Credit counseling - Plain simple or more trouble

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Debt Consolidation Loan for a Better Life
Times have changed, so have the rules. Gone are the days when people used to get credit only for their necessities like home, medical emergency or education, now one can get credit for just about anything. You can even get a loan to pay off your creditors or pay those mounting bills. This type of loan is called a Debt Consolidation Loan.

A Debt consolidation loan is the best way to get ... Read debt consolidation article



Should You Pay Off Your Debt
You've made a commitment to change your spending habits. You have a budget and you are working on getting out of debt and building up some savings. You just received a bonus at work. What do you do with it?

The old you would have gone on a vacation. The new you is looking to the future. Your first impulse is to pay off a credit card or two. But then you consider putting it in your emerg... Read debt consolidation article



Credit counseling - Plain simple or more trouble
Does your heart skip when the phone rings? Are you afraid to open the mail and get another letter from a debt collector? If so, you are not alone. Many Americans are in debt up to their eyebrows and most don't even know what options are available to help them. They just struggle paycheck to paycheck, make minimum payments and watch with frustration as the interest rates eat all the payment and the debt seems to just grow.

Credit Counseling is one option to help deal with debt problems, but before jumping the gun and signing up with any credit counseling firm do your home work.

Many credit counseling organizations are both legitimate and nonprofit. They work with you to solve your debt problems. However, there are also those who may say "nonprofit" and charge fees. And those that are completely illegitimate. Some credit counseling organizations charge high fees, others hide their fees and the third group may ask for "voluntary" contributions. All of these will eat into the payments you need to make to your debt.

Choosing a Credit Counseling Organization

Find out if they are willing to send you free information about themselves. You are looking for firms who are willing and open about themselves and their policies. If they hassle you for an appointment or want too many details from you before they send you anything, go elsewhere.

What you want to get from a Credit Counseling Organization, to start with, covers the following:

1- Are they licensed to offer you services in your state?

2- What are their set-up fees?

3- What are their monthly fees?

4- Are there any other fees or contributions required?

5- What are the qualifications of their counselors?

6- Are their counselors accredited and/or certified by an outside organization? If so, by whom? If not, how are they trained? Third party certification adds an independent unofficial auditing that is helpful.

7- How do their counselors get compensated? You want to avoid anything that resembles commission.

8- What assurance do you get that your private information remains confidential and secure?

9- What services do they offer?

Debt management is just a part of the debt issue and you may need other services to help you accomplish what you need. Look for a wide range of services without bias. If an organization says they have a wide range and then push a particular service such as debt management plan (DMP), then they are biased. How can they help you with both the immediate debt problem as well as long term plan to help you stay on track? Will you have a formal written agreement or contract with them? You need everything in writing and you need time to review them before you sign. Consider verbal promises invalid.

Once you get the information in the mail you need to confirm that the credit counseling organization is both legitimate and reputable. You can check their legitimacy by contacting your state Attorney General, local consumer protection agency, and Better Business Bureau. See if there are licensed and if there are any complaints against them filed by consumers. Remember that a clean record is just a start and does not guarantee service.

Checking their reputation is harder since they deal with confidential information and you cannot ask them for referrals. I understand that asking friends and family could be a little awkward but getting recommendation from someone who actually has dealt with an organization is one of the best ways to screen a firm.

Many reputable credit counseling organizations offer free educational materials and workshops. They are in the business of helping you get to the root of your budgeting issues. Take advantage of their workshops that will also give you an opportunity to check them out in person.

Your financial institution and your local consumer protection agency could also be good sources of information.

I like what William F. Halsey said about problems. "All problems become smaller if you don't dodge them, but confront them."

May your problems become smaller.

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Using online credit reports to improve credit

Like most Americans you may be skeptical of why an unseen online agency would want to "help" you by checking your credit score for free. I mean, aren't they just out there to get your money? The truth is, these credit checks can really help you, especially if you are trying to improve your credit.

First, by checking your credit online, you avoid "dings," which lower your score. Many consumers are afraid to investigate their credit because they think their score might drop, putting them in even worse shape. This isn't true with online credit reports. Thus, without dinging your credit, online sources allow you to check out your score, for better or worse.

Alternately, if you have been denied credit within the last 30 days, you can ask the credit bureau for a free report that won't ding your credit. You do have to use a local reporting agency, which can take more time than using an online source. Most people go in person to the agency to request the report and then pick it up. Both of these steps seem quite tedious when compared to online credit checks.

Another benefit of online credit reports is the ability to see both good and bad credit you have on your report from the privacy of your own personal computer. No nosy bankers trying to get your a credit card or auto loan. Without sales pressure, you are less likely to get into more debt and lower your credit score.

Lastly, you can verify the accuracy of your credit. The online report will be taken from each of the three national credit bureaus. Occasionally you will see accounts that you dispute, which gives you the opportunity to contact the bureau. To do this, you must write a letter explaining exactly what is incorrect or disputed. The agency must investigate. When they contact the creditor, he has 14 days to respond or the item is deleted off your credit. A little known secret is that if the item is less than $500 or older than one year, most creditors won't bother responding, whether your dispute is accurate or not. Disputing bad credit is the most direct way you can improve your credit. When your bad credit is reversed your credit score will increase. Most importantly, after your score goes up you have the right to demand that your updated credit report be sent to all those who have denied you credit in the last six months. Good news!

So, if you wonder how good, or bad, your credit score is, don't be afraid to check it out online. The report is excellent information that arms you with power to change and improve your credit. Most people with bad credit don't know much about how it gets that way or how to fix it. Your knowing both is a good start to improving your credit.

Best Credit Report Info.com offers valuable information on credit reports and what to do if you've had credit difficulties. For more information, see the website at http://www.bestcreditreportinfo.com


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Credit counseling - Plain simple or more trouble
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