Comments for Credit Report Blog

Comment on Up to how many years can you fix your credit report? by iknowstuff

iknowstuff — Wed, 09 Jun 2010 04:20:27 +0000

You need to write each credit reporting agency (Transunion, TRW and Equfax) a letter and explain this scenario to them and advise them that you would like to add a CONSUMER STATEMENT to appear on your credit report, disputing the lien,judgment, delinquencies). Did Aleida P. get a hold of your social security number?

Comment on What will the interest paid to banks on mortgages do for you when filling taxes in the United States? by ninasgramma

ninasgramma — Wed, 09 Jun 2010 04:11:29 +0000

When you take out a mortgage, the first several years of payments are mostly interest, that is the way mortgage loans work.

You can use the figure on your bank statement (1098) and include the interest paid on Schedule A. This may reduce your taxable income.

The way to reduce the interest payment is to reduce the amount owed the bank by paying the loan off early. Or refinance with a shorter term loan.

Comment on Up to how many years can you fix your credit report? by Randy P

Randy P — Wed, 09 Jun 2010 03:46:23 +0000

It usually takes up to seven years. If you can prove that the delinquencies, liens or judgments were not against you but someone else, these will be taken off your record.

Of course, to do this, you will have to get all of the credit agencies to clear your name. And even then, it takes time to get your score back up.

Good luck and sorry that this happened to you.

Comment on Up to how many years can you fix your credit report? by jtlyr

jtlyr — Wed, 09 Jun 2010 03:31:49 +0000

There is no time limit on repairing your credit, especially if you are not at fault! Have you tried getting one of those free credit repair consultations:

http://www.mortgageous.com/healthy-credit

They have specialists and attorneys who are trained to help you rebuild your credit quickly.

You shouldn’t be penalized because this other woman is financially irresponsible. I wish you the very best of luck in sorting this out.

Comment on What will the interest paid to banks on mortgages do for you when filling taxes in the United States? by fangtaiyang

fangtaiyang — Wed, 09 Jun 2010 03:31:21 +0000

Your mortgage interest is deductible, lowering you taxable income. Any return is dependant upon your income, not your interest rate. The lowering of your taxable income is “something back” and the “cake” the bank takes is something you agrred to when you took out the mortgage. Interest makes up the majority of what you will pay each month for a goodly part of your mortgage period. This is also clearly written into your mortgage agreement. You are basically renting money from the bank. The reason you pay interest is because that is how the bank makes profits. Banks take in money from depositers and pay out interest to the depositers. Banks then lend that same money to people in need of loans for homes, cars, or whatever and they charge an interest rate on the money they loan. That’s business.

Comment on Up to how many years can you fix your credit report? by Nita

Nita — Wed, 09 Jun 2010 02:57:26 +0000

To save time writing letters to credit companies do this:
Run your credit report on this government site https://www.annualcreditreport.com/cra/index.jsp (I recommend you choose expedia is the one I used) once you have your credit report review all the accounts that don’t belong to you and there is a little box at the top that says “DISPUTE” just click on that tab type the reason you are disputing the account send it and they will do everything else for you. When they finish the investigation they will send you an email with the result and that is..!! Good Luck..!!

Comment on What will the interest paid to banks on mortgages do for you when filling taxes in the United States? by Phoenix

Phoenix — Wed, 09 Jun 2010 02:44:44 +0000

Interest on a mortgage is deductible.

You pay this money to the bank in exchange for them letting you use their money. That’s the point of interest. You have to pay for the services you receive.

If you want to change the amounts, you will have to change your loan. That is how they work, though. You pay lots of interest to begin with, but it drops as the principle you owe drops. You could get a shorter loan (20 yrs. instead of 30) or a lower interest rate (if possible).

Comment on Help finding an auto loan with low credit score? by Pennstate98

Pennstate98 — Wed, 09 Jun 2010 02:12:10 +0000

Any used car auto loan is going to have a high rate regardless of your credit score. I would try a small home town bank. They have more local decisioning, or see if your parents might have a good bank relationship with someone that might be willing to give you the loan. You also want to offer to do an auto draft from your checking to pay your monthly installments. That helps with any objection the bank may have to you not paying it back. If you have someone that can hypothicate a CD for you than that would be a great way to go. The CD is used as collateral and your rate is usually 2% on top of what the CD is paying. Just some ideas. Just know your loan amount is going to be whatever the bank feels is the LTV on the vehicle, due to depreciation. Hope that helps!

Comment on What will the interest paid to banks on mortgages do for you when filling taxes in the United States? by Drew P

Drew P — Wed, 09 Jun 2010 02:11:51 +0000

I think I understand your question. In the US interest paid on a mortgage can be claimed on your taxes as a ‘tax break’ of sorts. There are some restrictions and you need to be able to qualify. The interest will be subtracted from your taxable income but sometimes it is better to NOT subtract it if you don’t achieve a certain percentage of your taxable income.

I would recommend getting with a tax advisor (or at least purchasing a tax program) to help you out.

Comment on Up to how many years can you fix your credit report? by grb

grb — Wed, 09 Jun 2010 02:10:29 +0000

Yes you can fix it. Not sure what you know – so I may say some stuff you already know.

First there are three major credit reporting agencies – Equifax, Experian and TransUnion. Depending on where you live you can request at least one FREE credit report from EACH agency every 12 months. If there are issues or corrections needed on the reports I am unsure if you have to pay or get an updated report free. AnnualCreditReport.com has how to dispute items on your report. Look under Frequently Asked Questions

You do not have to pay for a 3-in-1 credit report, unless it is easier for you. AND you don’t have to pay someone to ‘clean-up’ your credit. You can do it.

When ever you get rejected for credit or job based on credit you can get a free copy of the report from the credit company they used. You should get a rejection letter with info needed to request the free copy.

On the credit reports themselves there will be contact numbers and addresses. Contact the creditor(s) listed and explain to them that they have reported item X to the incorrect person and they should correct it. If they do not then you can go to the credit agency to seek resolution.

We had a default for a funeral on my husband’s report (Brown is so common). After verifying date of birth and soc numbers they agreed with the error and corrected it.

Sorry this is so long winded. It may take some time, but it will be worth it. Good Luck.