Credit Tip: If your credit card or loan application is rejected due to information supplied by a credit bureau, federal law requires the creditor to give you the name of the bureau that supplied the derogatory information. If you contact that credit bureau within 60 days of receiving the denial, you are entitled to a free copy of your credit report.
Credit Tip: If you find an error in your credit report, you are entitled to have it investigated by the credit bureau and corrected at no charge. However, if negative information on your credit file is accurate, then only time and responsible credit habits can help restore a bad credit history.
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Paying bills at times can be troubling, especially when debts are spiraling out of control. Getting into debt seems to creep up and some become a major problem. To add to the stress, late notices and phone calls about not making payments are never ending.
Being in debt can become so bad that late accounts get turned over to debt collectors, then there is the added worry of wondering if a home or auto will be lost. People endure financial problems every day and debt problems can rise quickly due to personal mistakes, illness, not having a job, or overspending. No matter what the reason is, not being able to pay bills can seem overwhelming. Thousands of consumers have to deal with making a decision about how to find debt relief.
As stressful as managing debts is, the important thing is to not let debts pile up and get worse before seeking some kind of guidance. There are options for learning how to budget, seeking credit counseling, debt consolidation or negotiation, or as a last resort to file bankruptcy. Finding what will work for your needs is most important.
Many times the decision made will depend on the amount debt, what effect the decision will have on the future, and how serious you will be about getting control of bills. Some people try the do-it-yourself plan and attempt to create a budget. This can be new for some people who never considered what their income is, or how they have been spending their money. This is why many people find themselves in debt.
To try to manage debts that are late, consider contacting creditors and try to get them to change the payment schedule. This could help ease some of the financial burdens temporarily. It is best to try to work out arrangements early before late debts keep building along with any late fees. If debt collectors are contacting you, there are rules they must obey. They are not suppose to harass you or use unfair practices when trying to collect a debt.
For auto or mortgage loans that are not being paid, there is the risk that lenders could repossess the auto or foreclose on the home. Unlike unsecured debts which are not linked an asset, secured debts are linked to some collateral. In the case of an auto, it could be repossessed even without notice, if it is in default. To get it back, may require that not only the balance on the loan is paid, but the fees for towing and storage costs may also need to be paid. Some people who have financial problems may decide to sell an auto and pay off the loan.
Mortgage payments that are late can sometimes be worked out with the lender. They may be willing to lower or suspend the payments for a while. Sometimes the terms may be able to be changed by extending the repayment period to reduce the monthly debt. Ask if there are any fees for any changes.
Many people are not able to get debt relief until they seek out a professional who can present to them some choices. When there does not appear to be an easy answer, professionals may be able to give some input. Doing nothing will only lead to more debt problems. Debt quotes are usually free, and it may provide some solutions. Be sure to review the website for any information before applying for a quote. The more you can learn about specific debt relief options, the easier it can be to make a decision.
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Daily Credit Fact: In Chapter 7 Bankruptcy, a trustee is selected who collects non-exempt property, sells the assets, and distributes profits to the creditors. It is different from other bankruptcy filings because the debtor doesn’t need to make payments to the trustee. With Chapter 13 Bankruptcy, the debtors are allowed to keep all of their property while the court approves a new interest-free plan for repayment.
Daily Credit Advice: Establishing a good credit history; or rebuilding damaged credit, should be your first step before applying for a loan or credit card. The next step is to decide which type you need, whether a secured or an unsecured credit card, an auto or a personal loan, etc. Only then should you compare offers and finally submit an online application.