Credit Repair Kit For Dummies

Steve Bucci (Autor)

Buch | Softcover

416 Seiten

2014 | 4th edition
For Dummies (Verlag)
978-1-118-82151-0 (ISBN)

Infos

Manage and repair your credit Credit card debt is the third largest source of household indebtedness. Credit Repair Kit For Dummies gives you the tools you need to repair your credit.

This new edition covers: major changes with the Consumer Financial Protection Bureau's (CFPB) inquiry into overdraft practices and their effect on consumers; dealing with the effect of tightened credit markets on those with good, marginal, or bad credit; best ways to recover from mortgage related score hits or minimize damage after walking away from a home; updated Vantage Score information; updated coverage on reporting programs like FICO Score watch, etc.; what makes a good FICO score today; a new section on significant others (boyfriend/girlfriend/spouse) and credit/debt sharing; Debt Relief Act in a mortgage meltdown situation; the latest tips and advice on dealing with identity theft and annoying collection calls; and more. Online you'll find sample credit reports, forms, templates, and other helpful tools to help whip your credit into shape.



Updated credit score examples with new ranges
New information about IRS exceptions to the Mortgage Forgiveness
Advice and tips about adding information to a credit report, and beefing-up thin credit
Useful, downloadable, forms and tools on Dummies.com

If you have mediocre credit and want or need to better manage it in order to get a job, reduce insurance costs, qualify for banking products, and more, Credit Repair Kit For Dummies has it covered.

Autor

Steve Bucci, BA, MA, is a personal finance expert and a nationally syndicated columnist whose column is carried by the financial megasite Bankrate.com and the Scripps Howard News Service.

Inhalt

Introduction 1

About This Book 2

Foolish Assumptions 3

Icons Used in This Book 4

Beyond the Book 5

Where to Go from Here 5

Part I: Getting Started with Credit Repair 7

Chapter 1: Introducing Credit Repair, Credit Scores, and Your Life on Credit 9

Repairing Bad Credit 10

Settling debts 10

Resetting your goals 10

Rebuilding your credit by using it 11

Using a cosigner or becoming an authorized user 11

Finding sources of free help 12

Dealing with collectors 12

Weathering a Mortgage Crisis 13

Opting for help 13

Doing it on your own 14

Strategic mortgage default 14

Filing Bankruptcy 15

Protecting Your Credit and Your Identity 16

Getting familiar with credit laws 16

Receiving free reports and filing disputes 16

Signing up for credit monitoring 17

Setting alarms, alerts, and freezes 17

Identifying identity theft 18

Maintaining Good Credit Throughout Life 18

Establishing credit for the first time 18

Making credit changes at life’s stages 19

Avoiding pitfalls 19

Managing Credit in Today’s Unforgiving Economy 20

Planning for success 21

Reviewing your credit report 21

Knowing your credit score 22

Considering credit a renewable resource 23

Chapter 2: Turning Your Credit Around 25

Understanding How Your Actions Impact Your Credit Score 26

Using a Cosigner to Raise Your Score 27

Turning Small Purchases into Big Credit 28

Maximizing Your Credit Score with Major Expenditures 30

Leveraging your mortgage 31

Financing your car 33

Paying back student loans 34

Understanding How Good Debt Builds Good Credit 35

Achieving goals with the help of credit 35

Sending a message to potential lenders 36

Giving nonlenders a sense of how you handle responsibility 36

Selecting the Best Tools for Building Your Credit 37

Spending your way to better credit with a spending plan 37

Tracking your progress: Paying attention to your credit report and score 39

Chapter 3: Cleaning Up Your Credit Reports 41

Understanding the True Value of Good Credit 42

Reviewing Your Reports for Problems 44

Using the Law to Get Your Credit Record Clean and Keep It That Way 46

Identifying and Disputing Inaccurate Information 48

Understanding the dispute process 48

Correcting all your credit reports 49

Contacting the creditor 52

Adding Positive Information to Your Credit Report 53

Opening new credit accounts 53

Adding a 100-word statement 54

Chapter 4: Getting the Best Help for Bad Credit for Free 57

Knowing Whether You Need Help 58

Gauging your need for outside assistance 58

Handling situations on your own 59

Identifying Help You Can Get for Free 61

Getting help with your mortgage 62

Considering credit counseling 62

Working with an attorney 67

Chapter 5: Coping with Debt Collection 69

Handling Those Collection Phone Calls 70

Knowing what collectors can do 70

Knowing what collectors can’t do 71

Deciding whether to answer the phone 72

Preparing to answer collection calls 72

Knowing what not to say 73

Taking Charge of the Collection Process 74

Asking for proof that the debt is yours 74

Knowing when debts fade away: Statutes of limitations 75

Negotiating a payback arrangement 76

Keeping your promise 78

Identifying Escalation Options That Help 79

Asking to speak to a manager 79

Approaching the creditor 80

Fighting harassment 80

Communicating with Customer Service Before Being Placed for Collection 81

Contacting your creditor promptly 82

Explaining your situation 83

Offering a solution 83

Covering all the bases 84

Keeping Collectors in Check 85

Calling in a credit counselor 85

Referring the matter to your lawyer 85

Freeing Up Money to Pay a Collector 86

Utilizing a spending plan 86

Cutting the fat from your monthly spending 87

Avoiding Collectors Altogether 87

Getting organized 87

Stopping the paycheck-to-paycheck cycle 88

Chapter 6: Working with Collectors, Lawyers, and the Courts to Manage Debt Obligations 91

Getting a Handle on Charge-Offs 92

So what is a charge-off? 92

Making sense of unpaid charge-offs 93

Making charge-off payments 93

Coming to a Debt Settlement Agreement 95

Considering a debt settlement offer 95

Hiring a debt settlement firm 95

Reaching expiration dates on debts 96

Finding Out about Judgments and What They Mean to You 96

Understanding Wage Garnishments 99

Dodging wage garnishments 99

Figuring out how much can be garnished 101

Stating Your Case in Court 101

Managing IRS Debts, Student Loans, and Unpaid Child Support 103

Handling IRS debts 103

Educating yourself about student loans 105

Putting your kids first: Child support 107

Part II: Reducing Credit Damage from Major Setbacks 109

Chapter 7: Reducing Credit Damage in a Mortgage Crisis 111

Assessing the Damage from a Mortgage Meltdown 112

Understanding How Mortgages Differ from Other Loans 114

Spotting a foreclosure on the horizon 114

Counting to 90 115

Knowing Where to Turn for Help 116

Finding good help for free 116

Working with your mortgage servicer 116

Avoiding help that hurts 117

Alternatives to Going Down with the Ship 118

What to do first 119

What to do for more serious problems 119

What to do to end matters 120

Managing a foreclosure 121

Strategic default: Stopping payments 121

Dealing with Deficiencies 123

Preparing for “Credit Winter” 124

Chapter 8: Starting Over Again with Bankruptcy 127

Deciding Whether Bankruptcy Makes Sense for You 128

Deliberating the bankruptcy decision 128

Adding up the pluses and minuses 132

Considering a debt management plan first 134

Understanding Bankruptcy, Chapter and Verse 135

Qualifying for and Filing for Bankruptcy 136

Qualifying for Chapter 7 136

Qualifying for Chapter 13 138

Managing Your Credit After a Bankruptcy 139

Telling your side of the story 140

Reaffirming some debt 141

Repairing your credit score 142

Establishing new credit 143

Moving forward with a game plan 144

Chapter 9: Repairing Credit Damage in the Wake of Identity Theft 145

Taking Fast Action When Identity Theft Occurs 145

Communicating with the right people 146

Protecting your identity through the FACT Act 149

Sending out a fraud alert 150

Blocking fraudulent credit lines 151

Getting and Using Credit After Identity Theft 151

Closing and reopening your accounts 152

Altering your PINs, passwords, and radio transmissions 152

Changing your Social Security number and driver’s license number 153

Part III: Rebuilding Credit, No Matter Where or When You Begin 155

Chapter 10: Starting (or Restarting) Your Credit in Real Life 157

Debunking Misinformation about Banking and Credit 158

Why you need credit 158

Why credit is safe 159

Obtaining Credit: Starting Out on the Right Foot 161

Establishing a credit file without a Social Security number 161

Setting goals before you set out 162

Establishing a relationship with a financial institution 163

Using prepaid and reloadable cards 165

Fattening up your credit file 166

Avoiding high interest, fees, and scams 168

Overcoming Credit Fears and Mistakes 169

Qualifying for First-Time Cards and Lending 170

Getting a credit card 171

Using savings for credit 172

Considering Credit for Students and Military Members 173

Giving credit to students 173

Following military credit rules 175

Chapter 11: Ending Life’s Negative Credit Surprises 177

Keeping Your Credit from Hurting Your Job Prospects 178

Dealing with Rental Application Checks 179

Knowing what’s on your reports 180

Taking action 181

Qualifying for a Mortgage 181

Ordering your credit report and score 182

Looking at your credit file like a lender 183

Preparing to Purchase a Car 183

Arming yourself with information 184

Reviewing what to consider when you’re at the dealership 185

Unveiling the Relationship between Your Credit and Your Insurance Premiums 186

Understanding insurance scores 186

Getting a copy of your insurance score and insurance claim report 187

Figuring out what to do with your newfound knowledge 188

Taking other factors into account 188

Chapter 12: Protecting Your Credit During Major Life Challenges 189

Tying the Knot in Life and in Credit: A Couples’ Guide to Building Good Credit 190

Engaging in prenuptial financial discussions 190

Considering joint accounts 192

Managing joint debt 194

Avoiding money conflicts 195

Protecting Your Finances in a Divorce 196

Taking precautions when a split-up looms 196

Preparing your credit before heading to court 197

Protecting your credit in a divorce decree and beyond 198

Keeping Credit Strong While Unemployed 201

Preparing your credit for the worst-case scenario 202

Using credit when you don’t have a job 202

Protecting your credit lines 204

Curing Medical Debt 205

Reviewing your options for paying medical bills 205

Discovering how insurers get your medical information 209

Monitoring insurance claims for errors 210

Dealing with denied medical claims 211

Resolving Credit Issues After the Death of a Spouse or Partner 212

Understanding what happens to joint credit when you’re single again 213

Knowing exactly what your liability is 213

Building your credit record on your own 214

Fitting Credit into Retirement 215

Budgeting on a fixed income 215

Using credit for convenience 216

Part IV: Big Brother Credit is Watching You: Credit Reporting and Scoring 219

Chapter 13: Discovering How Credit Reporting Works 221

Grasping the Importance of Your Credit Report 222

What is a Credit Report, Exactly? 223

Revealing the facts about your financial transactions 223

Providing insight into your character 225

The Negatives and Positives of Credit Reporting 226

The negatives 226

The positives 228

Your Credit Report’s Numerical Offspring: The Credit Score 228

Cracking credit score components 229

The reasoning behind reason codes 232

Chapter 14: Understanding Credit Reports and Scores 235

Getting Copies of Your Credit Reports 236

Where to get your reports 237

What you need to provide 238

When to get copies of your credit reports 238

Tracking Down Specialty Reports: From Apartments to Casinos to Prescriptions 240

Perusing Your Credit Reports 243

Personal profile: It’s all about your details 244

Accounts summary: An overview of your financial history 244

Public records: Tallying up your legal losses 245

Credit inquiries: Tracking who has been accessing your file 245

Account history: Think of it as a payment CSI 246

Your optional 100-word statements: Getting the last word 251

Correcting Any Errors You Find 252

Contacting the credit bureau 252

Contacting the creditor 253

Getting and Understanding Your Credit Scores 254

Ordering your score 255

Telling a good score from a bad one 256

Connecting pricing to your credit score 258

Knowing the reason for reason statements 260

Chapter 15: Monitoring Your Credit Reports and Scores 261

How Credit Monitoring Really Works 262

Understanding the Types of Monitoring Services Available 262

Making a Case for and against Third-Party Credit Monitoring 264

Monitoring on your own 265

When paid monitoring may be worth the time and money 266

Recognizing the protection you have already 267

Getting Your Money’s Worth from Monitoring Services 268

Setting Alarms, Alerts, and Freezes 269

Alarms 269

Fraud alerts 269

Credit freezes 270

Part V: Never Have Bad Credit Again! Successful Credit Management for Life 271

Chapter 16: Putting Yourself in Control of Your Credit 273

Determining Your Credit Style 274

Balancing Spending, Savings, and Credit Use 275

Spending on your terms 276

Saving for financial emergencies 276

Using credit to enhance your life 277

Remembering the Importance of Planning When It

Comes to Your Credit 277

Zeroing in on the plans others have for your money 278

Developing your own plans for your future 278

Chapter 17: Taking a Sustainable Approach to Your Credit 281

Going Green: Treating Credit as a Renewable Resource 282

Recognizing your credit environment 282

Taking a closer look at the parts that make up your credit ecosystem 283

Sustaining Your Credit Ecosystem for Life 285

Funding college 285

Home sweet home 286

Credit on wheels 286

Steering Clear of Credit Pollution 286

Endangering your payment history 287

Clear-cutting your credit in bankruptcy 287

Outlasting a long, cold credit winter 288

Surviving and Reviving After a Credit Catastrophe 289

Understanding what happened 289

Rebuilding your credit ecosystem 290

Chapter 18: Safeguarding Your Credit with a Spending Plan 293

Appreciating the Benefits of a Solid Spending Plan 294

Deciding on Goals: Imagining Your Future as You Want It to Be 296

Setting the stage for planning 296

Categorizing your goals 297

Putting your goals in order 298

Building Your Vision of Your Future 298

Step 1: Counting up your income 298

Step 2: Tallying what you spend 300

Step 3: Making savings part of your spending plan 305

Step 4: Managing your credit to improve your spending plan 308

Step 5: Looking at your insurance options 310

Step 6: Planning for the IRS 311

Step 7: Planning for retirement 313

Using Cool Tools to Help You Build and Stick to a Spending Plan 315

Web-based financial calculators 315

Budgeting websites 316

Smart-phone apps 316

Spending plan assistance 317

Adjusting Your Priorities and Your Plan 317

Chapter 19: Knowing Your Rights to Protect Your Credit 319

Why You Have the Right to Credit Protections 320

The CARD Act: Shielding You from Credit Card Abuse 321

The Consumer Financial Protection Bureau: Your BFF (Best Financial Friend) 323

Safeguarding Your Credit Data through the FACT Act 324

The FDCPA: Providing Protection Against Debt Collectors 326

Controlling the contacts 326

Finding out about the debt 327

Stopping a collector from contacting you 327

Spotting prohibited behavior 328

Suing a collector 328

Exploring Other Protections 329

The ins and outs of payday loans 329

The details of debt settlement 331

The scoop on the statute of limitations 333

Chapter 20: Protecting Your Identity 335

Keeping Thieves at Bay 336

Getting on the technology train 336

Looking out for phishing scams 337

Safeguarding your computer data 338

Keeping passwords secret 339

Protecting your mail 340

Storing financial data in your home 340

Putting your credit information on ice 341

Shielding your credit card number 342

Catching Identity Thieves in the Act 344

Watching for early-warning notices 345

Early warnings from the IRS 345

Handling a collections call 346

Detecting unauthorized charges 346

Being denied credit or account access 347

Noticing missing account statements 347

Part VI: The Part of Tens 349

Chapter 21: Ten Consumer Protections Everyone Needs to Know 351

The Fair Debt Collection Practices Act 351

The Bankruptcy Abuse Prevention and Consumer Protection Act 352

Your Lawyer 353

Consumer Credit Counseling 354

Statute of Limitations Laws 354

Your State Attorney General 354

The Consumer Financial Protection Bureau 355

The Credit Card Accountability, Responsibility, and Disclosure Act 356

The Fair and Accurate Credit Transactions Act 357

The Federal Trade Commission 358

Chapter 22: Ten Strategies for Dealing with Student Loans 359

Knowing How Student Loans Are Reported Differently Than Other Loans 359

Dealing with the Collection Process 360

Identifying the Best Repayment Option for Your Situation 361

Taking Your Loans to Bankruptcy 362

Dealing with the Prospect of Default 362

Gaining Student Loan Forgiveness 363

Lowering Your Bill While You’re in School 364

Keeping Up with Your Loans After You’re Out 365

Setting Limits During the Planning and Application Process 366

Getting Help if You’re in the Military 367

Chapter 23: Ten Ways to Deal with a Mortgage Meltdown 369

Knowing When You’re in Trouble 369

Knowing How Your State’s Laws Treat Foreclosures 370

Nonrecourse or recourse 370

Judicial or nonjudicial 371

Deciding Whether to Stay or Go 371

Walking away 372

Working with the lender to exit 372

Staying the course 373

Tightening Your Spending to Stay in Your Home 373

Prioritizing Your Spending to Build Cash 374

Lessening the Damage to Your Credit 374

Knowing Who to Call 375

Beware of Scams 375

Beefing Up Your Credit with Lines of Credit 376

Consulting an Attorney 376

Index 377

Produkt-Details

• Erscheint lt. Verlag: 29.4.2014
• Sprache: englisch
• Maße: 188 x 234 mm
• Gewicht: 544 g
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• ISBN-10: 1-118-82151-3 / 1118821513
• ISBN-13: 978-1-118-82151-0 / 9781118821510
• Zustand: Neuware