David Soble Discusses How to Successfully Achieve a Credit Rebound

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Informations

• Publié par: trafficmonsters
• Publié le: 04 avril 2013
• Nombre de lectures: 16
• Langue: English

Extrait

http://www.proven-resource.com/
Managing Real Estate and
Finance Attorney, David
Soble, Discusses How to
Successfully Achieve a "Credit
Rebound".
David Soble
Proven Resource LLC
888-789-1715 David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
Proven Resource, a financial and legal
relief firm, announced their spring
schedule for their complimentary
monthly credit workshops. "The focus
this spring will be on the personal 'Credit
Rebound'" says David Soble, Proven
Resource Managing real estate and
finance attorney. "One's own personal
economy is so important to their
personal well being, financially and
otherwise," says Soble. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
The term "rebound buyer" is becoming
more familiar in today's difficult
economy. It usually applies to people
who obtain financing for a home after
previously defaulting on a mortgage, or
had a foreclosure, a bankruptcy or even
a short sale. But what of those people
who aren't buying a home, yet have poor
credit due to a divorce, a foreclosure, a
lawsuit, failed business, or job loss. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
How can one improve a credit score? Low
credit scores lead to higher costs in
borrowing rates of interest and higher
insurance rates. It can mean being
denied affordable housing, a car, or
worse yet, an employment opportunity.
Here are several tips for having one's
own "credit rebound": David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
1. Know the credit score. Consumers
have the right to pull one free report
annually at no cost. A report can be
ordered off the internet. Consumers can
also go to a mortgage or finance
company and ask a loan officer to pull a
report. Review the report. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
Make sure that the creditors listed on the
report are accurate. If so, have the
creditors properly reported the payment
history? Review any reported
delinquencies and any collection accounts
for accuracy.
If there are inaccuracies then turn to the
Fair Credit Reporting Act, as discussed
below.
David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
2. Consumers have rights. If there is an
item on the credit report that is incorrect,
then write to the credit reporting agency
and "dispute" the information.
The creditor either has to verify the
validity of the item reported, or it has to
be removed from the report. David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
3. Handle old accounts with caution.
Creditors are barred from taking legal
action against consumers once a specific
period of time has passed (known as the
Statue of Limitations, the time frame
varies from state to state, but averages
about 6 years). David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
However, the creditors right to sue
reactivates ( called 'zombie' debt) once
consumers begin to pay on old debt.
Besides resetting the time bar to the
beginning, new payments on a old
account may also report negatively on
the credit report.
Therefore when working on paying off old
accounts, collection or otherwise, it is
best to seek an attorney experienced
with negotiating settlements and
payment plans.
David Soble
http://www.proven-resource.com/
Proven Resource LLC 888-789-1715
4. Idiots with Pens. Some lawyers refer
to co-signers as "idiots with pens". With
certain exceptions, consumers should
never co-sign for anyone or they become
liable on the debt when the person they
co-signed for, defaults.
Late pays may reflect poorly on the co-
signer's credit as well. As a co-signer,
contact the creditor and confirm that all
payments on the obligation are paid
current to date. If not, then immediately
speak with the co-obligor.