A proposal is in the works that FOR FREE, will help millions of Americans Improve their credit score. It is called the Medical Debt Responsibility act 2011, or HR 2086.
IF you have had problems with medical bills (and most of us will at some point!) this bill should pique your interest. Did you know that over 40% of credit reports have collections reported for medical bills?
Here is why the bill is great: for any medical collections that is under $2,500…if it is paid or satisfied the collection would be required to come off the credit report… it would DISAPPEAR from the credit report completely within 45 days!! POOF…your credit will improve immediately
If this Bill passes, it will provide an opportunity for literally millions could improve their credit over night…well actually within 45 days.
Identity theft creates havoc with their victim’s finances and is one of the top consumer complaints. There are a number of things you can do to help prevent identity theft, but a credit freeze is one of the best ways to prevent the bad guys from being able to obtain credit in your name. I’ve had my credit frozen with the 3 credit bureaus for about 4 years now. It is an easy, free process in N.C. that virtually shuts down identity theft by sealing your credit reports to anyone who does not have your secret PIN number. If you want to obtain a new credit card or need your credit verified for a new home loan, you can easily “thaw” your credit with in minutes by giving the credit bureau your PIN number. There is a fee for thawing the report…usually around $10.
To freeze your credit, you will need to contact the three credit bureaus:
You can get your credit report for free once a year from each bureau at this site: www.annualcreditreport.com Warning!! They will try to sell you all kinds of stuff…don’t buy a THING! Just get the free report and move on.
If you don’t want to do a freeze, one strategy for keeping tabs on your credit is to only order a report from one bureau at a time; spreading out your inquiries throughout the year (to total one inquiry by each bureau).
When purchasing a home, if you plan to finance, your lending company will evaluate your credit. Based on your credit rating, they will offer you an interest rate and terms (hopefully!). Many buyers do the following things during the loan application process and accidentally sabotage themselves! So my friends:
Do NOT change jobs, become self employed or quit your job.
Do NOT purchase a new vehicle, furniture or other large ticket items.
Do NOT use charge cards excessively or let your accounts fall behind.
DO NOT omit debts or liabilities from your loan application.
Do NOT originate any inquires into your credit (except the free reports).