Free Credit Report to Manage Debt
There are several reasons why a person would want to obtain a copy of his or her credit or debt report. One reason for a copy of one’s credit or debt report is to save a potential lender trouble. If an applicant walks into a mortgage company or car dealership prepared with his or her credit report in hand, the application process will be shorter.
An individual may also want to retrieve his or her credit report for the purpose of managing debt. It is much easier for a person to come up with solutions or negotiate with creditors if he or she has the report. Credit or Debt reports may also come in handy for filing for bankruptcy. The individual will have a list of all his or her lenders available for easy access. Whoever may needs to utilize their credit history can easily obtain a free credit report.
How to get a Free Credit and Debt Report Not many people know this, but a free copy of a consumer credit report is available to anyone who has been denied credit within the past sixty days. If a debtor is turned down for any type of credit, he or she is automatically eligible for this report. The consumer has a right to look over the report and investigate why the lender has turned him or her down. In order to receive a free credit report, the debtor must apply for such on the website of the credit bureau.
There is a section on the website that says “Denied Credit?” The debtor would simply click on this link with the mouse. Next, he or she will be given options on what to do next. He or she would select “Request my credit report.” The consumer will then be asked if he or she has received an adverse decision in the past sixty days. The answer is yes. Next, the consumer will be prompted to fill out personal information and answer questions regarding his or her identity. If the customer answers the questions correctly, he or she will be given instant access to the credit report free.
After this person takes the time out to review everything on the report, he or she will have an opportunity to dispute any account that does not seem familiar. The credit bureau will investigate each disputed account to check for legitimacy. Any account that the lender cannot prove belongs to the consumer will we erased.
Categories: Credit Debt Articles Tags: credit bureau, credit report, debt, mortgage
How does the debt collection process work on an unsecured loan?
I am 105K in debt(mortgage, student loan, car and the unsecured loan) and lost my former job due to lack of work. I got a new job but I am out 15K/yr. Through much juggling, I am paying off everyone except the unsecured loan on which I am paying 30/month(they want 260/mth) and they are unhappy I am paying them so little and threatening to sue me. I am trying to sell the house to pay off the mortgage and the personal loan and this is still at the original lender level. I am hoping I will get to work with a collections agency first since I can offer them the 30 I am now paying the creditor and when I sell the house I can pay the bill in full and have the credit bureau remove the blotch from my credit by showing evidence of payment. Do they go to collections or sue first?If they do sue,will they garnish my wages or freeze my checking account(no savings) or both? How does the debt collection process work on an unsecured loan?
Tried debt consolidation but my house is not worth enough to do it and having other debt attached to it would reduce my chances of selling the house and paying off the mortgage and the personal loan. I am really looking for info on how the debt collection process works,not how to get out of debt. I have that part figured out unless I get sued. Thanks
Thanks Taja but I am asking what the collection process is. I owe 105K out of which only 9K are unsecured debt. I am paying everybody except for the unsecured debt (to preserve my assets) and paying this unsecured creditor 30 a month hoping to sell my house to pay of the mortgage and the unsecured loan which will get rid of 64K off my debt and put approx 4 K in my pocket to move to an area with a better pay labor market. I am trying to find out (by learning how the collection process works) if I am going to have time to get this done before I have to worry about their coming after my wages and/or checking bank account. In other words, if I can work with a collection agency to which I can offer payments and pay the 30 I am now paying until I can sell the house. I already tried debt consolidation and I can’t get a loan for 105 K with a house that is worth 79K as the only collateral. The rest I owe is my car and student loans which must be paid or they will be worse than this creditor.
BBOYBALL: My mortgage is in perfectly good standing since I pay that before I even buy food. It is the only assett I have and I want to move to an area where I can work without having to commute an hour to do so. That is why I am selling the house: to move and to pay off the mortgage and the personal loan I took out to buy a new furnace and remove asbestos. I am willing to sell for 76K.
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Categories: Debt Consolidation Tags: 9k, assets, blotch, checking account, checking bank account, collections agency, credit bureau, debt collection, Debt Consolidation, how to get out of debt, mortgage, mth, new job, personal loan, Student Loan, taja, unsecured creditor, unsecured debt, unsecured loan, wages