Finance Globe

A phone call or letter is often the first sign that you have an account with a collection agency. These bills collectors don’t go away easily and some of them have been known to cross the line to get consumers to pay up. How Debt Collections Happen As an adult, you probably have several accounts with various companies: credit card issuers, a mortgage lender or landlord, a cell phone service provider, and other utility companies. As...

As presidential campaigns get more aggressive, don’t be surprised if you’re asked to make a credit card donation to help fund your party’s candidate. Technology has made it easy for campaign workers to take donations on the spot by swiping your credit card through a small device attached to a smart phone. Campaign season isn’t the only time you might be asked to make a donation via credit card. The holiday season is notorious for bell...

Credit bureaus, also called credit reporting agencies, are big businesses in the credit industry. They play a major role in your financial life, so it’s important that you know who they are and what they do. Credit bureaus collect credit data about consumers and, upon request, compile the information in a document called a credit report. Many companies you do business with send your account details to the credit bureaus periodically. The credit bureau in turn...

Letter writing has become a little outdated thanks to email, text messages, and social media. But, writing a letter is sometimes the best way to deal with issues with creditors and other credit businesses. In fact, certain laws require you to communicate problems in writing for the creditor (or credit bureau or debt collector) to be held to their responsibilities. When you’re writing to creditors, debt collectors, or a credit bureau, go beyond a stamped envelope...

Creditors and debt collectors may never stop trying to collect on old debts, not as long as there’s still an outstanding balance. You might be contacted about debts years after they’ve dropped from their credit report. As an incentive to get you to pay these old debts, some creditors and collectors offer to settle the accounts with you. But before you take the offer, there are a few things you should know. What is Debt Settlement?...

Your credit score is a three-digit number that essentially grades the information in your credit report. It’s the number creditors and lenders use to decide whether to approve your application and at what interest rate. Many people have wisely pulled their credit scores before applying for a loan only to find out the lender has a different, possibly lower credit score. Or, you may check your credit score across all three major bureaus and notice there...

Your credit score is a mighty number that’s influenced by many of your financial decisions. Fortunately, not everything plays a factor in your credit score. Some negative actions may cost some extra money, but they won’t hurt your credit rating. Bouncing a check or overdrafting your checking account could result in an expensive overdraft fee. But, this type of action isn’t reported to credit bureaus and it won’t hurt your credit score. You can avoid overdraft...

Recovering from a bad credit score is tough. It can take several years of hard work to bring your credit score out of the pits and back to a place that makes you an attractive borrower. While your credit score is still in pristine condition, you can take steps to make sure it stays that way. Here’s what you can do to prevent bad credit from happening to you.Pay all your bills on time. The most...

Banks and credit card issuers aren’t the only ones who use your credit to make a decision about you. Prospective employers also look at your credit report to decide whether to hire you for a job.You probably don’t want to hear that your credit history could be used against you in your employment search. But, if there’s a bright side it’s that you won’t be blindsided about an adverse credit decision. The Fair Credit Reporting Act...

It’s tough if you’re at a point where you’re considering bankruptcy - it can be really disheartening to realize you’ve been swamped by your debts. And you probably already know that bankruptcy has serious long-term consequences to your credit history. But in certain situations, bankruptcy may be the best way to get that fresh start you desperately need. The U.S. Supreme Court said this about the purpose of bankruptcy law back in 1934, “It gives to...