Finance Globe Blog

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

Five Ways Credit Bureaus May Respond to a Credit Report Dispute

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The information in your credit report has a major impact on whether your new applications for credit cards and loans are approved. Having positive information is key to showing that you're a responsible borrower. Your credit report can only contain accurate, complete, and timely information and you're allowed to challenge any information that doesn't fit the criteria for reporting. If you spot errors on your credit report, you can have your credit report updated by...
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Wanderer
One thing people need to know, there is a legal basis to a dispute. Disputing because you don't like it or for some other non-lega... Read More
Tuesday, 11 June 2019 06:32
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Watch Out for the Risks of Personal Loans

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Banks and fintech startups are increasingly offering personal loans for consumers who need to consolidate debt, make home repairs, or take care of other financial obligations. While personal loans are becoming easier to access, there still remains some risks to watch out for before you take on new debt. Fixed Monthly Payments There’s a fixed monthly payment based on your interest rate, loan amount, and repayment period. Payments can be difficult to make if you’re...
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How Medical Bills Wind Up On Your Credit Report

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Medical bills have the potential to hurt your credit just like most other types of bills. Medical bills can wind up on your credit report even if you have health insurance, since insurance companies don’t always cover 100% of medical services. Medical service providers don’t drop a medical bill on your credit report right away. They typically give you a give you time to pay the bill in full or make a payment arrangement first....
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Wanderer
Good information! Unaware you could dispute and/or have medical bills removed once they are paid. Due to the often large size of s... Read More
Monday, 20 May 2019 03:54
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The Most Common Complaints Against Debt Collectors

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The Consumer Financial Protection Bureau recently released its 2019 Fair Debt Collection Practices Act Annual Report which discusses trends in consumer debt collection complaints. The FDCPA is the federal law that dictates what third-party debt collectors are allowed to do when they’re collecting a debt. The CFPB receives complaints from consumers about financial services businesses, including collection agencies. After receiving a complaint, the bureau opens an investigation and attempts to work out a resolution between...
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Frank
I would never work in this industry. I view it as slimy and unprofessional.
Thursday, 30 May 2019 10:08
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Four Red Flags of Too Much Debt

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Consumer debt has been rising steadily as the economy recovered from the 2008 recession and overall consumer debt reached a record $13.5 trillion in the 4th quarter of 2018, according to the Federal Reserve Bank of New York's report on U.S. household debt and credit. Rising levels of debt may not be good for the economy and especially on consumer wallets. Here are some ways you can tell if you're adding too much debt each month....
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Wanderer
This is scary as it indicates consumer spending may be out of control. As the author laid out there are limits on out finances and... Read More
Friday, 08 March 2019 06:55
Frank
Completely agree Wanderer. I think we are living in very scary times!
Monday, 18 March 2019 16:18
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3 Options for Consolidating Your Credit Card Debt

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Trying to pay off multiple credit cards can be complicated. You have to break up your extra money between all your balances, which means you’re not making as much progress as you would if you could just pay one debt. Consolidating your credit card debt makes it much easier to pay since you can make a single payment. The hard part can be figuring out the best way to consolidate. Here are a few options...
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Frank
I think consolidating it with a home equity line is usually the best plan as its usually the lowest interest rate. You can also pa... Read More
Wednesday, 27 February 2019 15:36
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What’s the Problem with a Low Credit Score?

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A low credit score (also known as a bad credit score) isn’t the end of the world. Even if you have a low score, it doesn’t necessarily mean you can’t live the life you want in regards to your finances. However, as time goes by, you’ll come to realize that a low score is impacting you in a variety of ways. Here are five issues that could come to light: •    Loan denial: Lenders look...
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Frank
Thanks for the info Chris. A low credit score really only hurts you. If you have a low credit score now, make a goal this year to ... Read More
Wednesday, 27 February 2019 15:34
Wanderer
One method to help improve credit scores is to keep your credit utilization under 30% and some schools of thought even take it to ... Read More
Monday, 11 March 2019 07:39
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Good Reasons to Review Your Credit Report

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Some people know they have a good credit score, so they don’t see the reason in reviewing their credit report once a year. Conversely, some consumers know they have an average or poor score, which leads them to shy away from their credit report because they’re afraid of what they’ll find. Regardless of which group you fit into - or if you lie somewhere in between – you should get into the habit of reviewing...
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Wanderer
Realistic suggestions for all of us. In the world of scamming and ID theft, we cannot take much for granted!
Sunday, 10 February 2019 07:45
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What To Do If You're Upside Down in a Car Loan

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  In the ideal car buying scenario, the value of your car would always exceed your outstanding loan balance. However, sometimes the opposite can happen and you owe more on your car than your car is actually worth - a situation that's referred to as being upside down on your loan. For example, if your outstanding loan balance is $17,000 and your car is valued at $12,000, then you’re upside down. If you wanted to...
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Frank
Has anyone been in this situation before? Given how fast cars depreciate, I would expect this to happen a lot.
Tuesday, 29 January 2019 16:25
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When Your Credit Report is Missing Information

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When you’re checking your credit report , one of the things to watch for is that all your information is complete and accurate. But, if you notice an account missing from your credit report, you could be concerned, especially if it’s an account with a positive payment. These are a few explanations for why an account could be missing from your credit report and what you can do about it. The account is new and...
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Frank
I always recommend to call the credit agency and try to get a better understanding of why there may be information missing. They c... Read More
Thursday, 27 December 2018 09:49
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