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Contents of Good Credit is Sexy, Second Edition
SECTION I: THE BASICS OF CREDIT
CHAPTER 1: HOW DOES CREDIT AFFECT YOU?
Joanne's Story
Everyone Has a Credit History/Rating
Three Big Filing Cabinets - The Credit Bureaus
Who Regulates the Credit Reporting Agencies (CRAs)?
CHAPTER 2: HOW TO BUILD CREDIT IF YOU DON'T HAVE ANY
Steve's Story
No Credit is the Same as Bad Credit
Situations Ripe for Building Credit
Before You Apply Yourself. . .
Four Ways to Add Positive Credit to Your Credit Report
Credit Lines That Won't Help
SECTION II: YOUR CREDIT REPORT
CHAPTER 3: OBTAINING YOUR CREDIT REPORT
Susan's Story
Why Would You Want to Obtain Your Credit Report?
Contact Information for the Three Bureaus
Merged Credit Reports
Innovis, the 4th Credit Bureau
Other Credit Bureaus
CHAPTER 4: ANALYZING YOUR CREDIT REPORT
More of Susan's Story
What Does All That Information Mean?
Each CRA Has Its Own Information and Layout
Those Ugly Blemishes on Your Credit Complexion
How Long Do Negative Items Stay on Your Credit Report?
CHAPTER 5: CREDIT SCORING
John and Marie's Story
What is a Credit Score?
What Exactly Factors into Your Credit Score?
Things You Can Do to Improve Your FICO Score
Federal Government Publications
The Use of Your Credit Score to Predict Other Kinds of Behavior
SECTION III: CREDIT CARDS
CHAPTER 6: CREDIT CARD TYPES
Wayne's Story
Which Card Should You Get?
Basic Credit Card Types
ATM Cards and Debit Cards
Contacts for Credit Cards
CHAPTER 7: GOOD AND BAD DEALS IN CREDIT CARDS
More of Wayne's Story
Factors to Consider
Tips for Cutting Your Credit Card Expenses
Students Beware!
CHAPTER 8: MAKING PURCHASES WITH CREDIT CARDS
William's Story
Credit Cards vs. Debit Cards
If Asked for Additional Information when Making a Credit Card Purchase
Using a Credit Card as a Check Guarantee
Surcharges
Charge Minimums
Reservation Guarantees
Shipping and Payment
Billing Due Dates
Payments Via Automatic Withdrawal
What to Do When Merchants Aren't Following the Law
CHAPTER 9: BILLING ERRORS AND OVERCHARGES
Mischa's Story
The United States Fair Credit Billing Act
Act Quickly to Dispute Billing Errors and Overcharges
Tips to Remember When Disputing Errors
The Next Step - Asking for a Credit in Writing
If You Happened to Pay Your Bill in Full Before Noticing an Error
Unauthorized Charges
SECTION IV: MORTGAGES
CHAPTER 10: YOUR CREDIT AND THE MORTGAGE APPROVAL PROCESS
More of Joanne's Story
Qualifying - A Sure Sign of Sex Appeal
Putting Your Best Bikini Forward
What Income Can You Count?
What Debts Count Against You?
The Dreaded Debt-to-income Ratio
Financial Stability
Cash in Savings
Qualifying When Your Application is a Tad Tarnished
If You've Had a Bankruptcy
CHAPTER 11: BANKERS VERSUS MORTGAGE BROKERS - WHICH TO USE?
Josh's Story
Who Has the Better Deal?
Bankers
Brokers
CHAPTER 12: MORTGAGE COSTS
Don and Ann's Story
Money for Closing Costs and, O Yeah, a Down Payment
The Costs of a Loan
Other Fees You Likely Will Be Charged for a Loan
Fees Profiting the Mortgage Company
The Role of the Loan Officer
Is Your Loan Officer Jacking Up Your Interest Rate?
Locking Down Your Interest Rate
Buying Down the Interest Rate
Truth in Lending
The Uniform Settlement Statement
Norma's Story
What is a Second Mortgage?
Types of Second Mortgages
Why Would You Want a Second Mortgage?
Are Second Mortgages a Good Idea?
What Kind of Credit Do You Need?
SECTION V: OTHER TYPES OF LOANS
CHAPTER 14: AUTOMOBILES
Martin's Story
Rule #1
The Variables
Financing Options
Leases
Payment Shaver Loans
Financing Wisdom
CHAPTER 15: STUDENT LOANS
Esteban's Story
Types of Student Loans
Applying for Student Loans
Eligibility for Student Loans
Defaulted Student Loan Information
Repaying Student Loans Held by the U.S. Department of Education
Statute of Limitations
Online Information
SECTION VI: PROTECTING YOUR CREDIT
CHAPTER 16: WHAT YOU CAN DO TO PROTECT YOURSELF
Jennifer's Story
Why Should You Protect Your Credit?
How You Can Protect Your Credit
CHAPTER 17: IF YOU ARE A VICTIM OF IDENTITY THEFT
Michael's Story
What to Do if You Are a Victim of Identity Theft
If Someone Fraudulently Changes Your Address
If Your Social Security Number Has Been Misused
If Someone Is Making Phone Calls in Your Name
If Your Driver's License Number Has Been Misused
Other Identity Theft Resources
CHAPTER 18: DIVORCE AND YOUR CREDIT
Jack's Story
A Divorce Decree Does Not Relieve Joint Debt
Myths About Divorce Decrees
What Could Jack Have Done Differently?
How to Protect Your Credit During a Divorce
SECTION VII: OVER YOUR HEAD IN DEBT
CHAPTER 19: COLLECTION AGENCIES
Carl's Story
Your Rights When Dealing with a Collection Agency
Common Collections Tactics and Rebuttals
CHAPTER 20: OVERWHELMED WITH DEBT
Jane's Story
You're Not Alone
Things You Can Do if You Are Overwhelmed With Debt
CHAPTER 21: NEGOTIATING YOUR DEBTS FOR LESS THAN YOU OWE
John's Story
Which Debts Are Negotiable?
Statute of Limitations
The Effect on Your Credit
Getting Ready to Negotiate
What Makes a Creditor Say 'Yes' to a Debt Settlement?
What Makes a Creditor Say 'No' to a Debt Settlement?
How Much Should I Offer?
Repayment Plans
Other Negotiation Tips
Negotiate Your Credit Rating
Writing the Offer
Tips on Payment
Some Legalities
Tax Consequences of Debt Settlement
CHAPTER 22: NONPROFIT CREDIT COUNSELING SERVICES
Rachel's Story
Consumer Credit Counseling Services
Alternatives to CCCS
Beware of the Wolf in Sheep's Clothing!
Nonprofit Doesn't Mean No One Makes Money
Debt Relief Companies
Debt Settlement/Debt Negotiation Companies
CHAPTER 23: BANKRUPTCY
Elaine's Story
What Elaine Could Have Done Differently
Can YOU Avoid Bankruptcy?
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
CHAPTER 24 - HOW TO BUDGET
Randy and Val's Story
So What's the Secret?
Finding Extra Dollars in Your Current Income
Comparison to the Average Person's Expenditures
And the Money Left Over?
Other Online Resources
SECTION VIII: REPAIRING AND REBUILDING YOUR CREDIT
CHAPTER 25: REPAIRING YOUR CREDIT
Eduardo's Story
Can You Really Fix Your Credit?
Basic Strategy
If a Removed Item Comes Back onto Your Credit Report
Specialized Credit Repair Techniques
Federal Government Information Sources
CHAPTER 26: ERASING CREDIT INQUIRIES
Simon's Story
When Is It Worthwhile to Get Inquiries Removed?
Permissible Purpose
Basic Strategy
CHAPTER 27: CREDIT REPAIR AGENCIES
Marlena's Story
Do Credit Repair Agencies Work?
Credit Segregation - Is It Legal and What is It?
How Do They Do It?
Consumers Beware
Problems With a Credit Repair Agency?
Marlena's Solution
CHAPTER 28: DEBT VALIDATION
Judy's Story
Debt Validation - The Ultimate Secret Weapon
Original Creditor vs. Collection Agency
Step-by-Step Process
CHAPTER 29: VACATING A JUDGMENT
Marianne's Story
Can a Judgment Be Overturned?
Some Definitions
Prepare Your Motion and Declaration to Vacate
File the Paperwork
Notify the Plaintiff
What If They Offer to Settle Out of Court?
What Happens at Court?
What Happens When You Win?
CHAPTER 30 - SUING CREDITORS, COLLECTION AGENCIES AND CREDIT BUREAUS WHO VIOLATE YOUR RIGHTS
Shirley's Story
Will This Really Work?
I'm Pretty Intimidated by the Court System
So Who Can You Sue and What Can You Sue For?
How Do You Prove Harassment?
Filing Suit
THE IMPORTANCE OF DOCUMENTATION
GLOSSARY
APPENDICES:
APPENDIX 1: FAIR CREDIT REPORTING ACT
APPENDIX 2: FAIR CREDIT BILLING ACT
APPENDIX 3: FAIR DEBT COLLECTION PRACTICES ACT
APPENDIX 4: STATE STATUTES OF LIMITATIONS
APPENDIX 5: STATE STATUTES OF LIMITATIONS: JUDGMENTS
APPENDIX 6: STATE LAWS RELATING TO CREDIT
APPENDIX 7: SAMPLE LETTERS
- Requesting the Removal of Inaccurate Information
- Requesting the Removal of Inaccurate Information #2
- Getting the Credit Bureau to Update Bankruptcy Accounts
- Follow-Up After Initial Contact with the Bureau Contact
- Requesting the Removal of Inquiries
- Credit Bureau Verification Procedure Request
- An Agreement to Compromise Debt
- Acceptance of Verbal Offer (Debt Settlement)
- Counter Offer (Debt Settlement)
- Unsolicited Offer
- Settle With Your Credit Card Companies
- Cease and Desist to a Collection Agency
- Debt Validation
- Debt Validation Follow Up Letter to a Collection Agency
- After the Collection Agency Fails to Validate Your Debt/ The Letter to Send to the Credit Bureaus
- Getting the Original Creditor to Verify Debt
- Asking ChexSystems to Remove a Listing
- Notice of Intent to File a Lawsuit
- Request for Credit Report If You Were Denied Credit
- Request for Credit File from Innovis
- Request for Credit Report If You Are Buying One
- Remove My Name from Mailing List
- Contact Your Credit Card Companies
APPENDIX 8 - SAMPLE LEGAL DOCUMENTS
- Motion to Vacate
- Basis of Lawsuit
APPENDIX 9 - FTC OPINION LETTERS
APPENDIX 10-BUDGET WORKSHEET
INDEX
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Document last modified Friday, 14-May-2004 19:28:17 EDT
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