Category: Credit rating

Options available

My son and his wife found out they were pregnant. Three months ago they purchased a new vehicle and are making payments, but now they want to get rid of the car. They are looking towards the future. Does anyone have any suggestions, or has anyone been in this situation? What options do they have? They don’t want to quit paying and abandon the car because that would hurt their credit. Any suggestions would be greatly appreciated. And, no, grandma doesn’t need a new car.

They might try looking up it’s value and sell it themselves. <--- That website can help you find out the value of your car. Then they can go to a place called I saw it on t.v. I also know that my brother recommended that site to my dad. I don't know if he's actually listed a car on there or not. From my understanding you pay just $25 for the listing until it's sold. I listed my car on three years ago. I did not pay for the listing. I just took a picture of it, posted it on the site and waited for responses. I first went to to the kbb site to find out the value, then used that value as the listing price. You could also list the car in for free.

They could list it for sale for what they owe on it. Or at least its value after depreciation. A brand spanking new car drops like a rock in value the second you leave the lot. Which is why many people forgo a brand new car. I doubt the dealership would buy it back for a decent price, but they could ask.

Top 10 Credit Myths & The Real Answers

truthAfter 30 years in the finance & mortgage industry, I’m still sometimes surprised at what some people believe about credit. For instance, even though there is a heightened awareness of credit and credit scores these days, due to all the TV ads from companies selling credit reports & scores, many are still unaware that a credit report is really only a series of “allegations” that are unproven and undocumented. Just because a creditor says something negative about you and the credit bureau puts on your report, doesn’t mean that it’s “gospel truth” and many federal laws give you the right to challenge the “accusation.” Many believe that if an item on their credit report is true, it can’t be removed, but that’s NOT true! There are many ways to legally delete an item even when it’s “factually true.”

I’m really interested in this! How do you go about getting things off legally? Do you need to spend the money on a lawyer?

So how does one go about having the items removed? Can it be done on your own or does it require some repair service?

Never pay a service! Do not change SSN to avoid bad credit, that is fraud and is frowned on by the courts. Most, if not all, of these service are doing or advising you to do things which are illegal or can get you in deep trouble with the courts.

The processes for removing information depends on whether it is Erroneous information or accurate.

Accurate negative data can only legally be removed under 2 conditions, 1 is if it exceeds statutory rules, generally 7 years from the last status update. Therefore, some credit agencies will keep sending updates and you can challenge this.

However, any information you challenge, the reporting agency has 30 days to respond. If they fail to, then you can demand the credit agency remove it.

If the information is erroneous and the challenge with the credit bureau returns the same results, then you have to deal with the reporting agency and threaten them with a lawsuit. Here is where paying a lawyer may be advisable.