Finance Globe Blog

U.S. financial and economic topics from several finance writers.

5 Tips for Negotiating with Creditors

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There may come a point when you realize you’re unable to pay a creditor in full. While you could default, it’s much better to contact your creditor with the idea of negotiating your debt. As scary as it may be to make this call, once you’re on the right track you’ll realize that it’s not nearly as difficult as you thought. Here are five tips for negotiating with creditors: 1. Know Your Story Go into...
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Credit Freezes Are Now Free for Everyone

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Placing a security freeze on your credit report is one of the best ways to protect yourself from identity theft and thanks to changes in federal law, you can now do it for free. What is a Credit Report Freeze?   Freezing your credit report locks it to new inquiries. Businesses that use credit information in their lending decisions would decline an application when they can’t access your credit report. Would-be identity thieves would fail...
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Frank
I am very glad this is free now, because it can be a great tool for the consumer!
Wednesday, 26 September 2018 14:26
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6 Tips to Bounce Back From Bankruptcy

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Bankruptcy has the stigma of ending your financial life, but if you’ve been struggling with debt for months, or even years, bankruptcy can give you the fresh start you need to get back on your feet. Once your debts are wiped out in bankruptcy, it’s what you do next that determines your future financial success.  Make sure your credit report is accurate. Bankruptcy can stay on your credit report for up to 10 years, but won't take...
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Frank
I would add to be prepared to pay everything with cash for a very long time. No one is going to give you credit so be prepared to ... Read More
Wednesday, 26 September 2018 14:15
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10 Things You Should Know About Credit Report Disputes

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Your credit report has a major influence on your life. The information in your credit report is used for everything from your home purchase to getting a new cell phone to car insurance and even employment. A 2013, FTC report showed that one in five consumers has a credit report error. Sometimes errors are enough to hurt your credit score which leads to higher pricing and even denied applications. A credit report dispute is the...
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Frank
Great information Latoya! Have you had dispute anything on your credit report before?
Wednesday, 26 September 2018 14:14
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Debit Cards vs. Credit Cards

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This might be common knowledge to many, but there are people who have asked me what the differences are in debit cards and credit cards. Also if you want to teach your kids, below can be a reference guide to discuss the differences between a debit card and a credit card. Debit cards look and feel similar to credit cards . They are issued by major banks, such as Bank of America and Wells Fargo,...
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Recent Comments
Wanderer
As an addition to the difference between Debit Cards and Credit Cards is the liabilities in case of loss, identity theft and so on... Read More
Friday, 03 August 2018 05:09
Frank
Great point Wanderer! That is another reason why I solely use credit cards.
Thursday, 30 August 2018 09:14
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4 Tips for Handing Debt Collector Calls

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When one of your accounts falls past due, your creditor may sell the account to a third-party debt collector. The debt collector then has the right to pursue you for payment. Of course, one of the ways debt collectors attempt to get you to pay is by calling you. These calls can be a nuisance, especially when you can’t afford to pay. Knowing how to handle debt collector calls can keep you in control of...
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Frank
I usually recommend to not speak to them. I recommend seeking out counsel to help you deal with your debt and debt collectors.... Read More
Thursday, 19 July 2018 15:52
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What Happens If You Don't Pay a Collection

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Any time you fall behind on a payment, there’s a risk of your account going to a debt collector. This applies to credit cards, loans, cell phone payments, cable service and anything else that has a monthly payment. Many people incorrectly assume they no longer have to pay off an account because it’s been sent to a collection agency. However, you still owe a debt, even when it’s been sent to collections, and there are...
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Frank
Once your outstanding bill is sent to a collection agency, you are going to be harassed and bothered a lot. Please reach out to an... Read More
Friday, 29 June 2018 11:19
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3 Things to Consider Before Settling a Debt

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If you fall behind on a debt, your creditor may extend an offer to settle the debt for less than the balance due. When you settle a debt, you pay only a portion of the balance due and the creditor cancels the rest of the debt. Settlement offers are typically only made on past due and charged-off accounts and on debt collections. If you’ve received a settlement offer from one of your creditors, here’s what...
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Frank
While you should definitely consider these things, if you do get a really good deal on the debt settlement, I would definitely tak... Read More
Saturday, 19 May 2018 14:30
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Does a Fraud Alert Provide Enough Protection?

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With the increased amount of data breaches comes an increased need to protect your identity from being stolen. Once a thief has your personal and financial information, they can use it to make unauthorized charges on your account, open accounts in your name, take over your current accounts and leave you to deal with the fallout. Fraud alerts have been a way to protect your identity for several years, but is a fraud alert enough?...
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Frank
I will say I really don't think there is any fraud alert/prevention solution out there that truly protects you. The individual sho... Read More
Saturday, 19 May 2018 14:29
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The Personal Information Section of Your Credit Report

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At least once a year, you should request a copy of your credit report and review it in great detail. While it’s easy to focus most your time on the public records and credit accounts sections, there’s something else that deserves your attention: the personal information section. Your goal is to review each section of your credit report, paying close attention to every detail to ensure that there are no mistakes or incomplete information. Remember...
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Frank
My wife and I reviewed ours in December and somehow her brother's name and social security number was in the report. We are workin... Read More
Saturday, 19 May 2018 14:24
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