Go behind the scenes: real world credit report struggles
Almost everyone benefits from an accurate and efficient credit reporting system. If a credit report can be pulled that gives a complete and fair portrayal of a consumer’s abilities to repay his debt obligations then: credit is granted quickly, people have easier access to financing, businesses can efficiently assess the risks of granting credit, etc. We all saw a few years ago the devastating consequences and deflationary pressures of a ‘credit crunch’. For our economy to run smoothly and money to flow quickly we need to...
read moreHow to Identify a Credit Repair Scam
Everyday people are taken by credit repair scams promising to ‘remove all negative items from the credit report’ or ‘create a new credit identity’, or something similar. It is important to be aware of what credit repair companies can and can’t do and how to identify a scam when you see it. The Federal Trade Commission provides helpful information in this area so that you don’t lose time and money to a ‘credit repair’ scam. For our area one of the most important signs to pay attention to is...
read moreThe chilling end of personal privacy….
Data breaches every week, police and law enforcement tracking you without a warrant, and judicial overreaching (yet again). Everyone else can know everything about you with no fear of consequence! Check out Adam Levin’s article here.
read moreWhat goes into a credit score?
Want better credit? Find out what makes up a credit score If you want good credit it is vital to know the factors that go into it. Without this knowledge it is easy to waste time, energy and money by making simple mistakes and following bad advice. Knowing the parts of a credit score will allow you to take proper and disciplined steps to fixing and maintaining good credit. By addressing as many parts of the credit score as possible, as well as the underlying factors affecting your credit, West Texas Credit Advisors aims to provide the best...
read moreCredit Scoring: Predictor or Instrument of Control?
Credit scores are usually touted as the most efficient and effective way to predict the possibility that consumers will default on their credit obligations. Aside from the fact that increased automation relying solely on numbers has caused numerous problems (mainly by excluding the human element, aka common sense), credit scoring and credit reporting companies occasionally break through the pretense of ’risk calculation’ to openly expose an important function they serve in the credit industry – the Strong Arm, the...
read moreWant to file a complaint about a collection agency or credit bureau?
Has a collection agency abused you and violated the Fair Debt Collection Practices Act in any way (read it here)? Is a credit reporting agency refusing to conduct a ‘reasonable investigation’? Are they continuing to report inaccurate, out of date, or unverifiable information? Are your rights under the Fair Credit Reporting Act being violated? If so you can file a complaint directly with the Federal Trade Commission here. You can also access the Consumer Financial Protection Bureau website here. ...
read moreIs the government going to help rein in debt collection abuse?
Debt collection abuses are well known, the harassment, threats, repeated calls, collecting of illegitimate/unprovable debts, etc. Complaints made with the FTC relating to the collection agencies are sky high and far outweigh every other industry. With the arrival of the Consumer Financial Protection Bureau there is now hope for (some) genuine reform to rein in the abuse of the debt collection industry. The Dodd-Frank reform law gives the CFPB power to regulate the ‘larger participants’ in the market, including...
read moreHow can you stop collection agencies from calling you?
Collection agencies can be abusive. This is no surprise to anyone. But what can you do about it? Long lists of rules regulating about when collection agencies can call you, what they can say, and how they can say it fill the pages of the Fair Debt Collection Practices Act (see it here). If you are dealing with collections and past due accounts it is important to familiarize yourself with exactly what collection agencies can and can’t do. If they overstep the law and violate your rights you might be able to sue them in small claims...
read morePiggybacking…does it work? Is it ethical?
Piggybacking – adding someone as an authorized user to someone else’s credit card in good standing to instantly boost credit history (and score) – is a hot topic. Our position is that it is essentially a scam that presents a false picture of your credit history except in cases where the relationship with the primary card holder is legitimate (spouse, parent, child, etc.). Only in these situations do we recommend being added as an authorized user to someone else’s credit card. But does it still work to boost your credit?...
read moreThe Truth About Credit Counseling
We have all heard of credit counseling, but what exactly is it? Here is how the National Foundation for Credit Counseling (www.nfcc.org) describes it: “Get free and low-cost help from a trained, certified counselor who will assist you in determining the best options to meet your individual needs. Our Certified Consumer Credit Counselors will: Advise you on managing your money; Offer solutions to your current financial problems; Develop a personalized plan to help you prevent future difficulties. If you have severe debt, you may be...
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