Credit Smart: Your Step-by-Step Guide to Establishing or by Gudrun Nickel

By Gudrun Nickel

MAKE credits paintings FOR YOU!

Written by means of an legal professional, in easy, easy-to-understand language, credits shrewdpermanent takes you from studying approximately credits heritage and the credits software approach to utilizing credits responsibly.

- From facing enterprise debt and baby help to dealing with assortment agencies
- From figuring out mortgage requisites to becoming credits conveniently and virtually into your life

Get your credits lower than keep an eye on with credits Smart-the very important device for facing credits and credits issues.

CreditSmart comprises details about:
--Credit bureaus --Student loans
--Loan disclosures --Effects marriage has on credits and debt
--Secured bills --Effects divorce has on credits and debt
--Credit experiences --Fair Debt Collections Act
--Credit playing cards --Consumer credits defense Act

Understand your rights-protect your monetary destiny

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Extra resources for Credit Smart: Your Step-by-Step Guide to Establishing or Re-Establishing Good Credit

Example text

The Fair Debt Collection Practices Act clearly states during what hours a collector may call you (8 am to 9 pm). You should first tell the collector that you are aware of your rights under the Act, and that you will file a complaint with the Federal Trade Commission if he or she does not stop. As soon as you receive your written notice from the collector, you should respond by certified mail, return receipt requested, explaining why you dispute the debt. The collector should not contact you again, but may pursue whatever legal remedies are available to collect payment.

However, always respond to any IRS notice within the time allowed to avoid any additional penalties and interest over and above the taxes you may owe. Be sure to keep all records—including copies of checks, receipts, and invoices—in case you are audited. The normal time limitations for an audit is three years, provided there was no fraud or gross misrepresentation of income. S. Tax Court. If you have a xxxviii • C R E D I T S M A R T serious problem or are in a crisis situation—such as job loss or medical emergency—the Taxpayer’s Bill of Rights does require that an IRS officer—a Problem Resolution Officer—work with you to resolve the crisis.

Without a good credit history ( an individual's record of loans and repayment patterns including bankruptcies and judgments), it is often difficult to obtain a loan. For example, a teenager who buys his first car will probably need to borrow some of the money. Since he or she has no credit history, a bank may 6 • CREDIT SMART decide the loan would be too great a risk and deny the application. This is often the case in spite of the fact that an applicant has a good job with income more than adequate to make the payments.

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