Are you or someone you know struggling with your student loan?

If you’re struggling to pay student loans, you’re not alone. With 45 million total student loan borrowers collectively owing $1.7 trillion of student loan debt, many simply can’t afford this debt. Maybe you lost your job. Maybe your monthly student loan payments are too high. 

 

We may have a solution.  We might be able to help!

 

Living with a student loan is challenging at the best of times. In these unprecedented times many student loan borrowers are struggling more than ever. The current moratorium on student loan payments has been a welcome relief for many. Unfortunately, it will not last forever. 

 

There are several profound reasons a person might deeply resent having to pay their student loan or that of their child. Reasons that go above and beyond the simple fact of disliking debt.

 
  • Some people feel they were misled by their school.
  • Some people struggle so much with their payments that they have to put everything else in their lives on pause just to make ends meet.
  • Some people’s higher education didn’t translate to high income and they’re unsure whether they’ll ever be able to pay down their debt.
  • Some well-intentioned parents are saddled with their child’s debt and feel completely hindered as a result.
 

If you or someone you know can relate to any of these, there is good news.  

 

THD Credit has formed an alliance with an attorney-based student loan contract cancellation and modification service that can help qualified individuals with such hardships.  

 

If you have student loan debt of $30k or more and are interested in having a conversation to see if this is a fit for you, call us at (800) 822-7120 and we’ll make an introduction.

-Erik Kaplan

Will My Spouse’s Debt Affect My Credit Score

Credit reports do not indicate your marital status, nor will they include your spouse’s identity or any account they hold independently.  Therefore, if your partner has bad credit it doesn’t have to drag your credit score down.

 

However, your partner’s credit score could still cause financial challenges for the two of you, especially if you want to borrow a loan or open a credit card together.

 

Here are some things to consider:

 

  • If you have a joint credit account with your spouse, and he or she fails to make payments on-time, the late payments will appear on both of your credit reports and can lower your credit score.
  • Your spouse’s low credit score could impact your application for joint credit, such as a new car loan or a mortgage. The lender may consider the joint loan a risk, which could result in the loan being offered at a higher interest rate or with stricter borrowing terms.
  • Even if you aren’t late on a bill, a joint account can still hurt your credit score if the credit utilization is not optimally managed. Remember, the ideal balance shouldn’t be higher than 30% of the credit limit at any point in time.
  • Your spouse’s credit can also affect your credit if you are an authorized user on their credit cards.  If they failed to make on-time payments in the past, or keep high balances on that account, it could negatively affect your credit report and score – as all of the history associated with that account is imported into your credit report. 

Your spouse’s individual loans, credit cards, etc. that you have not signed for should not affect your credit score.

 

If you have questions or need guidance, THD can help. Give us a call at (800) 822-7120.

 

-Erik Kaplan

Fix your Credit today and Protect your Financial Freedom!

The truth is, your credit can negatively affect every aspect of your life.

 

 

It can keep you from getting a house, renting an apartment, or even getting a vehicle. It can also make it impossible to get a competitive loan, mortgage and insurance premiums – to name a few.

 

If you’re struggling with poor credit, THD Credit can make the credit repair process simple for you! We will conduct a full analysis of your credit history. We know what to look for, understand the process of fixing inaccuracies and can guide you on what you are legally entitled to from both creditors and the credit bureaus.

 

THD Credit’s Credit repair process includes the following steps:

 

 
  • Review your credit report (or will produce a copy of your report)
  • Analyze the details
  • Develop a strategy with actionable steps to improve your score
  • Provide the guidance you need to rebuild your credit
 

If you are ready to work together to challenge credit report errors and optimize your scores,  call 1-800-822-7120 and let me know you’re ready to get started!

 

-Erik Kaplan

How to Deal with Debt Collectors

Dealing with collection agencies can be an unpleasant experience with annoying tactics at best — and predatory, or even illegal, at worst.

The FTC enforces the Fair Debt Collection Practices Act (FDCPA), which makes it illegal for debt collectors to use abusive, unfair, or deceptive practices when they collect debts.

The most important thing for you is to know what debt collectors (and attorneys) cannot do:

  • Contact other people such as your neighbors, relatives, or employers about the debt except to get your address and phone number.
  • Contact you before 8:00 A.M. or after 9:00 P.M.
  • Contact you at work if you tell the collector your employer does not allow this.
  • Contact you directly if you have an attorney.
  • Continue to try to collect the debt if you dispute the debt in writing.
  • Lie to you about the debt or threaten or harass you.

If debt collectors are calling you, consider talking to them at least once, even if you don’t think you owe the debt or can’t repay it immediately. This will help you gather information about the debt and confirm whether it’s really yours.  

If you do talk to them, be sure they can provide  “validation information” as follows:

  • How much money you owe
  • How to get the name of the original creditor
  • How old is the debt and when was the last payment made in the account. It may be past the statute of limitations to be sued on this debt.

If a  debt collector is hounding you, seeking payment on a consumer debt you owe – whatever the situation is, we can help. 

THD Credit can help settle debt and stop all the harassing phone calls. Just call us at 800-822-7120 today.

-Erik Kaplan

What is a Credit Freeze and should I use it?

Data breaches expose consumers’ Personally Identifiable Information (PII) at an alarming rate, and continue to place people at risk of identity theft and fraud.

What is a Credit Freeze?

 

A credit freeze (AKA security freeze) is a tool you can use to help protect yourself against credit fraud.
 
When you freeze your credit reports you are restricting access to these reports. This temporarily suspends anyone from accessing this information, which means neither you nor identity thieves can open new lines or credit or loans in your name.

Think of it as locking away a valuable item until you need it again. When that time comes, you can unfreeze your credit report and once again allow lenders access.

 

Should I use a Credit Freeze?

Whether you’re a victim of credit or identity fraud or choosing to be proactive against this type of crime, a freeze is a great option for protecting yourself.

 

This process is quick as once you contact the credit bureaus by phone or online they must put the freeze in place within 1 business day.

 

Here is the contact information for the three credit bureaus:

 

  • Equifax: Call 800-685-1111 or online
  • Experian: Call 888-397-3742 or online
  • TransUnion: Call 888-909-8872 or online
If you need to ‘thaw’ your credit, you can do this for a specified amount of time or leave it open until you freeze it again.

 

Another added benefit of a credit freeze is that it prevents the bureaus from selling your data, which should stop unsolicited mail / offers.

 

This simple process does not cost anything nor does it affect your credit score. If you want to freeze your credit, you need to do it at each of the three major credit bureaus.

 

Make sure you’re taking the proper steps to secure your information so that it doesn’t fall into the wrong hands.

 

If you have any questions at all please call us at (800) 822-7120.
 
 

How To Establish, Build, and Access Business Credit

This Month’s Newsletter is brought to you by Business Credit 101!

If you are a business owner or if you are looking to start a new business, one of the most overlooked resources available to you is your business credit. There are so many benefits to establishing and building your business credit including:

Separate Liabilities from your personal to your business
Minimize personal DTI / Debt to Income Ratio
Get access to high limit credit accounts in the business name
Get access to Government programs and Grants
Open doors for vendor, business, and investor relationships
Reduce cost on business insurances and landlords scrutiny
Increase the value of your business for future Sale

Getting Started

The first step in establishing business credit is making sure your business is Credible in the eyes of the banks, lenders, and the business credit bureaus; Dun & Bradstreet, Experian, and Equifax Business credit divisions. There are 10 items or data points that must be in place so that your business is “Credible”.

Tier 1

Once your business is Credible, we then move on to earning a “Paydex” score. To earn a Paydex score you will need 3-5 business credit accounts to report to D&B. At this point, Round 1 or Tier 1 is completed and your business is in a position with a legitimate business credit profile. You are ready to move on to the next tier and qualify for government grants and business funding.

Paydex Score

A Paydex score is a score that is created by Dun & Brad street once you establish a business credit profile on their platform. The first thing you have to do is establish a “credible” business, set up a free Duns number, and then you’ll need 3 to 5 starter business credit reporting accounts that will report to D&B. Once you have 3 to 5 accounts reporting, you will then be issued a Paydex score. Getting a high Paydex score requires strategic payment timing. Your score is from 0 to 100 and 80+ is good 90+ is excellent.

​Keep Building – Tier 2

In Tier 2 you will begin to now have access to more powerful accounts with larger limits. You will be able to access a mixture of Net 30 accounts, Revolving Credit Lines, Retail accounts, and Fleet accounts.

​You are now building your business credit and momentum is on your side. By the end of this round and based on the accounts you set up in Tier 1 you should have at least 7-8 accounts. Reporting on your business credit profile.

You should have an 80 or higher Paydex score. Your business should be easy to find in public records, all of your data points are intact and match across all platforms.

Tiers 3-4

Tiers 3-4 are going to be more of the same from Tier 2, just with access to even bigger and better account options, collectively giving you access up to $100,000 plus of credit. Once you have completed Tier 4 you should have 14+ accounts reporting on your business credit profile.

Our partners at Business Credit 101 can help you from start to finish.

They can save you time and money on your business credit journey by providing you with clear step by step instructions.

Don’t wait until you need funding to start building! Click here to begin with a Free Business Credit 101 Builder Consultation today!

-Erik Kaplan