The True Cost of Credit
Here are just 2 examples of the cost of bad credit: a mortgage loan and an auto loan: 30 Yr. Fixed Mortgage FICO® score APR Monthly payment * 760-850 4.688% $1,554 700-759 4.910% $1,594 680-699 5.087% $1,626 660-679 5.301% $1,666 640-659 5.731% $1,747 620-639 6.277% $1,852 *National Average, Loan Amount: $300,000 36 Month Auto Loan FICO® score APR Monthly payment *...
read more5 Techniques to Negotiate Collections on Your Credit Report
Collection Companies are the big bad wolves of the Credit Repair Industry. Many people are unsure where to start with settling debt or negotiating collections, but in actuality, collections are the easiest things to fix on your credit report. Here’s how: 1.) Pay the debt in exchange for deletion This situation is best for smaller collections ($500 or less), like medical collections or utility bills. You get the collection agency to agree to remove the listing from your credit report in exchange for payment. 2.) Settle the debt for a % of what is owed This technique deals with debts...
read moreARE FICO® SCORES UNFAIR TO MINORITIES?
FICO scores are created to be as objective as possible. According to the Equal Credit Opportunity Act, lenders cannot use this type of information when issuing credit. The scores do not consider your race, color, religion, national origin, sex or marital status.
read moreHow Consumers Can Win the Credit Game
It’s late 2009 and the consumer credit world is still in turmoil! You have MANY new changes: 1) You have a new credit law, The Credit Card Accountability Responsibility and Disclosure Act of 2009, which partially became law in August 2009 and will completely become law in either February of 2010 or December 1, 2009 if Democrats have their way. 2) You have a new FICO® score, FICO 08, which is now live and commercially available at all three of the credit reporting agencies. This new FICO score promises to do a better job of predicting future credit risk. 3) You have millions...
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