Full Description

Anyone with credit problems can solve them and repair any damage if they have the right tools and take the right actions. The Credit Repair Answer Book explains that dealing with credit problems is a combination of understanding what credit is and is not; understanding what one’s credit rights are; understanding to what extent a creditor can go to collect a debt; and, understanding what to do if an invalid or illegal action is taken by creditors in the collection process.

A section on the most frequently asked questions with extensive answers helps the reader quickly grasp the value of good credit and know how to ensure that credit errors or potential credit problems do not affect your credit rating in the long term.

The Credit Repair Answer Book can get anyone back on the right track and turn their financial situation around.

Table of Contents

Introduction -

Frequently Asked Questions -

Section I: Building Good Credit

Chapter 1: Credit: A Vital Part of Our Economy -

Chapter 2: Types of Debt—An Overview -
- Secured Debt
- Unsecured Debt
- Debt after a Divorce
- Contingent Liabilities
- Business Debt
- Student Loans
- Child Support

Chapter 3: Your Credit Report -
- Information a Consumer Reporting Agency May Furnish
- Obtaining Information from the Agency’s Files
- Items Your Credit Report Cannot Contain
- The “Quick Fix”
- Disputing Items in Your Report
- Cost of the Report
- Reports for Employment Purposes
- Reports Containing Medical Information
- Requirements for Users of Reports
- Use of Other Information
- Obtaining Information under False Pretenses
- Providing Information to an Unauthorized Person
- Reporting Agency Liability for Noncompliance
- For Further Research
- Sample Letter Requesting Removal of Information
- Sample Letter Reporting Inaccurate Credit Information
- Sample Letter Complaining to FTC

Chapter 4: Establishing Good Credit -
- Credit History
- Credit Application Process

Chapter 5: Using Credit Responsibly -

Section II: Understanding Credit Pitfalls

Chapter 6: Strategies Before Creditors and Collectors Call -
- Prepare Yourself and Your Creditors
- The “Minimum One Dollar Payment” Myth
- Wage Assignments
- Credit Counseling

Chapter 7: When the Collection Agency Calls -
- What a Collection Agency Can Do
- The First Call from a Collector
- What a Collection Agency Cannot Do
- If You Have an Attorney
- What You Can Do on Your Own
- For Further Research
- Sample Letter Requesting No Contact
- Sample Letter for Disputing a Bill
- Sample Letter to FTC

Chapter 8: The Internal Revenue Service -
- IRS Collections
- Assuming Incorrect IRS Bills
- Answering an IRS Inquiry
- Property the IRS Can Take
- Taxpayers’ Bill of Rights
- What the IRS Cannot Take
- IRS Time Limitations
- Audits
- For Further Research
- Sample Letter to IRS
- Small Tax Case Petition Form

Chapter 9: Loan Disclosure Requirements—
- Truth in Lending -
- The Federal Law
- Required Disclosures
- Time Periods in which Disclosures Must be Made
- Finance Charge and Annual Percentage Rate (APR)
- Truth in Lending Disclosure Statement
- Good Faith Estimate—Residential Mortgages
- Equity Line Mortgages and Your Right to Rescind
- Balloon Payments on Consumer Loans
- Refinancing
- When Disclosure is Not Required
- Lenders’ Liabilities and Your Rights and Obligations
- Credit Application Worksheet
- For Further Research
- Sample Loan Application Form
- Sample Uniform Residential Loan Application
- Sample Truth in Lending Disclosure Statement
- Sample Good Faith Estimate
- Sample Error and Omissions/Compliance Agreement
- Sample Notice of Right to Cancel

Chapter 10: Credit Cards and Other Open-End
- Consumer Credit Loans -
- Information That Must be Disclosed
- Billing Disclosure Requirements
- Penalties for Violations
- Consumer Loan Billing Procedures
- Unsolicited Credit Cards
- Lost or Stolen Credit Card
- New Credit Card Fraud
- For Further Research
- Sample Letter Notifying of Incorrect Billing

Chapter 11: Consumer Lease Disclosures -
- Consumer Lease
- Disclosure Requirements
- Residual Value Calculation
- Liabilities for Violations
- For Further Research

Chapter 12: Real Estate Loans -
- Mortgages
- Contract or Agreement for Deed
- Deed of Trust
- Your Loan Documents
- The Mortgage Foreclosure Process
- Service of Process and Deficiency Judgments
- After the Sale—Period of Redemption
- Foreclosing a Deed of Trust
- Selling the Property before Foreclosure
- Deed in Lieu of Foreclosure
- Negotiating with Your Lender
- If You Are in the Military
- Recap—Steps You Can Take after Foreclosure Is Started
- For Further Research
- Sample Mortgage Foreclosure Complaint
- Responding to a Foreclosure Complaint
- Sample Answer to Foreclosure Complaint

Chapter 13: Assessing Your Financial Situation-
- Personal Financial Assessment Chart
- Monthly Expenses Chart
- Assets Chart
- Assets Given as Collateral Chart

Chapter 14: Repossession of Personal Property-
- Restrictions on Repossession
- Sale of Collateral after Repossession
- Lender’s Pattern of Accepting Late Payments
- Your Remedies
- If the Lender Already Has the Collateral
- Property Exempt from Creditors
- For Further Research

Chapter 15: When the Creditor Files a Lawsuit -
- Judgment
- How a Creditor Gets a Judgment
- Your Defenses to the Petition or Complaint
- Moving to Another State
- Confession of Judgment
- Possible Alternatives if the Debt Is Legitimate
- Effect of Judgment on Credit Report
- For Further Research
- Sample Motion for Modification
- Sample Complaint
- Sample Answer to Complaint

Chapter 16: Collection of Money Judgments -
- Actions by a Judgment Creditor
- When the Creditor Knows What Assets You Have
- Garnishments
- Writ of Execution and Levy
- Attachment of Property Not Yet in Your Possession
- Attachment of Property before Judgment
- For Further Research

Section III: Protecting your future credit

Chapter 17: Bankruptcy as an Option -
- Types of Bankruptcy and Changes to Bankruptcy
Procedures
- Chapter 7—Debt Liquidation
- Chapter 13—Repayment Plan
- Bankruptcy Exemptions
- Reaffirming a Debt
- Pros and Cons
- How to File for Bankruptcy
- For Further Research

Chapter 18: Divorce, Debt, and Community Property -
- Marriage and Debt
- Property Settlements and Court Judgments
- Debt Assumed in Divorce
- Community Property and Debt
- The Innocent Spouse and the IRS

Chapter 19: Reestablishing Good Credit -

Chapter 20: Planning the Future -
- Making Yourself Judgment Proof

Glossary -
Appendix A: State Resources -
Appendix B: Federal Trade Commission Regional Offices -
Appendix C: Statutes of Limitation -
Appendix D: Frequently Referenced Laws -
Index -
About the Author -

Excerpt

Editorial Reviews

Customer Reviews

Customer Reviews: