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Learn all about Credit Repair, Debt Settlements, Credit Reports, Identity Theft, Credit Scores and all topics related to Consumer Finance.
Episodes
Friday Apr 13, 2018
Friday Apr 13, 2018
Protecting your credit during and after a Divorce
Debts that are commonly divided in divorce proceedings are typical consumer debts such as mortgages, car loans, and credit cards. These types of consumer credit products are generally credit that is reported to all three major credit bureaus, and which can be a great source of damage and stress post-divorce.
In a divorce decree, the court assigns payment responsibilities to one spouse or the other, but it cannot amend or override the original contract signed by both spouses. In the credit world, this means that if your spouse retains the jointly held car loan or mortgage, it is still a joint account even after the divorce is final. Removing your name from the title or deed does not remove your name from the promissory note or contract.
Here is where it gets messy: your ex-spouse misses a few payments on the loan, and now you have late payment delinquencies reported on your credit reports. This can happen at any moment in time for the life of the loan which can be a very long time if we’re talking mortgages and car loans. The credit score formula will not take the “my ex-spouse is supposed to pay for that” argument into consideration, and neither will your creditors. Your score can drop significantly, often disqualifying you from obtaining a new mortgage or car loan for yourself.
This scenario can happen with any joint financial product that is seen on credit reports. Credit cards are much easier to control because you have the option of closing the account, and they are generally much easier to pay off when compared to a mortgage or car loan.
Can I be removed as a joint loan holder?
Your ex-spouse will have to refinance the loan under their name only. That can become very problematic as negative equity problems could prevent a new bank from refinancing the loan. Perhaps the sole income of your ex-spouse is not enough to qualify for the loan on their own. Or even worse, their credit rating is very low as a result of the divorce.
Protecting your credit:
To protect your credit you would have to terminate your liability with the bank. One option is to sell the house or car and pay off the loan. If that’s not possible, and you find yourself or your ex-spouse unable to refinance the loan, your only real option is to file for Chapter 7 Bankruptcy Protection. This eliminates the possibility of late payments affecting you in the future. As long as your ex-spouse continues to make payments, they get to keep the house or car.
If bankruptcy is not an option for you, the next best thing is to check your credit report and joint accounts once a month to make sure things are being paid on time. As you are still a joint account holder, there is nothing stopping you from calling the bank once a month and checking to see if the payments have been made. If there is a danger of being 30 days late, you at least have the option to protect your credit rating by making the payment yourself and then having your ex-spouse reimburse you. Not the most practical solution, but it works. I often advise clients to do this when they are in the middle of a major purchase, but run the risk of late payments due to jointly held debts which they don’t control.
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Apr 06, 2018
Friday Apr 06, 2018
Caution: Don't Co-Sign! 4 things you NEED to know about Co-Signing and Credit Scores ---
When an eager consumer doesn’t qualify for the financing they require, they often are advised to seek a qualified “co-signer” to allow them to obtain the loan or credit extension.
Financially, it’s like juggling knives with your eyes closed.
In this episode we share a few horror stories about consumers who had co-signed and did not fully understand what it really means to be a co-signer. Also we discuss a few strategies to protect yourself if you are currently a co-signer right now for a friend or family member.
Co-Sign at your own risk!
Thank you for listening!!!!!!!!!!!!!!!!
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Mar 30, 2018
Friday Mar 30, 2018
We have received GREAT questions by our awesome podcast listeners and we answered a few of them in this latest episode.
Question 1.) Should I go buy a car to build my credit history?
Queston 2.) I disputed something on my credit report, and now I see a remark on their that says "Account info disputed by consumer, meets FCRA requirements." What does that mean?
Question 3. ) How long should I keep a car loan open before paying it off to build my score? and Does the balance on my auto loan affect my credit score?
Thank you for listening!!!!!!!!!!!!!!!!
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Mar 23, 2018
Friday Mar 23, 2018
In this episode we discuss a question that is in everyones mind:
IS CREDIT KARMA ACCURATE??????????
It is a very complicated answer (like all credit score related answers) -
Take a listen and show off to all your friends your new found credit score knowledge, and finally be able to answer correctly if someone questions the accuracy of Credit Karma!!
Thank you for listening!!!!!!!!!!!!!!!!
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Mar 16, 2018
Friday Mar 16, 2018
Can debt collectors use social media like facebook , instagram and other networks to gather intel on you?
We take a deep dive into debt collector tactics - legit or not- and reveal some shocking tools and techniques they use to collect debt.
Covered in this episode:
*How a debt collector can fraudulently renew the statute of limitations for a lawsuit.
*How debt collectors use reverse directories to call your neighbors
*How the credit bureaus share your location and contact information with Debt Collectors so they can collect
And much MORE insider debt collection secrets that you need to be aware of so you can protect yourself!!
Thank you for listening!!!!!!!!!!!!!!!!
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Mar 09, 2018
Friday Mar 09, 2018
First we discuss an email sent to our client from an alledged payday loan debt collector that broke every single consumer protection law ever made. For your viewing pleasure, The email can be found here: Crazy Debt Collector Email
Also.... we discuss the removal of public records from credit reports:
The three nationwide credit reporting companies—Equifax, Experian, and TransUnion—entered into a settlement with over 30 state attorneys general. This settlement, called the National Consumer Assistance Plan (NCAP) was supposed to require the three nationwide credit reporting companies to create minimum standards for personally identifiable information and reporting frequency for civil public records, including bankruptcies, civil judgments, and tax liens.
Starting July 1, 2017, this aspect of the settlement required all civil public records to have a name, address, and a Social Security number or date of birth before appearing on credit records from the three nationwide credit reporting companies. The settlement also required this information to be refreshed by the credit reporting companies at least every 90 days. Since the Credit Bureaus can't actually comply with those request, a HUGE number of public records ended just being deleted from credit reports.
In this episode, we explore how the reduction in public records affected consumers' credit records and their credit scores. (Not Much)-
Thank you for listening!!!!!!!!!!!!!!!!
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Mar 02, 2018
Friday Mar 02, 2018
Experian conducted its eighth annual “State of Credit Report,” which shows that the average credit scores have increased almost to the level of pre-recession numbers. The study also ranked the cities with the highest and lowest credit score averages and sets forth various generational insights.
In this episode we breakdown the report released by Experian!
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Feb 23, 2018
Friday Feb 23, 2018
Online disputes have become very popular, and many consumers are figuring out that they can save a stamp, and some time if they use the Online Consumer Dispute Methods available by all three bureaus. A little bit of research online and you will find arguements for and against online disputing. So what gives?
There are some technicalites within the FCRA that allows the bureaus to bypass certain requirements that have to be met with the standard written dispute. We discuss it in practical terms and bring it into context for those of you who are actively in the dispute process. Take a listen!
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Feb 16, 2018
Friday Feb 16, 2018
If you are a consumer looking for debt or credit help, you may run across the following terms… Credit Counseling, Debt Settlements, Bankruptcy, Debt Management, Credit Repair and Debt Consolidation. If your relative went through credit counseling, it does not mean it is the best option for you.
Understanding each strategy and credit repair program is important in choosing which is the right one for you. In this Episode we break down who is the right consumer that can benefit from a Credit Repair program, and go in depth as to when consumers are NOT ready for credit repair. Listen to the latest episode and Master Your Credit Score.
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
Watch the show on YouTube : https://youtu.be/RVq0jCjwpxY
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com
Friday Feb 09, 2018
Friday Feb 09, 2018
It's Tax Season!
And if you are expecting some monies back and would like to use some of those dollars to maximize your credit score, then this episode is for you.
We cover:
1.) Should I just pay off all my collections?
2.) Do I settle my debts? Pay them in full? Or do I DISPUTE them?
3.) Do I pay my credit card balances down to 50%? Or 40%? Or 30%?
The Extra Credit Show is a show hosted by Ex-Debt Collection Agency Executive and Consumer Credit Expert Anselmo Moreno and his business partner Richard David. They have been in the consumer credit consulting and credit repair business since 2005. They often found themselves talking to each other about the current state of consumer credit, debt, credit bureaus etc. - take a listen to the minds of two passionate long time credit repair experts.
Available on Itunes, Stitcher, Google Play, and everywhere Podcasts are found.
Instagram: @TheExtraCreditShow
Facebook: www.facebook.com/TheExtraCreditShow
Web: www.TheExtraCreditShow.com
P.S Section 609 Credit Repair Loophole is bogus, in fact it has nothing to do with credit repair. Read it for yourself.
Link to FCRA: https://www.ftc.gov/system/files/fcra_2016.pdf
Contact: TheExtraCreditShow@gmail.com