Posts

divorce_3

5 Myths on Credit and Divorce

5 Myths On Credit and Divorce

Making the decision to end a relationship with a loved one can be one of the toughest calls to make in a person’s life. If you are considering divorce, what is not working is outweighing what is. Whether you are waiting for your spouse to pull the trigger because you can’t yourself. Or, you’re getting your finances in align prior to making the move, there are a few things to know and how the decision will directly impact your credit score.

In this article we address 5 myths about divorce and credit, so you can make the best financial decision for YOU when D-Day comes.

Myth #1: Spouses share a credit score

In the credit world, each person carries their own credit score. Purchases made together still show on each report. If your spouse is negatively reporting due to a late payment and you are an authorized user on that account, your report will also reflect that negative trade line.

Note: There is a major difference between being an authorized user and having a joint account.
Signing divorce papers

Myth #2: Being married or divorced affects my score

Status, age, gender, race, income, or investment does not have any impact on your credit score. Your negative or positive credit history is what makes up a score. Paying bills on time, keeping balances low and your credit utilization.

Myth #3: The legal status of a relationship doesn’t matter

Joint accounts, mortgages and car loans do. Managing those accounts will affect both of your scores whether you are married or divorced.

Myth #4: After my divorce is finalized, my score is no longer impacted by my ex

Unfortunately, your scores can continue to be affected by your previous spouse long after the marriage ends. Co-owner of a credit card that is used by your ex can mean you are still responsible for the debt, married or not. Some states consider all open accounts opened during marriage, a joint account.

Myth #5: One spouse acquires credit card debt he/she is solely responsible

A divorce decree does not cancel previous credit contracts. As such, the decree is only responsible for writing out who is responsible for existing debts. A divorce decree will not automatically remove joint or authorized users from accounts. Read more on divorce decrees here!

If you have previously gone through a divorce and are unsure of what your credit report is reflecting, please pull a report here IDIQ
Contact:  1-800-994-3070

Check out Credit Law Center Reviews:

Google Reviews, Facebook Reviews

Credit Law Center Christmas

Credit Scores That Are Merry And Bright

 

Credit Scores That Are Merry And Bright

Tis the season for gift giving-which means plenty of shopping! This is also the time when the season can cause a huge strain on your credit if you are not careful.

Here are some tips to avoid the credit blues once the new year arrives.

 

Avoid new credit cards

In the check out line and the cashier asks you if you want to open a store card to save money on your purchase, you’ll want to kindly smile and say no thank you. If you are working on your credit currently, opening a retail store card may not be in your best interest. Opening all these retail store cards for a discount on items you are buying for other folks will hurt your own score, you have to think about yourself this season too.

Don’t rack the cards you do have up

Remember, a good rule of thumb is to continue to pay your cards on time, and pay them down as much as possible. During this time, it is very easy to overuse your cards for purchasing the best gifts for your friends and family members. Set a budget prior to going out to shop and remind yourself what is most important. Is it a new cell phone for your teenager or a new home come Spring? You’ll start to put things in perspective when you keep the end goal in mind.

 

Credit Law Center Christmas Shopping

Keep track of your cards

There is no time like the Holiday season for identity and credit theft. As long as you are taking extra precautions at this time of year, you can feel good about making purchases out and about or,  from the comfort of your home. Keep in mind:

  • Online shopping is great! Ensure the URL address or lock symbol on the page is showing that the site is secure
  • Conceal your cards somewhere safe and don’t carry too much cash when you are out shopping
  • Stay vigilant-if possible, tuck your cell phone away when making a trip back to the car so you can be alert the whole time
  • Use secure ATMs at your bank
  • Put those receipts in your wallet or purse and shred them once your bills arrive. Gift receipts are great incase of the need to make an exchange
  • Monitoring your credit is going to be vital at this time. Report any fraudulent activity once the season is over and take action

If you would like to learn more, please contact Credit Law Center and an analyst will be happy to provide you with additional information.

Contact:  1-800-994-3070

Check out Credit Law Center Reviews:

Google Reviews, Facebook Reviews

 

 

 

Road to good credit

How to fix your Credit

The winds come whipping in, the sky turns black and-BOOM-a tornado blew through all of your life plans! Are you feeling as if Oz himself is behind the curtain pulling random numbers from the debris and  tossing them out one by one? After the dust has settled you see a score that makes no sense, but the damage has been done. So what do you do to pick up the pieces?

Credit Law Center Credit Score

If you are looking to fix your scores but continue to find ways that take longer than the time you have available, don’t quit…there is hope for you yet- your yellow brick road is closer than you think!

Although time doesn’t always seem to be on our side, and the credit bureau’s don’t seem to be either, there is still some good news when it comes to fixing your less than perfect report. A healthy credit report will take time to build, but the wait is worth it.

Oz is not going to improve your scores for you and unfortunately you can’t just tap your shiny red shoes together for a quick fix. It is up to you as the consumer to take some action. Here is what you can do to get started:  1. Pull your report and check your scores. You need to view all three (Transunion, Experian and Equifax) 2. Find out what the issues/negative items are on the report. Are the debts yours? 3. Clean negative items off the report 4. Build and establish positive credit/tradelines.

First: Pull your report

You will want to enroll in a credit monitoring service that allows you to see all three bureau’s. A lot of the credit reports consumer’s can pull on their own show you two reports, the third one is just as important as the other two. Remember: scores will vary as they are only a consumer score and will always be different than what a lender or bank will tell you. Check out : vantage scores vs Fico….. Credit monitoring is also great for identity theft monitoring, among other things. Interested in having a three bureau report pulled for just $1? Click here!

Second: What is negative?

Can you imagine that the bureau’s have incorrect information? Actually, 79% of credit reports contain errors. Not only is it important to verify that the debts on your report are yours, but it is just as important that your addresses, name, DOB, etc. are correct as well. “Oz” uses an algorithm that is hard to crack! What we do know is this:  • Payment history makes up 35%  • Credit utilization makes up 30% • Age of credit accounts 15% • Length of life on card 15%
If you play the game right, you’ll start to see your scores on the rise. Keep pushing.

Third: Clean up negative items

Just like the lion, tin man and the scarecrow, you’re going to need someone to help guide you down the path. Recruit well, and do your research! Credit Law Center, attorney based credit repair can assist you in cleaning up your negative items on your report such as:  • Collections/Repossessions • Public Records • Late Pays • Bankruptcies/Foreclosures  • Tax Liens/Judgments
This team not only assists you in removing derogatory items from your report, but coaches through the process on how to build on the positive side of your report as well. An unbelievable team for you to depend on, Credit Law Center is a combination of all of Dorothy’s confidants into one company.
The tin man: a heart that cares about the future of the consumer’s, and what happens next
The scarecrow: a brain full of knowledge about credit and the resources to aid clients
The lion: courage/legal prowess to take action
Ready to get to work on your report? www.creditlawcenter.com

Fourth: Build and establish

You might have been denied credit cards previously, but that are a few other ways around establishing that you don’t know. Secured credit cards are one route you can take. They require a deposit that will serve as your credit limit. Making on time payments and keeping an eye on your utilization is vital. Keep those balances as low as possible. Your limit is $1,000? Keep that card under $300 if possible! A few more things to do to start building:  • Pay balances down as low as possible while holding off on making new purchases • Credit builder loans with a bank can be a good start • DO NOT close old credit card accounts when you have them in good standing, the longer the life on the card, the better • Increase your credit limit so your balances seem to be back down under that 30% utilization (See, this game can be won!)  • Become an authorized user on an account of a TRUSTED family member or friend. Don’t worry, you never have to even see/use their card, you will benefit from their positive history (make sure they pay their bills) Again, the longer the life, the better! Their shiny scores won’t be hurt by your scores, the only one taking a risk is you. Choose wisely!
Now, that the clouds have cleared and the sun is peaking through, you can take on Oz with the right team behind you. We are excited to help you so you too can tap your shoes together and exclaim “There’s no place like home!”

If you would like to learn more, please contact Credit Law Center and an analyst will be happy to provide you with additional information.

Contact:  1-800-994-3070

Check out Credit Law Center Reviews:

Google Reviews, Facebook Reviews

Free Credit Scores - Credit Law Center

Are Free Credit Scores a Waste of Your Time? – Credit Law Center

Are free credit scores a waste of your time?

Last week, 2 of the big 3 credit bureaus were ordered to pay $23 million for deceiving customers. The CFPB accused the credit bureaus of misleading marketing of false information of credit scores and products being sold to the public. According to the regulator, “TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. When in reality the lenders do not use the credit scores provided at all. So you can imagine the frustration of going to get a loan, when your score is different from the one the lender is using.

Read more

Equifax - Credit Law Center

2 of the Big 3 Credit Bureaus Busted for Deceptive Marketing – Credit Law Center

2 of the big 3 credit bureaus busted for deceptive marketing – Credit Law Center

The Consumer Financial Protection Bureau bust 2 out of the 3 major credit reporting bureaus due to the marketing of their over-priced, under-performing credit monitoring subscription products.  Combined fines and  consumer restitution total $23 million.  CFPB will more than likely also bring a case against the remaining bureau, Experian. Experian doesn’t prevent identity theft, nor do they always accurately disclose your credit score.

Read more

Do It Yourself (DIY), Credit Law Center

Self Credit Repair – Credit Law Center

Self Credit Repair – Credit Law Center

What is self credit repair? Sounds like a silly question but this industry can be confusing to consumers. The credit reporting agencies only want self credit repair because

When considering self credit asks yourself a couple of questions; do you change your own oil? Do you do your own taxes? If the transmission went out on your vehicle would you repair it yourself?   I am not listing these questions out to talk you out of self credit repair, but merely to point out that there are several things you could do yourself but choose not to. If you were to do some of the things mentioned above you, would probably Google it or find some directions on how to. Because we know there are some people that want to repair their credit on their own, so we have listed out our instructions and process right here at Credit Law Center.

Read more

What Bad Credit Really Cost You

What Bad Credit Really Cost You – Credit Law Center

What Bad Credit Really Cost You – Credit Law Center

In today’s economy a good credit score is a must. Some consumers don’t realize how much of an impact a bad credit is score can have on their financial picture.  Did you realize that a low credit score can impact how much you pay for insurance, the amount of interest you will pay for cars, the interest rate on a mortgage or whether you get that promotion at work?

Read more

Giving Thanks - Credit Law Center

Giving thanks on Thanksgiving – Credit Law Center

Giving thanks on Thanksgiving – Credit Law Center

Tis the season to give thanks. Credit Law Center would like to thank every client that believed in us, to help them with getting back on track. Whether it be stopping debt collectors from harassing you, improving your credit score to buy a house or automobile, or simply monitoring your credit to assure you are protected. Credit Law Center is thankful for the opportunity to serve you. There are many credit repair companies nationwide, but you chose to go with Credit Law Center. Credit Law Center takes pride in our “you don’t pay until it goes away” model. Unlike most credit repair companies we take pride in not charging our clients a monthly fee, because we look at our clients than as a more than just a opportunity. Credit Law Center gets their clients on their way in days, not months. While other credit companies milk their clients for money for months, before any results are completed.

Read more

App Store Icon On Apple Deivice Screen

Credit Score Apps – Credit Law Center

Credit Score Apps

What Credit Score app should you use to monitor my credit score and credit report?  Credit score apps are everywhere and each credit score app provides a little different content or information.   Not only is the content different from one credit score app to another but so are the prices.  The prices of credit score apps while most of the apps are free to download, some are only usable with a monthly membership to the site attached to the credit score app.  There are a few truly free services, Credit Karma is one of the most popular of the free sites.  The thing to keep in mind when utilizing a credit score app is that these are not true FICO scores as you would think.  The scores are actually calculated by the credit bureaus and they are referred to as Vantage scores.  The scores will be different from the scores that a bank or mortgage company will obtain if they pull your credit report.

Read more

Credit Report Dispute Score Form

Fast Credit Repair Kansas City

Fast Credit Repair Kansas City

Fast Credit Repair is possible in Kansas City and nationwide, if you use Credit Law Center and their credit repair attorneys.   Most credit repair companies and consumers mail letters or online disputes to the credit bureaus over the course of months and sometimes even years.  This method may have limited success, but it takes a long time for any repaired credit or to raise the client’s credit scores.

Read more