Bankruptcy And Debts

Another challenge facing graduates is a high level of credit card debt, often at high interest rates. Prof. Robert Manning of Rochester Institute of Technology, and author of Credit Card Nation, ²⁹⁵ told Congress, "What is striking in the acknowledgement of the credit card industry is that college students are a desirable market because of their ignorance of personal finance and their lack of consumer debt."²⁹⁶ consolidation debt mortgage

"The marketing of credit cards has shifted rapidly over the last five years from college upperclassmen to college freshmen and high school seniors. More significantly is the recognition that student consumption has a large debt component that is increasingly financed by family loans, federally subsidized student loans, summer earnings, and part-time employment during the academic year, and even with other credit cards." consolidation debt help

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Singletary, Michelle, "Giving Students Due Credit for History, " Washington Post, Nov. 6, 2003, pg. E3 ²⁹⁵ Credit Card Nation: America's Dangerous Addiction to Consumer Credit (Basic Books, 2001). ²⁹⁶ Statement of Prof. Robert Manning before the House Financial Services Subcommittee on Consumer Credit, June 12, 2003. http://financialservices.house.gov/media/pdf/061203rm.pdf consolidation credit debt

"Three out of five students with credit cards in our survey had already maxed them out during their freshmen year and, three out of five freshmen with multiple credit cards were already using bank cards to pay for other revolving credit accounts. Furthermore, this survey reveals that nearly three-fourths of students use their student loans to pay for their credit cards. Not incidentally, recent studies indicate that this indiscriminate marketing to college students has led to high incidences of fraud and identity theft among this young adult population, " Manning testified.²⁹⁷ bill consolidation debt

Not surprisingly, Manning recommends that students check their credit reports. Clearly, today's graduates face greater challenges in managing their finances so as not to jeopardize their finances. The National Consumers League has a page on its Web site dedicated to student debt issues.²⁹⁸ Divorce Divorce can have a dramatic impact on the divorcee's credit score and credit report. A major problem is that divorcees often don't realize the extent to which their credit relationships can continue to entangle each other's lives well after divorce. Or, they are so overwhelmed with the emotional and logistical difficulties of separation that there is little time left for separating and straightening out credit relationships. But that is precisely what you need to do: ensure that your name is no longer on accounts for which you are not responsible for paying. During the divorce, the husband and wife usually work out a division of debts that receives final approval from the judge. Divorcees often think that any debt assigned to their ex-spouse by the court frees them from that debt for ever after. consolidation debt quote

²⁹⁷ Id

. ²⁹⁸ www.nclnet.org/moneyandcredit/index.htm The problem is that your creditors usually don't know about your divorce. In terms of the credit report, problems arise when the ex-spouse who is responsible for paying an account, fails to, and the other spouse, according to the creditor's records, is still a co-signer or joint user or otherwise associated with the account. The failure to pay goes on the credit report of the innocent spouse, creating a fresh derogatory that slams that spouse's credit score. consolidation debt lead

Thus, it is vital that divorcees identify all of their accounts and separate them completely. This includes mortgages, credit cards, bank loans, debit cards, store charge cards, lines of credit, and overdraft checking. Some authors suggest that spouses begin separating accounts as soon as they consider separating.²⁹⁹ consolidation debt non profit

Of course, it's also crucial that divorcees obtain their credit reports to check the accuracy of information. Bankruptcy Bankruptcy is the most derogatory item that can appear on your credit report. Under the Fair Credit Reporting Act, a bankruptcy can stay on your report for 10 years. But that does not mean you can no longer get credit. As Gerri Detweiler, a renowned expert on credit explains in her 1997 book, The Ultimate Credit Handbook, (Plume) people can rebuild their credit after bankruptcy or other traumas. It requires patience and a plan. It starts with checking the credit report to see where you stand. If you still have open accounts, try to negotiate with creditors to improve the way they report on you to the credit bureaus, Detweiler advises. Try to catch up on any accounts for which there might be late payments. consolidation debt loan online

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Ventura, John The Credit Repair Kit (Dearborn 1998 3rd Edition); or see Sember, Brette McWhorter, Repair Your Own Credit and Deal With Debt (Sphinx 2003 2nd Edition) Next, try to re-establish positive lines of credit. A bank card, paid on time over time, is one of the stronger credit references you can add. In the beginning, she says, you might need to get a "secured" credit card, which requires you to deposit money so use of the card is secured against those deposits.³⁰⁰ But be careful: both Detweiler and the FTC warn there are a lot of scam artists offering secured credit cards. The BankCard Holders of America (BHA) provides a list of institutions offering secured cards.³⁰¹ consolidation debt home loan

Perhaps the best scholarship on bankruptcy is found in the books of Harvard Law Professor Elizabeth Warren.³⁰² Warren has pointed out that of the 1.66 million bankruptcies filed in fiscal year 2003, nearly 40% were by husband-wife couples, meaning that the number of people who actually filed for bankruptcy in that year was 2.14 million.³⁰³ christian consolidation debt

- Credit Repair Expectations Credit Scores and Credit Reports by Evan Hendricks is a primary text on consumer credit. Free online, just click the book... consolidation debt information

Refund Policy for Credit Repair Services

At Veracity, we've had thousands of satisfied credit repair clients, and we've yet to discover a situation we could not resolve. However, we know it's important to back quality with a refund policy, and we do so. agency consolidation debt

Veracity Credit Consultants provides personal credit repair and score optimization services. A portion of these services includes working to remove negative information from your credit reports, and Veracity leads the marketplace in providing effective, fast problem resolution. consolidation debt solution

However, because our comprehensive solution is difficult to break into "dollars per deletion" as is the case with credit repair mills, Veracity does not have a set refund policy. In extremely rare circumstances, Veracity has issued a full refund to clients with legitimate concerns. california consolidation debt

Whether you get "ten deletions in eleven months" or not, it is Veracity's position that the personalized consultation and credit optimization services are themselves well worth a client's entire cost of enrollment and continued retainer. consolidation debt loan uk

Deletions and other "credit repair" activities are merely a bonus. Does it really matter if you got five deletions that are meaningless, if you got one deletion that was the principal barrier to obtaining a quality home mortgage Case closed. consolidation debt equity home

Veracity does of course care deeply about our clients' satisfaction, and we welcome any problems or concerns, which are best addressed with our service department employees. If you deserve a refund for a complete lapse on our part, we'll be the first to say so! consolidation debt government

Refund Policy

| Site Map | Privacy | Terms of Use © 2003-2007 Veracity Credit Consultants - All Rights Reserved consolidation debt firm

- Credit Repair Expectations Credit Scores and Credit Reports by Evan Hendricks is a primary text on consumer credit. Free online, just click the book... consolidation debt financing

Credit Repair Testimonials

Veracity has spent years optimizing credit, and our greatest reward is to hear that our staff and systems have exceeded client expectations time and again! Here's what a few of our clients have to say... consolidation consumer credit

I have been extremely happy with the service and the customer service over the last 2 years. You've been a tremendous help in raising my score to 705. Thanks again. Kim — Furlong, PA Just a note to let you know that I've found a town home and I'm getting [a] good interest rate due to the [credit repair] efforts of Veracity... We've accomplished our goal! Shirley — Denver, CO consolidation debt free quote

[As to] your services regarding my credit rating, your company has helped my score tremendously in the time I have been a client, rising 90 points. Curt — San Diego, CA I wanted to let you know that I am very happy with the results that you were able to produce with my credit score. Within 5 or 6 months my FICO jumped about 60 points which was great. Thank you for a job well done! Gyani — Fairfax, CA card consolidation counseling

Thank you so much for all your help. We are very pleased with your services, and will refer your company to others. Jerry — Broomfield, CO Last I heard from the three major credit services, you guys brought my score of about 627 to about 700 — as a mean average — in less than 3 months!!!!!! Obviously this saved me THOUSANDS of dollars on my new mortgage as I qualified for a better interest rate... how can I thank you but to tell as many people I know about Veracity. Your service is worth its credit in gold and the ONLY Company that I know of that truly is a BONA FIDE real credit rating assistance service — the ONLY ONE! I had been cheated before... but not this time. You far exceeded my expectations and I am so grateful. Thank you for my new house. It is my first and you made it affordable. God bless you all. consolidation debt lender

Sincerely, Paula — Vista, CA When I came to Veracity Credit Consultants for help with my credit report I never expected the results I got. I began with a credit score of 681 and found several errors on my credit report from Experian. A few credit card accounts that were not mine, some repeated entries, and no report of limits on my cards were some of the problems I found. Veracity worked with these problems and aggressively disputed the false data on my report. calculator consolidation debt

Within 30 days, my score moved up to 716 and within 45 days I moved to 740. With a score of 740 I went to Volkswagen to finance a new car and was quickly offered 0% financing. With my prior score of 681, I was offered 4.9% for the same deal. best consolidation debt loan

The difference in financing saved me about $1, 500 on the car. In addition to the great offer from Volkswagen, I have also been offered many credit card deals that allow me to transfer balances at 0% for up to a year, making it much easier and efficient to manage credit card debt. Jamie — Denver, CO Colorado Mortgage Press Oct 2005 - CAMB President Comments on Veracity. consolidation counseling

Thank you for your services, my credit score is now around 740! Thank you all for getting my credit back to where it should be. Martin — Flagstaff, AZ I have been very pleased with your service. I recently purchased a 3 bedroom condo and my goals for opening an account with your company have, therefore, been accomplished. Again, thank you for helping me improve my credit scores. Marcey — Fort Lauderdale, FL best consolidation debt

With your help, my credit has improved enough qualify for a home loan. Please discontinue my [credit repair] service as of today. Thank you very much. Henry — Erie, CO It has been a pleasure doing business with you. You provided an excellent [credit repair] service. Chris F. — Brooklyn, NY Your service has helped us repair our credit sufficiently to allow us to re-finance and pay off all our short-term debt, which was the objective. best company consolidation

Consequently, the innocent victim's credit report is polluted by highly negative information that is inaccurate because it does not reflect that victim's activities. Multiply this dynamic by millions of cases each year and you will see why identity theft raises serious concerns about ensuring accuracy in credit report data. consolidation debt lending

Like your own credit score, the credit scoring and credit reporting system is a "work in progress." It would be inaccurate to characterize the system as totally or always unfair. But it clearly cannot be depicted as totally or always fair either. And, as we will see, when the system breaks down, the impact on individuals can range from inconvenient annoyance to life-altering devastation. business consolidation debt

Spreading Awareness

This book is written to address these and a host of other issues concerning credit reporting in America. The book is designed to help readers gain a greater understanding of the credit reporting and scoring system, and how it impacts them. It would seem that greater awareness is needed. According to a July 2003 survey by the Consumer Federation of America, "Only 25 percent of Americans-and less than 20 percent of those with incomes below $35, 000-said they knew what their credit score was. But only three percent of Americans could, unprompted, name the three main credit bureaus — Experian, Equifax, and Trans Union — that provide both lenders and consumers with information from credit reports. Forty-three percent of Americans-only 35 percent of those with incomes below $35, 000-said they had obtained a copy of their credit report from the three credit bureaus in the past two years."¹⁰ advice consolidation debt

As the disclaimer states, this book does not give legal advice. Legal advice can only be given case-by-case by a lawyer, which this author is not. This also is not a "credit repair" book. This author repeats the advice of consumer protection officials: be very, very leery of outfits that call themselves "credit repair" clinics. Contrary to its literal meaning, the common use of "credit repair" connotes improving one's credit score through the removal of negative-but-accurate data. There is no guaranteed method for removing accurate information from a credit report, whether it is positive or negative. But promising that you can do so and charging money in advance is a violation of federal law, according to the FTC. consolidation debt interest

¹⁰

CFA Opinion Survey, July 2003, conducted by Opinion Research Corp.; www.consumerfed.org/072803creditscores.html This Book Covers... The book is divided into chapters that cover the "basics" of credit scores and credit reports, and ones that cover "advanced" aspects of the systems, which create them. Chapter 1 explains the basics of credit scores-beginning with Fair Isaac's explanation as to how they are calculated. Chapter 2 is more advanced, delving into little known-and sometimes surprising-details about credit scoring that should further increase your understanding. Chapter 3 goes even further by exploring the world of "resellers" and "re-scoring, " a little known but valuable service for improving the credit scores of mortgage applicants, but which appears threatened by hostile economic forces. consolidation debt refinance

We return to "basics" in Chapter 4, describing how you can obtain your credit report and the circumstances that currently entitle you to a free report. This chapter notes that eventually, all Americans will be entitled to one free credit report per year under the 2003 Amendments to the FCRA, known as the Fair and Accurate Credit Transactions Act (FACTA). The requirement took effect in December 2004, and was gradually being phased in under rules set by the Federal Trade Commission. consolidation debt finance

The first two sections of the country that were entitled to free reports were the West and Midwest. Opening day for the South is June 1, 2005; the East gets theirs on September 1, 2005. Similarly, Chapter 5 explains the basics of reading and understanding your credit report, and Chapter 6 describes the fundamentals of disputing inaccuracy. Chapter 7 offers a basic overview of identity theft, often described as America's fastest growing crime, and its impact on credit report accuracy. These "how-to" sections serve as a starting point for those who are ready to oversee their own credit histories. consolidation debt plan

Beyond 'How-To'

To fully appreciate the basics, one needs to understand the larger system. To that end, Chapters 8 and 9 examine how the three major credit reporting agencies (CRAs) compile credit data on 205 million Americans, and how they and credit grantors conduct, or sometimes don't conduct, reinvestigations upon receiving consumer disputes. To help explain why credit reporting continually draws the attention of Congress, state legislators and enforcement officials, Chapter 10 traces the evolution of the industry, of the "mixed files" problem and other inaccuracy issues, and of identity theft. consolidation debt personal

Chapters 11 and 12 address the controversial subjects of credit repair and debt collection. Chapters 13-15 explore the use of credit reports and scores by automobile, homeowners and mortgage insurers. consolidation debt management

Chapter 16 focuses on the heated debate over whether credit scoring is tied to racial discrimination. Chapter 17 looks at some of the special challenges faced by certain groups, including Hispanics, students and the divorced. consolidation debt secured

One activity that affects most adult Americans, but is little understood, is the marketing of pre-approved credit card offers-the topic of Chapter 18. Chapter 19 covers the thorny issue of unauthorized access to credit reports, a problem that can arise in a number of settings, including car dealerships, for a number of reasons, including identity theft. consolidation debt florida

Chapter 20 explores the kinds of damages typically suffered by victims of inaccurate credit reports or identity theft, and provides a preliminary methodology for identifying and measuring those damages. canada consolidation debt loan

As mentioned, if indeed the Big Three are putting the squeeze on independent resellers, they might be doing so to take over that portion of the market. But the motivations could run deeper. The AAI report noted that major creditors, even though they often are the cause of inaccuracy, do not want to have to deal with resellers. consolidation debt nonprofit

"At least one national credit card issuer flatly refuses to accept inquiries from smaller credit reporting agencies, " AAI wrote. "The single largest concern of the repositories is to maintain the inflow of credit data, so it is to be expected that they would be protective of large credit furnishers. Thus, smaller resellers engaged in updating and correcting errors created by reporting creditors are often viewed as a liability by the repositories." consolidation debt reduction

The AAI added: "Smaller resellers are also a liability to repositories in another sense. With their primary emphasis on customer service, smaller resellers often shed light on repository practices and the extent of their compliance with laws and regulations. They expose inaccuracies and errors in credit data and also educate the public about the industry and about the legal rights of consumers." calculator card consolidation

In March 2004, the National Credit Reporting Association and its members filed separate anti-trust lawsuits in federal court in California and California state court against Equifax, Experian, and Trans Union. The case was pending when this book went to press. After the lawsuits were filed, some re-sellers complained of retaliation, as at least one of the major CRAs exercised its right under their contracts to conduct an audit. consolidation debt unsecured

Unless the lawsuit results in major changes, consumers should not expect all mortgage brokers to inform them about re-scoring. Those mortgage bankers or brokers who make higher commissions on sub-prime borrowers actually have a disincentive, as re-scoring could cut into their incomes when the borrowers get better rates. consolidation debt free loan

Moreover, because of all the price hikes, cost can be a major factor for brokers and mortgage companies that are expected to absorb the cost of re-scoring. In 2000, the aver-age re-score, consisting of two tradelines corrected on reports issued by two of the three CRAs, would cost the re-seller $28.00 (using the high of 7.00 per trade), a figure that was palatable to most mortgage bankers/brokers. That same re-score would now cost the reseller approximately $120. consolidation debt high loan

Veracity - How to Get Your Credit Report for Free

We'd like to help you learn about yourself... - Simon & Garfunkel "Mrs. Robinson" In this chapter, we will explain how to order copies of your credit report⁴⁶ and credit scores from the newly created "Centralized Source, " either by mail, by phone, or via the Internet. We will also explain how to order them directly from Equifax, Experian, Trans Union, and Fair Isaac. If you want contact information right away, go directly to page 75, and to page 85 for Fair Isaac. consolidation debt free help

By September of 2005, all Americans will be entitled to obtain one free copy per year of their Equifax, Experian, and Trans Union credit reports from the "Centralized Source" (credit scores are not included and always come with a price). The free report and the Centralized Source were mandated by Congress when it passed the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The goal of the law is to improve credit report accuracy and fairness by encouraging Americans to review their credit reports. consolidation debt ohio

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Technically, the CRAs define the report they give to you as a "consumer disclosure." The version that is given to their subscribers, the credit grantors, when you apply for credit, is defined as a "credit report." For simplicity and stylistic purposes, we will generally refer to "consumer disclosures" as "credit reports." advice consolidation debt free

To further this goal, Congress left in place all of the existing reasons that consumers were entitled to free reports (see pages 75-76). The bottom line: If you know your rights, you can regularly check your credit report throughout the year at little or no cost. This is a significant advance, considering that Equifax, Experian, Trans Union and others each charge between $89-$119 annually for ongoing credit report monitoring services. consolidation debt free online

This chapter should help cost-conscious consumers figure out the most economical way to obtain their credit reports. For those whom "cost is not an issue, " this chapter should help them decide the fastest way to get the most complete picture. consolidation debt new york

Author's Note:

At the time you read this book, you might not yet be entitled to your free report under Federal law. Still, anyone can go online and get their Experian report for free, but you must sign up for a 30-day trial at www.freecreditreport.com and provide a credit card number. If you fail to cancel by the 30th day, your credit card will be charged $12 a month until you do cancel. consolidation debt student

The Centralized Source - Contact Information

Remember, you can order your free report from one, two or all three of the CRAs by mail, by phone or over the Internet. Here's the contact information. Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30374-5281 1-877-322-8228 www.annualcreditreport.com Once you are eligible, you can request your free report by mail, by phone or over the Internet. You can choose to order your Equifax, Experian and Trans Union reports all at once, or, you can order only one of three bureaus first, and then request a second one months later, and the third one after that. If you stagger your requests by four months, you effectively monitor your credit report three times per year. If you are not planning a major credit transaction like a mortgage, refinancing or auto purchase, then the staggered approach might be best, as it permits you to periodically monitor your credit report for signs of identity theft (see Chapter 7). consolidate consolidation debt

However, if you are planning a major credit purchase in the coming months, it's probably best to get all three at once. Remember, authoritative research by the Consumer Federation of America (CFA) and the National Credit Reporting Association (NCRA) showed there could be major discrepancies between the three bureau reports for any given consumer (see Chapters 2 & 10). consolidation debt lo

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Why Has Identity Theft Increased

Identity theft is: consolidation debt help

1. a relatively low-risk crime, consolidation credit debt

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3. that can be relatively easy to pull off, consolidation debt quote

4. with enforcement is uneven, at best, despite consolidation debt lead

• the potentially devastating impact on the victim. consolidation debt non profit

• It wasn't officially declared a crime until 1998 when Congress and some states began passing laws to that effect. (For more on the history and evolution of identity theft, see Chapter 10.) consolidation debt loan online

Throughout much of the 1990s, many victims of identity theft had trouble convincing the police that they were victims of a crime at all. The police often would say that the credit card company or bank was the victim because they, and not the consumer, lost money to the thief. Some victims could not even convince authorities to write a police report. Other victims faced jurisdictional problems because the thief resided in a different city or state. consolidation debt home loan

In the early days, identity theft was more of a one- person-at-a-time crime. But in recent years, it's gone "wholesale." Thieves target organizations where they can filch personal data on dozens, if not hundreds or even thousands of people at a time. Methods of attack include bribing or placing a "mole" in auto dealerships, personnel departments of major corporations, or government agencies like the Social Security Administration, or hitting multiple mailboxes at large apartment or housing complexes. The document that the identity thief covets most is the credit report. It's the best road map for committing the crime or invading privacy in other ways. christian consolidation debt

One notable case involved Philip Cummings, a 10-month employee of Teledata Communications Inc (TCI), a company that facilitates large companies' use of credit reports. From 1999-2002, Cummings allegedly was able to electronically masquerade as the Ford Motor Company and other major companies, pull credit reports in their names, and sell the data to a Nigerian fraud ring. Even after Cummings left TCI and moved out of state, he was able to continue using passwords that allowed him, from February to May 2002, to pull 6, 000 reports, 100 at a time, in the name of Washington Mutual Bank. consolidation debt information

As recently as September 2002, long after the Ford Motor Company incident had been well publicized, the Cummings ring ordered 4, 500 credit reports through Central Texas Energy Supply. When a company did change its password, it temporarily stumped the ring member's laptop on which Cummings had downloaded passwords. But after being arrested, the ring member later cooperated with prosecutors and told them that Cummings had an ample list of additional passwords that still worked. agency consolidation debt

The result was that some 30, 000 individuals had their good names used for fraud - with initial losses pegged at $2.7 million, but rising well beyond that.⁷⁶ The Key Moment Of course, identity theft is profitable because the thief is able to get credit in someone else's name. That's where the credit report comes into play. The key moment occurs when the credit reporting agency (CRA) discloses the innocent victim's credit report in response to a thief's fraudulent application for credit. The credit report "validates" the thief and starts him on his "credit joyride." As we will explore in greater detail in a later chapter, the CRAs' rather loose algorithms have benefited identity thieves by allowing for disclosure of victims' credit reports even when the imposters' applications are filled with discrepancies. consolidation debt solution

⁷⁶

TCI and other breaches were the subject of April 3, 2003 hearing of the House Financial Services Subcommittees on Financial Institutions & Consumer Credit, and Oversight and Investigations, "Fighting Fraud: Improving Information Security, " at which this author testified. http://financialservices.house.gov/hearings.asp formmode=detail&hearing=202. Also see the excellent reporting on security breaches, identity theft, and more by MSNBC's Bob Sullivan www.msnbc.com/news/839678.asp california consolidation debt

Victims

A book could be filled with the horrifying stories of identity theft victims. To help illustrate their plight, we will offer only a few. On November 5, 2001, retired Army Captain John Harrison, a Connecticut resident, received a call from a detective in Beaumont, Texas who was investigating a Harley-Davidson motorcycle that had been purchased using Harrison's name and SSN. The detective tracked Harrison down through his credit report. Harrison took all the steps that were recommended by experts (and the above pages in this chapter): He ordered his three credit reports, initiated fraud alerts, contacted creditors immediately, received and reviewed his credit reports, and filed a police report with the Army's Criminal Investigation Division.⁷⁷ consolidation debt loan uk

The crook, Jerry Wayne Phillips, was caught on his Harley in North Carolina about a month later. Phillips said it was easy to convince Army officials at Fort Bragg, N.C. to issue him identification in Harrison's name and SSN. consolidation debt equity home

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