Truth About Debt Consolidation

Myth: Debt consolidation saves interest, and you have one smaller payment.
Truth: Debt consolidation is dangerous because you treat only the symptom.

Debt consolidation is nothing more than a “con” because you think you’ve done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can’t borrow your way out of debt. You can’t get out of a hole by digging out the bottom. True debt help is not quick or easy.

Larry Burkett, noted financial author, says debt is not the problem; it is the symptom. I feel debt is the symptom of overspending and undersaving. Our financial coaches will not recommend debt consolidation for a client. Why? Because debt consolidation doesn’t work.

 

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Repairing your credit: Go it alone or hire a credit repair company?

Every consumer who uses credit has a credit record — and is it ever powerful.

Every time you apply for credit or a loan, creditors obtain your credit record to verify your worthiness. But, the use of these reports has broadened. Insurance companies have begun to use them to determine premiums or deny coverage. Potential employers may even want to check out your credit worthiness.

 

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5 Ways to Quickly Boost Your Credit Score

 

Despite what all the advertisements say, there aren’t many ways for you to boost your credit score quickly and legitimately. Many of the advertised tactics revolve around disputing old, negative information in the hopes that the original creditor won’t respond and the mark will be removed. It’s an entirely legitimate technique but it’s a little dishonest. Some companies also advocate writing a letter to the original reporter of negative information and asking them to remove the mark for one reason or another. While less dishonest, it goes against the spirit of how the score was intended and while I have no problem with it, I think there are several honest moves you can make to give your score a boost without resorting to these tactics.

 

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