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Tuesday, December 16, 2014

Top 5 Commonly Broken New Year's Resolutions

  • Lose Weight & Get Fit
  • Quit Smoking
  • Learn Something New
  • Eat Healthier & Diet
  • Get out of Debt and Save Money

Our team can help you with achieving at least two of these goals, since I'm a fan of dining well, smoking great cigars, and I believe I've spent enough time in school, guess which one my team is going to help you with?

In 1970, Congress passed the Fair Credit Reporting Act, allowing any American with a Social Security number to dispute any item on his or her credit report. As an industry leader specializing in credit restoration, United Credit Education Services utilizes the latest technology to ensure fast, accurate service. M & A Legal and Financial Education Services through UCES helps clients get the results they're looking for by assisting them in deleting inaccurate, erroneous, and obsolete items such as:

* Late Payments * Medical Bills * Collections * Charge Offs
* Foreclosures * Repossessions * Bankruptcies * Public Records
* Judgments * Settlements * Student Loans * Past Due Bills
* Tax Liens * Many more...

Debt Collector Harassment 

Many debt collectors today will stop at nothing to collect money from you. They call people at home, at work, and even on their cell phones. These calls are not only embarrassing, but in many instances the debt collectors are abusive, threatening and intimidating. Under the law, we can direct the debt collectors to stop contacting you and they must obey our direction. 

Credit Report Problems

Credit reporting agencies such as Trans Union, Experian and Equifax frequently make mistakes. In fact, about 80% of consumer credit reports contain errors. Many of these errors can result in a depressed credit score resulting in denial of credit, lost employment opportunities, higher interest rates, higher insurance premiums and more.

Common causes for Credit Report Errors

  • Identity Theft – for the past several years, this has been one of the fastest growing crimes in America. Someone gets a hold of your personal information and opens credit accounts in your name. 
  • Mixed/Mismerged data – Two different people with the same name might have data mixed up between their accounts
  • Timely payments reported as late – Some creditors have collection departments that report payments several days and sometimes weeks after receiving a payment from you.
  • Derogatory information that remains on a credit report for longer than seven (7) years.
  • Bankruptcy information that remains on a credit report for longer than ten (10) years.
  • Home mortgage loans being reported as foreclosures, when in fact, no foreclosure had ever been initiated by the lender. 

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Additional steps to take to maximize your credit file during and after credit restoration:

Step 1: Pay your bills on time.

Because your payment history makes up approximately 35% of your credit score, a strong record of on-time payments is key. One missed payment could lower your score significantly. Stay on top of your credit card, loan, and utility bill deadlines, making at least the minimum payments.

Step 2: Pay down debt.

Large loans and maxed out credit cards are going to drag down your credit score. Try to keep a low debt-to-credit ratio, meaning that your credit card balances should be only a small fraction of your available credit. For instance, if you have a limit of $10,000, your revolving balance should stay well under $3,000. Note that credit bureaus look at both your total debt-to-credit ratio as well as the debt-to-credit ratio of each credit card, so do your best to maintain favorable ratios for both.

Note: If you “maxed” out your credit cards, this will affect your credit score negatively as well.

Step 3: Don’t close established accounts.

A short credit history may have a negative effect on your score, but a short history can be offset by other factors, such as timely payments and low balances.

Step 4: Limit the amount of new credit you apply for.

Each time you apply for a new loan or a new credit card, your score drops. This is because it has been statistically proven that those acquiring more credit are a bigger lending risk than those who are not. The credit scoring programs are designed to distinguish rate shopping from opening new credit. So if you are shopping for a mortgage or loan, do it in a short, focused amount of time. If you request a copy of your own credit report, or if creditors are monitoring your account or looking at credit reports to make prescreened credit offers, these inquiries about your credit history are not counted as applications for credit.

Step 5: Establish a good credit mix.

Many credit-scoring models consider the number and type of credit accounts you have. A mix of installment loans and credit cards may improve your score. However, too many finance company accounts or credit cards might hurt your score.

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