Last week’s blog discussed the potential negative consequences caused by having a low FICO score from any of the three credit agencies (Equifax, Experian and TransUnion). However, it is difficult to improve your credit score if you do not know what is on your reports from these agencies. There are several places where you can check your credit rating and report, including annualcreditreport.com. This is the website where you can pull one free report from the three credit bureaus each year. However, this website involves some preparation, which we have explained in a prior blog. If you get your personal information wrong during this process, then you may have to start over and call the credit bureaus directly. There are other places where you can pull your credit reports. Unfortunately, many of these services are not free. com: You can pull your credit scores from MyFICO.com. This website is operated…
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Creditors may seek a judgment against you to recover defaulted debts. For example, if you owe past due hospital bills or have defaulted on credit card payments. However, the rules for how creditors may garnish your wages can vary depending on the circumstances. Many creditors must first receive a court order before beginning a wage garnishment. Government agencies are not bound by this requirement. This is because government agencies can issue a wage garnishment without having to first seek a court order. The following types of creditors may seek an administrative wage garnishment to recover debts. The Department of Education: The Department of Education can issue an administrative wage garnishment if you default on federal student loans. They can take up to 15 percent of your wages and your income tax return to pay back defaulted higher education debts. The IRS: If you owe taxes, then the IRS may issue…
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Did you know that half of all negative marks on credit reports are related to medical expenses? For 15 million Americans, unpaid medical bills are the only negative marks on their credit reports. This problem has become worse as more Americans purchase insurance policies with high deductibles. However, recent changes to how the three credit agencies will report these blemishes could improve your credit score. Starting on September 15th, Equifax, TransUnion and Experian will wait for 180 days before adding unpaid medical bills to your credit report. At the moment, your medical bills may be reported to the credit bureaus after 30 to 120 days of nonpayment. This new waiting period will give you time to resolve disputes with your insurance company. If a hospital or doctor’s office sends you to collections, the three credit bureaus will remove the debt from your credit report once it is paid by your…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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