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Lexington & Concord – A Credit Revolution

February 12, 2015 by  
Filed under Blogs, Credit Repair, Misc

Credit Revolution

On April 19, 1775, the American Revolution had officially begun with the battles of Lexington and Concord. The British Army sent a Regiment of 700 soldiers to Lexington and Concord in order to destroy an American cache of weapons and capture Samuel Adams and John Hancock. The colonists were warned that ‘The British are Coming!’ by Paul Revere, which allowed time for Samuel Adams and John Hancock to escape and to move the weapons.

When the British arrived at Lexington, they were met by 80 brave American militiamen. Outgunned and outnumbered, these brave 80 men stood tall against tyranny.

No one really knows who fired the first shot, but it became the first shot of the American Revolution and the start of the war, now referred to as the “Shot heard around the world”.

And although the British overran Lexington, the American forces regrouped at Concord, delivering a decisive blow, defeating the British Army, and marking the first victory of the American Revolution.

These battles gave the American people the confidence and courage to unite as one nation and push back against the mighty British Empire.

240 years later, a new revolution is at hand, a Credit Revolution.

For far too long, the credit reporting agencies have been handcuffing consumers with bad credit by limiting their ability to improve their quality of life. Keeping them in a viscous circle of being unable to qualify for a mortgage, auto loan, or even a business loan.

The system is broken. Predatory and Sub-prime lenders exploit vulnerable borrowers by trapping them in high interest loans which lead to increased indebtedness.

The system is setup to take as much as possible from those who have the least and this imperils the stability of wealth in many communities and secures the chains of poverty on those with bad credit scores.

It’s time to stand up for yourself and for your family. The nation that Samuel Adams, John Hancock, and Paul Revere helped form protects you from the credit reporting agencies through laws like the FACTA, FCRA, FDCPA, and many others.

Use those laws to push back against the tyranny of the credit reporting agencies. Declare your credit revolution and take back your unalienable rights of Life, Liberty and the pursuit of Happiness.

All of us here at CreditFirm.Net would be honored to assist you on your path toward better credit and a better life.

Start your credit revolution, fire the first shot by signing up with CreditFirm.Net today.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

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How Divorce Impacts Your Credit

April 10, 2014 by  
Filed under Blogs, Misc

by: .

credit after divorce

Don’t Neglect Your Credit During A Divorce

Although divorce procedures do not directly impact your credit, the indirect impact can quickly devastate your credit scores in no time at all.

Things such as child support, joint accounts, and joint liability all of a sudden enter the fold. And with extra responsibility, comes a greater risk of default.

But, have no fear, there are steps you can take to protect your credit during a divorce.

Get Your Credit Report
It is absolutely crucial that you are aware of every account that is reporting to your credit report. Joint account holders and co-borrowers have 100% liability in just about every case. Get a copy of your credit report from all 3 credit bureaus, have a seat and go through every open account in your credit file. Make a list, and give it to your attorney.

Divorce Decree
A divorce decree does not relieve your liability in any joint accounts which you incurred with your spouse. You are 100% liable and 100% responsible for ALL joint accounts even if the court decrees otherwise.

That’s right, even if the court decrees that your spouse is 100% responsible for a certain debt, you are still liable to the creditor in case of default. A divorce decree does not nullify a signed debt obligation. Whether it’s a credit card, auto loan, or mortgage, if your name is on the original contract, you ARE 100% liable for the debt. This means that if your spouse fails to make a payment or defaults on the loan, it will be reflected in your credit report. Plus, the credit grantor has a legal right to take legal action against both you and your spouse.

So what do you do to protect yourself?

  • Close or separate all joint accounts. Talk to your ex-spouse, if possible. Go through all your debt and decide who should be responsible for each and every account. Call your creditors and ask them how to transfer your joint accounts to individual accounts. If your spouse decides to be less than cooperative, paying off the debt and closing the accounts may be your best bet.
  • You may have to refinance your home to get one name off the mortgage, or you might need to sell your home and divide the proceeds. Even if your name is removed from the title or deed, if your name is on the mortgage, you are responsible for the loan.
  • Continue to pay ALL bills on time.
  • DO NOT LISTEN TO YOUR RELATIVES who tell you to run up your spouses debt and stop paying the bills because it’s the other person’s problem. You have just as much liability in the accounts as your spouse, so you will be ruining both your credit scores, which you will need in order to start over.

Re-Establish Credit
If you were left with few to no open and active accounts after the divorce, you will need to begin to re-establish credit. A good way to start is by getting a credit card with a small credit limit. Pay your bills on time, keep you balance low, and your credit score will increase. If getting approved for a credit card becomes problematic, consider applying for a secured credit card in order to re-establish credit.

If Divorce left your Credit in Shambles
Consider hiring a credit repair service to help you move forward and get your life back together.

CreditFirm.net has helped thousands of our clients get their credit back on track and start fresh with an improved credit report and score. So why wait, get started today and be one step closer to better credit.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

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How To Protect Your Credit After A Divorce

October 1, 2013 by  
Filed under Blogs, Misc

by: .

Starting your life over after a divorce means having the credit to do so. To protect yourself and your credit during the divorce process, consider the following tips:

  • Close joint accounts. If your name is on an account, you are 100% liable for it. Whether you used that account or incurred any of the debt is of no consequence to the creditor. Your name on that account means that any derogatory information such as; late payments, charge-off, or collection, can and will report on your credit report and ruin your credit. So close all joint accounts and remove yourself from any “authorized user” accounts.
  • Establish Credit. Starting your life over after a divorce means establishing a new “individual” credit history for yourself. Open a few new accounts solely in your name during the divorce process to begin the process of establishing your credit.
  • Keep the Lines of Communication Open. Be practical, some accounts, such as mortgages, cannot be separated or closed immediately after a divorce. This means that you are left at the mercy of your ex when it comes to things like making mortgage or car payments on time. Although the court may decree that it is you ex’s responsibility to pay certain loans, the creditors still have your name on the loan and will report all negative marks to your credit file. For that reason, it is important to make sure that any and all account with your name on them are paid on time, even if they are your ex’s responsibility. Communicate with your ex and make sure that those accounts are being paid, be civil, and protect your credit.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

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What’s In Your Employment History?

July 2, 2013 by  
Filed under Blogs, Credit Report, Misc

by: .

There’s a new type of credit report for you to worry about.

Well, technically it’s not a credit report, but it is a report.

A report which contains your employment information.

This report includes:equifax telx

  • Names and addresses
  • Current and previous employers
  • Job titles
  • Weekly Income
  • Termination records
  • Health insurance information
  • Dental insurance information
  • 401K information
  • Whether you’ve ever filed for unemployment
  • Whether you’ve ever collected welfare or social security
  • And much, much more

Why is this relevant to you?

This isn’t just about a company verifying your previous employment anymore.
Telx has been selling your employment info to Debt collectors, Collection agencies, mortgage companies, banks, credit card companies.
Shouldn’t you have the right to know what is being said about you?

A little background on Telx

The Employment Report was created by The Telx Corporation, which was founded in 1971. Talx’s primary business involved contesting unemployment claims on behalf of employers. (So you know which side of the fence they’re on.) here’s a little article the New York Times wrote about them. (NY Times Article)

During the late 1990s, one of Talx’s clients requested a system which would handle employment and salary verification, The Work Number was born. This system allowed companies to outsource a large portion of their Human Resources Departments into an automated system which would gather employment information on a weekly basis.

The system became so successful that Talx sold it’s employee benefit unit and decided to focus solely on employment data gathering and distribution.

In 2007, Telx was bought by the Equifax credit reporting agency.

Some Interesting Numbers

To date, over 50,000 organizations use The Work Number (www.theworknumber.com) to verify employment data.
As of today, The Work number has over 192 million employment records.

This seems like a big number, but let’s put it in perspective. According to the latest census data; (census data)

  • The Population of the US is 313 million
  • The Population of the US above the age of 18 is 238 million
  • That means that 81% of the people working in America are in the Work Number’s database and have an employment report.

(And we’re not even counting the 40 million adults over the age of 65 which would get the population of the actual US work force down to 198 million.)

Lets just hope that Telx is reporting accurate information.

Oh wait, too late, thousands of complaints of incorrect employment information have already been flooding the Privacy Rights Clearinghouse (PRC), a California nonprofit corporation which helps protect consumer privacy and rights.

Unfortunately, this system is far from accurate and it doesn’t seem like the government is even aware of its’ issues. To date, there have been no laws about consumers being able to get a free copy of their employment records to verify accuracy. And even if you pay the $25 to get your report, there is no system in place to challenge the inaccurate information. There is no FCRA protecting your rights, there’s no FACTA to put pressure on Telx to keep their records accurate.

So what can you do?

Call your congressman, and tell him or her that you want legislature protecting your consumer rights from the Telx Corporation’s employment database. And tell others!

Tell your friends, your relatives, and your co-workers. Share this story with them, spread the word because odds are, you’re name is in their database.

And you have the right to know what is being said about you!

4 Steps to Take Before Buying a House

March 8, 2013 by  
Filed under Blogs, Credit Score, Misc

by: .
steps to take before buying a house

1. Figure Out How Much You Can Spend

This means going through your budget, income and expenses, and sitting down with your loan officer to figure out the monthly payment that you can afford as well as the loan amount you can be approved for.

Do not stretch yourself too thin, you will need to make sure that you will be able to afford all of your monthly housing expenses like the mortgage, insurance, taxes, association (if any), etc…

2. Budget Your New Expenses

At this point you’ve budgeted a certain amount of your income toward your future housing expenses.  Now, the trick is to make sure that you can survive on what you have left.

Remember, utility bills like electrical and gas are a lot higher for homes than apartments. And don’t forget other expenses like water and sanitation.

Finally, you need to leave a little money aside every month for the inevitable repairs that come with home ownership.

A good way of seeing it you can afford all of these expenses is to put that money away as if you had those expenses and live on the disposable income that you would have if you purchased the home for a few months.

3. Down Payment

Although FHA loans only require a 3.5% down payment, the more you can put down, the lower your interest rate and monthly payment would be.

Putting 20% down on a home would get you the best possible interest rate and allow you to avoid paying PMI (Private Mortgage Insurance).

If you cant get a 20% down payment together and are stuck with a PMI, don’t forget to write it off your taxes. PMI is tax-deductible.

4. Check Your Credit Scores

A credit score determines a consumer’s creditworthiness when applying for a loan and is a key factor in determining the loan amount and interest rate.

The lending market’s credit score requirements constantly fluctuate, but it is generally accepted that a consumer needs at least a 640 FICO score to qualify for a mortgage loan.

Consumers looking to get the best available interest rates on their mortgage generally need a FICO score of 720 or higher.

Check your credit reports and credit scores at least 6 months before applying for a mortgage to give yourself enough time to straighten out any issues with your credit (if any exist).

If your credit score is standing in the way of you purchasing a house, sign up for CreditFirm.net’s professional credit repair service today.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

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