How Long Will A Bankruptcy Stay on my Credit Report?

I have often been asked, "How long will a bankruptcy stay on my credit report?" A Chapter 13 Bankruptcy public record may stay on your report for up to 10 years from the date filed or up to 7 years from the date of discharge, whichever occurs first. A Chapter 7 Bankruptcy public record may stay on your credit report for up to 10 years from the date it was filed. 

HOPE4USA helps educate our clients through the maze of re-establishing healthy credit, even after filing for a bankruptcy. You can have a good credit report again even post bankruptcy. HOPE4USA would love to teach you how and help you to try clean up any mistakes on your credit reports (which commonly occur during a bankruptcy) at the same time. If you are interested in finding out more please call us at 704-499-9696. We are waiting on your call!

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Ron Lambright is an expert with over a decade and a half of experience in credit repair, credit improvement, credit reporting, and credit scoring. Ron is called upon weekly to speak at various seminars educating attorneys, loan officers, Realtors, other professionals, and consumers regarding the complex subjects of credit reporting and credit scoring. He is regularly featured on talk shows and podcasts and has been published in countless articles, educational handbooks, and blogs. He is an expert at teaching consumers and business owners how to achieve their credit related goals. Connect with Ron on Facebook here. 

Should I Close My Credit Cards?

I was asked this week, "Should I close my credit cards?" The answer is most likely going to be no.

It is almost never a good idea to close your credit cards. I have had many clients pay off and close credit cards before coming to see me, thinking they were doing the right thing. Many times the first thing I had to do was help them re-open new credit card accounts.

Closing a credit card does not actually cause you to lose credit for the history of the account, although this is a common myth you will come across online. However, when you close a credit card account you could increase your aggregate (that is your combined) revolving utilization ratio. If your revolving utilization ratio increases then your credit scores will probably fall.

To learn more about revolving utilization and how it impacts your credit scores, click here. 

Need to establish new credit card accounts? Click here are some options to consider.

HOPE4USA helps our to work toward resolving their credit problems every day. If you would like to know more about what it takes to have healthy credit please call us at 704-499-9696. Our staff is waiting on your call!

CLICK HERE to schedule a no-obligation credit analysis with a HOPE4USA credit expert.

Don't Get Scammed!

Don’t Get Scammed!

Let’s face it. There is always going to be some dishonest person out there who wants to scam you out of your hard earned money. With the current state of our economy it is more important than ever to guard ourselves against these would be thieves. Here are a few examples of some common scams that you should avoid at all costs:

 1. Get Paid Big Bucks to Work from Home.

Not all “work from home” opportunities are scams. However, if you are asked to pay money upfront to the company wishing to “hire” you, it is probably a bad idea. Many of these dishonest companies will ask you to pay for training or for a sample kit of the product you will be selling. Bottom line, if you have to give the company money to begin working for them you should BEWARE!

2. You Have Won Money.

If you receive a letter or email telling you that you have won money you should automatically be cautious. The truth is that if it sounds too good to be true, it usually is. There are several scams that start out by sending you a check for your winnings. In the end, you could end up giving crooks access to your bank account by depositing the checks. If you can’t remember entering the contest from which you have supposedly won this money it is probably a hoax.

 3. Phishing for Your Personal Information.

If you have a PayPal account, a credit card, a bank account, or even simply an email address you are a potential target for phishing scams. The way most phishing scams begin is with an email. You’ll receive an email from PayPal or maybe your credit card company asking you to fill in your account number, user name, and/or password. Sometimes your social security number or other personal information is even requested.

The problem is that these emails are often fakes and once you have filled them out you have given your personal information to a crook looking to steal your identity and/or your money. The only way you should EVER enter your user name and password for an online account is by typing the web address of your bank directly into your web browser (i.e. ABCBank.com). You should never follow a link which was provided to you in an email.

If you have already been a victim of scam or identity fraud the experts at HOPE4USA can assist you. You have the right to try to correct identity fraud on your own of course, but you can also hire a professional if you are too busy or too overwhelmed to tackle the recover process alone.

Thankfully, you do not have to be stuck with a bad credit rating that comes as a result of identity fraud. The Fair Credit Reporting Act gives you a lot of rights and protections where identity fraud is concerned.

Contact us today at 704-499-9696 for more information about how HOPE4USA and our credit experts can help.We are waiting for your call.

More Advice: What Can I Do If I Am A Victim Of Identity Theft?

Today, we will continue discussing the theme of yesterday's post, "What can I do if I am a victim of identity fraud?" Millions of people every year are victims of identity theft and fraud. Even more are victims of credit/debt card fraud. You have to protect yourself because we are all vulnerable to the tactics of thieves and scam artists.

Here are a few more things you can do to protect yourself:

Handling problems with existing credit or debit accounts.      

1. Immediately dispute fraudulent charges with your bank or card issuer.    

2. Request replacement cards with new account numbers.    

3. Carefully monitor your bills for evidence of new fraudulent activity.      

Handling debt collectors trying to collect fraudulent accounts.

1. Ask for the company information and the person contacting you.      

2. Tell the collector that you are a victim of fraud and not responsible.      

3. Ask for the name and contact information of the original creditor   

4. Ask the amount of the debt, account number, and dates of the charges.

5. If the account is on your credit reports, dispute it with all 3 credit bureaus. 

It is your right to work on credit issues yourself, but you may want some assistance to correct the effects of identity fraud if you feel too busy or too overwhelmed to try address the issues alone. HOPE4USA educates and assists our clients in remedying the effects of identity fraud. If you would like to know more please call us at 704-499-9696. We are waiting for your call.

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Ron Lambright is an expert with over a decade and a half of experience in credit repair, credit improvement, credit reporting, and credit scoring. Ron is called upon weekly to speak at various seminars educating attorneys, loan officers, Realtors, other professionals, and consumers regarding the complex subjects of credit reporting and credit scoring. He is regularly featured on talk shows and podcasts and has been published in countless articles, educational handbooks, and blogs. He is an expert at teaching consumers and business owners how to achieve their credit related goals. Connect with Ron on Facebook here. 

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What Can I Do If I Am A Victim Of Identity Theft?

What can I do if I am a victim of identity theft?

You apply for a credit card and are turned down because of a low credit score, yet you know that you’ve always paid your accounts on time.

A debt collector calls to demand payment on a six-month overdue account for a credit card you have never had.

You receive a credit card in the mail that you’ve never applied for.

What’s happening? You could be the victim of identity theft, where an imposter is using your personal information to obtain credit illegally. Then when the thief does not pay the bills, the creditor itself or a debt collection company contacts you to demand payment. As a result, your credit reports are likely to contain negative information about your bill payment history and your credit scores have probably been lowered considerably, making it difficult or impossible to obtain new credit yourself.

Victims of identity theft must act quickly and assertively to minimize the damage.

Here are a few things you can do.

1.  Notify all 3 credit bureaus and establish fraud alerts.

2.  Monitor your 3 credit reports for any other fraudulent accounts or inquiries.

3.  You may want to place a security freeze on your 3 credit reports.

4.  You may want to notify law enforcement.

5.  You may want to notify the Federal Trade Commission.

What to do with new credit accounts opened by the imposter. 

1.  Contact the credit bureaus and creditors immediately to notify them of the fraud.

2.  Ask businesses to stop reporting fraudulent accounts to the credit bureaus. Ask the credit bureaus to delete fraudulent accounts. (Sending a copy of your police report or FTC identity theft report can help.)

3.  Fill out fraud affidavits.

4.  Ask for a letter stating that the disputed account has been closed and deleted from your credit reports. 

You can work to correct the effects of identity fraud on your own (it's your right), but you can also hire a professional to help you if you feel to overwhelmed or even simply too busy to handle the process alone. HOPE4USA educates and assists our clients in remedying the effects of identity fraud. If you would like to know more please call us at 704-499-9696. We are waiting for your call.