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Millennials may be aware of the harmful effects of bad credit. The difficulty is in determining ways to change habits and establish financial discipline that will improve their financial outlook and their credit scores. The following steps may show useful ways to carve a path to a brighter financial future.
Continue reading 7 Ways Millennials can boost their Credit Scores →
Your credit history plays an important role in your ability to get approved for new lines of credit, whether it’s a new credit card, a personal loan, or another type of borrowing agreement. It also affects your ability to rent an apartment, or possibly be hired or promoted in your job.
Do not wait until you’re ready to apply for a loan to check your credit. Monitor your credit reports regularly to see that your information is accurately reported. If there is an error, send written disputes to the credit bureau. You do not want to be denied for a loan because of someone else’s error. Credit applications are considered hard inquiries on your credit file, and denials could result in lowering your credit score.
Flitter Milz is a nationally recognized consumer protection law firm that represents victims with credit reporting privacy and accuracy problems. Contact Us for a free consultation to discuss errors on your credit reports.
Your credit report plays a critical role in your overall financial health. The information that it contains will affect your ability to get new lines of credit for auto or personal loans, rent an apartment, and sometimes even get a job or promotion. It’s important to understand all of the information on your report and what types of negative listings may appear.
Every person’s credit report has the following:
-Monitor your credit reports
-Dispute errors with the credit bureau and credit furnisher
-Pay your bills in full and on time
-Make a budget and stick to it
These positive actions will help improve your credit and show that you’re on the right track, even while the negative listings remain.
Flitter Milz is a nationally recognized consumer protection law firm that represents victims of car repossession, credit reporting errors and unfair debt collection practices. Contact Us for a free consultation to determine whether your consumer rights were violated.
Finding a new job can feel like a full time job in itself. First identifying companies and positions, then prepare your resume and cover letters.
The next most important step is to check your credit reports.
Employers usually check credit reports during the hiring process as a means to gauge the applicant’s responsibility with finances. Not all employers check credit reports during the employment screening process. But those that do, often check for positions that involve a security clearance, access to money, sensitive customer data or confidential company information.
An employment screening report only includes your account payment record, how much you owe, and your available credit. Potential employers can’t see your credit score. Follow these steps to prepare your credit before applying for a new job.
When you start looking for a new job, get a copy of your credit report. You should know appears on your report before a prospective employer obtains a copy. You can get a free report every 12 months from each of the three credit bureaus – Transunion, Experian and Equifax.
Review your reports for accuracy. If you see errors, dispute them directly with the reporting bureau. If you have negative listings like a car repossession or defaulted account, these should only stay on your report for 7 1/2 years.
If you have negative credit listings and you’re concerned about the role they’ll play in your job search, contact your target companies anonymously and ask if they check credit as part of their candidate screening process. If you think it will be an issue, you might choose not to spend time on applications for a company that asks for your credit history.
Potential employers can ask for a copy of your credit file. However, there are guidelines that must be followed.
1) You must provide written permission for a company to request your report.
2) The company must notify you of the company that provide the employment screening report.
3) You may write to the screening report company to request a copy of the report that was used in the employment hiring process.
Your job search will be easier in the future if you don’t have to worry about how your credit might affect your eligibility. Be proactive and evaluate your credit before applying for that new job.
-Review your credit file in advance.
-Make bill payments in full and on time.
-Use less than thirty percent of the credit that’s available to you.
-Maintain a healthy debt-to-income ratio.
-Dispute errors on your credit reports.
Flitter Milz is a nationally recognized consumer protection law firm that represents victims with credit reporting accuracy problems. Contact Us for a free legal review of your credit reports and an evaluation of whether your consumer rights were violated.
Before you applying for new credit or a job, or submitting a lease application for a new home or apartment, check your credit reports and score. You can obtain a free copy of your credit report every twelve months by writing to the credit bureaus – Transunion, Experian and Equifax.
Your credit score, which is a number that tells a lender how likely you are to pay credit back on time and is based on your credit history, can be obtained in various ways.
“Many services and websites advertise a “free credit score.” Some sites may be funded through advertising and not charge a fee. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your “free” score. These services are often advertised as “free” trials, but if you don’t cancel within the specified period (often as short as one week), you could be on the hook for a monthly fee. Before you sign up to try one of these services, be sure you know what you are signing up for and how much it really costs.”
Flitter Milz is a consumer protection law firm that represents victims of credit reporting problems. Whether you are facing loan denials, lowered credit limits, increased interest rates, the consumer protection laws may provide protections. Contact Us today to discuss your credit report problems and find out how we can help. There is no cost for the legal evaluation.
Divorce is an emotionally challenging time when you may be preoccupied with child custody, property and insurance issues. However, your finances are just as important.
While a divorce alone won’t hurt your credit, certain consequences of divorce could. When a relationship ends on bad terms, joint accounts with missed or late payments will tarnish your credit.
For more detailed information on how to handle your finances during a divorce, consult with a family law attorney that is aware of the types of consumer protection issues that divorce clients face.
Flitter Milz is a nationally recognized consumer protection law firm that represents victims of credit reporting errors and abusive collectors tactics. Contact Us to discuss inaccuracies on your credit report, or letters and phone calls from collectors. There is no cost for the legal review.
A high credit score makes many aspects of our lives more simple. It may be easier to purchase a home or car, secure a new line of credit, rent an apartment, or possibly be hired for a job or awarded a promotion.
A credit score of 800 and above is considered excellent and indicates that the consumer not only uses credit, but pays bills in full and on time. A score in the 700s is considered good, however there may be some negative listing on the credit report such as late payments. Scores falling in the 600s are considered fair and may represent denial of a loan, or possibly approval but with lower credit limits or higher interest rates . Lower scores indicate to lenders that the consumer is a high credit risk and either, the consumer may be denied, or credit would be offered with unfavorable terms.
Consumers with poor credit may seek ways to repair and improve their credit scores quickly. However, it’s a process that takes time and responsible financial management. Paying bills in full and on time, maintaining a low credit utilization, and paying off debt are critical steps. Also, a regular review of your credit report for accuracy is important. Every twelve months consumers are entitled to a free report from each, Transunion, Experian and Equifax. If there are errors listed on the credit report, the consumer should promptly dispute the errors.
Send a dispute letter to the bureau by US Mail with an explanation of the error and documents that support your claim. Be sure to keep a complete copy of your dispute. The credit bureaus have 30 days to respond to disputes. The bureau does not correct the error, you may need to re-dispute until your report has been corrected.
Flitter Milz is a nationally recognized consumer protection law firm that represents victims of credit reporting errors by credit data furnishers and the credit bureaus. Contact us for a free evaluation of your credit report errors for a potential violation of the Fair Credit Reporting Act.
Many Americans have never checked their credit report or are aware of all the ways in which credit affects their lives. Poor credit can affect things like utility deposits, car insurance, and cell phone service options. Your credit can also affect your ability to get a job or rent an apartment.
Every consumer is entitled to a free credit report from all three credit bureaus – TransUnion, Experian, and Equifax – every twelve months. Always check your credit report regularly and make sure all information is accurate and up to date. If you find any inaccuracies, dispute directly with the reporting bureau.
The best way to improve your credit is to make all of your payments in full and on time. Rather than carrying a small balance, it’s best to just pay it off completely. Keeping your credit utilization low will also help your score improve over time.
Flitter Milz is a nationally recognized consumer protection law firm that represents victims of credit reporting errors. Contact Us for a free evaluation of your credit reports and determination of whether your consumer rights have been violated.
Now that the holidays have come and gone, you may be struggling with extra credit card debt. Studies have shown that the average American household with credit card debt pays more than $1,200 per year in interest. Not only does debt cause stress, it also harms your credit. Follow these steps and chip away at your holiday debt each month to avoid high interest charges and maintain healthy credit.
Carrying a balance each month is unhealthy for your credit score and also makes you susceptible to interest charges. To avoid a month to month balance, pay more than the minimum amount that appears on your monthly statement. Avoid spending above your means and pay off any new charges in full. This will help you put a dent in your debt and reduce the amount of interest you owe over time.
Set aside some time to assess your finances and determine a realistic amount that you can dedicate toward paying off your debt each month. For example, you may want to set up auto-pay on your account with this specified amount. If the amount is automatically withdrawn from your account each month, you’ll be less likely to feel tempted to spend it on something else as the payment date draws near.
As you work toward paying off your debt, focus on keeping your credit utilization lower. Try to cap your credit card usage at around 30%, which will make your payments more manageable.
Here’s how to calculate your usage
Divide your credit card balance by your credit limit. Move the decimal point two places to the right. This is your current credit usage. A higher percentage will harm your credit while a lower percentage will help.
Example: Credit Usage Calculation
Statement Balance = $500
Credit Limit = $1000
$500 divided by $1000 = $0.5
Move decimal two places to the right = 50
Current Credit Usage = 50%
Stick to a firm budget to avoid letting your credit card balances continue to creep higher. Evaluate your income in relation to fixed expenses. Try to keep your spending within your means. As you have extra funds, place them in a savings account so that you’re prepared for unexpected expenses…or those holiday gifts you’d like to buy.
Once you fall behind on payments, the creditor may choose to assign or sell your obligation to a collection agency or law firm collector. It’s important to know your rights and the laws that protect you from abusive collection tactics. Whether you owe the debt or not, the collector must follow the law.
Flitter Milz is a nationally recognized consumer protection law firm that represents victims of abusive collection practices. Contact Us for a free evaluation to determine whether your consumer rights have been violated.
We at Flitter Milz, P.C., hope that you and your loved ones remain healthy and safe throughout this difficult time. We want you to know that our firm is open to serve your legal needs. Our staff is available by phone, email, or video conference. Please feel free to call with any questions or specific concerns.
Take care and be safe.
Cary Flitter & Andy Milz
Toll Free: 888-668-1225