Taking Actions For Improving Derogatory Financial Situations And Credit Repair
Many people have suffered with credit troubles especially in the current economy. While we all want to have excellent credit the fact is that sometimes life throws us a curveball and things happen that are past our control. However, credit troubles can cause a good amount of difficulty for an individual because with low credit scores and bad credit it is tough if not impossible to acquire credit, you can be charged much higher interest rates or you may have to put down more security if you do get credit.
However, there are some steps you can take to repair your credit. The very first thing to do is to get a current credit report from each of the three credit reporting companies. In the United States they are Experian, Equifax and TransUnion. Each year you are permitted one report for no cost or you can also get a combined report that contains all three in one for a fee.
After you get your report you will need to scrutinize it for mistakes and inaccuracies. There are most likely some mistakes on your report because it is predicted that as many as 79% of all credit reports have errors. You have the right to dispute anything that you consider might be erroneous on your report.
Credit reporting agencies are merely paid to supply the information, whether it is correct or not is immaterial to them. If the information is erroneous or mistaken on your report you are the only one who suffers because of it, therefore you must do what you can to make sure that your credit report is as precise as possible.
Back in the 1970's the Fair Credit Reporting Act was enacted to protect consumers. This law gives you the right to dispute anything that you deem to be untrue or inaccurate on your credit report. You must submit a formal written dispute to the credit agencies and after they receive the dispute they have between 30 and 45 days to either verify the accuracy of their listings or remove it from your report.
You essentially have an advantage when you make a dispute because the credit bureaus only make money from compiling and selling information and they lose money with disputes. If you offer solid evidence and you have a good case you almost certainly have a good chance of getting the negative listings removed.
As you are attempting to repair your credit with disputes you should also attempt to re-establish some new good credit. Pay everything on time and if you can try to pay down the balances on your current debt. A significant portion of your credit score is based upon how much credit you have obtainable compared to how much credit you have used. The highest scores belong to those who have access to credit but don't actually use it.
Rebuilding and repairing your credit can be completed; you just need to take the actions to get started. If your job and financial circumstances are in order but you still have bad credit now is the time to do what is necessary to repair your credit.
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Comments on Taking Actions For Improving Derogatory Financial Situations And Credit Repair
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your credit score is? damaged for 7 years whether you settle or not; so, why the hell pay anything?
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Good analysis … but it missed one big link … regulations on banks (ie: forcing banks to loan to bad credit risks in order to increase minority home ownership). Many banks did stupid things? … but much of the stupidity was because the gov't was twisting their arm. So yes, the banks share a part of the blame, but I would suggest it is 80 – 20 with the gov't being 80% to blame.
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CORRECTION ! :
THREE (3) THINGS TO REMEDY ANY & EVERY CONTROVERSY IN THE UNITED STATES OF AMERICA …………
(1) THE CONSTITUTION OF THE UNITED STATES OF AMERICA !
(2) THE CONSTITUTION(S) OF THE SEVERAL [50] STATES OF THE UNITED STATES OF AMERICA !
(3) THE PEOPLE(S) AND-OR NATURAL-BORN, NATIONAL-LEGALIZED & NATURALIZED CITIZENS OF THE UNITED STATES OF AMERICA !
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a user by the name of pebs has popped up and said there is a saudi group doing due diligence and is going to pay 615 million and incur the current debt. Also said the stadium funds are available and 160 is in the pot for players including david villa.
pebs or should I say dunce forgot to watch skysports today as it fully understood that david villa is off to barca. Also why would anyone pay 615 million when only last week the club was valued somewhere between 500 and 525 million. even more unbelievable that pebs post was not in the joke section. If there was ever a thread worthy of locking dunce, this was it
Get A Free Credit Report With No Credit Card Payments: In the USA the Fair Credit Reporting Act (FCRA) enables c…
The three credit bureaus (Equifax, Experian and TransUnion) are the agencies responsible for your credit score. The scoring mechanism is based on the system developed by Fair Isaac. The scoring is directly affected by your credit history listed in your credit report. You cannot predict the outcome of your score…
The following is an email reply from the Straits Times. I leave it up to the reader to decide whether they have missed my point or not.
"that fact that minorities were represented disproportionately among sub-prime borrowers has been noted numerous times in the mainstream press. If I remember correctly, it was also mentioned in one or the other presidential debates — during the Democratic primaries season. It is not an unknown fact. We ran the piece because it was well argued, authoritative — and forceful.
Prof Mishan is an eminent economist. He virtually wrote the textbook on Cost-Benefit Analysis. Anyone who has studied economics over the past 30-40 years, would have used one or the other of his books. Prof Mishan would have had no difficulty getting published anywhere — in New York or London or anywhere else.
Here, at random, an artice on minorities and sub-prime loans. If you google, you will find more. Prof Mishan, incidentally, is "liberal" — he generally falls on the left on various issues.
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A 'smoking gun' on race, subprime loans
Fresh evidence shows minorities in Boston more likely than whites to get them when buying home
By Kimberly Blanton, Globe Staff | March 16, 2007
New evidence shows that blacks and Latinos in Boston were more likely to get a high-cost, subprime mortgage when purchasing a home than were white borrowers at the same financial institutions.
Fifty-five percent of black and Latino borrowers in metropolitan Boston who obtained loans for single-family homes from seven US lending institutions had subprime loans, compared with 13 percent of white borrowers, according to a study prepared for the advocacy group Massachusetts Affordable Housing Alliance. The study, by a University of Massachusetts at Boston economist, analyzed 2005 mortgage data submitted by lenders to regulators. Similar patterns emerged in separate analyses in Charlotte, N.C., Chicago, Los Angeles, New York City, and Rochester, N.Y.
The Federal Reserve Bank of Boston recently said borrowers falling behind on high-cost subprime loans was a major factor behind the record 15,000 foreclosure notices filed in Massachusetts Land Court in 2006.
The study "is the first smoking gun on the subprime market in the metropolitan area that captures some of the dynamics around race, class, and neighborhood that many of us have been worried about for a long time," said Tom Shapiro, a Brandeis University sociology professor who studies homeownership and wealth issues in the context of race.
Real estate agents, economists, and housing researchers said it is well known that subprime loans are prevalent in minority communities in Boston and surrounding communities. What is much less clear is why.
Some said that because blacks and Latinos have lower incomes, on average, and fewer assets such as savings, investments, and real estate, they often do not have the down payments white borrowers bring to the table . Subprime loans charge higher interest rates to compensate the lender for the risks associated with customers who have low credit scores or large credit card or other debts. Subprime lenders pioneered what is known as "100 percent" mortgages, which finance the entire purchase price of the home.
"It's part institutional. It is also part geographic and about who's operating where. But the race part is also still there," Shapiro said.
Doug Duncan, the chief economist for the Mortgage Bankers Association, said "it is a matter of public record" that a higher percentage of minorities have subprime mortgages than do whites. But when lenders deny loans to any customer, "almost exclusively the reason for denial is credit quality," which is based on credit card levels, incomes, employment history, and other factors, he said.
The new study examined seven major lenders that make so-called prime mortgages to borrowers with high credit scores but also make subprime loans, often through a separate subsidiary. At the nation's third-biggest US lender, Countrywide Financial Corp., 28.8 percent of loans made to blacks and 14.4 percent to Latinos in Boston were subprime compared with 9.4 percent of loans made to whites. At Wells Fargo amp; Co., 20 percent of black borrowers and 8.2 percent of Latinos had subprime loans, compared with 2.2 percent of whites. At Washington Mutual Inc., it was 75.8 percent of blacks, 80 percent of Latinos, and 17.1 percent of whites.
Wells Fargo criticized the study in a statement, because it excluded its federally backed loans to low- and moderate-income borrowers. The report also "fails to point out" 75 percent of all loans it makes to blacks in Boston and 85 percent to Latinos were below what the federal government defines as a high-cost loan, Wells Fargo said.
While Washington Mutual spokesman Tim McGarry said the issue of race and lending is "important," the company automatically screens all applicants to subprime loans to determine whether they qualify for a regular loan.
One weakness of the report, lenders and advocates said, is that it excluded independent mortgage companies, such as New Century Financial Corp. and Fremont General Corp., which specialize in subprime loans and are major lenders in Massachusetts.
The Federal Reserve has also said in the past the data analyzed do "not provide a final basis on which to draw a conclusion" about whether lending is fair.
Shares of several subprime lenders have fallen sharply in the past several months as they have reported a rising number of loan defaults among their borrowers, sparking concerns that the troubles of the subprime market could ripple through the larger economy.
Real estate agents who serve immigrant Latino communities said that while many first-time home buyers scraped together big down payments, some were poor candidates for homeownership. "About a year ago, everyone that was coming through — every single client who walked through my door — had a subprime loan approval," said Michelle Fermin, a real estate agent in Lawrence, which has a large Latino population. "They're making $11 an hour, and they're qualified for $500,000. Common sense tells you these people aren't going to be able to make the payments."
Lack of a down payment is the biggest issue for the black community. Black households, according to Shapiro, have accumulated one-tenth the wealth available to white households, because blacks are more likely the first generation to attend college or get a professional job. Blacks and Latinos also earn about half as much as whites in Massachusetts, the Census Bureau said.
Boston real estate agent Randy Wilburn, a black minister who gives home buyer seminars at his Jubilee Christian Church, said many blacks are not educated about financial matters, because they don't have family members who own homes to counsel them. "The crux of it is always going to be education," he said.
Kimberly Blanton can be reached at
© Copyright 2007 Globe Newspaper Company."
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