Are you feeling confused or guilty about your credit problems? There is a lot of blame to go around. Don’t feel you have to shoulder the load all by yourself. Lets take a moment to review how you got here and how the credit companies helped.
If you remember back a few years ago interest rates were low and all you had to do was sign a paper and you could get a loan, easy money. Now interest rates are even lower, but money is tighter than ever, why? To buy a house you need at least 20% down, a 780 credit score and 25% debt ratio to buy a house. What a difference from a few years ago.
There were political and financial reasons the system flooded the consumer markets and I’m sure there were other reasons we don’t know of. Another thing, why did the credit card companies lobby so hard to amend the bankruptcy laws a few years ago. My point is some Sec and other political leaders knew problems were coming because of loose lending practices, but are now pleading ignorance.
I’m tired of these guys always pointing the finger at consumers stating they should have read the fine print. To a degree we are responsible, but they also took advantage of human nature and temptations. If you know a persons weakness is food and you always flaunt a delicious pie or cake in front of them are you not guilty of exploiting their weakness, so were the financial companies of this U.S.A..
They recklessly flaunted credit to people while marketers paraded Plasma TVs, Cars, Houses and any other goods they could profit from. This was all done in the face of consumers whose weakness was to consume even though they knew some could not pay down the road. This is not to nullify you do have financial responsibility for yourself, but you were exploited. Don’t’ let these so called congressional representatives and corporate big shots lay the total blame on you. The real victims are people who didn’t get caught up in this mess and are caught in the middle now.
Anyway, this has opened the door for some smart lawyers to look closer at the credit laws and open the door for Debt Invalidation. The credit card companies may lobby to change these terms, but it will take time.
You can get more information about this from the Debt hub Read the articles, ads and more, get as much information as you can for your debt problems. It’s worth reading Credit Cards which has a short history lesson, this will give you some insight into the manipulation you have been subjected to.
When you find yourself with credit problems, and you feel there is no way out, you will find yourself in need of a credit law repair service. Usually this means using a lawyer to help you correct the information on your credit report. There are some law firms that help you get yourself out of financial trouble and make yourself credit worthy quickly and efficiently.
The credit law repair company is usually an experienced attorney who has direct experience in credit matters. He or she will come up with great repair solutions to help you get out of debt, returning you to your former credit worthiness. The great thing about these programs is that they are legal and credible. They help you by getting the credit reporting agencies to remove inaccurate, unverifiable and sometimes misleading information from your credit report.
Law firms that perform credit law repair, will help you even if your report shows charge-offs, repossessions, garnishments, or even bankruptcies, which show up on your credit report incorrectly.
Many millions of Americans find that they have information on their credit report that simply does not belong to them. They may be turned down for their dream home, a means of transportation and any other credit products due to incorrect and inaccurate information that may appear on their credit report.
The Fair Credit Reporting Act (FCRA) lets consumers check and challenge any erroneous information that may appear on their credit report. Once the consumer has made such a complaint, it is then the job of the credit reporting agency to investigate the validity of the account, if within 30 days they are unable to “prove” the accuracy of the claim, the agency is required by credit law to remove the listing and provide the consumer with a report showing the removal of such item.
Credit law repair services will help the consumer to remove inaccuracies, raise your credit score and give you the credit worthiness to get a new car loan, a home loan or a lower interest rate on credit cards. Some consumers will try to go it alone and get the items removed.
However without proper procedures and especially if there are hard to remove items, a credit law repair service has a far better way to help correct your situation. They already have experience in removing information such as lost and stolen credit cards, bankruptcy, and divorce, as well as any other problems that may have arisen.
Common techniques of credit law repair services include analyzing your credit report, then helping you choose which of your items to dispute. They will then challenge the credit reporting agencies’ accuracy and make them “prove” that the debt was indeed made by you.
They will help you to remove bad credit inaccuracies and replace them with good credit that will allow you to buy your dream car or home, in addition to eliminating the pressures of bad credit items.
Consumer credit law. Just the name sounds ominous. It brings up images of debtors prisons and courtrooms where credit attorneys argue about your worth as a person just because you are not able to pay your debts as agreed. Don’t worry. There aren’t any more debtors prisons. But a low credit score might make you feel like you’re in one.
Listen, things happen. Circumstances change. Creditors sometimes wear blinders. All they want is their money. Credit law is daunting and complicated. I know I constantly preach about how you can settle your debts yourself, and I believe that you can. You need the right education, the right tools and above all the commitment. In some cases, you are going to need someone specializing in consumer credit law.
Even after you have negotiated and settled your debt, marks and blemishes can remain on your credit file for years. This can (and it’s frankly certain in this economic climate) prevent you from getting home and auto loans. Even if you are able to borrow, you will get the highest rates and end up spending money on increased fees and charges to offset what the lender perceives at an increased risk.
Even if the negatives on your credit report aren’t your fault, as in the case of identity theft. The majority of credit reports contain errors of some kind. And even if the entry is accurate, but negative, you need to try to get it removed.
You have debt rights. You have the law on your side. The FDCPA ( Fair Debt Collection Practices Act) protects you from unscrupulous creditors. But you do have to have a foundation, a basic knowledge of debt law. I don’t usually speak too highly of lawyers, I mean, who does. But the truth is that we all hate ‘em, until we need ‘em.
Debt laws are made to protect you. But a good credit lawyer can’t hurt. These guys have taken on creditors and collection agencies before. They know what the credit bureaus can and can’t do. They know the procedures that can quickly get negatives removed from your credit report.
I’m not singing their praises. I’m just saying that the time comes for a little help, when you may not feel you know enough about credit law. You may need to turn to a professional who is experienced at dealing with credit bureaus and can make sure your credit rights are not violated!
If you have issues like a credit judgment or two on your credit report, there are procedures to get this removed. Getting a judgment vacated is not easy, but it can be done. It’s really the experience factor that I think is important here. Credit lawyers have done this before. They already know what we as consumers would have to learn. And even after we learn it intellectually, we are still completely unfamiliar with the court procedures. If you are unable to get the debt judgment vacated, it can remain on your credit file for 10 or more years.
Practicing credit report law takes time to learn. While there are a lot of simple things you can do to correct your report, not all reports are simple. Many, in fact most, have numerous errors. In the case of identity theft, the errors and negative information can be almost insurmountable. Identity theft is definitely an area where you are going to need to contact an attorney who practices consumer credit law to correct the issues on your credit report.
The Equal Credit Opportunity Act states that all lenders will apply the same credit standards to all consumers, without prohibiting by race, sex, marital status, national origin, religion, age, or public assistance program involvement. This does not guarantee the approval of a loan or credit but does insure that all consumers are given an equal chance to obtain credit. The only acceptable measurement for creditors to use is your ability to pay your debts.
Many applications will contain questions about your sex, your race, or your nationality. You are not required to answer such questions on an application for credit. These may be asked in conjunction with fair housing laws or affirmative action laws, but these are completely optional. Furthermore, you should not be asked about your marital status, unless your partner will help secure and use the loan. You may be asked your age under the Equal Credit Opportunity Act, but only to determine if you are old enough to obtain credit (usually 18 years old in the U.S.)
All creditors must notify any applicants of their decision within 30 days. If the application is denied, the creditor must provide a written statement detailing the outcome or decision along with the reason for the denial and information on the applicant’s rights. This act helps ensure that a certain standard is kept with all applications for credit – no matter who the applicant is.
The Fair Credit Reporting Act gives individuals the right to view their credit report. To disseminate this, each citizen can receive one free credit report every 12 months. The act allows individuals to receive their credit history for all three national credit reporting agencies. In reviewing his or her credit, disputes can be logged against specific items on the credit report, allowing the consumer to police the credit reporting agencies. If the correction to your credit is not up to par, you can also add a brief statement of 100 words or less clarifying the particular item.
The act was instituted to uphold the accuracy and privacy of an individual’s information in credit reports. It was also passed with the intention of curbing identity theft, an ever-growing crime. By reviewing one’s credit report each year, he or she could determine if any sort of identity theft had occurred.
Both acts help protect you by insuring the fairness of the lending industry while allowing you to take control of your credit history and ensure its accuracy. Maintaining good credit begins by learning all you can about how credit reporting works. By understanding these laws, you are taking a positive step in creating good credit for a stable financial future.