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We offer a debt assistance program that you pay 50% of your debt interest free.
Wondering if this is for you? This debt assistance program is for anyone that can’t pay out of debt due to paying minimum payments or a even more than minimum. If you can answer YES to at least one of the questions below you need to contact us.
Regardless of credit or income you can qualify the this debt assistance program.
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Why do your credit scores drop when collections are paid? That’s right, fact is stranger than fiction. We have reviewed credit reports that scores have fallen from a few points to well over 100 points after paying just one or multiple collection accounts to a zero balance. So here’s the other question. How does one avoid damaging their credit scores while trying to pay their past due bills? Be sure to continue reading this article to learn more.
Our society has taught us that if we pay our bills that all will be well. And that should be the truth, but not necessarily when it comes to collections listed on your credit report. If the collection is not listed on your credit report, then paying it will not have any affect on your credit scores. (but that’s a different blog for a later date).
Why you should be concerned about paying debt collection companies. May times you may not owe the collection or at least the amount that they are attempting to collect. WHY?
There are several reasons why it may not be yours. Did you make a debt with the debt collector? No you didn’t, but they can legally purchase or collect on the debt as a third party, but you have the right to validate that the debt is completely correct and is yours.
ReScore Solutions validates debts and balances all the time for our clients. We are very successful in getting debt collections removed from credit reports and most of the time our clients will never have to pay them. No, we aren’t trying to help people avoid paying their bills, it’s just that you have the right to have the debt validated and pay only what you owe.
If I called or sent you a letter and said that you owed me $500, would you just pay me? If you have never done business with me you need me to prove that you owe me. The same principle with paying a debt collector.
So a you may get a tax refund and decide to repair their credit by paying all those collections that are reporting on your credit reports. The feeling is great to get all those collections paid, but short lived when you apply for an auto loan, mortgage, or credit card and told that you are declined. I can hear you now, “But, but, but I don’t understand, I have paid all those negative accounts on my credit reports.” Guess what? It’s actually surprising to learn that paying off collections will actually lower credit scores.
Collections are usually reported on the credit as a “9” status or collection account. This means the account has already been “written off” and assigned to collections by the creditor. Once an account is reported this way on the credit report, the damage to the credit score is irreversible, unless that item is removed completely from the report. That’s where our services are so valuable. We handle all of this for you and watch for any violations of the Fair Credit Reporting Act and the Fair Debt Collect Practices Act. These laws are very powerful and are working for you.
If the account is paid off, the collection company will report that the account now has a $0 balance, but usually will not delete the item off the report. It’s actually legal for a debt collector to continue to report a paid collection. The account has already become a collection, and the risk of the consumer defaulting on another account is already very high, due to that collection.
So your credit score will not go any higher if it is paid off, because paying off a collection after the fact, doesn’t lower the risk of defaulting in the future.
However, the DATE OF LAST ACTIVITY is updated to the date the account was paid off. So if that account was sent to collections 3 years ago, the date of last activity is 3 years old and the impact to the credit score is not as much. But if you, the consumer pays off that collection today, they just update the date of last activity to today’s date, sometimes causing the scores to go DOWN as a result.
Crazy isn’t it? You are trying to do the right thing and pay off collections, but your scores can be lower as a result.
ReScore Solutions is very successful in getting paid and unpaid collections removed from credit reports and many times our clients will never have to pay them. We use a factual dispute process to get these removed. We get far more collections deleted than not. But when the collection is properly validated, we can help our clients work with collection companies to have their negative item removed completely from their report, if they pay it off. This will help their credit while satisfying the collection company.
Click Here to help understand how Bob got his credit improved.
Fill out the above form to have a sales representative contact you about getting started with getting your credit back on track. You pay after work has been completed and we have payments as low as $100 a month for individual and discounts for couples.
Call reScore Solutions (a Kirkpatrick & Associatescompany) if you have had a foreclosure and ready to purchase another home. We can advise you of your rights and help you rebuild your credit.
If you have recently experienced a foreclosure or short sale, it is important to know the effects those events will have on your credit report and credit scores. You may be concerned about being able to qualify for another mortgage, car loan or even a credit card.
Yes, you can #regain your credit status. This is where we can help you in rebuilding your credit and credit scores. Let’s take a look at some valuable information regarding your credit after a foreclosure. Even with this information, it can be confusing to how and when to rebuild. There are many loan and credit card companies that are ready to capitalize on your situation and charge exuberant fees and interest rates to “help” you rebuild. Here, at Kirkpatrick & Associates, we can help guide you through the process without you paying those loan sharks.
1. Question: I was told that I would not be able to have credit for 10 years after Bankruptcy and not sure how long after a foreclosure.
Answer: A Bankruptcy can remain on your credit reports for up to 10 years, but you can rebuild your credit immediately after your Bankruptcy is dismissed. With re-established credit and credit scores, you can purchase a home after 2 years of Bankruptcy, that did not include a foreclosure and 3 years with a foreclosure.
2. Question: How will your FICO score consider a foreclosure?
Answer: There’s no denying that foreclosures are considered a very negative event by your FICO score. With that said, it’s a common misconception that a foreclosure will make it impossible to rebuild your credit. In fact, if you keep all of your other credit obligations in good standing, there’s a good chance that your FICO score could begin to rebound in just 2 years. Try to pay your auto loans, credit cards and any other credit obligations on time to limit the effect of this foreclosure. [FICO.com]
3. Question: Are other options better for my credit standing?
Answer: Recently, several alternatives to foreclosure have become popular – some of these include “short sales” and “deeds-in-lieu of foreclosure”. These may be viable options for you, and you should definitely do research to determine if these options make sense for your situation. However, as far as your FICO score in concerned, there is no difference between foreclosures and short sales or deeds-in-lieu of foreclosures. Each of these actions is considered an account that was “not paid as agreed”, and will have the same impact to your FICO score. [FICO.com]
4. Question: How long will a foreclosure affect my FICO score? Answer: A foreclosure remains on your credit report for 7 years, but its impact to your FICO® score will lessen over time. While a foreclosure is considered a very negative event by your FICO score, it’s a common misconception that it will ruin your score for a very long time. In fact, if you keep all of your other credit obligations in good standing, your FICO score can begin to rebound in as little as 2 years. The important thing to keep in mind is that a foreclosure is a single negative item, and if you keep this item isolated, it will be much less damaging to your FICO score than if you had a foreclosure in addition to defaulting on other credit obligations. [FICO.com]
Thank you for allowing us to help your with your current credit issue. We would love to talk to you and invite you to call our office if you have concerns regarding your credit situation and feel that we may be able to assist you. Our number is 205-352-3448 Monday – Friday 8:30 to 5:30. We value our patrons and do our best to answer every call. If we are not available, the receptionist will be happy to forward your call to the voicemail. Please leave a message or email her at Gale@reScoreSolutions.com or Regina@reScoreSolutions.com
SOURCE: Experian website
Does your age shut you out? Looking for a job? For those in the 50+ age bracket, you may have found that the economy in 2008 may have affected you too. You may have taken an early retirement or was let go. You were possibly in your 40’s or early 50’s at the time, well experienced in your field and thought that it would be fairly easy to move on in the work force. You may have found that finding steady employment has been more than a daunting task.
Then too, there’s a perception that people over 50 or 60 will be just passing through as a transition into retirement. Employers are reluctant to hire someone they think will be out the door in a year or so.
The fact is that compared to their younger colleagues, workers with a few decades of experience under their belt are typically better problem-solvers and people -managers and have honed leadership skills over time. I know that I am preaching to the choir, but you need to show that to potential employers.
Here are several strategies that can help you fight back against stereotyping and discriminating against individuals or groups on the basis of their age.
Networking is just one letter off from not working. In this era of online resumes, it’s all about who you know that can get you in the chair for a face-to-face interview. When companies are looking for new employees, they rely on employee referrals. In 2011, employee referrals accounted for 28% of new hires, followed by job boards 20.1%, career pages on company web site.
You need to pick up the phone and call everybody that you know, ever knew, ever worked with and every employer that you ever worked. That’s the way to get an interview. You need to establish personal connection to the company.
Call or sit down with a spouse, friends, neighbors, church friends and ask for help. Write down the names of previous employers and former colleagues, immediate and extended family. Don’t be embarrassed to call family members when you’re out of work. Get over it. Call friends, people in your place of worship, athletic club, volunteer organizations, parents of children’s friends.
If there is a particular industry you’re hoping for, join an association affiliated with it and seek out volunteer opportunities. Attend industry and professional meetings and conferences.
College and university placement offices are there to help no matter how long ago you graduated. Seek out career centers operated by your area colleges or lacal lgovernment agencies offering career counseling, workshops on resume writing, job fairs and retraining programs.
Don’t be timid. You have to take the risk of picking up the phone and having someone to say no, and maybe. No matter how good your resume might be, unless it helps you get a face-to-face interviews with hiring managers, your efforts are wasted.
It’s all in marketing. Brand yourself. You are responsible for your own image. Workers 50+ tend to be self-starters, know how to get the job done, and don’t need as much handholding as those with less experience. A great benefit to being older is that you have a good deal of knowledge and leadership ability. So pitch your age as a plus. You need to be able to articulate your value.
If you don’t have core technical skills, check out your local libraries, community colleges and other venues where training is offered.
Take the time to get savvy with the following:
There are opportunities available for those needing extra money. Depending on work experience, here are are a few to consider.
Landing a holiday job:
Soul-search for the issues that you care about. What skills do you have to help move into the sector. Research the nonprofit world and understand what you can do for the specific field you’re getting into. Volunteering first can give you an insider’s view and networking contacts that may lead to a job.
Consider taking a course to fill in any holes in your background. Credentials help in the nonprofit world.
We find that many people in or nearly in their retirement years are using credit and credit cards to supplement their income, thus causing debt that can not be recovered from. We at reScore Solutions may be able to help. Call us today for a free credit report evaluation. If we can’t help you, we have a pipeline of professions in many industries that may be able to save your home, save your credit and assist in other avenues. 205-352-3448
Additional information regarding this blog can be found in the book: AARP Great Jobs For Everyone 50+ By Kerry Hannon