To file a complaint against a collector who is harassing you, contact the FTC at www.ftc.gov or 1-877-382-4357. The FTC won’t follow up for you on your specific case, but your complaint will help others by allowing for patterns of possible law violations to surface. When a collector calls you, get their name, company name, phone number and time/date, and tell them to STOP calling you. They must STOP calling you, if not, you can sue them. Keep good records of all conversations. Second Chance Credit LLC, can help you remove/delete those accounts from your credit file, so that no collector can call you.

One very easy way to hurt your credit is by applying for loans. You want to AVOID large numbers of inquiries on your credit report, particularly if you have few accounts or a short credit history. Every inquiry for financial purpose lowers your credit score by 5 points. Those 5 points that you lost, will be lost for 2… years. It adds up and very quickly.

Closing an account you wish you never met doesn’t make it go away. A closed account will still show up on your credit report and be considered in computing the score. Say you have a credit card with a negative mark on it. It will still be reported and scored after it is closed.

If you think your credit isn’t bad enough to warrant a panic attack, good for you. Bad credit doesn’t always mean you’re behind on your bills. You may be defined as a bad credit risk because of your borrowing patterns, rather than your paying patterns. You may look like someone who’s bound for a credit crash & approaching the edge of a financial cliff.

How long do negative accounts stay on your credit report:

1. Default on a loan = 7 years
2. Collection accounts, Repossession, Charge-offs, Medical bills = 7 years
3. Bankruptcy = 10 years
4. IRS liens = Indefinitely until removed by IRS
5. Inquiry for financial purpose = 2 years
6. Judgments = 7 years

Correcting and fixing all three credit reports is important because some lenders or business people purchase the three in one credit report that includes a credit score and credit history information from each of the three credit bureaus. Second Chance Credit, LLC repairs negative accounts on all three credit bureaus to ensure the highest credit score.

In 2003, the Federal Trade Commission estimated that more than 10 million Americans had been the victims of identity theft. That is a huge number. It is very important to check your credit report and credit score every 3 months, to assure perfect accuracy on your credit file.

Of all the painless ways to save money, improving your credit score is arguably the most important. From home loans and car loans, to credit cards and auto insurance, a good credit score can save you a small fortune. Over a lifetime, the savings can easily reach tens of thousands of dollars.

Source: Yahoo Finance: 8 Painless Ways to Save

How does credit impact you?

Here is a example: $150,000 mortgage with a 30 year fixed rate with 20% down. The difference between great credit and just getting approved credit:

620-674 credit score @ 7.595% = $1059 monthly payment. Total interest paid = $231,095

720-850 credit score @ 5.782% = $878 monthly payment. Total …interest paid = $166,228

The cost of BAD credit in this example is $64,867.

Credit scores can have a huge impact on your financial status. A high score can deliver you great rewards-including easy access to credit, good terms on loans, and the best insurance rates-and it can even help you get the job or your dreams, or the job that you need. Remember: prospective employers often request your credit report and score.