The US stock market has been deeply affected by the Coronavirus outbreak in the USA, as it happened to the Chinese stock market a few months ago when the outbreak happened. The global outbreak, officially designated a pandemic earlier this week by the World Health Organization, has triggered widespread cancellations for major sports and cultural events and corporate conferences, travel restrictions, product shipment delays, and impelled universities across the country to halt in-person instruction.
Amid these concerns, the Federal Reserve applied a half-point interest rate cut last week and announced an additional injection of $1.5 trillion in liquidity operations, along with purchases of Treasury securities across the yield curve. Additionally, in an effort to help and maintain the strong economy, President Donald Trump proposed payroll tax cuts and announced that billions worth of low-interest loans will be available to small and mid-sized businesses getting hit by the coronavirus.
Tax credits are amounts that you can subtract from the amount of tax you owe.
There are two types of tax credits.
The tax credits for individuals can also be divided as:
- Family and dependent credits
- Income and savings credits
- Homeowner credits
- Health care credits
- Education credits
Individual tax deductions are amounts that you subtract from your income before you figure out the amount of tax you owe.
Like tax credits, tax deductions can be of different types:
- Work related deductions
- Itemized deductions (included here are property taxes and charitable donations)
- Education deductions (student loan interests are classified as education deductions)
- Health care deductions
- Investment related deductions
More details can be found on the Internal Revenue Service website
We all love the discounts offered on Black Friday and Cyber Monday. Whether you are shopping in the store or online, you have to be careful where and how you enter your credit card and any sensitive information. When shopping in the store, if you are required to enter your PIN or the last 4 of your social security number at the checkout, cover the pad with one hand while entering the numbers. You don’t know who’s behind you watching. Additionally, check your bank or credit card activity periodically for any fraudulent transactions. If you shop online, check that the shopping website has the security seal enabled…
If you need credit repair services, do not hesitate to call us.
If you accept a loan or credit card offer of zero interest for “x” number of months, make sure you pay the balance in full by the end of the “zero interest” period or you will be charged prorated interest. Remember to read the small print and understand the terms and conditions that come with the “sweet” deal before you sign-up for it.
If you need help with repairing your credit score, we are here to help. We have the experience and tools for success. Call us.
Doctors and medical offices don’t report your unpaid bills to the credit reporting agencies. They send them to bill collection agencies and they report your debt. Once reported, the unpaid medical debt may negatively impact your credit score making it drop 50 to 100 points. Whether paid or not, the medical debt reported will stay on your credit report for up to 7 years.
The credit reporting agencies tell us that your Chapter 7 bankruptcy will stay on your credit report for up to 10 years. However, what many people don’t know is that approximately 2 years after filing for chapter 7 bankruptcy, your credit score will improve if you maintain a good bill payment record. Additionally, you may be able to acquire new credit cards after the 2 year period.
Your bad credit isn’t just a nuisance; it will impact every area of your life. When you finally decide to take matters into your own hands and fix your credit problems, many areas of your life will improve.
Luckily, these days there are a lot of options for proactive and hands-on folks who want to take back control of their financial lives. While there are many DIY credit repair options out there, getting professional help can walk you through the sheer volume of necessary procedures which can be overwhelming — not to mention being sure you’re getting the right information.
That’s why we’ve put together a simple plan to get you back on the right financial track. Call or email us for a quick chat to see if we can put a plan in place to reduce your stress and get your credit score higher than ever.
When it comes to credit reporting, you must know your rights. Here is an overview of the Federal Fair Credit Reporting Act
Your rights under the Fair Credit Reporting Act include:
- You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
- If you contest the completeness or accuracy of information in your report, you may file a dispute with the CRA and with the company that furnished the information to the CRA. Generally both the CRA and the furnisher of information are legally obligated to reinvestigate your dispute as long as it is not frivolous.
- CRA’s must correct or remove inaccurate, incomplete or unverifiable information in their files. CRA’s must remove obsolete information in their files.
- If you are a victim of identity theft or are on active duty with the military, you have more rights under the FCRA.
- Only those with a permitted purpose or with your express permission may access your file.
- Generally employers must have your express written permission to obtain your report.
- Any company that denies your application, or takes an adverse action against you, based on information obtained from a CRA, must inform you of the adverse action and must supply you with the name and address of the CRA they used.
- You have the right to a free copy of your credit report in numerous instances including when your application for credit or employment is adversely affected because of information supplied by the CRA. You can get a free credit report each year in any case.
- You may opt-out of lists provided by the national credit bureaus that are based on your credit file.
- You may sue under the FCRA for violations of the Act.
- Credit scores are available to you on request from credit reporting agencies and sometimes from mortgage lenders. There may be a fee for the score.
If you have any issues with the information contained in your credit report, please call or email us for assistance. We have the necessary experience and knowledge to deal directly with the reporting agencies. In most cases we can get the negative information removed or corrected to improve your score and get you the loan or mortgage you desire.
Your credit report from the 3 US credit reporting agencies, Equifax, Experian and TransUnion, are available for you to view for free annually at AnnualCreditReport.com. Access your report and check for errors and fraudulent accounts. This report doesn’t include your credit score.
If any discrepancies are noticed, contact the credit reporting agencies and the bank or the credit card company reporting the unauthorized or wrong information and immediately report any issues. They’re required to investigate. It is important that you keep a log and copies of your correspondence.
Your credit score
Credit card companies display your credit score for free in your account. It is recommended that you check it on a regular basis. Paying bills on time and reducing debt can help improve your credit score.
Credit reporting agencies typically update the information monthly. However, each of your credit account information change more often depending on due dates and payment cycles for each account. Additionally, large credit card companies have millions of accounts and they report portion of them at different times, for easier management of large data. Other information, such as bankruptcies and hard and soft inquiries are also reported within days, weeks or months from their occurrence. Thus, you will see changes in your credit reporting account all the time.