Finance Globe

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

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 best...
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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, and both...
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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 the...
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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 still...
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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 you...
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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? What...
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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 this:...
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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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How to Improve Your Debt-to-Income Ratio

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Your debt-to-income ratio is an important financial measure that tells the percentage of your monthly income that goes toward debt payments. In addition to your credit score, lenders use the debt-to-income ratio to approve your loan applications. Many lenders use your debt-to-income ratio to decide whether you can afford to take on mrore debt. Thankfully, unlike your credit score, you can calculate and easily manage your own debt-to-income ratio without much trouble and guesswork. Calculating Your Debt-to-Income...
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Wanderer
Great write up on how the Debt to Income works and the things we need to know to stay on our game. Working on mine so that I have ... Read More
Wednesday, 28 February 2018 18:55
Guest — Karina Watts
When I first started last year, my FICO scores were in the mid 500s to lower 600s. As of June 15, 2017, my partner and I were able... Read More
Saturday, 03 March 2018 19:58
Frank
Great article. My wife and I have been able to reduce our DTI from >40% to the low 20%s. Once we pay off all of our student loans,... Read More
Saturday, 19 May 2018 14:19
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How Debt Collectors Find Out Where You Work

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If you think you’re safe from debt collector calls at work, think again. You’d be surprised at how much information a debt collector can find out about you with a few phone calls and internet searches. Debt collectors may call your job looking for you, particularly if they’re not able to get in touch with you any other way. You may be surprised to learn some of their tactics. Your original creditor. When you first applied for your...
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Frank
I have read and experienced through friends/family that these debt collectors can be horrible to deal with and a huge pain in the ... Read More
Saturday, 19 May 2018 14:18
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The Top Benefits of an Excellent Credit Score

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You don’t need an excellent credit score to live a good life, but it can definitely help you feel better about your financial situation. If you’ve checked your credit score and don’t like what you see, there’s no better time than now to take action. Here are a handful of benefits that come along with boosting your score into “excellent” territory: •    Lower interest rates. Are you applying for a car loan? What about a mortgage?...
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Wanderer
Sure can relate to the benefits of a good credit score. In my case it has allowed me to get the best mortgage rates, lowest car in... Read More
Wednesday, 28 February 2018 19:06
Frank
There really are no downsides to a great credit score. I am not quite in the 800s, but have been in the 750s for 2-3 years now. I ... Read More
Monday, 30 April 2018 16:43
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