Bad Credit Repair

By John Cooper

If you have bad credit there is hope. You do not have to wait seven years for bad credit items to naturally fall off your credit report.

The Fair Credit Reporting Act that was passed by Congress gives you the right to dispute any item on your report. This act also makes it law that if the item is not verified by the creditor then the bureau must delete it from your credit report.

For you to dispute an item you must create a dispute letter. You can do this yourself or you can hire a service to do it on your behalf.

The bureau will receive your dispute and investigate. They will contact the lender and ask them to verify the dates on the account and the balance.

If the creator is unable to verify the account then it must be deleted from your report. The easiest items to remove have been learned to be a charge off, repossession and a late payment after they have aged for two years.

This is a result of these lenders having received some form of payment. For example a charged off account has likely been sold to a collection agency. Thus the credit card issuer has no reason to save your account or records of it.

Recent delinquent accounts, tax liens, judgments, and bankruptcies are more difficult to remove. If you have one of these marks then hiring a service is a good idea, because they have advanced dispute tactics.

A service can use more advanced methods to remove an item if it is verified by the lender. A service can use; creditor direct intervention, escalated dispute information requests, and debt validation.

You can help your score by building positive credit too. This can be done by opening a new revolving line of credit such as an unsecured credit card. This will help you create a positive payment history and improve your available credit to debt ratio.

In sum, you should not wait seven years for credit repair to occur naturally. You can take steps today and rebuild your score.

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There Are Worse Things In Life Than Student Loan Debt

By William Blake

Although the media and financial institutions have been reporting about how crippling student loan debt is to modern American graduates, there are worse things in life. Because of the economy, everything costs more, especially a college education. Don't get pressured into taking advice from questionable sources about paying off your student loan debt. Unlike other things in life, there is always hope for paying off your student loan debt.

Interest Rates and Averages

In 2006, the average student loan debt of an American 4 year college graduate was $20,000. The first payment on these loans is normally six months after graduation, whether you have a job or not. This statistic is incredibly scary at first read. It seems like you can't win no matter how hard you try because of student loan debt.

However, when you born you owed some government somewhere a certain amount of money in future taxes. It is next to impossible to get through modern American or European life without owing somebody a heck of a lot of money. Have you ever looked at how much a house costs? That will make your student loan look paltry in comparison.

Financial institutions will always try to charge you an interest rate on any loan as high as they possibly can, especially at first. This is because the bank earns money by means of the interest they charge. As times go by, however, the bank will become more willing to lower your interest rate.

Your Situation Is Not Hopeless

Once you have held down a solid job for a period of time and you can prove to your lenders that you are a low-risk borrower, you will be more able to successfully negotiate a lower interest rate on your student loans. It might also be advantageous for you to contact one of the many non-profit organizations and speak to one of their debt specialists. They can help you with consolidation loans. They also offer money management classes.

It might not seem like it at the moment, but a $20,000 student loan debt is not all that horrible. Within five to seven years of paying reasonably sized monthly payments, you should be able to finish paying it off completely. Making more than your required monthly payment might even award you a refund. Remember, student loans are much easier to pay off than home loans.

About the Author:

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Talking Your Way to a Better Remortgage

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It is undisputable that finding a good remortgage deal for your house is going to be a difficult task to do. Finding a good deal is probably going to include you bargaining your way into it. If your goal is to get the best deal possible, you are going to have to plan on following these tips and bargaining to get the best mortgage possible

Find out what your current situation is. It is important to find out what your current mortgage's interest rate is and how much of each dollar that you send in is currently going towards the principal of the loan. If you don't have your loan stubs handy, you can check the Internet for a calculator that will figure out the numbers for you. When you see how much of your payment is going towards the interest and not towards your loan you are going to want to learn how to bargain.

Next, you're going to want to meet with a couple of banks. When you're looking at remortgaging your house, you're going to want to think of the first bank that you meet with as a practice bank. Use this bank to test the waters and see exactly how much you're going to be able to negotiate. You don't want to use the best bank as your first bank. Remember, you are practicing and using this opportunity to do a bit of research, and hopefully you're going to be able to negotiate better with the future banks that you talk to.

Compare banks. When you are finished talking to banks and bargaining to get the best deal possible, you are going to want to go back and tell them exactly what the other banks are offering you. By using better quotes against a bank, you are going to get them to lower the interest rate or fees even more if they want your business. A good bank is going to match the best bank and may even give you a special gift or lower interest rate. Banks are going to fight for your business if you have a good credit history and pay your mortgage on time.

Don't be too eager. After a meeting with a loan officer, he will usually follow up on the telephone to pressure you into choosing his bank. By telling them that you are still meeting with other banks, you are going to see whether or not he offered you the best deal possible. They will call you several times and each time that they call, the deal is going to get better and better. Don't be too eager and you are going to see exactly what they have to offer.

Getting a good remortgage deal is really difficult to do if you aren't prepared to do research and talk to several banks. If you are not up to it, why not have your spouse do it to save you money? By choosing someone who is going to be able to talk to banks and use the power of negotiation, you are going to get a better remortgage deal.

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How Forward Mortgage Differs From Reverse Mortgage

By Borvonski Vanrock

Many individuals who retire acquire most of their income from social security, pensions, and retirement accounts they have built over the years. However, these income streams may not be enough. Many of these retired individuals find themselves struggling no matter how well they budget their money.

That is where the reverse mortgage line of credit comes in. A reverse mortgage allows the homeowner to convert part of their homes equity into cash. In other words, the equity that is built up throughout years of mortgage payments can be paid back to the homeowner.

This is very unlike the traditional mortgage, such as the home equity loan of the second mortgage, because the money that is borrowed is not repaid until the homeowner no longer uses it as their primary residence. The loan amount may also increase with the age of the borrower because the amount of equity they have accumulated throughout their life.

To get a reverse mortgage, excellent credit is not required, nor does a steady income have to be coming in. The main factor is that the person doing the borrowing is actually the owner of the home.

The opposite of the reverse mortgage is the forward mortgage. This is the type of mortgage that is used when the house is purchased. This is when the borrower should have good credit and a steady income source. If the payments are not made on time, the home can be foreclosed upon because it is the home, or asset, that secures the mortgage.

As payments are made on a forward mortgage, the equity within the home grows. This is because it is the difference between the amount of the mortgage and what has been paid into it. Once the last payment is made, the homeowner then owns the home.

However, the reverse mortgage is the complete opposite of the forward mortgage. This is because the debt increases as the equity decreases. The borrower is not making monthly payments, but the equity is eaten up because there is interest added to it as the money is paid out to the borrower.

Then there is a time when the reverse mortgage must be paid back and the amount could be large, which is determined by the length of the loan. Other factors include if the home had decreased at any time and there was no equity left to borrow or if the value increased and the amount to be borrowed increased. This could have an impact on the amount of debt because of the amount of money borrowed or not borrowed during these periods.

When it is time for the loan repayment to come due, it is usually because the homeowner is selling the home and will not be using it as their primary residence anymore. They usually move to assisted living facilities or an apartment that makes moving around easier. The money that is used to sell the home is usually used to pay back the equity that they have borrowed.

For those individuals wondering what makes a reverse mortgage so different from a forward mortgage, the differences are evident. This should also help anyone needing additional monthly income decide whether or not a reverse mortgage line of credit is best.

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The Many Pitfalls of College Loans

By Steve Collins

There are thousands of students who could not afford to go to college or to remain in college through their graduate school years without college loans. The fact that these loans are the only factor actively allowing some student to stay in school and graduate makes their value incalculable. The understanding that these loans will not have to be repaid until sometime in the seemingly distant future make college loans even more attractive. But that trying day will come, and a few months after leaving college, students are asked to begin paying back the college education loan.

If you have or are thinking about applying for college loans, there are a few things you should realize. College education loans are often your initial experience with being a borrower. It is important that former students make it a priority to establish good financial habits. Students credit histories are usually short, and that can be a strike against you should you decide to apply for any other type of loan. Repaying your college education loans on time each month is a smart way of building a respectable credit history.

You make an agreement to repay all college loans when you accept the money. There are serious penalties to those who disregard that fact. If you do not make your monthly payments, your credit report will reflect that for many years, making it very difficult to get a car or home loan.

Your wages can be garnished. You can even be denied any tax refunds due you. College loans are not so much fun after you actually graduate college, so if you have not applied yet, you might want to consider how much money you really want to borrow.

College loans afford excellent opportunities, but they come with serious adult expectations. Do not treat them lightly. They cannot only get you through college; they can be your earliest introduction into the world of financial responsibility. Think of it as a way of proving yourself. Who knows? Responsible repayment of student loans may make you attractive to potential lenders, even with a short history of financial behavior.

About the Author:

Steve Collins is a writer and journalist. In these trying times, he knows the importance of obtaining effective Debt Solutions if necessary. Read his article about Debt Solutions here.