Rebuild Credit

American Financial Solutions Clients Highlighted in National Campaign

The National Foundation for Credit Counseling® (NFCC) today announced the six-month activity report of the Sharpen Your Financial Focus program. To date, more than 20,000 consumers from a diverse array of states have enrolled in the program, and have completed at least two of the three steps to increase their financial situations.

Posted on Apr 09, 2014

Resist the quick credit fixes

Despite several years’ worth of warning and repeated advice from officials of all stripes, companies offering “credit repair” continue to abound. There are steps you can take if you are in financial trouble that can one day help you improve your profile to potential creditors. But a credit score is part of your financial picture, not the entire picture. An improved credit score should be the effect of you meeting your goal of creating a financially responsible and secure life, not the goal itself.  It’s understandable why someone would be tempted to buy into a quick-fix program. Credit scores not only affect your ability to borrow, they can have a negative impact on insurance rates and can influence utility companies to ask...

Posted on Feb 21, 2014

Watch individual credit balances as well as the overall picture

If you are on the path of improving your financial situation, chances are you are working to reduce your debts. There are obvious reasons to do this, such as lessening what you pay out in debts every month, having financial peace of mind, and creating less risk to you if your income drops. Lowering your debts may also improve your credit score. There is no way to calculate how individual actions affect your score, but one alteration in your debt reduction plan might improve your chances of raising your score faster. The main reason you want a higher credit score is because having a low score can be costly even if you are not borrowing money. A lower credit score can affect...

Posted on Jan 29, 2014

Know Your Options Before Addressing Financial Problems

Your financial difficulties could already be severe enough that you are tempted to accept the first solution that comes along. However, there are pros and cons to bankruptcy, debt consolidation, debt settlement and most debt repayment options. It is important to talk to someone who knows the ins and outs of the credit industry and can offer educated recommendations on how to get out of debt. Debt problems typically do not materialize overnight. Nor do they go away quickly. Many people have benefited from having a credit counselor guide them through their debt repayment options. For those worried that talking with a credit counselor will add another bill, most counseling and education services are offered for free. If you decide a debt management plan...

Posted on Dec 12, 2013

Have an Experience with a Debt Collector? Speak Up Now

The Consumer Financial Protection Bureau (CFPB) might propose new federal rules on how creditors and debt collectors can act to get consumers to pay overdue credit card, medical, student loan, auto or other loans. This decision matters to you if you had an experience with debt collection (good or bad) counsel consumers with overdue debts have a business where you do your own account collection or work in the debt collection industry On RegulationRoom.org, you can learn what CFPB is thinking and what it needs to know. You can share information and experiences and discuss ideas with others. At the end of the discussion, CFPB will get a detailed summary and your input will help it decide what to do next.  Consumers and business both have...

Posted on Dec 04, 2013

Credit Score Undamaged by Personal Inquiry

People often tell us that they are concerned about pulling or accessing their credit report, because they believe it will hurt their credit score.  However, the reality is that as a consumer you can pull your credit report as often as you would like and it will not impact your credit score. Of course, it would get very expensive as we are only entitled to one free credit report, per year, from each one of the major credit bureaus. Those are Equifax, Experian and TransUnion. You can receive your free credit reports by visiting www.annualcreditreport.com. This site was created so that we can see what information is being distributed about us and have an opportunity to correct errors in our reports....

Posted on Oct 14, 2013

National Foundation for Credit Counseling offers Guide to Disputing

National Foundation for Credit Counseling offers Guide to Disputing Credit Report Inaccuracies Consumers should take the lead in examining their credit report   Washington, DC – The accuracy of credit reports has been in the news lately, causing consumers to wonder how error-free their own report is.  Since credit reports are the backbone of the all-important credit score, it is indeed important to fully understand what a credit report is, what consumer protections are in place, and what actions can be taken if errors are found.   “Consumers can be their own best advocate to ensure the accuracy of their credit file, but education is key,” said Gail Cunningham, spokesperson for the NFCC.  “If an error is identified, it is the consumer’s responsibility to take...

Posted on Feb 20, 2013

Building Credit with a Prepaid Card - Not Yet

Many people are switching to prepaid cards to help them manage their monthly finances and avoid costly overdraft fees. In addition, for people who do not have access to a traditional bank account, a prepaid card offers a way to have paychecks or state and federal benefit payments deposited directly into their prepaid account. This may be a great alternative to paying fees for cashing a check. It also allows you to make electronic payments for things like utilities, cell phones and even rent. However, there are things you should know about prepaid cards before signing up for the service. Prepaid cards – what to know 1.       Prepaid cards are not credit cards. The money you use is your own. You are not...

Posted on Dec 13, 2012

Rental Payments May Now Count Towards Good Credit and a Good Credit Score

  Seattle, WA On July 10th, 2012, FICO® and CoreLogic® introduced a new consumer credit scoring model aimed at increasing the number of people who qualify for mortgage loans. According to Becky House, Education Director for American Financial Solutions, a non-profit credit counseling agency, “This new model has the potential to help many well deserved people enter into home ownership.” Called the FICO® Mortgage Score Powered by CoreLogic®, this model combines the credit information in an individual’s typical credit bureau file and information from CoreLogic’®s outside data sources which include items such as property records, rental histories, payday loan and rent-to-own companies and court records among many others. In the past, these positive payment records were not included in a traditional credit report...

Posted on Jul 13, 2012

Credit Repair and the Truth About Bad Credit; American Financial Solutions Provides Tips on the Reality of Managing Negative Credit

If someone has negative credit or a few blemishes, they may be tempted to use a credit repair business to help eliminate damaging information from a credit report. However, it is a risky gamble for a consumer to take. American Financial Solutions Director Becky House offers tips and advice on using a credit repair business to clean up bad credit. Seattle, WA  April 20, 2012 Having good credit has become as much of an asset in today’s society as owning gold and property were 100 years ago. With good credit people pay less in interest on major purchases, may pay less for insurance and do not have to worry about potential credit checks by employers. Credit repair businesses offer consumers a way to...

Posted on Apr 20, 2012

 
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