MEA Credit Repair and Tax Service

What Information Can Be Disputed? Technically, you can dispute anything on your credit report. Federal law requires the credit bureau to remove information that’s incomplete, inaccurate, or unverifiable. - Your social security number (sometimes only the last four digits of your SSN appear on your credit report)  Payments reported late that were actually paid on time  Negative information that’s passed the credit reporting time limit can be disputed for credit repair  Accounts being reported by two collection agencies at once  Accounts that don’t belong to you  Accounts reported as closed that are actually open  Accounts discharged in bankruptcy that are reported delinquent or charged-off

Credit utilization  is one of the most important factors in determining your credit scores; in fact, it accounts for 30% of your credit score.  It’s something you can control and something that can be improved upon immediately, which makes it a great place to start.  So what is credit utilization? It’s the amount of debt you have relative to your credit limits. It’s best to keep your credit utilization ratio below 30%. This shows creditors that you can manage your available credit responsibly.  You don’t want to have your balances maxed out. For example, if you have a total credit limit of $10,000 and your balance is $3,000, you would be utilizing 30% of your available credit. The lower your credit utilization ratio, the better. There are two ways you can help your credit utilization. First, paying down balances is something that can have an immediate positive effect on your credit report.  Even just diverting a small amount each month can help out, e...

Charge Offs Charged off accounts  or accounts that were sent to collections may be reported for up to 7 years plus 180 days from the date of delinquency.  Charge-offs occur when a creditor decides a debt is not collectible and rather than carry it on their books as an overdue or past due debt, they instead eliminate it from their reportable past due accounts.  By charging off the debt, the company gets an improvement in their accounts receivable report. That doesn’t mean the debt has disappeared. In most cases, the debt is sold to a “debt buyer” who pays pennies on the dollar for the face value of the debt.  By purchasing the debt, the debt buyer can now attempt to collect the debt (plus court fees, interest, late charges, etc.) by contacting the debtor and taking them to court for the debt’s value plus fees.

www.cnbc.com Your FICO credit score could go up under a new system reportedly set for unveiling next  www.cnbc.com Your FICO credit score could go up under a new system reportedly set for unveiling next year Matthew J. Belvedere Steve McAlister | Getty Images The gold-standard in consumer lending decisions is about to get a major overhaul that could increase approvals for credit cards and personal loans,  according to The Wall Street Journal . The creator of the FICO credit score,  Fair Isaac Corp. , plans to unveil a new scoring system next year that considers how prospective borrowers manage their cash, the Journal reported Monday. For decades, FICO scores were based mostly on consumers' payment histories. But the new standard, reportedly called the UltraFICO Score, is designed to give people with dings on their credit histories a process to have their banking activity factored in as well, the Journal said. Those who don't overdraw long...

A debt-to-income ratio smaller than 36%, however, is preferable, with no more than 28% of that debt going towards servicing a mortgage. While the maximum DTI will vary by lender, the lower the number, the better the chances that an individual will be able to get the loan or  line of credit  he or she wants. For example, John pays $1,000 each month for his mortgage, $500 for his car loan, and $500 for the rest of his debt each month. Therefore, his total recurring monthly debt equals $2,000 = $1,000 + $500 + $500. If John’s gross monthly income is $6,000, his DTI would be $2,000 / $6,000 = 0.33, or 33%. There are two ways to lower debt-to-income: reduce monthly  recurring debt  and/or increase gross monthly income. Using the above example, if John has the same recurring monthly debt of $2,000 but his gross monthly income increases to $8,000, his DTI would be $2,000 / $8,000 = 0.25, or 25%. Similarly, if John’s income stays the same at $6,000, but he is able to pa...

https://apps.irs.gov/app/withholdingcalculator/index.jsp  Enter your information correctly into the link above to make sure your withholdings is correct!!! Get your money during the year while you need it, instead of at the end of the year!!!! You shouldn't have to struggle all year!!!!

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Dave Ramsey’s Financial Rules of Thumb # 1 – How much house can I afford? Financial Rule of Thumb : Limit your mortgage payment (including insurance, HOA fees and taxes) to 25% or less of your monthly take-home pay on a 15-year fixed-rate loan. Analysis : Sound advice here. If you can afford to save 20% down and take out a 15-year mortgage, you’re doing a lot of things right. # 2 – How much should I spend on a car? Financial Rule of Thumb : The total value of all of your vehicles should not be more than half of your annual income. Analysis : This seems high. The issue for me is that it doesn’t take other debt into consideration. For example, a couple earning $100,000 a year combined, yet still has student loans shouldn’t have $50,000 worth of vehicles. There are also many quality, fuel-efficient used cars in the $8,000 to $12,000 range one can buy. My rule here would be until you have your non-mortgage debt paid off and are saving 25%+ of your income, stick with a veh...

Credit Freeze FAQs Share this page   Facebook   Twitter   Linked-In If you’re concerned about identity theft, data breaches, or someone gaining access to your credit report without your permission, you might consider placing a credit freeze on your report. What is a credit freeze? Does a credit freeze affect my credit score? Does a credit freeze stop prescreened credit offers? Can anyone see my credit report if it is frozen? How do I place a freeze on my credit reports? How do I lift a freeze? What’s the difference between a credit freeze and a fraud alert? What is a credit freeze? Also known as a security freeze, this free tool lets you restrict access to your credit report, which in turn makes it more difficult for identity thieves to open new accounts in your name. That’s because most creditors need to see your credit report before they approve a new account. If they can’t see your report, they may not extend the cre...

Tradelines are the smartest, fastest way to boost your credit score.  Here's how tradelines work:  We do this by adding you as an authorized user to a seasoned tradeline, allowing you to “piggyback” off of the account in good standing. This is possible because creditors will provide credit bureaus the entire account history on any given tradeline for an authorized user. FICO® digests this newly added credit and recalculates your score with drastic improvements. The issuing bank reports the positive credit history including the age of the account, the limit of the tradeline and the positive payment history to Experian, TransUnion and/or Equifax. The payment history, age, and limit have direct impact on the FICO credit score model which impacts your utilization ratio, average credit age and payment history.  Imagine what will happen when we add $20,000 of available credit with perfect payment history of 10 years to your credit file. Your credit score will i...

3 Ways to Get Out of Debt Faster Lauren Ward July 27, 2018 Debt Whether you have credit card debt, car loans, student debt, or all of the above, owing money is no walk in the park. While it seems easy to get into debt, getting out of it is a lot harder. Interest compounding on top of your principal can make payments extraordinarily high. Even if you make your minimum payments, it often takes years to pay off that balance. Plus, high levels of debt can limit your access to additional credit, whether it’s buying a house or getting a new car. Unfortunately, there’s no magic solution that simply erases your financial problems. But that doesn’t mean it’s impossible to do so. By reevaluating your spending habits and your current financial obligations, you can create a strategic plan that can help you successfully get out of debt — and fast. Follow these steps to find out how. Table of Contents [ hide ] 1 Stop spending. 2 Prevent fu...