Credit Check Facts

Question by : If you owe people lots of money, shouldn't you say "I'm in credit", not "I'm in debt"?
Debt means that people owe you money. Credit means that you owe people money. So if you owe someone money, you should say, "I'm in credit". If you say, "I'm in debt", shouldn't it mean people owe you money?

Thanks.

Best answer:

Answer by Kor
Debt: something, especially money, which is owed to someone else, or the state of owing something.
Credit: a method of paying for goods or services at a later time, usually paying interest as well as the original money or money in your bank account.

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Question by Aline B: How can I pursue action against someone who stole money from me in exchange for "credit repair"?
Nearly a year ago I paid someone to repair my credit. She is licensed. I have a written contract. She has done nothing to help my credit and will not respond to email or telephone inquiries. How can I report her to state licensing agencies (Texas) and the credit bureaus?

Best answer:

Answer by My Take on It
This is the problem with those who claim (outrageously) that they can *repair your credit*. They won't be able to remove anything derogatory that is there legally. It may come off for a month, while they investigate..but will go back on just as quick and stay there for the duration of the SOL. If you earned that bad mark, it is meant to be there for other creditors to see, so they can make an educated guess on whether you are a good risk for a loan.

If there is some sort of licensing board that oversees credit repair people, I guess you could complain to them. You could lodge a complaint with the BBB against her. Even if you tried to sue her in small claims, I highly doubt you would prevail.

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Question by Joshua Schuler: I've recently gotten a raise. How do I allocate money to fixing my credit?
I have next to no debt, but a poor credit rating. I don't believe in the "consolidators" or "credit repair" services. Can I contact debtors directly? How aggressive should I be? And as I look to buy a first home, should I try to erase all debt first or try to manage for cash flow?

Best answer:

Answer by jlf
If you have "next to no debt", why would you need a "credit repair" company?

What do you think? Answer below!

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Question by Aline B: How can I pursue action against someone who stole money from me in exchange for "credit repair"?
Nearly a year ago I paid someone to repair my credit. She is licensed. I have a written contract. She has done nothing to help my credit and will not respond to email or telephone inquiries. How can I report her to state licensing agencies (Texas) and the credit bureaus?

Best answer:

Answer by My Take on It
This is the problem with those who claim (outrageously) that they can *repair your credit*. They won't be able to remove anything derogatory that is there legally. It may come off for a month, while they investigate..but will go back on just as quick and stay there for the duration of the SOL. If you earned that bad mark, it is meant to be there for other creditors to see, so they can make an educated guess on whether you are a good risk for a loan.

If there is some sort of licensing board that oversees credit repair people, I guess you could complain to them. You could lodge a complaint with the BBB against her. Even if you tried to sue her in small claims, I highly doubt you would prevail.

Give your answer to this question below!

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