September 11th, 2009
Credit Karma Weekly Round-up: Updates on the Financial Front
Do you know how the economy is doing nowadays? Is there still a credit crunch? And can your credit score survive through it all? Not to worry, our weekly round-up is geared towards keeping you in the know on the economy, while also keeping you on your toes on how to keep your credit healthy through it all.
Personal Finance
- SmartMoney asks, Thirtysomething and strapped: what to do?
- GetRichSlowly blogs about sweating the big stuff.
- USAToday poses the difficult question of how do college students build credit history as rules change?
- US home loan demand at 3-month high as rates fall reports Reuters.
- The Washington Post tells the story of how Frank bemoans pace of housing help.
Credit Reports and Credit Scores
- Stay far, far below the credit limit advises the Los Angeles Times.
- MainStreet teaches you how to spot and fix credit report errors.
- Knoxvillebiz.com tells another side of the credit story, writing that credit line cuts aren’t always painful.
Credit Cards
- Credit card holders may benefit from reevaluating their plastic writes the Los Angeles Times.
- The Washington Post wonders if banks ease burden of credit card debt.
- BusinessWeek blows the whistle on card issuers dodging credit-card reform.
- MainStreet tells how to Prune with Plastic: Save Money Using Credit Cards.
Debt
- Los Angeles Times gives us some good news: U.S. consumers cut debt by record $21.6 billion in July.
- Geithner says Americans saving more after accumulating debt reports Bloomberg.com.
- The New York Times posts that overspending on debit cards is a boon for banks.
Credit Karma
- The Wall Street Journal reports on credit scores: what you need to know now.
- Wealthy families face bankruptcy on real estate crash news straight from Bloomberg.com.
- Credit scores remain stable in August @ MarketWatch.
- Clean up your credit and save $100,000 – The Motley Fool shows you how.
Justine – Please report to your readers that there is an Urgent need for an immediate change/reform in the credit reporting system to stop the massive amount of bankruptcies that are in progress or are on the verge of happening due to the current economic crisis. We need to urge Congress to initiate Credit Reporting Change to give people an incentive to “fight the good fight” and not go bankrupt.
Initiate Immediate change to the “Consumer Credit Reporting” as follows:
1.) All derogatory credit shall be taken off the credit report after consumer has kept each particular account current for a period of 24 consistent months.
RESULT: Encourages the consumer to continue to fight the “Good Fight” and continue to pay their bills knowing that “once paid” the derogatory credit will fall off their credit report after 24 months of consistent “on-time” payments. What an incentive!!!
2.) If an account is “PAID OFF” – any derogatory credit shall be taken off the credit report after 24 months from date of pay-off.
RESULT: Encourages consumers to work with friends, relatives, etc., to come up with enough money to pay off their collections, judgments, liens, or problem debts knowing that the consumer will have a clean credit report after 24 months from payoff date. What an incentive!!!
3.) Regarding Bankruptcy: If a consumer has gone bankrupt or in the process of bankruptcy — the consumer shall have the right to reopen the bankruptcy file and pay off the bankruptcy in full. Once paid off, the derogatory credit shall be removed from the credit report file within 1 year from date of settlement/payoff.
RESULT: Consumers will have the opportunity to go back and pay off their bankruptcy that has been discharged within the last five years. Once the consumer pays off all creditors then the bankruptcy will be eliminated from their credit file one year from full payoff date. What an incentive for the consumer and allows creditors to receive payment.
Would love your help. Please refer people to http://www.creditreportingchange.org
We need change NOW!
Thanks again,
Steve Curtis
(888)368-5245
http://www.creditreportingchange.org