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Author: Blog User

15 June 2023
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FTC says credit repair business doubled as a pyramid scheme

15 June 2023
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FTC says credit repair business doubled as a pyramid scheme By Seena Gressin May 31, 2022 For the second time this month, the FTC has sued a credit repair operation that it says combined fake promises to swiftly and substantially boost people’s credit scores with the offer of a bogus money-making opportunity selling credit repair services. In this latest case, the FTC says the supposed money-making opportunity was a pyramid scheme. The complaint alleges that Michigan-based Financial Education Services (FES), five related companies, and owners Parimal Naik, Michael Toloff, Christopher Toloff, and Gerald Thompson bilked consumers out of more than $213 million. At...

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31 May 2023
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Discover the differences between FICO and VantageScore credit scoring models and which industries use them. Explore the pros and cons of each

31 May 2023
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Discover the differences between FICO and VantageScore credit scoring models and which industries use them.  Introduction In today's world, credit scores play a critical role in the financial decisions of both individuals and businesses. A credit score is a three-digit number that lenders use to assess an individual's creditworthiness and likelihood of defaulting on a loan. Credit scores range from 300 to 850, with higher scores indicating better creditworthiness. The importance of having a good credit score cannot be overstated, as it determines the type of loans you can obtain and the interest rates you will pay. There are two...

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25 May 2023
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The Three Major Credit Bureaus In The United States

25 May 2023
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The Three Major Credit Bureaus In The United States Experian, Equifax, and TransUnion are three major credit bureaus in the United States. They gather and maintain credit information on individuals and businesses to create credit reports and scores. These credit reports are used by lenders, landlords, and other entities to assess creditworthiness and make informed decisions regarding credit approvals, loans, rentals, and more. Here's some information about each of these credit bureaus: Experian: Experian is one of the largest credit bureaus globally, operating in over 80 countries. It collects and maintains credit data on more than 1 billion individuals and...

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24 May 2023
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Evictions and Credit Reports: Navigating the Intersection of Housing and Finance

24 May 2023
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Evictions and Credit Reports: Navigating the Intersection of Housing and Finance Introduction As a tenant, there may come a time when you are unable to pay your rent or violate the terms of your lease agreement. In such cases, the landlord has the right to evict you from the property. Eviction is a legal process that may involve going to court and can have serious consequences for tenants. Credit reports, on the other hand, are documents that contain information about an individual's credit history and financial activities. They are used by lenders, landlords, employers, and other entities to assess an...

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24 May 2023
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How can I remove judgements from a credit report?

24 May 2023
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A Comprehensive Guide to Removing Judgments from Your Credit Report Judgments on Credit Reports When an individual owes money that they cannot repay, creditors may pursue legal action against them in the form of a judgement. A judgment legally confirms the debt owed and allows the creditor to collect what is owed through wage garnishment or bank levies. Unfortunately for debtors, judgments can remain on their credit report for up to seven years from the filing date or until the statute of limitations expires – whichever comes first. This means that even after paying off the debt in full or...

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23 May 2023
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How a Lawyer Can Help You Dispute Errors on Your Credit Report

23 May 2023
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How a Lawyer Can Help You Dispute Errors on Your Credit ReportThe Importance of Credit Reports and the Role of a Lawyer in Disputing ErrorsWhen it comes to managing your finances, one of the most important tools you have at your disposal is your credit report. A credit report is a document that provides detailed information about your credit history, including your current and past debts, payment history, and other financial information. Lenders use this information to determine whether or not you are a good candidate for loans or credit.Given the importance of credit reports, it's crucial that they contain...

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23 May 2023
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Credit Disputes: To Call or Not to Call, That is the Question!

23 May 2023
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Credit Disputes: To Call or Not to Call, That is the Question! Introduction Credit disputes can be a frustrating and time-consuming process for consumers. When there are errors or inaccuracies on a credit report, disputing them is crucial to ensure that your credit score remains intact and you don't face any negative consequences. There are two primary methods of filing credit disputes: calling the creditor directly or filing a dispute online. Both methods have their advantages and drawbacks, making it important to understand the pros and cons of each before deciding which option is best. Explanation of Credit Disputes A...

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23 May 2023
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Can You Be Sued for Disputing Your Credit Report?

23 May 2023
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Can You Be Sued for Disputing Your Credit Report?Many people believe that they can be sued by creditors or credit bureaus for disputing their credit report. However, this is not entirely true; there are legal protections in place for individuals who dispute inaccurate information on their report under the FCRA.While it is possible that some creditors or bureaus may sue individuals for filing a dispute, it is not common. Generally, creditors and bureaus are more interested in ensuring the accuracy of the information reported on credit reports than in punishing individuals who dispute inaccuracies.In fact, the FCRA provides legal protections...

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20 May 2023
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What Are The Possible Legal Infractions By a Credit Repair Company?

20 May 2023
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What Are The Possible Legal Infractions By a Credit Repair Company? Introduction Credit repair companies have become a popular service in today's society. These companies offer to improve their clients' credit scores by disputing negative information on their credit reports and negotiating with creditors. While some of these companies operate legally and provide valuable services to their clients, others engage in illegal practices that can harm consumers. Overview of Possible Legal Infractions by Credit Repair Companies While there are many reputable credit repair firms in operation today, there are also many illegal practices associated with this industry. Some common legal...

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20 May 2023
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What Is The Impact Of Closing a Credit Card On a Credit Report?

20 May 2023
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What Is The Impact Of Closing a Credit Card On a Credit Report? Introduction Explanation of Credit Cards and Credit Reports Credit cards are financial tools that allow consumers to borrow funds from a lender with the understanding that they will pay these funds back with interest over time. A credit report, on the other hand, is a summary of a consumer's credit history that is compiled by credit reporting agencies. These reports contain information about the consumer's borrowing history, including credit accounts, payment histories, and outstanding balances. Importance of Maintaining a Good Credit Score Maintaining a good credit score...

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