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Credit repair
By Davorin Sadar of Markssin
The “Crunch” is bitting everywhere. The concentration of capital has nasty consequences for the majority. And we didn’t start inevitable economic downturn yet! If your income started legging behind your bills and other obligations do not go into hiding or denial in hope things will improve. They will, but it may take a while. Leading economists optimistically predict the bottoming of the housing market somewhere in 2010 and we still have at least a year and a half to get there. It is not disgrace if you can’t pay your debts and obligations when market conditions drastically change. There are some doubts floating around whether the money owed by the US Government is in danger of default. A few huge institutions have fallen under already and Bloomberg just aired another prediction calling for more than 300 bank bankruptcies in the next three years. Many of the fallen credit institutions had their credit score downgraded. This alone was enough of a trigger to make a run on deposits and their shares. No credit dispute helps when “dirty laundry” gets public. The fact is that our financial system bases its lending on credit score. Just improve credit score and your borrowing costs will get lower by 50% or more. Managing your credit score can help you as much as getting additional 100$-per-evening-waiting-job if your debt is reasonably high, American way. You only have to study two acts, the FCRA (Fair Credit Reporting Act) which was recently revised into the Fair and Accurate Credit Transactions Act (FACT Act), and the FDCPA (Fair Debts Collections Practices Act) to find out what actions you can take to repair your credit in a short term. If this sounds too complicated (it is actually not) you can also get professional help from companies you can find if you google “credit repair”.
This intel first appeared on: http://rurzag.wordpress.com/
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This intel was contributed by Rurzag
Rurzag
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May, 2012
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