Credit Repair Kit For Dummies
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.
Credit Repair Kit For Dummies
The credit "crisis" has been replaced by the credit "chronic." Now more than ever, your ability to participate in any recovery depends on your credit. We're at the end of what I call a credit winter. You've heard of the meteor that killed off the dinosaurs by causing a prolonged winter environment around the globe, and of the consequences of an atomic war called a nuclear winter? Well, you have lived through a financial explosion that caused a "credit winter" that has given way to a fragile and uneven credit spring thaw.
Credit access may have thawed over the last few years, but only for those people who have a solid credit report and credit score. Loan interest rates may be low, but criteria for obtaining credit are high. Jobs may be more readily available, but failing a credit review can keep you unemployed. Foreclosure rates may have slowed down, but student loan problems are growing. Your need for great credit never ends. This book is meant to help you successfully rebuild and manage your credit. Rather than taking an academic approach to the subject of credit, it helps you succeed at integrating credit into your real life. It enables you to make great credit an outcome of the decisions you make every day as you pursue life and happiness. I call it your credit-life connection.
Tight credit standards mean that you need better credit and higher credit scores to access today's credit products, which are an essential part of leading a rewarding life in today's society. Not only are the criteria for the best access to credit very selective, but the penalties for ignorance and failure have multiplied.
You hear every day that the number of foreclosures is falling. You don't hear about the penalties foreclosed-upon families are facing for years afterward. A resulting credit score drop of 100 to 150 points means years of more-expensive credit, reduced employment opportunities, and more - and rebuilding that score can take up to seven years. Plus, for the uninformed, the loss of a home can be a taxable event, putting the homeowner deep in debt to the IRS. Tens of thousands of people walked away from mortgages without realizing that they'd be shut out of the conventional mortgage market for the next seven years under Fannie Mae rules.
And if all this isn't enough, credit reporting is growing more invasive by the day. Updates to this book tell you about new consumer databases that collect information about your medical history, prescription drug use, rental history, and more. Employers, insurance companies, and lenders use this information to decide whether to hire or promote you, what insurance rates to give you, and whether to offer you new banking products. You need to know what's in these files, and that's one of many things I tell you how to do in this book.
Credit Repair Kit For Dummies comes at a critical time. Credit continues to play an ever-changing and increasingly important role in your life, whether or not you use a credit card. Insurance, employment, home buying or renting, and getting an education with student loans are more dependent than ever on you having good credit. Plus, while the rewards for good credit have never been higher, the penalties for failure - foreclosure, eviction, job problems, mounting debts, collections - have never been greater. For these reasons and more, millions of people are looking for up-to-date, useful, and proven answers from a trusted and knowledgeable resource. I know that if you know the rules of the credit game, you'll get a winning score. That's why I wrote this book, which contains the best of my two-plus decades of experience and research.
About This Book
I'm pleased to be able to help you with your credit, determine what w