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How to Rebuild Good Credit -
Four-Part Financial Literacy Series Offers Consumers Free Education (ARA) - In today's uncertain economy, the ability to manage one's finances can mean the difference between fiscal stability and barely getting by. Acquiring the knowledge needed to stay on top of your personal financial management is vital. But harried consumers find it difficult to get the financial information they need.
Two organizations have formed a partnership to provide a convenient, accessible option for improving consumers' financial literacy. National consumer advocacy group Consumer Action and credit card provider Capital One are offering a series of free educational materials that teach responsible personal finance skills entitled Money Wi$e. The series presents in simple, straightforward terms the building blocks for developing and honing skills such as saving, budgeting and balancing a checkbook.
“We kicked off the program a year ago by addressing how credit works and we've now come full circle to provide guidelines for improving one's credit,” says Diana Don, Capital One's director of financial education.
The final educational topic in the Money Wi$e series, “Rebuilding Your Credit,” brings to light the significance of having a solid credit history and the impact one's credit has on securing loans and renting apartments -- even obtaining employment. For those with damaged credit, it covers ways to start afresh and rebuild a positive credit record.
Tips from the “Rebuilding Good Credit” brochure include:
Q: What can I do to keep my credit in good standing?
A: Avoiding late payments is a great place to start. If you are unable to pay your bills in full, make the required minimum payments due on credit accounts and arrange payments on other bills. Keeping a calendar of when your credit card payments and other bills are due can help you track your finances.
Q: I've seen advertisements for companies that claim they can repair my credit. Are they legitimate?
A: Legally, credit repair companies can only take the same steps you can. Save your money -- only time, discipline and patience will repair damaged credit. “With fewer than 30 percent of lower-income adults aware that there are free resources available to help them to better manage their finances, it is important to prevent language and income level from becoming hindrances to understanding one's personal finances,” adds Ken McEldowney, Consumer Action's executive director. “We believe that everyone has the right to free resources to help them help themselves and we want to help provide them.”
In addition to the written materials, the Money Wi$e program offers training events in which Consumer Action representatives conduct one-on-one training on how to counsel community groups on the basics of the Money Wi$e program. The Money Wi$e Train-the-Trainer events are open to participating community-based organizations. Credit Report Errors - Sample Dispute Letter Date
Your Name
Your Address
Your City, State, Zip Code
Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code
Dear Sir or Madam:
I am writing to dispute the following information in my file. The items I
dispute are also encircled on the attached copy of the report I received.
(Identify item(s) disputed by name of source, such as creditors or tax
court, and identify type of item, such as credit account, judgment, etc.)
This item is (inaccurate or incomplete) because (describe what is
inaccurate or incomplete and why). I am requesting that the item be
deleted (or request another specific change) to correct the information.
Enclosed are copies of (use this sentence if applicable and describe any
enclosed documentation, such as payment records, court documents)
supporting my position. Please reinvestigate this (these) matter(s) and
(delete or correct) the disputed item(s) as soon as possible.
Credit Report Errors - Sample Dispute Letter
(Use this sample as template to dispute credit report errors and avoid a bad credit rating. )
Sincerely,
Your name
Enclosures: (List what you are enclosing)
Life After Debt – Strategies for Dealing with Problem Debt
Honorably and ethically rid yourself of burdensome debts using the little known Negotiation Strategy, without having to experience the loss of control and privacy associated with filing for bankruptcy, consolidation, or credit counseling.
The inability to reduce debt and saving money are the two biggest obstacles preventing Americans from living financially sound lives. National statistics show that money problems play a role in 80 percent of all divorces. One in 54 households will declare bankruptcy. Debt is at an all-time high, particularly credit card debt. The total amount of consumer debt in the United States is nearly $1.4 trillion.
If you are one of the millions of Americans burdened with debt and have trouble making those never-ending monthly payments, help is available. You don't need to go it alone. If you are a typical American family, you have $25,000-$30,000 worth of credit card debt (excluding mortgages, car loans, and student loan payments), and you're paying $500 to $900 every month in endless minimum payments.
Like you, many people continue making their minimum monthly payments believing that they are making progress. They are living in a state of denial saying "Someday, somehow, something will happen. Things will get better, and my debt problem will be gone." Then years go by and they only find themselves in a downward spiral getting nowhere. They have paid their creditors thousands of dollars but their debt load never gets lighter. For example, if you were to continue making minimum payments on a $9,000 debt, and not add any more debt, it will take you over 10 years to pay it off. You will end up spending many thousands more than the original amount and 80% of the money paid will have gone to interest and fees. Most people add more debt as they go, so the reality is this - Without an aggressive approach to terminating debt once and for all, you will NEVER get rid of debt.
Today, people have options. There are four strategies for dealing with problem debt you will see advertised: |
