Home buyers who take the necessary steps to improve their credit scores prior to house hunting save significantly over the life of their loans, compared to buyers who wait to fix their scores until they’re ready to buy. Low credit scores negatively affect home buyers by reducing their available loan options and increasing their financial […]
Debt Relief and Your Credit Score
If you are looking into debt relief programs and landed on this page, chances are you’re reading because you want to know the impact to your credit report and credit score if you use credit counseling, debt settlement, or bankruptcy as a way to resolve debt. You may have already realized that needing one of […]
Credit Card Consolidation with a Lower Interest Rate Loan
Get comfortable, because debt consolidation is, first and foremost, about consolidation loans, which will take a little bit of time. You’re on this page because you have recently realized that your debt is too high, or it may start to become difficult to deal with if you don’t take some kind of action soon. It’s […]
Why Settling Credit Card Debt is Like Running a Race
I know that last article about the types of accounts to consider settling (if you have the luxury of choosing) was a lot to digest , but it’s a vital step in the settlement process. Settling credit card debt for less than what you owe is not rocket science, but there is a formula to […]
5 Things You Won’t Hear From a Debt Settlement Company
There are some concerns you should be aware of if you hire a debt settlement company to help you settle credit card debts. These concerns are mostly related to debt settlement companies and their ability to settle debts with some creditors. But there are other key business practices used by the debt settlement industry that […]
Debt Forgiveness and Taxes when Creditors Forgive or Abandon Collection
Settling debt for less than the balance you actually owe involves debt forgiveness. Your creditor is forgiving a portion of the debt owed to them because collecting something from you is better than nothing. But there are IRS rules for your creditors to follow if the amount forgiven exceeds $600.00. Your creditor is required to […]
Debt Roll Up (aka Debt Snowball) Approach to Paying Down Credit Card Debt
The Debt Roll Up process (often referred to as debt snowball) is simple to understand and implement. This method to pay down credit card debt requires commitment and discipline. The approach is straight forward. You simply pay more than the required minimum payment on one credit card until it is paid off. Once you knock […]
Date of Last Activity is Important For Credit Repair and Settlements
Date of last activity (DOLA), or date of last payment (DOLP), appears on your credit report for virtually every trade line that appears. Fixed loans like a car or mortgage payment are reflected on your credit report, as are credit cards that you have. This date of last activity is significant beyond how it “looks” […]
Getting Debt Settlement Letters and Agreements
Short answer A verbal agreement is not a settlement. Get the deal documented in a settlement letter, check that the letter contains the items that protect you, and only then send money. Paying off a settlement without a written agreement is a mistake you will regret if the account resurfaces later. Key points on this […]
The Best Way to Pay Collectors After Negotiating a Debt Settlement
Negotiating and settling debts that are past due at all stages of debt collection is thoroughly discussed throughout this site. With all of this detailed information and discussion, don’t forget to plan and prepare for one of the basic elements of settling your credit card debt. All successful debt negotiations have two things in common…a […]