What is bad credit? Having a low credit score may also be referred to as bad credit..  Bad credit is when factors such as negative listings or insufficient credit history on your personal credit profile or credit report cause a low credit score. Credit score can be adversely affected by poor performance on your credit obligations, high debt, incorrect information, credit fraud or identity theft.

Bad credit can cause you to be denied for credit or qualifying only if you pay higher interest on financing automobiles, credit cards, personal and home loans.  Bad credit can even cause you to be denied the ability to open a checking account!

 The best defense is to pay your bills on time, reduce debt, review and understand your credit report. Get a free copy of your credit report including all three major credit bureaus from FreeCreditReports360.com  It can be a great way to get started on improving your credit report and score!

• Auto Repossession
• Delinquent Credit Card

• Law Suits - Judgments
• Collection Accounts

• Foreclosure
• Unpaid medical bills

• Liens
• Late Payments

• Credit Cards for Bad Credit
• iOkBadCredit.com
• Free Credit Report - Instant Credit Score
• FreeCreditReports360.com
• Can't open a checking account? ChexSystems Issues?
• Second Chance Checking
• Signature Loans
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• Free Quote
• Credit Report Repair
• Become aware of your debt
• Debt Settlement
• Get out of debt
• Debt Consolidation Free Analysis
• Pay current debts on time
• Debt Solutions
• Identity Theft prevention and assistance
• Identity Theft
• Refinance
• Home Loans

Bad credit is not forever! Credit listings generally lose status after a period of time, usually seven years from the date of last payment, then disappear from your credit report. Bankruptcy can stay on your credit report for ten years. Unpaid liens can stay on your credit report for up to fifteen years. This is regulated by the FCRA. If a creditor lists an account on your credit report after the mandated time period, send a letter to the credit reporting agency, remind them of the time frame. If there is an account is listed on your credit report that is paid off send proof to the credit bureau that it is paid. That may be all that is needed to repair your credit report.

Statute of Limitations

Accounts lose legal status as well. Check the statute of limitations on an old debt before you settle or pay it. In California the statute for contracts and some retail credit is four years. Check your state registrar or legal counsel for your locality for local statutes. If you are manicuring a credit report be cautious about paying off old debt. Some credit scoring systems may penalize you for a current payment on an old account.  If you settle a debt off after the statute has run out, try to settle for a lower amount.

Old Debt

After the specified period of time (since the date of last payment) the holder of the debt may no longer institute legal proceedings. If you make a payment on an an account after the expiration of the statues of limitations for your state or the state where the transaction was originated, even one penny, the creditor may be again able to file a law suit and garnish your wages. Collection agencies have been known to threaten folks with suit on old debt. Zombie debt  Statute of Limitations CreditLibrary.net

Late Payments
Some lenders will remove recent late payment listings with good cause (new address, returned mail, etc...) Always keep copies of bills you've paid and record dates of payment. If you notice a late payment on your credit report that shouldn't be there write to your lender, ask them to remove the listing or give you a written reason why they feel it should remain. You can also dispute the listing with the credit bureau.

What does credit repair do?
It is your responsibility to make sure listings on your credit report are accurate. If you feel a listing is not correct you can either address a letter to the credit bureau or the lender. You may prefer assistance from credit repair kits or services to correct incorrect listings on credit reports. My suggestion is you check out credit repair The service they offer can simplify credit repair for the novice. You pay a small monthly fee and a law firm disputes inaccuracies on your credit report.

Inaccurate credit report listings

You may have credit listings that are incorrect or don't belong to you! A change in circumstance like a divorce or loss of a long term job can cause the most responsible of people too get behind on their bills. Bad credit does not mean you're a bad person! Get informed, the wrong thing to do is nothing! The information provided by this site can make a difference! Research and learn about your credit. Save money on your next major purchase by learning about credit and raising your credit score!

FreeCreditReports360.com  Includes link to dispute inaccuracies online.
 

Living in Debt

We all seem to live beyond our means at one time or another.  My eleven year old daughter's weekly allowance doesn't seem to make it to Saturday sometimes. A recent government survey show 67% of home mortgage loan refinances are used to pay off debt. Most people don't pay the new debt off even though the interest on their new home loan is lower. They accrue new debt because their credit cards are open. You may save a fortune by simply getting disciplined and paying off your debt. I found a debt management agency that will help you organize a plan to pay your debt off. They say they can sometimes lower interest and late charges. They are paid by the lender so there is no cost to you! I would note if you do this type of debt restructuring you should not plan on purchasing anything on credit until the plan is complete. Is eliminating your debt on your 2008 To Do List ?

Get out of debt!

Checking Accounts

Car Loans

ChexSystems

Calculators

Credit Bureaus

Credit Cards

Credit Directory

Debt

Debit Cards

Good Living

How to get off ChexSystems

Introduction to Credit

Improve Fico Score

Legal Information

Non ChexSystems Banks

Personal signature loan

Real Estate

Real Estate Appraisal Online

Student loans

What is credit?

Your Finances

Your World

Credit cards for bad credit

Credit Repair

Divorce and Credit

FICO is the credit score system used by most creditors today. It is useful in directing applications to specific loan programs and to set levels of underwriting. FICO score is widely used because it is objective, consistent, accurate and fast.

Your 3 digit FICO score will determine what interest rate you will pay on your credit cards, mortgages, and auto loans.  more
 

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Major Credit Bureaus
Official toll free phone numbers

Equifax
 P.O. Box 740250, Atlanta, GA 30374
(800) 525-6285

Experian
 P.O. Box 1017, Allen, TX 75013
(888) EXPERIAN
(888) 397-3742
Fax: (800) 301-7196

Trans Union
P.O. Box 6790, Fullerton, CA 92634
(800) 680-7289

ChexSystems Customer Service
12005 Ford Road, Suite 600
Dallas, TX 75234-7253
(800) 428-9623 or (800) 513-7125

A Law firm that repairs your credit!

Many credit repair companies claim to remove negative credit with the flick of a wrist. Their advertisements make bold assertions and money-back guarantees: Bankruptcy, tax liens, judgments, no problem!! One hundred percent guaranteed!! Credit report 100% cleared in 30 days!! Can they really make such sweeping guarantees? Legal Credit Report Repair That Works!

If you have credit cards that are high interest rate, it is possible you've paid something late in the past. Banks will raise their existing customers credit cards interest rate for late payments on other credit accounts.

Banks should reward you for making your payments on time after a reasonable period of time! If your bank wont lower rates even after paying on time shop around, compare card offers. Check our site, LowRateCreditCardsOnline.com - a catalogue of credit and debit card offers.

Consumer Credit Law From Cornell Law
Consumer Credit Protection Act
The Fair Credit Debt Collection Act

FCRA

Federal Trade Commission Regulates  consumer credit and collections

Identity Theft

citizenvox.org  Speaking out for the public interest

What is credit?

Introduction to Credit

How Did I Get on ChexSystems?

Dear Sirs;

I left my checking account overdrawn for a few weeks. I went to straighten things out with the bank and they told me my account was closed and they reported me to ChexSystems. I had never heard of ChexSystems, it seems they are a credit reporting agency and a collection agency in one. Banks report unfortunate consumers like myself that have made some type of banking error. Now, I had bad credit and can't open a checking account.

I contacted ChexSystems by telephone and ChexSystems requested I send them a letter and explain the circumstance and provide my personal information. Meanwhile I had to cash my paychecks at a check cashing place and use money orders.

I found  eventually got a copy of my report and sent a reply that I had already paid the amount that was owed would ChexSystems remove the listing.  ChexSystems

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Updated 08/16/08

 
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