donna jean asked:


When bankruptcy is final do you send a letter of discharge to all three reporting credit bureau’s or just one? and do they need a copy of the final decree from the trustee about the debts that were re-affirmed?
The final decree doesn’t state specifically what debt what re-affirmed, it just says that the trustee is discharged as trustee of the estate and the bond is cancelled. I do have a re-affirmation agreement paper that my bank signed saying they are re-affirming my mortage loan. Do I send that paper from my bank to the credit bureau also?

Frank

inia asked:


I filed for bankruptcy on 2000. I was told to sent the discharge documents to credit bureau to have those record eliminate. I want to know if that can be done.

Bessie

Conleth Onu asked:




It is often difficult for us when we have bad credit and not knowing where to start to get back on our feet again is even more frustrating.

If you have bad credit, you might want to check into a few resources that can help you find a solution to your credit problem. Life does not have to be difficult and all of us make mistakes.

Bad credit is an obstacle and if you want to run you are about to get yourself into a situation that you do not really need. There is always a solution to most problems. The problem most times is some of us do not have the means to find solutions to our problems.

In this article, I am going to make it quick and to the point, helping you repair your credit through the process.

So the first step is to collect copies of your credit report from the major credit bureaus. Credit bureaus compile and sell information about consumers and are a principal source of information about your credit history.

You are entitled to receive a free copy of your credit report if you have been denied credit within the past 60 days. If you have not been denied credit within the past 60 days, you can order your credit report by paying a fee.

Next, review your credit report watching closely for errors (items that do not belong to you). Dispute any errors on your reports immediately with the credit bureaus. Any errors or inaccurate information will be deleted.

Under the Fair Credit Reporting Act, all negative information seven years old or more must be deleted. Bankruptcy stay on credit report for up to 10 years or longer.

Once you dispute the negative information, you will receive a copy of your report from the credit bureau, showing the items that were removed and the items that were verified as accurate. The dispute method of removing negative information from your credit file can improve your credit rating.

The Internet offers credit report information, guides, and kits, which can lead you in the right direction to repairing credit. You might want to surf the Net for resources that can help you find a way out of bad credit.

Debbie

Aubrey Clark asked:




Have you ever wondered, “What is the best credit card I can qualify for with my credit level”? If so, this article is for you; if you have spectacular credit, not so much. Today’s economic conditions have resulted in credit scores dropping across the board in America. We are carrying more debt, paying our bills slower, and sometimes missing a payment in order to fill up the gas tank to get to work.

]]> http://3-credit-bureau-report.net/finance/which-credit-cards-will-you-qualify-for-in-todays-economy/feed/ 0 http://3-credit-bureau-report.net/finance/credit-counseling-services-what-are-they-and-how-will-they-help-you-to-manage-your-debts/ http://3-credit-bureau-report.net/finance/credit-counseling-services-what-are-they-and-how-will-they-help-you-to-manage-your-debts/#comments Thu, 01 Apr 2010 07:11:57 +0000 http://3-credit-bureau-report.net/finance/credit-counseling-services-what-are-they-and-how-will-they-help-you-to-manage-your-debts/

Adi Hart asked:




The demand for credit counseling services is booming with the recent economic recession. Credit card debt has soared to a record of 1 trillion dollars. As the economy begins to regain strength credit counseling services are receiving more business from the many Americans that are still struggling.

These services may be capable of repairing your dept to some extent. Yet with the credit counseling services being a $7 Billion a year industry, how do you know if they are legitimate businesses or a scam?

With the increase in availability of credit cards, and the vast number of consumers that have taken to their use, it is not wonder that so many services have begun to appear. There are now over one thousand credit counseling services that service nearly 400,000 consumers. This problem will continue to escalate as new legislation has cause many major credit card providers to increase their interest rates.

These increased interest rates will make it more difficult, and possibly impossible, for the already struggling consumers to handle their credit card debt. As more and more people begin to struggle, the credit counseling services will begin to increase in popularity amongst consumers.

As more consumers begin to move towards declaring bankruptcy, credit providers will be forced to be more willing to negotiate, as the declaration of bankruptcy would leave them with nothing.

These companies are meant to thrive upon this new codependent relationship that the banks have with consumers. Without the banks willingness to negotiate, these companies would have no business.

These customers using the credit counseling services will normally go into business working with their own personal counselor. These counselors will not only work to negotiate terms with the banks but also to inform the customer of how better to avoid future problems.

Once the debtor has entered into one of these credit counseling services all of their previous bills are summed up into one monthly payment. This is then handled by the service and distributed out to the different creditors as needed.

However, during this time the debtor is effectively shut off from receiving anymore credit. This closed line of credit will be kept for the entirety of the program which can take roughly four to five years.

These services can provide many phenomenal benefits to struggling consumers, and can relieve much of the stress that is accompanied by debt trouble. However, even more stress can be created if you begin to deal with an illegitimate business.

With the recent increase in credit problems many start ups have been created in order to capitalize on the new emerging trends. These new companies were excellent advertisers in comparison to the already dominating Consumer Credit Counseling Services, but not all were as legitimate.

These companies are supposed to work with creditors to negotiate payment plans and reduce interest rates to help out those in debt.

Some of these illegitimate businesses would charge fees, to the tune of $3000 dollars, claiming that they would settle your debt.

However, these companies would often use the money to attempt and settle multiple debts, not just the customers, which would often lead to them owing substantially more money. Therefore it is a good idea to check with the Better Business Bureau before working with any of these credit counseling services /companies.

For the most part a legitimate company will not make you spend exorbitant fees to set up an account with them. As another sign of legitimacy you should also check to see if they are affiliated with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies.

Even then if there are missing payments within the first few months, you have probably begun business with an illegitimate credit counseling service, and should immediately stop doing business with them.

Lorraine