Credit Card Charge-Offs: Can They Be Removed from Credit Reports?
January 20th, 2012
In my last post regarding Charge-offs and Collections, I wrote about how a lot of consumers become confused when they pull their credit reports and find an overdue credit card account reporting twice. The same debt can’t be listed on your credit reports twice, right?
Wrong. In fact, most credit card accounts that have been charged off by the original creditor are not only reported as charge-offs, but they’re also reported as collections after they’re sold or transferred to a third-party collection agency. It’s a double whammy to your credit scores and a very frustrating situation to find yourself in. More »
Posted By: Joshua Heckathorn | Comments (0)How Charge-Offs and Collections for the Same Debt Appear on Credit Reports
January 18th, 2012
You have the dreaded double whammy on your credit reports—a charge-off and collection for the same old debt. But how did this happen?
Frankly, the whole process can be quite confusing to most consumers, which is why I’ve done my best to break it down into the following six simple steps. While your situation might be a little bit different, my experience has been that 90% of the time this is exactly how it all plays out. More »
Posted By: Joshua Heckathorn | Comments (0)Date of First Delinquency (DOFD) and Why It Matters
January 13th, 2012
We always see increased activity in our Credit Talk Forum as the new year begins. It makes complete sense since the start of a new year often brings a renewed sense of urgency to get your financial house in order.
And for a lot of people these days, the number one thing on their mind is cleaning up their credit reports and getting their credit scores back to an acceptable level so they can purchase a new home, car, or get their foot in the door for a new job. So how do most people start the process?
They typically begin researching online, joining forums, pulling free credit reports, and wondering “when will these old debts I’ve been trying to ignore for all these years actually go away?” This is a question I’ve seen and answered in our forum at least a dozen times this month, so I thought it would be a good idea to quickly address it here on the blog as well.
Posted By: Joshua Heckathorn | Comments (0)How to Rebuild Credit After Bankruptcy
September 2nd, 2011
Going through a bankruptcy can be painful, but the bankruptcy itself usually isn’t what causes all the ulcers and sleepless nights. Those often arrive in full force after the bankruptcy is finalized and you’re trying to repair your damaged credit. The process can be infuriating!
Fortunately, the mantra “time heals all wounds” directly applies to rebuilding your credit as well. Of course, that doesn’t mean you should just sit back and do nothing to improve your financial situation, so let’s discuss a few of the practical methods you can use to rebuild your credit after bankruptcy. More »
Posted By: Nathan Nead | Comments (2)5 Steps to the Best Budget
July 19th, 2011
If you haven’t been following the news recently, then you’ve been missing out on quite the political battle in Washington, DC over our nation’s debt. I’d go into more detail, but the specifics and grand-standing would probably give you a headache.
To make a long story short: we need to cut spending and raise revenues, but neither party can agree on a way to move forward and the President is left shaking his head at party leaders behaving more like spoiled children rather than statesmen.
Our national budget may be a mess, but yours doesn’t have to be. Creditnet has an easy, 5-step process to making sure your budget is sound so you don’t end up with a crippling debt like Washington. More »
Posted By: Ryan Moothart | Comments (0)
