Month: July 2011

What is a Goodwill Letter?

Clean credit should be your paramount goal after experiencing a period of financial trouble. When late payments and overdue account citations have peppered your credit report, it’s difficult to get back on track. Responsible spending will take you a long way, and the help of a goodwill letter can do wonders. If you have been working toward clean credit, it may be time to address past blunders by contacting your creditors and simply asking them to remove negative citations from your credit report. A goodwill letter can help you do just that. Your success depends on the policies and willingness of your creditor, and can include factors such as:

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What is an Escalated Information Request?

The credit dispute process is a clean-cut and highly documented procedure. In that regard, the Web houses thousands of articles about when and how to combat negative credit information. So, what happens if your credit dispute or challenge fails? If you are like many consumers, the initial process may not yield favorable results. Read on to learn more about the steps following a dispute rejection and how to get the results you deserve.

Denial isn’t the end of the line. When a credit dispute is rejected, it is up to you to take your claim to the next level. Before resigning yourself to defeat, follow the steps below to escalate your information request.

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What is a Credit Dispute?

Your financial reputation carries a lot of weight. The ability to secure a loan, to qualify for lower interest rates, and even to find employment are just a few of the ways your credit rating can help or hurt you. When your finances are on the line, ensuring accuracy is key. The Fair Credit Reporting Act (FCRA) was established to help consumers do just that. When you notice a false or inaccurate credit report item, the FCRA gives you the power to fight it with the credit dispute process. So, how does it work?

The Basics

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What is Debt Validation?

When used correctly, credit history is a useful tool. When it comes to unpaid debts, however, your past could creep up when you least expect it. Collection agencies have the power to reactivate long-forgotten accounts and hurt your credit score in the process. Harassing phone calls, the threat of legal action, and wage garnishment are just a few of the all-too-common collection tactics. While going head-to-head with the collection agency may be daunting, don’t sign a check just yet. Read on to learn more about debt validation and your rights.

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Credit Bureaus and Fraud Alerts

Identity theft is a harsh reality in a world of debit cards, credit cards, and online banking. If you’ve been a victim, you know the importance of protecting yourself from future infractions. A little-known solution is available through the credit bureaus: fraud alerts. If you want to avoid identity theft, review the information below and take the crucial first steps.

What is a Fraud Alert?

For anyone who has dealt with the aftermath of identity theft, fraud alerts are a useful way to ensure future security. By initiating these alerts with the credit bureaus, lenders are required to contact you by phone or other means to authorize new lines of credit or the use of your name on applications. If they cannot reach you, the application or credit activation will be denied and flagged for fraud. This process ensures your awareness of any and all activity on your account, and will help you recognize when fraud is being committed in your name.

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