Fix your Credit today and Protect your Financial Freedom!

by | Jul 29, 2021 | 2021 Monthly Newsletter

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

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What is a Credit Freeze and should I use it?

by | May 27, 2021 | 2021 Monthly Newsletter

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.
 
 

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Comparing Debt Consolidation vs. Debt Settlement

by | Apr 1, 2021 | 2021 Monthly Newsletter

Debt consolidation and debt settlement are both options for resolving debt.  However, each method has a different strategy and timeline before you are free of debt. They each can affect your credit score differently.

 Debt Consolidation

Debt consolidation is a debt management strategy in which you combine multiple debts into a single payment, with a lower interest rate.  You can use a balance-transfer credit card, debt consolidation loan, home-equity loan or 401(k) loan. 

Why You Might Choose It:  

  • To get a lower interest rate than you’re currently paying, which saves you money and can help you pay off your debt sooner.
  • To reduce the number of creditors you owe and therefore the number of payments you’re juggling. 
  • Debt consolidation loans may allow you to use assets like your home or car as collateral.

What You Need To Know:

  • Debt consolidation can lead to a small dip in your credit score typically by a few points when a lender performs a hard inquiry on your credit. 
  • You’ll have a longer period of time before you’re debt free.

Debt Settlement

Debt settlement is the process of negotiating with creditors (usually credit card issuers) to reduce the amount you owe in exchange for a one-time lump sum payment to settle the account.

Why You Might Choose It: 

  • Your income is stable enough that you can continue to pay your mortgage or rent and other essential bills in addition to the payments required under a debt settlement.
  • To avoid court-mandated controls of bankruptcy while still lowering the amount of debt you have to pay.
  • Creditors know you can always file for bankruptcy, which could eliminate their ability to collect anything from you which is why they might be willing to accept less.

What You Need To Know:

  • Typically, only unsecured debts can be settled. Unsecured debts include medical bills and credit card debt; but not public student loans, or secured debt (i.e. auto loans or mortgages). 
  • The process of debt settlement requires you to stop making payments on the accounts you want to settle which can damage your credit score.  Typically from 75 – 100 points.
  • Debt settlement will be on your credit report for seven years and can impact your ability to get a loan and the interest rate you pay, if you are approved.

Tackling debt can be an important financial and personal goal. If you have any questions about either of these debt relief methods call me at (800) 822-7120.  I can help!

-Erik Kaplan

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Steps to Take if You Have Been a Victim of Identity Theft

by | Feb 24, 2021 | 2021 Monthly Newsletter

Identity thieves are opportunistic and exploit vulnerabilities in individuals’ personal information security practices.  Identity theft is more than a simple inconvenience. It’s a crime that can seriously complicate your life—potentially costing you time, money and opportunities.

 

 

According to the Federal Trade Commission (FTC) the number of reported cases of identity fraud in 2020 doubled in the United States. Each piece of information or account they gain access to can help them steal more. Unfortunately, signs of fraud can take weeks or months to reveal themselves, leaving us even more vulnerable.

 

 

Here are the best steps you can take if you have become a victim of identity theft:

 
  • Check for inaccuracies from Your credit reports and make a list of any suspicious information you discover. You will need these details later when you work on fixing your credit later.
  • Change all your account PINs and passwords.
  • Review your mail & credit card statements to confirm none of your accounts have been hijacked.
  • Place a fraud alert on your credit report. When a fraud alert is on your credit report, lenders must confirm your identity (usually via phone) before they can open new accounts in your name.
  • Freeze your credit report.  When you freeze your credit report, you take it out of circulation. So, if someone applies for credit your name, the lender will not be able to access your credit report. As a result, the application for credit will be denied.
  • Contact your creditors and ask them to freeze the compromised accounts and to dispute fraudulent charges.  Federal laws like the Fair Credit Billing Act and the Electronic Funds Transfer Act can limit your liability for bogus charges on your credit cards or debit cards. The trick is to report the theft in a timely manner. Otherwise, you could be responsible for some or perhaps all of the unauthorized purchases.
  • The final step in this process is to fix your credit. Start with filing an identity theft report.  The easiest way to create an identity theft report is to visit IdentityTheft.gov.  Once you have this report you will need to contact the 3 credit reporting agencies and ask them to block the account(s) from your credit report within four business days.  They should suppress any fraudulent accounts.
 

If your case of identity theft has not been resolved to your satisfaction or you need help in this process, email us at erik@thdcreditconsulting.com or call us at 1-800-822-7120.  THD Credit can help.

 

-Erik Kaplan

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WHY DEBT COLLECTORS CAN NOW TEXT OR DM YOU!

by | Dec 1, 2020 | 2020 Monthly Newsletter, Ask The Expert

A recent change in rules by the US Consumer Financial Protection Bureau (CFPB) allows debt collectors to contact you by direct message on social networks, email, or text message.

 

No one likes debt collector calls and emails or text messages most certainly will not be welcomed, especially when you have no debts to collect. You could block the number used for text messages, but whether it’s a scam text or a legitimate debt collector, they can always contact you from yet another phone number.

 

There is some good news here… the rules do require debt collectors to provide you a way to opt-out of further messages, whether from email, text message, or direct message. You might have to call or email the debt collector back in order to opt-out as they are not being mandated to have to provide that in text or social networks directly.

 

If you have any questions about this ruling or if THD Credit can be of assistance to you in anyway – call us at 800- 822-7120. We are here to help!

-Erik Kaplan

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