Most people would agree that the presence of a bankruptcy or foreclosure on your credit file can have a serious negative effect. Where do you go and what do you do once the damage has been done? There is so much misleading information available about credit and credit scores on the Internet, from coworkers, from collection agencies and brokers… it can be hard to know where to start. Here are 4 credit truths to live by:
#1 - It’s really not as bad as you think.
You may think that you are ruined forever: you may have been told your credit is shot until 7 or 10 years has passed before you can buy or own anything again. The good news is that this is absolutely false! Negative information only affects 35% of your credit score; if you know how to re-establish yourself, you can boost your scores up by taking advantage of the remaining 65% still up for grabs.
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Posted: February 5th, 2009 under Advice.
Tags: bad credit, bankruptcy, credit repair, credit scores, FICO, foreclosure
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An estimated 10 million people each year are victims of identity theft and that number is steadily rising. Follow these simple steps to ensure that you are well-protected against any thief who would try to steal your personal information.
- Shred any and all documents which contain any sort of personal information with a cross cutting paper shredder.
- Make sure your mail is safe and not accessible to thieves.
- Do not carry your social security card or any document that has your social security number on it if at all possible.
- Never give out personal information on an incoming call, unsolicited e-mail, or unsecure website.
- Check the reliability of websites and make sure you have an up-to-date firewall and virus protection installed on your PC.
- Never underestimate the malice or ability of a close family member, friend, or co-worker who has access to your information to do you harm.
- Periodically review your credit file for accuracy to ensure no one has applied for and/or obtained credit without your knowledge.
- If you feel you are in danger or that your information may have been compromised, you may want to enroll in a credit monitoring service, purchase ID theft protection, and place an initial fraud alert on your credit reports.
Posted: January 29th, 2009 under Advice, Consumer Alerts, Credit Education.
Tags: credit reports, fraud, identity theft
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It can be hard starting out and not knowing exactly what you need to do to have a good credit file. Terms like credit report, credit score, APR, and finance charges can seem foreign and hard to understand. It can seem as if no one really knows how things exactly work in the credit world. Here are a few tips to start you out the right way:
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Posted: January 22nd, 2009 under Advice, Credit Education.
Tags: credit cards, credit reports, credit scores, student
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There are many factors considered in your FICO scores. Many people incorrectly believe having no negative information means you’ll have a good credit score. That’s not the case at all! As a matter of fact, negative information only affects about 35% of your credit scores. Other factors considered are things such as your shopping for new credit, the types and number of accounts you have, the way you manage your balances, and much more. We’ll briefly discuss the major areas of your score here and how they each play a big part of your score. Read more »
Posted: January 15th, 2009 under Advice, Credit Education.
Tags: credit scores, Fair Isaac, FICO
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Having a good credit score starts with understanding how the credit industry works. There are many players in the credit game who all have a stake in collecting or using your information. Here we’ll start by laying out the basic foundations of all credit knowledge.
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Posted: January 8th, 2009 under Advice, Credit Education.
Tags: credit bureaus, credit scores, Equifax, Experian, Fair Isaac, FICO, TransUnion
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We’re proud to announce exciting changes on the way for Credit Empowerment! While we’ll still be offering our popular ebook and toolkit and featuring services from the coaches at CMAC: the credit score professionals, our focus will shift to delivering the highest quality of online credit content and resources.
Exploring credit, money, saving, earning, investing, and everything in between, please enjoy the FREE information to come from Credit Empowerment’s team of credit experts. Bookmark the site now and stay informed!
Posted: January 1st, 2009 under News and Events.
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