Friday, July 30, 2010

JUST SAY NO to debt collectors .

People who come to see me are worn out by debt collectors. It's understandable, they're called day and night.  Usually there's not too much they can do anymore about their financial problems. If you are facing debt collectors and losing sleep over the stress of it all, you do have other options.

 Just say no. It is our right under the fair debt collection practices act to tell the debt collectors, don't call me anymore. When this happens you must send them a letter in writing.. I suggest that you mail it certified, "return receipt requested" so you have proof of its delivery. Once the agency receives your letter, its employees can only contact you one final time to explain what action they plan to take. If this is your story my hope is it's to help you. Just saying no, can give you a break from the stress. If I can help you please feel free to call

Wednesday, July 28, 2010

What is a credit rating and credit rating after bankruptcy

As I remember sitting in my high school government and civic class on how to be a good citizen I don't recall learning about credit scores. In fact they didn't teach it in law school either. These days though you are well served knowing a little bit about credit scores.

What's in a credit  score?
35 percent Payment History: "Having a long history making of payments on time and no missed payments on all credit accounts is one of the most important items lenders look for." 

·         30 percent Amount Owed: "This measures the amount you owe relative to the total amount of credit available. Someone   closer to maxing out all their credit limits is deemed to be a higher risk of late payments in the future and this can lower their credit score."
·         15 percent Length of Credit History: "In general, a credit report containing a list of accounts opened for a long time will help your credit score. The score considers your oldest account and the average age of all accounts."
·         10 percent New Credit: "Opening several new credit accounts in a short period of time can lower your credit score. Also multiple credit report inquiries can represent a greater risk, but this does NOT include any requests made by you, an employer or by a lender who does so when sending you an unsolicited, "pre-approved" credit offer. Also, to compensate for rate shopping, the score counts multiple inquiries in any 14-day period as just one inquiry."
·         10 percent Types of Credit in Use: "Your mix of credit cards, retail accounts, finance company loans and mortgage loans is considered."

One of the main questions I'm asked is, what happens to my credit score after bankruptcy? I've enclosed one of my videos to give you a quick overview. If you're considering bankruptcy take a look at it.