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

Do you know your FICO credit score? Well, you definitely should. Your FICO score is what lenders use to allow or deny you credit when you apply, for example, for a car loan, a bank loan, or mortgage, to name a few. FICO scores range from 300(lowest score) to 850(highest score). Listed below is the what is score range means to you.

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Posted under credit bureaus, credit repair, credit report, fix bad credit, fix bad debt, improve FICO score, improve credit report

The function of the Credit Bureaus first began as collection agencies and they only gathered negative information. Then Fair Isaac & Company developed the FICO scoring system to improve the overall credit reporting system. Today, the bureaus report both positive and negative credit history to provide a risk-grade rating that estimates your credit worthiness.

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Posted under credit bureaus, credit report, equifax, experian, fix bad credit, improve FICO score, improve credit report, transunion

Dispute and Remove Judgements On Your Credit Report

You most likely got a judgement from a creditor or debt collector suing you for payment of an unsecured debt. The judgement gives the creditor or debt collector several years to try and recover payment. In Pennsylvania it is about 4 years and in Ohio it is 21 years. So the length of time is dependent on your State’s statute of limitations for judgements. If no payment is recovered after the statute of limitations, then the creditor or debt collector can file a renewal in court and they can be allowed to try to collect payment for another few years again.

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Posted under credit repair, credit report, delete judgements, fix bad credit