Fix Your Debt, Credit and Finance Problems Helping you fix your credit and debt problems

A foreclosure will negatively impact your credit rating, and because of it’s negative impact on your credit rating, you should only do it as a last resort. A foreclosure can penalize your FICO credit score by as much as 200 or even 300 points. For example, lets say that you had 800 as your credit score, meaning you have excellent credit, then your going into foreclosure can bring that credit score down to a FICO score of 500. A FICO score of 500 is a very bad credit score.

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Posted under credit rating, credit score, fix bad debt, foreclosure, mortgage debt

Sample “Opt Out” Letter to Send to Credit Reporting Agencies/Bureaus

If you want to stop receiving junk mail and telemarketers from calling, then you need to keep your personal credit report information private. The best way to do this is to send an “opt-out” request letter to the credit reporting agencies/bureaus.

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Posted under credit bureaus, equifax, experian, transunion

The Senate has passed its own version of the new credit card bill and everyone expects that the House and Senate reconciliation will become law within a few weeks. The law goes farther than the new regulations passed by the Fed for mid-2010, and will take effect sooner.

Listed here are the most important benefits:

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The Obama administration has promised debt help for consumers in at least two important areas:

1. Mortgage debt

2. Credit card debt

They have moved forward in both areas in the last couple of weeks.

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Posted under debt consolidation, fix bad credit, fix bad debt