The Twelve Days of Credit: A guide to unanswered questions about your Credit Report and History….
1. Did you know an FTC study found that about 25 Percent of Credit Reports could contain errors?
2. Some credit scoring models essentially count multiple hard inquiries, as one. As long as both loans are for the same type – ie auto or mortgage – and within a short period of time.
3. Loans you have co-signed for could appear on your credit report the same as your other accounts do. If you are thinking of co-signing, consider your own credit score as well.
4. If you are concerned about Identity Theft, a Fraud alert could make it more difficult for someone to open a new account in your name.
5. Make sure to track your Credit Utilization Rate. Try keeping your Credit Card Utilization Rate below 30%. Higher utilization rates could negatively affect your overall Credit Score
6. Lenders could close your accounts due to inactivity. To keep your current credit accounts active, try to use them regularly for at least small purchase. Of Course you should never forget to pay your bills!
7. Adverse Accounts are accounts in which information may lead potential creditors to view you as a risk. Account information includes name, address and phone number of creditor, your account number, current balance and highest balance, account limit, account status, account type and the date you opened the account. The report lists how much money is past due and how many times the account a payment has been made 30/60/90 days late. Bankruptcies, liens, foreclosures and judgments will be listed in this section.
8. Debt Validation is a consumer’s right to challenge a debt and/or receive written verification of a debt from a debt collector.
9. If you are considering using Credit Cards to earn cash back or rewards points this
Season, be sure to read the fine print. Some cards require you to enroll in rotating categories or have other limits on rewards. Always check and ask your credit card issuer for specific Details.
10. Most bankruptcies filed in the Unites States are either Chapter 7 or Chapter 13 cases.
So what is The Difference?
• Chapter 7 is a liquidation bankruptcy designed to wipe out your general unsecured debts such as credit cards and medical bills. To qualify for Chapter 7 bankruptcy, you must have little or no disposable income.
• Chapter 13 is a reorganization bankruptcy designed for debtors with regular income who can pay back at least a portion of their debts through a repayment plan. If you make too much money to qualify for Chapter 7 bankruptcy, you may have no choice but to file a Chapter 13 case.
11. Late or missed payments Can and Will reduce your overall credit score. Considering enrolling in auto-pay if you are a busy person who tends to be forgetful.
And on the TWELFTH day of Credit …someone brought up Credit Repair….
12. Credit Repair is the easiest and fastest way to increase your overall Credit Score. We work hard to dispute unfavorable or derogatory items that currently exist on your Credit Report. One should consider Credit Repair when looking to buy a new car, a new home, or anything that involves the need to present your personal credit score.
About Nationwide Credit Clearing…
Nationwide Credit Clearing has been in the credit repair business for 28 years. Nationwide Credit is the “high end boutique” of credit repair. We handle all of the work for the clients from start to finish. We give the client a free credit report consultation on day one. For us. however, It’s not just about signing up clients- we want to help them reach their goals. We Care!
Nationwide Credit is the largest credit repair company in Chicago and was told by one of the major credit bureaus six years ago that we were one of the top 3 largest companies in the country. Having such volume going through our company has opened up the doors with the credit bureaus. Two out of the three updated credit reports are sent directly to the Nationwide Credit corporate office.
Now, isn’t it time you checked your current credit score? It’s easy, just Contact us Below:
