A new study indicates as many as 40 million consumers have a mistake on their credit report and Steve Kroft finds it’s hard to get them fixed.
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You never know when and who would need help from a credit card debt consolidation program. Sometimes unexpected circumstances can lead to financial difficulties which in turn would lead you to consider debt consolidation. Some of these circumstances are loss of job, loss in business, death of an earning member and so on. If you are finding it hard to pay off your credit card loans, then it is wise to consider debt consolidation. This is much better than bankruptcy. This article will help you with steps in finding the right credit card debt consolidation program, make you aware of the advantages and disadvantages of debt consolidation so you can decide whether credit card debt consolidation is the best option for you or not.
Basics of Debt Consolidation
Debt Consolidation is a big loan that will pay off your credit card loans. There are several ways these debt consolidation programs work. The most popular way is to take one lump sum amount of money from you (the borrower) and distribute it to your credit card companies (the lenders). All your loans will be consolidated into one payment usually withdrawn directly from your bank on a fixed date every month. These programs make the card holders life easier.
As a general rule, if you have many credit cards from different companies with high interest rates, then debt consolidation can help you manage your debt with only one bill and much lower APRs. These debt consolidation companies negotiate a lower interest rate for you and this can save a lot of money in the long run. This will work out in your favor if you have credit cards with APRs of around 30% because the debt consolidation programs can reduce these interest rates to between 12% – 18%. These programs require a monthly administration fees, which is usually around and this will come off your savings. Remember if the admin fee does not come off your savings, then it is not a good idea to sign up for a debt consolidation program.
So it looks like everything about the credit card debt consolidation is positive. Well, it is not always the case. There are a few advantages and also disadvantages of debt consolidation programs. You have to find a balance between them. The fact is that credit card debt consolidation companies do help you in paying off your debt. Here are some advantages and disadvantages of these programs.
1. Decreased payment amounts: The monthly payments will be less than what you were paying before debt consolidation because you are paying off the loan over a longer duration.
2. Simpler to manage: After you signup in the debt consolidation program, you will have a relief from reading your credit card statements, deciding how much to pay for each credit card and then making the payments one by one. Usually, the company will withdraw the money directly from the bank and you will not have to be concerned about late payments.
3. Decreased interest rates: This is one of the major advantages for many credit card owners. Some of the debt consolidation companies bring down the interest rates much lower than the current ones. This can save lots of money for you.
4. Debt Management tips: Many of the good debt consolidation give lots of free tips on managing your debt. They draw out a plan on debt management. These tips are invaluable. They even mail out booklets on debt management.
1. Lower FICO scores: Many experts debate that debt consolidation does not have any effect on credit (FICO) scores the fact is that debt consolidation has a negative effect on the credit scores. Enrolling into debt consolidation will always be reflected in your credit history. Most credit repair companies mention that it is difficult to increase your credit score if you are currently working with a debt consolidation program. Your credit scores can be raised after you have paid off the loans and are not currently in any debt consolidation program. Even if you can remove one credit card from the debt consolidation program that can help you increase your credit scores.
2. Higher Payment: Since your payments are made over a longer duration of time i.e. in more number of the years, then you will end up paying more in the long run. One way to prevent this is – if your financial situation has improved, then you can pay off larger sum of money. Most of times there will be no penalty for paying off the debt sooner than the agreed number of months. Before enrolling in a credit card debt consolidation program, you can confirm if there is a penalty or not for paying off the debt sooner than the agreed number of months.
3. Credit cards inactivation: If a credit card payment is enrolled in a debt consolidation program, then that particular card account will be inactivated. i.e., that credit card can no longer be used.
4. Negative Impact on Future Loans: Once you have enrolled in a credit card debt consolidation program, this will remain in your credit history. So, all future loan requests (new credit card applications, home loan, car (automobile) loans etc.) will involve references to your debt consolidation. i.e., the lender will have knowledge about your participation in debt consolidation program. Some people are very uncomfortable about this but it is up to you decide. Your credit history is a private record and will be provided by credit score companies only on a need-to-know basis. If you apply for home loan, then the chances of getting rejected is higher and if you get accepted, then mortgage broker will ask for explanation. Again all these conversations are kept confidential.
So, the question is – when should you consider a credit card debt consolidation? If you are paying high interest rates around 30% on a credit card, you have many credit cards, you are unable to make payments or your are barely able to make just the minimum monthly payments, you are finding it difficult to manage all the payments etc., you must consider signing up for a credit card debt consolidation program. After reading through the advantages and disadvantages mentioned earlier, make decision about signing up or not signing up for credit card debt consolidation program.
How to find a good debt consolidation program / company?
Signing up with the right debt consolidation program is critical for saving money and successfully consolidating your debt. There are a good number of scams in the debt consolidation business so it is in your best interest to proceed cautiously to prevent being victim of a scam. Here are some very good sources of finding the right debt consolidation program.
1. References from friends and relatives: It is best to ask your trusted friends if they have any recommendations for reliable credit card debt consolidation program i.e., if they have enrolled in one of these or know of anyone who enrolled in one and is satisfied. As mentioned before, there are many scams and so with this option, you can feel safe. This should be your first option.
2. Television advertisements: Most of big and established companies run advertisements on TV. These are companies that have a lot of experience and have been successful with debt consolidation. But it is a wise thing to research the company. Look for their website and check for their standing in Better Business Bureau (BBB) and must have been in existence for a few years. Also, search http://ripoffreport.com website for this company – this website where victims of scams post their experiences.
3. Mails: When you are unable to payoff debt on time, you will receive mails from some companies that will offer help with debt consolidation. These companies have permission to access some of your basic information. The good thing here is that your fit their profile of enrollees and that is why you received a mail with their credit card debt consolidation services. As mentioned earlier, research these companies using the same methods described above.
4. Telemarketing phone calls: Typically, telemarketing phone calls that you get is because your debt situation is such that it fits the requirement of their enrollees. If you receive a phone call, remember to never enroll in the first phone call. Note down all the details of this company such as the websites, contact person and phone number to call. Research the company extensively as mentioned above.
5. Online Research: Research the internet for good credit card debt consolidation companies both non profit and profit companies. Once you create a list of possible companies, research the companies extensively. Talk to these companies until you are comfortable about enrolling with them.
For a few months or years, if you can handle the disadvantages of credit card debt consolidation programs, then enroll in a program. Debt consolidation can get you out of your current debt problems and save you a lot of money by lowering your interest rates but if you do not spend judiciously, then you will be back into the same debt problems and this cycle will never end. So the long term solution to debt problems is to change your spending habits and live slightly below your means. Remember you need to manage the money / debt and NOT let the money / debt manage you.
< object kind=" application/x-shockwave-flash" design =" size:425 px; height:355 px;" data= "// www.youtube.com/v/1oppJbtPt7g?color2=FBE9EC&version=3&modestbranding=1 ">< param name= "motion picture" worth="// www.youtube.com/v/1oppJbtPt7g?color2=FBE9EC&version=3&modestbranding=1"/ > < param name=" allowscriptaccess" value =" always"/ > We are constantly informed lower APRs (Interest rate) are better, yet just how drastic could the impact be. Just how much can a greater APR actually cost you? And how much even more time will it take you to pay off a financial debt? Charge card financial obligation calculators can be valuable in several ways. In this Smart With Your Money Video idea we will certainly show exactly what impacts reduced APRs will certainly have on the time it will certainly require to repay debt and also the amount paid in finance charges. For even more see WWW.Debtwave.com/blog
Rachel Robson takes an appearance at why you may be better off using a low interest debt card.
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This video demonstrates how to get a home loan with a bad credit score. It’s an ideal loan for first time home buyers.
FHA loan is the best type of loan out there that only requires 3.5% downpayment as long as your FICO score is 580 or higher.
If you have any questions regarding this loan, please ask.
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When it comes to obtaining a mortgage, everyone has different needs. Watch and learn about the various mortgage products available so you can make an informed decision.
As a homebuyer, you have a choice of different mortgage products to finance your purchase:
Fixed-rate loan: Provides a constant interest rate and monthly principal and interest payment for the life of the loan. Some advantages of fixed-rate loans:
• Easier to budget.
• Offers protection against rising rates.
Adjustable rate loan: The interest rate and monthly payment can fluctuate. Some advantages of adjustable rate loans:
• Typically, interest rates are initially offered at a discount rate.
• In a low-rate environment, an ARM can save significant money over a fixed-rate mortgage.
FHA loan: Mortgage loan that is insured by the Federal Housing Administration (FHA). Some advantages of the FHA loan:
• Lower down payment, typically 3.5%.
• Lower closing costs.
• Easier credit qualifying.
VA loan: Mortgage loan guaranteed by the US Department of Veterans Affairs (VA), and is intended for veterans or active military members. An advantage of a VA loan:
• Typically no down payment.
Jumbo loan: A mortgage with a loan amount that is above the limits set by the government, also referred to as a non-conforming loan. This type of mortgage allows you to make a purchase on a home that exceeds the amount of money you would be able to acquire with a conforming fixed or adjustable rate loan. An advantage of a jumbo loan:
• If you are able to afford monthly payments, you can finance a larger loan without making a large down payment.
There is a range of mortgage products, so it is important to research what is best for your needs. Buddie, a mortgage banker, explains what to expect when it’s time to look for a mortgage: “Be prepared with a lot of different terms and acronyms when dealing with a mortgage banker and if there’s ever any time that you don’t understand, just ask.”
We hope you’ve found this video and the many others on the My New Home YouTube channel helpful. Here are some other resources you might be interested in.
There is a lot to know before choosing a mortgage. To get started, check out:
Beyond mortgage products, there is also the loan term to consider. To learn about two of the most common and the differences between them:
For more real advice from real people on finding and buying a home:
Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content.
JA YUNG: When you’re dealing with trying to choose a mortgage that’s right for you, there are many options out there.
JA YUNG: The most common products that you would probably come across would be a fixed interest rate where the interest rate never changes and it’s a set number of years that you’re going to pay on the loan and when you’re done paying that period of time, that loan is paid off and you don’t owe anything more.
JA YUNG: Then you also have your adjustable rate mortgages where the interest rate may be fixed for a set period of time, let’s say one, three, five, or seven years, and then every year after that, the interest rate changes, so therefore your payment would be changing as well.
BUDDIE: So an FHA loan is a government sponsored loan that you can get in with a little bit lower of a down payment, typically that’s 3.5%.
JA YUNG: It’s a nice product for a first-time home buyer, but it’s really great for any home buyer who may have a little bit higher debt-to-income ratio or they may not have as much cash in the bank to be able to utilize for reserves, or somebody who doesn’t have the most perfect credit.
CURT: VA loans are for military folks, either current military or retired military and the benefits to a VA loan primarily are no down payment.
JA YUNG: When you’re dealing with a VA loan, one of the most important things is that we do have to verify your participation in the military.
JA YUNG: Jumbo loan is typically a loan that’s larger than what we would consider to be a conforming loan size. These are loan sizes that are established by the government based on what the median income and median house prices are. So jumbos are typically your larger loan sizes. It typically means that they’re higher interest rates and a little bit more strict credit guidelines.
TOM: Depending on the county you live in, across the country each county has a different limit. But normally speaking a jumbo loan is anything over 7,000.
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Credit report errors? Client Robert Casey describes how Attorney Gary Nitzkin fixed his credit reports and got him monetary damages, all for free!
Credit Reporting Agencies such as Trans Union, Experian and Equifax frequently make mistakes on consumers’ credit reports. About 70% of consumer credit reports contain some mistake. Chances are excellent that your credit report contains an error. Approximately 20% of these mistakes result in the denial of credit or a higher rate of interest. Some of the more common mistakes made by the credit reporting agencies include:
•Identity theft. This type of error is growing exponentially and may be the number one cause for credit reporting mistakes today.
•Mismerged information. This kind of error occurs between different people with the same name. For example, John A. Doe who lives in Montana may have his credit information placed on John A. Doe who lives in Florida. This is a very common mistake.
•Discrepancies amongst credit reporting agencies for the same debt. One credit reporting agency may report a debt as current while another might report it as delinquent.
•Delinquencies that are reported longer than 7 years. Derogatory credit information has to be removed from your credit report after seven years from the first delinquency. Sometimes a debt buyer or a collection agency “re-date” a date of last delinquency so that a derogatory stays on your credit report longer than seven years. In 2004, the Federal Trade Commission hit NCO Financial Systems with a .5 million fine for doing this very thing. A delinquent debt may not be reported longer than 7 years on your credit report. Yet, in order to force you to pay the debt at some point, some collection agencies “re-date” the beginning date of the debt so that it stays on your credit report longer.
We can get errors removed from your credit report for free.
Using the Fair Credit Reporting Act (“FCRA”), our credit repair lawyers can fix your credit for free. We will write the appropriate letter to the credit reporting agencies to get the item removed for you. If we are successful after writing a letter, you owe us nothing. If we have to sue the credit reporting agencies to get the offending trade line removed for you, you will still owe us nothing. The FCRA requires the defendants to pay your fees and costs and we look to them to do so. Of course, you can write a dispute letter to the credit reporting agencies yourself, but why would you want to when we will do it for free?
We can also get money from the credit reporting agencies for you.
Under the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act (“FACTA”), we can get money damages for you if we have to sue the credit reporting agency to get your credit report cleaned up. You may be entitled to actual damages including emotional distress, embarrassment and humiliation. Call us for a free case evaluation.
Put our 20 years of experience to work for you.
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If you think your rights have been violated, call Attorney Gary Nitzkin, toll free at (888) 293-2882. The call is free and the advice is free. You can also email him at firstname.lastname@example.org. Visit our site for more information: http://www.micreditlawyer.com.
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All three credit reports can be obtained for free once a year online through a government-sponsored Web site called AnnualCreditReports.com. Apply for each of the major bureaus online to receive free reports with advice from a credit repair consultant in this free video on personal finance.
Expert: Stetson Lowe
Bio: Stetson Lowe is a credit repair expert. Known as the “mortgage insider,” Lowe assists increasing credit scores for the most challenging of clients.
Filmmaker: Paul Kersey
Today’s question is: What Credit Report Do Credit Card Issuers Use?
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Did you know that you have 3 credit reports? Equifax, Experian, and TransUnion are all different credit reporting agencies, and they all put out different credit reports. That means that you also have 3 different credit scores. So, which one of these do credit card issuers tend to use? The answer is – maybe any one of them.
Every week, John Ulzheimer answers YOUR credit questions. Email us, give us a call, or ask on live chat, and we may answer your question on YouTube!
To learn about credit scores, credit reports, managing debt, and how credit cards work, check out our learn section at https://www.creditcardinsider.com/learn/
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Most of us know that there are 3 significant credit reporting companies. But most people have no idea who those agencies are or just what information they gather. Here is a quick summary of this topic.
Find out more about the 3 significant Credit Reporting Agencies right here: http://www.credit.com/credit-reports/credit-reporting-agencies/
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