While the government bails out big businesses, Who's bailing you out?
Over the past year and specifically, the last few months we have witness the fall of several corporate giants. We have also seen the outrageous amounts of money handed over to the corporate giants from automakers to insurance companies to help bail them out of financial binds. The strange and annoying part about all of this is that no one has developed a bail out plan for the everyday common man.
The common man is experiencing national foreclosures at alarming rates. Let's not fool ourselves and let me highlight the fact that when a foreclosure occurs, that persons credit profile takes a major hit. As a matter of fact, when the following list of credit derogatory information appear on your report; this is how lending institutions evaluate them when determining whether or not to issue you a loan.
They are listed from best to worst.
1) Credit Inquiries
2) Credit Rejections
3) Late Payments
4) Past Due Payments
5) Court Judgments
6) Collections
7) Charge-Offs 
Loan Defaults
9) Repossessions
10) Foreclosures
11) Bankruptcies
To make matters even worst, foreclosures stay on your credit report
for seven years. Foreclosure in Cape Coral and Fort Myers is at a all time high. Many of us see this very thing going on in our own neighborhoods, whether you live in Lehigh Acres, Sanibel,or even Fort Myers Beach none of us are safe and it can happen to anyone. Foe anyone seeking legal advice, you can visit one of our attorneys at our local Cape Coral Directory.
Here are a few additional tips:
No one can erase negative information if its accurate. Only
incorrect information can be removed. Accurate information stays on
your record for 7 years from the time it’s reported (10 years for
bankruptcy). Even information about bills you fell behind on but now
are paid will remain on your report for these time periods.
Credit
repair services can't ask for payment until they have kept their
promises. Federal law also requires credit repair services to give you
a explanation of your legal rights, a detailed written contract, and
three days to cancel (this applies to for-profit services, not to
nonprofit organizations, banks and credit unions, or the creditors
themselves).
Be cautious about emails for credit services. Many unsolicited emails are fraudulent.
You can correct mistakes on your credit report yourself. If you were recently denied credit because of information in your credit report, you have the right to request a free copy. Otherwise there is a small fee, unless your state law provides for one free report a year. It doesn't cost anything to question or dispute items in your report. Follow the instructions provided by the credit bureau. The major credit bureaus are: Equifax, 800- 685-1111, www.equifax.com; Experian, 800-682-7654, www.experian.com; and TransUnion, 800-916-8800, www.transunion.com. Contact all three, as the information each has may vary.
J. Joel Williams is an entrepreneur, business coach and investor having owned several businesses including two franchises. Mr. Williams has help hundreds of would be people buy businesses and real estate even with bad to marginal credit. If you don't want to wait until the next article and you want to start correcting your credit immediately, simply log onto: www.emarketingbestpractices.com and click the credit repair resource
