credit: FCRA and Federal Requirement Regarding What Creditors Report to the Bureaus - 09/03/08 11:34 PM
Q & A's for September 2008
Hello,
Regarding a corporate credit card account that was about to charge off and was not yet currently reporting on the client's personal credit report, A bank rep offered a settlement and told my client that the "pursuant to federal guidelines" the … (0 comments)
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credit: Re: I have been asked this several times - How would you respond? - 09/03/08 11:26 PM
Q&A's for September 2008
Re: I have been asked this several times - How would you respond?
I’m a loan officer who tries to help my clients with their credit and have had several people contact me with fair to good credit and they are going to … (0 comments)
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credit: Re: Check System derogs - 09/03/08 11:03 PM
Q&A's for September 2008
Re: Check System derogs
What is the best way to resolve issues when credit reports reflect overdraft issues?
Example: When checks that bounce and the customers are tagged within the Check System on their black list. Is there a way these clients can get … (0 comments)
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credit: Re: Help with a collection account - 09/03/08 10:49 PM
Q&A's for September
Re: Help with a collection account
Hello, I have a client that has a collection for a “What’s In Your Wallet” card from 12/07. Her ex-boyfriend took the card from her without her knowledge from her purse and charged it up. She didn't recognize it was … (0 comments)
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credit: Counting the 7 Years for Removing Accounts from Credit Reports - 09/03/08 10:28 PM
Welcome to this weeks Q&A
Question:I have a question sir:To get an account removed due to age ofaccount, is it 7+ years from DLA withthe original creditor or 7+ years sinceDLA with the collection company?Thank you.Reply:For an example like that (acct that went to collection) they should both come off … (0 comments)
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credit: Re: Short Sales - 08/16/08 11:40 PM
Daily Q & A's
RE: Short Sales
I have a client that sold his primary home as short sale. The second mortgage company, which is a different lender from the first lien holder. The second mortgage has placed a collection of $74,548 on the credit report. Is it safe … (0 comments)
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credit: RE: What to due if you get a collection dunning letter - 08/16/08 11:14 PM
Daily Q & A's
First of all, what is a Dunning Letter?
Answer: It is an over due letter to the customer which talks about customer over due amount and due date, a reminding letter of missed payment.
How do we approach collector's dunning letters?
I suggest to … (0 comments)
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credit: Judments reported on the credit report after a Bankruptcy: Daily Q & A - 08/16/08 10:57 PM
New Daily Q&A’s
Judgment question: If a judgment is included in a Bankruptcy, should the "Amount" for the specific judgment be 0 and should "Status" for the same judgment show "satisfied" on the client's credit report? Reply: Any debt discharged in a BK would have the debt cloaked and … (0 comments)
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credit: How the Credit Scoring Model Works on CD Free - 07/18/08 01:51 AM
How the Credit Scoring Model Works on CD Free
For those who live in California we do LIVE credit improvement and overall financial health seminars for your office and or clients, it is about an hour and a half seminar. Read our testimonials to see how people go wow!
… (0 comments)
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credit: Changes in Credit Score when Collection DLA gets updated... - 07/18/08 01:21 AM
Changes in Credit Score when Collection DLA gets updated...
There has been conflicting issues about what happens when a consumer pays off a collection and how after they pay it off their FICO score goes down. Common sense would say if you pay a bad debt off, that this is … (1 comments)
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credit: WHY CREDIT INQUIRIES CAN REALLY HARM YOU? - 07/17/08 10:55 PM
WHY CREDIT INQUIRIES CAN REALLY HARM YOU?
Have you ever had a client that is purchasing a home start doing credit inquiries during the transaction and next thing you their score is 25 to 50 points lower?
Do you want to know why credit inquiries affect your score so much? … (4 comments)
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credit: An Encounter with Mr. Doomsday - 07/16/08 02:09 AM
An Encounter with Mr. Doomsday
I’ve been going to the same specialty coffee house for years and I have met many people that have become friends, clients and acquaintances.
I met a guy a couple of months ago while I was relaxing having a cup of coffee and … (0 comments)
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credit: Steps to keeping creditors happy and off your back - 07/16/08 12:07 AM
Steps to keeping creditors happy and off your back
If you can’t afford to pay your creditors what you owe, paying them at least something will keep them happy and off you back.
Be in good communication with each creditor and pay each one as much as you can.
Use … (0 comments)
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credit: Tour de France and Your FICO Score - 07/15/08 01:18 AM
Tour de France and Your FICO Score
I’m an avid watcher of the Tour de France and noticed a lot of similarities in the struggles of life’s finances and the grueling trials of the race.
This year during the Tour a racer, Cadel Evans crashed, completely wiped out, … (0 comments)
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credit: Avoid credit repair scams - 07/15/08 12:01 AM
Avoid credit repair scams
Cleaning up your credit history could get you into more of a financial crunch if you hire the wrong company.
Here's how to not get conned.
These days’ banks are tightening up their guidelines and are clutching on tighter to the almighty dollar, making it harder … (0 comments)
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credit: Top 7 Things NOT To Do (The 7 Deadly Credit Sins) - 07/11/08 01:37 AM
Top 7 Things NOT To Do (The 7 Deadly Credit Sins) 1. Do NOT attempt to repair your credit without being properly informed. You need to do your research before attempting to repair your credit file or you may do more harm than good. 2. Do NOT file bankruptcy until … (0 comments)
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credit: How Do I Negotiate a Debt - 07/11/08 01:30 AM
How Do I Negotiate a Settlement in a Debt Case?
I AM BEING SUED. IS IT TOO LATE TO WORK OUT A SETTLEMENT AGREEMENT? No. The parties can agree to settle a case at anytime before the judge enters a final ruling.
WHAT ARE THE ADVANTAGES OF SETTLING … (0 comments)
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credit: Sample Cease & Desist letter - 07/11/08 01:23 AM
Sample Cease & Desist letter
(Send certified mail, return receipt requested)
Date:
From: (you: name and address)
To: (the original creditor and or the collection agency: name and address)
RE: (account name and number)
Dear______,
This Letter will serve as your … (0 comments)
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credit: When getting a secured credit card can help - 07/11/08 01:16 AM
When getting a secured credit card can help
Secured credit cards:
We recommend getting a few of these types of cards when a client has either not enough good and open credit, or no current accounts in good standing;
The benefits:
*You can build a new clean … (1 comments)
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credit: TAKE CONTROL OF YOUR FINANCIAL FUTURE- 4 STEP ACTION PLAN - 07/11/08 01:10 AM
TAKE CONTROL OF YOUR FINANCIAL FUTURE- 4 STEP ACTION PLAN
STEP #1- MAKE A BUDGET
TRACK YOUR SPENDING FOR AT LEAST ONE WHOLE MONTH AND KNOW WHERE EVERY DOLLAR IS GOING BY GOING THROUGH YOUR BANK STATEMENTS AND RECEIPTS
DO THE “SURVIVAL BUDGET” TO FIND OUT … (0 comments)
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