Archive for July, 2009
Getting Rid of Student Loans
Posted by: | Comments
Getting Rid of Student Loans - The Cold Hard Facts
Did you know that taking out a Federal Student Loan is just as real as taking out an auto loan or a home loan? Because it’s backed by the Federal Government, they won’t let you declare bankruptcy to get rid of it, nor will they let you off the hook because you lost your job, or you didn’t get the education you expected either. In fact, getting rid of a student loan, short of paying it off, is pretty difficult.
Although your credit history was not taken into account when you received federal student loans, your credit history will be affected if you do not repay your federal student loans under the repayment plan you agreed to when you entered repayment.
Assuming you have some Federal Student Loans that you are having a hard time repaying, let’s look at what your options are for getting rid of student loans.
Derogatory Items Remaining After Credit Repair?
Posted by: | Comments
Once you have gone through the initial process of disputing negative items on your credit and have gotten the results back from the credit bureaus, you may find that you have some negative items remaining that need to be dealt with.
Deal With Each Negative Item Individually
It is very important that each questionable item is dealt with individually, except for erroneous personal data. If you attempt to have the credit reporting agency correct several items at once, it will be easier for the agency to claim that your request is frivolous or irrelevant. If disputing multiple items, send each letter at different times, and each in a separate envelope.
The bureaus may attempt to bully you into believing that your request is frivolous, or even unlawful. But the credit reporting agencies are required to assume that all disputes are bona fide, unless there is clear and convincing evidence that it is not. A blanket dispute (i.e. all information is challenged) may be considered evidence that the dispute is frivolous, if you fail to provide any allegations concerning your specific file. Read More→
Can You Sue A Car Dealer For Excessive Hard Credit Inquiries?
Posted by: | Comments
I came across this question, “Can I sue a car dealer for excessive hard creditinquiries?” when reviewing search terms on my blog and thought this is a good topic for further discussion.
First Of All, What Is A Hard Inquiry?
There are two types of credit inquiries, hard and soft.
A hard inquiry is a credit inquiry pulled for the purpose of obtaining credit. These types of inquiries are usually pulled for things such as a home, auto or personal loan. Landlords and tenant screen services credit inquiries are also considered hard inquiries.
A soft inquiry is a credit inquiry requested for informational purposes. If you request your own credit through a site such as AnnualCreditReport.com, this is considered a soft inquiry and does not deduct points off your score. Additionally, creditors whom you currently do business with can pull a soft inquiry to do an account review and evaluate your current credit worthiness. Offers for “pre-approved credit are not counted as hard inquiries. Credit inquiries for insurance and employment also fall into this category, as they are not made for the purpose of granting you credit.
How Many Points Can Be Deducted For A Credit Inquiry?
- Each “hard” credit inquiry (meaning the consumer has applied for some form of credit, prompting the creditor to check the credit report or score) that is counted normally subtracts no more than five points from a person’s score.
