Did you read the fine print on your credit card disclosure?  It may have contained a sentence or two regarding Universal Default.  Universal Default is a clause that allows a creditor to raise your interest rate to a default rate (in many cases over 30%) even if you have never missed a payment to that creditor.  In other words, you are considered in default with that creditor even though you have never been late. (more…)

The answer is yes and no; but mostly yes.  Sound confusing?  Please allow me to explain.

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There are three methods of contacting the credit bureau to make a dispute.  You may contact them by phone, internet or snail mail.  While all three are valid means of resolving a dispute, the consensus is that certified mail with return receipt confirmation is the best. (more…)

There is a great deal of mystery surrounding the exact formulas used in credit scoring but ask any experienced Loan Officer and he will tell you this much:  paying off a collection is usually not the best way to improve your credit score.  In fact, paying off an old collection may reduce your score.   (more…)