Monthly Archives: May 2020

You Can Now Get a Free Credit Report Every Week

Here’s why you should take advantage of this yearlong offer. The three credit-reporting companies – Equifax, Experian and TransUnion – are offering free weekly credit reports to all Americans for one year. You can access your free report at anytime by visiting the official website of the companies www.annualcreditreport.com. In a joint statement issued April 20, 2020, the three companies said the move was a response to the coronavirus pandemic, and the financial hardship it is causing for millions of Americans therefore making credit reports more accessible more often so people can better manage their finances and make necessary steps to protect their credit rating. The agencies are urging people who fall into financial difficulty to seek help. The single most important action for consumers who cannot pay their bills right now is to talk with lenders to find out if they are offering any assistance. You will get access to your credit report ONLY and NOT your credit score. To get your credit score for free visit: 7 Ways to Get Yours for Free

Read more

Read more

How will a car possession affect my credit?

Here’s what happens when there’s no place to go but up. Damaged credit takes time to heal. Late payments, missed payments, repossessions: Nearly, every black mark will stay on your your credit history for seven years. After seven years, the law requires that most negatives, including repossessions, have to be removed. The good news is, though, is that the older the injury, the less it hurts. So as things like late payments and repossessions age, they affect your credit less. How much will a repossession affect your credit score? It depends where your credit score is at the time. if your score is high, the effect of a repossession would be greater. If your score is low, the effect would be less.

SOLUTION: Call your creditors, when your payments will be late or you have trouble paying the full amount. NEVER ignore the problem.  It will only get worse. REFINANCE a high interest car loan to make the payments smaller, you can sell the car and get a less expensive one you can afford. REMEMBER: There are things you can do before your car is repossessed. CALL: A free credit counseling service to get free advice if you are in debt or have trouble paying your bills. There are lots of options for consumers to remedy debt problems. USE them! You will be glad you did!

Read more