Debt is a dirty word, for millions of Americans, and yet, the average household depends on it for survival. Despite the negative connotations, did you know that owning a mortgage, auto loan and/or student loan can actually help your credit? Surprising, but true. Long-term debts have the ability to improve your credit scores by creating:
The Fair and Accurate Credit Transactions (FACT) Act of 2003 guaranteed the right of every American consumer to see a copy of their credit report from each of the three main credit bureaus every 12 months. But the law said nothing about credit scores. For years, the only way to see your credit scores was by paying for them, but recent developments makes getting your credit scores for free fairly easy. Here are five ways to do so.
Ever feel like you just can’t get out from under your credit problems? Whether you’re just starting out in your credit journey, have started getting your credit act together, or are even working with a professional credit repair company, there are some things you can do this week to help improve your credit report and score.
Federal regulation is changing the overtime rules for American employees. On May 17, 2016 the White House announced that the Labor Department will increase the overtime pay threshold to $47,476 per year, nearly doubling the original threshold of $23,660. This policy change stands to affect 4 million employee salaries.
Marriage merges two lives into one. However, when it comes to credit histories, each spouse retains their own personal credit profile when they get married. Marriage does not merge two credit profiles into one. By the same token, if a spouse incurs debt during a marriage or otherwise wreaks havoc on their credit, the other spouse’s credit does not necessarily suffer as a result.
While being married does not merge your credit with your spouse’s, being joint account holders can certainly cause one spouse’s actions to affect the other spouse’s credit. Many married couples decide to have joint accounts — for example, bank accounts, utility accounts, or credit card accounts, to name a few. On a joint account, typically all account holders are liable for the actions of one of the account holders. For example, if a husband and wife are joint account holders on a credit card and the husband is 30 days late paying the bill one month, a 30-day late negative item will most likely appear on the credit reports of both the husband and the wife. …
Our clients saw over 4,800,000 negative
items removed from their combined credit reports last year.