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Showing posts from September 26, 2010

6 Steps to Debt Reduction

You gotta love America´s education system: 12 years of primary and secondary schooling and most of us never learned to budget our money. It´s not rocket science, but it´s one of those things that just aren´t very fun, almost like starting a diet plan or attending traffic school.

What´s more, many banks and credit card companies pounded consumers with aggressive marketing campaigns to try to convince them to sign up for their cards, oftentimes using an assortment of gift incentives and bonus reward programs. So don´t feel bad if you got yourself into a credit card nightmare. You´re certainly not alone. But what´s important now is to figure out a plan to get out of debt.

Here are seven easy steps to jumpstart your debt reduction plan.

Step 1: Make a list, check it twice

Get a blank piece of paper. On the left hand side, write down how much money you earn each month. For spouses, this may include both of your “take home” payment amounts. On the right hand side, list of all your credi…

Credit Knowledge

Experian, Equifax, TransUnion are the three major credit bureaus in the United States.  Each bureau collects information on your accounts and payment habits from individual creditors. Some creditors report information to all three credit bureaus, while others may only report to one bureau. So, your credit files at each bureau often contain different information. It's important to check your credit files at all three bureaus regularly to ensure that all the information contained in them is accurate.

Checking your own credit report can not hur your credit score.  Personal inquiries are not included in your credit report and therefore are not part of your credit score. So when you check your own credit report, you will not be hurting your credit score.

An employer can not get a copy of your credit report without your permission.  A prospective employer can only get a copy of your credit report if you give your permission. The Fair Credit Reporting Act restricts access to your credit…