How to Remove Derogatory Marks to Keep a Good Credit Score In Ohio

Suppose you finally looked up your free credit report after some time and notice some dings in your credit of which you weren’t aware. If you were to look at an annual credit report, you would immediately catch these derogatory marks. But if it’s been some time, a late fee or missed payment could really affect your credit score negatively.

There are ways that you can eliminate small negative marks from your credit report. If you have a good history with the creditor, it may take something as simple as a goodwill letter to ask them to remove the ding to your credit.

What is a Goodwill Letter?

A goodwill letter is not the same as a dispute letter. It is not an official refutal of an error on your report. A goodwill letter is addressed to the creditor. It is a formal letter that politely asks to have a missed payment or late payment removed from your credit report.

The creditor does not have an obligation to write back or even take action on the request in your letter. If you have a good history with the creditor, be sure to detail that history in the letter. Sometimes the request is granted based on the fair effort from the writer and their proof of improvement.

How to Write a Goodwill Letter

The letter should be like any formal letter that you write for business. Some items to include are:

• Your credit report account number
• Date and a brief explanation of the incident
• Detailed history with the creditor
• Proof to show your overall good credit behavior with the creditor
• An apology
• A specific request (to remove the derogatory mark on your credit report)

Your letter should be filled with facts, but also show a sensitive side by stating your apology and intent to be better in the future. This letter should show how important it is to stay on top of your payments and make them on time. When the creditor sees that you have your priorities straight, they may choose to grant your request.

Will a Goodwill Letter Prove to Be Successful in Removing Derogatory Marks?

The creditor has no obligation to grant your request. All the letter can do is show your effort and how much you are willing to repair your credit. By taking the time to write a letter, you indicate that your financial responsibility is a priority in your life. It shows that you are willing to make necessary efforts to right your past wrongs. Whether this is successful or not lies in the hands of the creditor.

Contact Experienced Credit Repair Lawyers In Columbus

While a goodwill letter may help your credit score in some cases, there are other items you can look for on your credit report that may need repairing. Mistakes on a credit report are common and can significantly affect your credit score. Our team has expertise in credit repair, working to eliminate errors on your account. Contact us for a free analysis of your credit report.

Law Offices Of Gary D. Nitzkin, P.C.

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Ohio consumers may feel like they’re at a disadvantage when dealing with debt collectors, but they may have more leverage than they realize. The Fair Debt Collections Practices Act (FDCPA) is a federal statute that regulates debt collection agencies. So it’s important for Ohio residents who have debt in collections to understand how the FDCPA protects their rights.

For example, a debt collector may only pursue a consumer for the actual amount of a debt. So even if a debt collection agency accidentally sends a consumer or the consumer’s lawyer a letter asking for an incorrect amount, the debt collector is considered to be in violation of the FDCPA. A recent court case in Minnesota prompted the Consumer Financial Protection Bureau (CFPB) to make a statement about the unlawfulness of this type of action. Consequently, many experts believe that this reaction from the CFPB on the matter will have “far-reaching implications” for the debt collection industry.

This Minnesota court case involved a woman who defaulted on an account with Wells Fargo. Allegedly, Wells Fargo waived its rights to continue collecting interest on the charged off debt back in 2010. At that time, the woman owed $4,953.47. Later, the debt was sold to Appellee Admiral Investments, LLC (Admiral), and they sent a debt collection letter to the consumer asking for $7,500. This total included interest charges and late fees.

At this point, the consumer retained a lawyer, so the next letter that the debt collector sent was addressed to the retained legal counsel. This letter stated that the consumer now owed around $11,000 due to the accumulation of interest charges. However, when Admiral eventually sued the consumer for $4,953.47. This was the amount of the original debt charged off by Wells Fargo.

The consumer, in turn, filed an FDCPA violation suit against Admiral in federal court. She claimed that the letters sent by the debt collector “constituted a false representation of the character, amount, or legal status of her debt.” However, the second letter was sent to an attorney. So, the court ruled against the consumer. The consumer than appealed to the Eighth Circuit court and this is when the CFPB stepped in.

The Final Analysis, According to the CFPB

This is where Ohio residents should start taking note because the CFPB has authority in all 50 states. If the Eight Circuit court accepts their interpretation, debt collection agencies all over the country must comply. Quite simply, the CFPB said that the decision to dismiss the Minnesota case was completely wrong. Why? The message from the consumer advocacy group was quite simple: A misrepresentation is a misrepresentation, no matter what. The debt collector went after the wrong amount, and this puts them in violation of the FDCPA.

Why Ohio Residents should Remember their Rights when Dealing with Debt Collectors

What does all of this mean for Ohio consumers? It means that you may be even more empowered than you think to fight back against debt collectors. If you receive a letter from a debt collection agency, take a careful look at the demanded amount. If it seems excessive, it’s worth your time to dig in and find out if it is wrong. It may be the case that the debt collector in question is in violation of the FDCPA.

In fact, if anything about your dealings with debt collectors seems wrong, you should speak up and take action. For example, if you’ve been verbally abused, called at all hours of the night, intentionally embarrassed, or if you’re being harassed about a debt that isn’t even yours, you can put a stop to the abuse. Ohio consumers can even get a FREE credit repair lawyer to help them with the process.

The Free and Legal way to End Debt Collector Harassment

At the Law Offices of Gary D. Nitzkin, P.C., we’ve had years of experience when it comes to stopping debt collector harassment. We’ve also been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in settled cases. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (888)293-2882 or sending him a message through our contact page.

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Ohio consumers dealing with abusive debt collectors are not alone in their frustration. Throughout the country, consumers are routinely threatened, lied to, and hounded by law-breaking debt collectors. Luckily, though, attorneys general and other leaders are cracking down on debt collectors that violate the Fair Debt Collection Practices Act (FDCPA). Recently, Massachusetts Attorney General Maura Healey sued a debt collection law firm over repeated FDCPA violations. This firm, Lustig, Glaser & Wilson, must now pay $1 million in restitution and change its practices. The thousands of consumers affected by won’t get a lot of money out of this settlement, but the message is clear. When caught, abusive debt collectors are not tolerated. This is why Ohio residents must speak out against debt collector harassment. Ultimately, calling out debt collector FDCPA violations is the only way to stop abusive debt collection practices.

The debt collection law firm Lustig, Glaser & Wilson is the largest debt collection law firm in the State of Massachusetts. In a statement, Healey confirmed that the firm has filed more than 200,000 lawsuits against Massachusetts residents. Unfortunately, many of these cases were wrongfully filed. Healey discovered that the firm used faulty and inaccurate information to make consumers pay them. These debt collectors lied to consumers in order to make money, which is a SERIOUS violation of the FDCPA.

Healey went on to say about the lawsuit and settlement:

“We will not stand by while debt collectors exploit consumers and demand money that doesn’t belong to them. This settlement will make the business of debt collection fairer and more transparent for the people of Massachusetts.”

Hopefully, this case sets an example for abusive debt collectors in Ohio and the rest of the country as well. Of course, there are Ohio debt collectors that knowingly commit FDCPA violations and honestly think that they won’t get caught. This is where Ohio consumers must step in and take action. All Ohioans should know their rights under the FDCPA when dealing with debt collectors. It’s also important for Ohio consumers to realize that they don’t have to confront debt collection agencies on their own. FREE legal help is available.

Five Tips for Ohio Consumers Dealing with Debt Collectors

It is unsettling when a debt collector calls, especially if they are rude or hostile, or if the calls come as a surprise. However, because you have rights, you don’t have to be frightened or intimidated. In fact, here are five things for Ohio consumers to remember when contacted by debt collectors.

• The debt may not be yours. It is not uncommon for debt collectors to go after the wrong people. For this reason, never admit that the debt is yours until the debt collection agency provides indisputable verification.
• The amount requested may not be accurate. As the Massachusetts case demonstrates, debt collectors sometimes lie to consumers. So don’t agree to pay anything if the requested amount seems inaccurate.
• Debt collectors may not call at any hour. So make a note of any debt collector call that you receive before 8:00 AM and after 9:00 PM. The debt collector making these calls is violating the FDCPA.
• Debt collectors must treat you with respect. Therefore, if a debt collector verbally abuses or threatens you, you should report the incident(s). These types of tactics are also unlawful under the FCDPA.
• You should never feel uncomfortable in any way. There are a lot of ways in which debt collectors violate the FCDPA, so you should never doubt yourself. Even if you just suspect that a debt collector has violated your rights, make a detailed note and report the incident.

Finally, any Ohio consumer dealing with relentless harassment from a debt collector can stop the abuse. Just contact the Law Offices of Gary D. Nitzkin, P.C., for trusted, expert assistance that costs nothing out of pocket.

The Free and Legal way to End Debt Collector Harassment

At the Law Offices of Gary D. Nitzkin, P.C., we’ve had years of experience when it comes to stopping debt collector harassment. We’ve also been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in settled cases. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (216)358-0591 or sending him a message through our contact page.

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Most Ohio consumers probably don’t give too much thought to their Social Security Cards – until they lose them. Then, knowing what everyone knows about the threat of identity theft, panic sets in. It’s absolutely true that your Social Security number is the key to your identity. Unfortunately, in the wrong hands, Social Security cards can wreck credit reports and ruin credit scores. So, when Ohioans realize that these precious identifiers are no longer in their possession, they must act immediately.

First and foremost, if your Social Security card is nowhere to be found, contact the Social Security Administration and request a new card. You can do this by visiting the Office of the Inspector General website, https://oig.ssa.gov/report-fraud-waste-or-abuse/what-cant-oig-investigate. You can also call them at 1-800-772-1213.

Next, Ohio consumers should take the following steps to guard themselves against identity theft:

Request security alerts from the three major credit reporting agencies.

Technically, you can alert one credit bureau and rely on that agency to relay your information to the other two. However, to play it safe, contact all three credit bureaus at request security alerts. Initial security alerts on credit reports last for 90 days. They let creditors know that you are a potential victim of identity theft. Therefore, if anyone (including you) applies for credit in your name, lenders should take extra steps to verify your identity.

Obtain copies of your credit reports.

When placing the security alerts with the credit reporting agencies, request copies of your credit reports. Even if you haven’t misplaced your Social Security card, it’s a good idea to look over all three of your credit reports at least every 12 months. You can always request credit reports from the credit bureaus, or you can get them at www.annualcreditreport.com.

Carefully review your credit reports for signs of fraud.

While reviewing your credit reports, make a note of any suspicious looking item. Of course, you are primarily looking for bogus charges and fraudulent accounts. At the same time, though, you should also take this opportunity to find errors on your credit reports. In reality, a lot of Minnesotans have inaccuracies on their credit reports that are not tied to identity theft. So, circle ANYTHING that doesn’t look quite right.

Dispute all unauthorized or fraudulent items AND mistakes.

Once you identify incorrect or bogus credit report items, you should write two dispute letters for every item you want removed. Mail one letter to the creditor associated with the item, and send the other to the credit reporting agency that published the credit report. After receiving your dispute letters, the lenders and credit bureaus have 30 days in which to investigate your claims and send back their responses.

Regrettably, dealing with creditors and the credit bureaus isn’t always easy. This is why Ohioans should consider a better and more efficient way to handle credit report disputes. Instead of handling the process yourself, you can get an experienced credit attorney to help for free. At Credit Repair Lawyers of America, we clean up credit reports at no cost to consumers, so you can get better credit without paying a dime out of pocket.

The Free and Legal way to Get Better Credit

Don’t let identity theft damage or errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? The law allows us to collect our fees and costs from the defendants in any successful action.  This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (216) 358-0591 or sending him a message through our contact page.

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According to a recent report, bankruptcies in Ohio are on the rise. This is notable because, in the past seven years, the number of bankruptcy cases filed in Ohio has declined. Experts blame long term, high-interest rate auto loans and medical debt for the higher bankruptcy rates. Whatever the case may be, with so many filings going on in Ohio, consumers should understand how bankruptcy affects their credit reports. Of course, bankruptcy almost always causes credit scores to drop. Also, bankruptcies stay on credit reports for seven (Chapter 13) or ten (Chapter 7) years. However, even though credit report damage due to bankruptcy is heavy and long-lasting, there are limits. For example, when it comes to discharged debt, the Fair Credit Reporting Act (FCRA) contains strict rules.

FCRA Rules Concerning Debt Discharged by Bankruptcy in Ohio

The Fair Credit Reporting Act (FCRA) is a federal statute that entitles Ohio consumers to accurate credit reports. In order for credit reports to be accurate after a bankruptcy discharge, creditors and credit reporting agencies (CRAs) must take care in how they report discharged debt. Credit report items related to discharged debt may remain on credit reports, but accounts must have zero balances. Creditors and CRAs must also report these accounts as “discharged” or “included in bankruptcy.”   To report otherwise causes further and unwarranted damage to one’s credit report.

Credit Reporting Agencies and creditors that report discharged debt in any other way violate the FCRA. For example, they may not report a bankruptcy discharged debt as:

• Charged Off
• Having a Balance Greater than Zero
• Late, Delinquent or Outstanding
• Currently Owed or Active
• Converted to a New Type of Debt

Sometimes, creditors try to make a debtor pay by willfully refusing to report debt as discharged on credit reports. Of course, this is unlawful under the FCRA, and lenders are often sued for engaging in this underhanded tactic.

How Misreported Discharged Debt Hurts Ohio Bankruptcy Filers

Yes, bankruptcies damage credit scores, but they also bring fresh starts to a lot of struggling Ohio consumers. Through bankruptcy, debts are either made more manageable or get wiped away. After discharge, bankruptcy filers can rebuild their credit scores over time. However, if discharged debts are misreported, recovering from bankruptcy is more difficult.

Bankruptcy filers with misreported discharged debt endure lower credit scores for longer periods of time. They may be unnecessarily denied credit or forced into paying off a debt they no longer owe as a condition for loan approval. This is why, if you have recently been discharged from bankruptcy, you must check your credit reports. Go to www.annualcreditreport.com, and request copies of your credit reports from TransUnion, Equifax, and Experian. After you have online access or physical copies of your reports, look them over carefully to verify that all bankruptcy discharged debt is reported properly.

The Free and Legal way to Get Better Credit after Bankruptcy

The experienced attorneys at the Law Offices of Gary D. Nitzkin, P.C. can help you fix misreported discharged debt on your credit reports for FREE. We file lawsuits against the creditors and credit reporting bureaus responsible for violating the FCRA at your expense. In successful actions, these defendants are required to cover our costs and fees. This is how we are able to offer cost-free services to Ohio residents.

Don’t let errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? The law allows us to collect our fees and costs from the defendants in any successful action.  This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (216)358-0591 or sending him a message through our contact page.

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Several years ago, there was no such thing as a free credit score. In order to view their credit scores, Ohio consumers had to pay a fee – each and every time. Now, there are dozens of websites offering free credit scores. Does this mean that Ohioans never have to pay for credit scores again? Not necessarily. There are times when spending money on a credit score might make sense. Also, Ohio consumers should be careful about where they get their free credit scores. Every source comes with different strings attached, and some are more secure than others. As with anything credit-related, finding the right credit score source requires a little research.

Ohioans should Understand that Free Credit Scores aren’t like SAT Scores

On Credit.com, Christine DiGangi wrote about credit scores, “There is no one real score. It’s not like the SATs.” This is absolutely true. Because there are many credit scoring models in use, one Ohio consumer might find a hundred different versions of their credit score. These different versions may vary by a few points, or there might be a substantial margin between one credit score and another. For example, a Forbes writer claimed that there was a 150 points difference between his CreditKarma.com score and his FICO score.

Typically, lenders and credit card issuers use older versions of FICO credit scores (which you normally have to pay for, unless offered as a perk by your bank or credit card provider). Sites like CreditKarma.com and WalletHub.com usually give out VantageScores or “educational credit scores.” The VantageScore was created by the major credit bureaus, TransUnion, Equifax, and Experian. Educational credit scores, on the other hand, can come from a number of different sources. These free credit scores are meant to give Ohioans a “ballpark figure,” or an idea of where they stand with their credit. However, these scores probably don’t reflect what a lender will actually see when they check your credit rating.

When it might pay for Ohioans to Spend Money on Credit Scores

Before financing a large purchase, like a car or home, Ohio consumers should check their credit reports and credit scores. Knowing exactly where you stand with your credit before applying for loans is crucial for two reasons. First, you need to make sure that your credit score is high enough to get loan approval. You don’t want to risk the hard inquiry on your credit reports unless you’re going after a reasonably sure thing. Next, your credit score determines your interest rate. Knowing your score ahead of time will help you negotiate the best rate for which you qualify.

Because credit scores matter so much when you’re applying for an auto loan or a mortgage, this is a time when it might make sense to purchase your FICO score. This way, you’re more likely to know what your credit score looks like to the lender. It’s a good advantage to have.

Having access to a free credit score is best for everyday credit-checking. For example, if you’re in the process of building or rebuilding credit, having the means to track your progress is helpful. For this, a good strategy is to pick one free credit score provider as your go-to source. Because free, educational credit scores aren’t always 100% accurate, consistently looking at one will at least tell you if your rating is going up or down.

Tips for Ohio Consumers Shopping for Free Credit Scores

Normally, free credit scores come from credit card companies or third-party sites like CreditSesame.com, NerdWallet.com, or the very popular CreditKarma.com. When Ohio consumers are looking for a free credit score, they should remember that these scores are offered by businesses. Because these organizations are businesses, they have to make money. This is usually done in one of three ways.

Credit card companies may entice you with free credit scores as an incentive to apply for one of their credit cards. Third party sites may also offer credit cards, or they might make their money on subscription credit monitoring services. Some websites may even sell consumer data to other companies. So make sure to read all of the fine print before signing up with any website offering free credit scores.

Ohioans should also make sure that any time they share information in exchange for free credit scores, they do so on secure sites only. Even if sites are secure, data breaches can happen. This is another reason why it’s better to pick one free credit score site and stick with it. Signing up with multiple sites means sharing your data multiple times. This greatly increases your risk of being targeted by identity thieves.

How Ohio Consumers can get a Better Credit Score Right Now

Having errors removed from your credit reports can instantly improve your credit score. This is why Ohio consumers should check their credit reports at least every 12 months. It’s the only way to be sure that credit reporting mistakes aren’t bringing down your credit score.

If you do find inaccuracies on a credit report from TransUnion, Equifax, or Experian, you can dispute these errors in writing and have them removed. Ohioans who want to simplify this process and ensure that it is done correctly can get a FREE credit repair lawyer to help.

The Free and Legal way to Get Better Credit

Don’t let errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? The law allows us to collect our fees and costs from the defendants in any successful action.  This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (216)358-0591 or sending him a message through our contact page.

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Results from the FTC Study Show that Ohio Consumers should be Concerned about Errors on their Credit Reports

Information contained in your credit reports is reflected in your credit score. Ohio consumers with lower credit scores typically pay higher interest rates and more for insurance coverage. For this reason, the Federal Trade Commission (FTC) recommends that Ohioans check their credit reports every 12 months. It’s important to make sure that your credit reports don’t contain errors that can harm your credit score. In order to find out how problematic errors on credit reports are for consumers, the FTC recently conducted a national study. The results should prompt Ohio consumers to take a look at their credit reports if they haven’t done so in a while. There’s a chance that a mistake on one or more of your credit reports is costing you money.

The U.S. reporting industry study from the FTC is the first major study to look at all of the groups that participate in the credit reporting and scoring process. So Ohio consumers can trust that the results are accurate. The major finding from this study is that about 5% of U.S. consumers have errors on their credit reports that are significant enough to make them pay higher interest rates and bigger insurance premiums.

The sample group of consumers selected to take part in the study were encouraged to dispute errors on their credit reports under the Fair Credit Reporting Act (FCRA). Other FTC discoveries include:

• Approximately one out of four consumers in Ohio and elsewhere has an error on at least one of their credit reports that somehow affects their credit score.
• 20% of study participants had a credit report error corrected by a credit reporting agency (CRA). The three major CRAs are TransUnion, Experian, and Equifax.
• Four out of five consumers in the study who filed disputes with the CRAs saw at least one change on one or more of their credit reports.
• One out of every ten consumers in the FTC study who reported at least one error to the CRAs noticed a change in their credit score.
• One out of every 20 consumers saw their credit score increase by at least 25 points. And one out of every 250 consumers saw their credit score jump by a whopping 100 points.

How much would your credit score jump if your credit reports were error-free?

How Ohio Consumers can boost their Credit Scores with the Help of a Free Credit Repair Lawyer

Commenting on the study, Howard Shelanski, Director of the FTC’s Bureau of Economics said:

“These are eye-opening numbers for American consumers. The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk.”

Did you know that you are entitled to request a free copy of your credit report from each of the major credit bureaus every 12 months? The easiest way to do this is to go to www.annualcreditreport.com and fill out the online form. However, if you prefer, you can request each credit report individually from www.transunion.com, www.equifax.com, and www.experian.com. Physical addresses for the credit bureaus are also available on their websites, if you would rather mail in your requests.

Ohio consumers who find errors on their credit reports can dispute these mistakes on their own. Yet, they don’t have to. By contacting the Law Offices of Gary D. Nitzkin, P.C., they can get a FREE credit repair lawyer to help them through the process.

Don’t let errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? Fortunately, the law allows us to collect our fees and costs from the defendants in any successful action.  This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (216) 358-0591 or sending him a message through our contact page.

The post Ohio Consumers Looking to get Better Interest Rates on Loans and Cheaper Car Insurance should Check their Credit Reports for Errors appeared first on Law Offices of Gary D. Nitzkin, P.C..

Deferred interest credit cards have recently attracted the attention of the Consumer Financial Protection Bureau (CFPB). The consumer watchdog organization wants to put card users on high alert about how the terms of these credit cards are misleading. Ohio consumers who finance a large purchase with a deferred interest credit card should look at the fine print. Unless they are able to pay their balances off within the promotional period, Ohio credit card users could do serious damage to their wallets and possibly their credit scores.

Often, retail credit cards offer deferred interest promotions. Many of the banks associated with these credit cards have received letters from the CFPB, urging them to be more transparent with consumers. Ohio residents have probably encountered these credit card promotions while shopping at their favorite stores. The deal seems pretty simple. They sign up for the store’s credit card, make purchases, and pay no interest on the balance for a full year.

However, here’s a summary of the fine print on the contracts of most deferred interest credit card promotions:

• If a balance remains on the credit card at the end of the promotional period, the consumer must pay the accumulated interest charges.
• Interest charges are due on the entire amount, not just the remaining balance at the end of the promotional period.
• Most deferred interest credit cards come with a “regular” interest rate of 25% or more.

Let’s say that an Ohio consumer signs on for a deferred interest promotion with a credit card issued by a home improvement store. They purchase a $1,500 snow blower with the new credit card. After a year of payments, they only owe $200. However, they aren’t charged an interest rate of 25% on $200, but the full $1,500. This means that they will owe an additional $375. No one wants to pay that.

How Ohioans can Successfully Manage any Type of Credit Card Account

It’s easy to mistake a “deferred interest credit card” for a “zero interest credit card.” But these two payment cards are actually very different. With a zero interest credit card, you are allowed a promotional period when no interest is charged. When the promotional period ends, you will be charged interest on any balance that remains on the credit card, but not the total amount that has been charged during the promotional period.

While it’s important for credit card issuers to be transparent about terms and conditions, it’s equally crucial for Ohio consumers to fully understand credit card agreements. Whether you’re signing up for a deferred interest or a zero interest promotion in order to make a big purchase, you should plan your payments accordingly. This means that you should make room in your budget to pay off the credit card balance before the promotional period ends. By using this strategy, you won’t have to worry about paying interest charges one way or the other.

Why Credit Report Monitoring is Important for Ohio Credit Card Users

Credit report monitoring is another part of successful credit card management. By regularly checking your credit reports, you can see whether they are accurate or not. For example, do you know for sure that none of your timely payments are inaccurately marked as delinquent? Unfortunately, mistakes such as these do occur. In fact, about 80% of consumer credit reports contain errors, and these inaccuracies can hurt your credit score.

Keeping tabs on your credit reports will also allow you to check for signs of identity theft. Sadly, a skilled cyber-hacker can steal a large portion of your personal data without your knowledge. By pulling and checking your credit reports from the major credit reporting bureaus every year, you can catch fraudulent accounts. If you do see incorrect information on any of your credit reports, it’s your right to have these items removed.

The good news for Ohio consumers is that they’re not on their own when it comes to getting their credit reports back on track. Ohioans can get a FREE credit repair lawyer to help them through the entire dispute process.

The Free and Legal way to Get Better Credit

Don’t let fraudulent accounts or errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? The law allows us to collect our fees and costs from the defendants in any successful action.  This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (888)293-2882 or sending him a message through our contact page.

The post Why Ohio Consumers should Think Twice before Making Large Purchases with Deferred Interest Credit Cards appeared first on Law Offices of Gary D. Nitzkin, P.C..

Are you a student at Ohio State University, the University of Cincinnati, Sinclair Community College, or one of the other excellent schools in the Buckeye State? If so, there’s a good chance that you’ve over-drafted your checking account or been late with a credit card bill at least once. That is, if the results of a recent study conducted by personal finance site NerdWallet are accurate. Unfortunately, if you’re a repeat offender, all of these overdraft fees and late payment penalties can add up.

Think about it. Instead of using this money to pay unnecessary fees, you could be putting it into a savings account for use after college. You could even put the cash toward your student loans so that you won’t go into default like so many Ohio college graduates. Also, late credit card payments can hurt your credit score. Even worse, if you default on a credit card and the account goes to debt collections, your credit score will plummet. So, if you’re struggling to keep up with payments, take immediate action to get back on track. No one wants to start their post-graduation life with bad credit.

In its 2016 study, NerdWallet found that the average college student overdrafts their checking account more than twice a year. According to the same study, one out of every three college students has paid a credit card bill late at least once. Typically, overdraft fees and late payment penalties are about $35 per offence. So, considering that there were around 11 million students enrolled in college in 2016, it’s possible that around $722 million was spent on fees last year. That’s crazy.

Ohio college students may be super smart, but they’re still making the same credit and financial mistakes that students in other states are making. Luckily, there are some simple tips to follow if you want to avoid these common banking and credit card pitfalls.

First of all, you should always know how much money is in your checking account, and never, ever, ever spend more than you have. Most checking account holders can check their statements online with their phones for free. So, it’s a good idea to start your day by having a look at your bank account. This will also help you to catch fraudulent transactions if you are the victim of identity theft. For extra protection, many banks and credit unions offer their customers low-balance text alerts. After signing up for this service, you’ll get a message every time your checking account balance hits “the danger zone.”

Using Credit Cards as Credit Building Tools

As an Ohio college student, you should always approach credit cards with caution. This isn’t to say, though, that you should avoid using them altogether. After all, using credit responsibly is the only way to build good credit. Emphasis, of course should be placed on the word responsibly. Ideally, you should never charge more than you can afford to pay off every month. Carrying credit card balances over from month to month means having to pay interest charges and puts you in danger of building up debt. Keeping your balances low is also important. If, at any time, you’re using more than 50% of your available credit, your credit score can drop even if you’re making every payment on time.

A good strategy for credit card use is to pick an expense that you have every month – like putting gas in your car. Pay for this one thing with your credit card, than pay off the balance each month. This way, you’re not spending extra money in order to build up your credit score.

Speaking of your credit score, all Ohio college students should get into the habit of regularly checking their credit reports. Again, this will help you to catch fraudulent credit activity that might be the result of identity theft. In addition, checking your credit reports will give you the opportunity to find errors that might be unnecessarily hurting your credit score. Does it surprise you that there might be mistakes on your credit reports? Don’t feel bad. Most Ohioans don’t know that about 80% of consumer credit reports contain inaccuracies of some type.

The Free and Legal way to Get Better Credit

When it comes to removing errors from your credit reports, the disputing process can seem complicated and time-consuming, especially if you’ve never dealt with the credit bureaus before. The good news is that Ohio consumers can get a FREE credit repair lawyer to help them through every step of the process.

Don’t let identity theft or errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? The law allows us to collect our fees and costs from the defendants in any successful action. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (888)293-2882 or sending him a message through our contact page.

The post How Ohio College Students can Avoid Ruining their Credit Scores before and after Graduation appeared first on Law Offices of Gary D. Nitzkin, P.C..

Overall, Ohio credit scores are better than they’ve been in a long time. Nationwide, the average credit score is about 700. This is ten points higher than it was in 2006 (before the Recession). In the Buckeye state, jobs are opening up, and more consumers are paying their bills on time. In July of 2017, Ohio residents may have noticed slight increases in their ratings. This is because a large amount of tax liens and civil judgments were stricken from credit reports at this time.

For Ohioans who typically don’t bother to check their credit scores, now is a good time to start keeping track of this very important number. Not only is it advantageous to know your credit score, but it’s also helpful to understand how it is calculated. Armed with this information, Ohio consumers can pinpoint their credit weaknesses and strengths in order to build the best credit score possible.

Why aren’t more Ohio Residents Regularly Checking Their Credit Scores?

Ohioans have better access to their credit scores than ever before. In the old days, checking your credit score always meant paying a fee. Now, however, free credit scores are fairly abundant. You can get a complimentary VantageScore by signing up with an online service like Credit Karma or WalletHub. Free FICO scores are harder to come by. But some banks and credit card companies offer them to their customers as a perk.

With all of this access to free credit scores, there’s no excuse to not know where you stand with your credit. Yet, there are still a lot of Ohio consumers who are in the dark. According to a national survey, about 44% of consumers have not checked their credit scores in the past year. Of course, older Americans are doing much better with credit score checks. The poll revealed that 85% of Baby Boomers know their credit standing. However, only 57% of Millennials can tell you their credit scores.

How Credit Scores Play a Major Role in the Lives of Ohioans

Maybe if more Ohioans realized how much of a role their credit scores play in their lives, they would be more likely to check them. For example, lenders and credit card issuers base approval decisions on risk, and high credit scores indicate lower risk. Therefore, people with higher credit scores are more likely to be approved for loans and new credit. Typically, the will also receive better interest rates. Cell phone companies and landlords also use credit scores to determine whether or not they need to charge security deposits and how much they should be. This means that cell phone users and renters with low credit scores may have to pay more for phone service and rent.

Your credit score may also determine how much you pay for auto insurance and whether or not you’ll get certain jobs. Sadly, Ohio consumers with low credit scores may find that they are paying more than they should for nearly everything, and missing out on opportunities. This is why it’s important to keep tabs on your credit score and work to improve your rating if it’s low.

What Factors make Up Your Credit Score?

There are dozens of different credit scoring models. However, most lenders and creditors use the FICO score when making an approval decision. There are also different versions of the FICO score available, but here is a breakdown of the most basic FICO model:

35% = Payment History

This is the most heavily weighted part of your FICO score – how well you’ve managed your loan and credit card obligations.

30% = Amounts Owed

This refers to how much you currently owe lenders and creditors.

15% = Length of Credit History

How long have you been using credit? A longer history of positive payment activity is scored better than a shorter one.

10% = New Credit

Recently opened accounts count can help your credit score because they increase your amount of available credit.

10% = Credit Mix

Credit card accounts are a type of “revolving credit,” while home, auto, and personal loans are referred to as “installment credit” lines. You’ll need both types of credit on your credit reports to earn the best possible credit score.

Ohio residents with poor or fair credit scores will probably want to work on the “payment history” and “amounts owed” categories first. This means that they should make sure that they’re current with their bills and that they aren’t carrying high credit card balances. On the other hand, Ohioans with good credit who want excellent credit should zero in on new credit potential and their credit mix.

Why Credit Reports are just as Important as Credit Scores

Ohioans should know that all of the information used to calculate their credit scores comes from their credit reports. This is why you should monitor your credit reports. About 80% of consumer credit reports contain inaccuracies of some kind, and a lot of these mistakes are big enough to harm credit scores.

Every 12 months, Ohio consumers are entitled to request free credit reports from each of the major credit bureaus. Credit reports from TransUnion, Experian, and Equifax can all be acquired through www.annualcreditreport.com. While going over your credit reports, if you spot any errors, you can dispute them. You can then have them removed, and possibly increase your credit score.

The process for disputing credit report errors can be confusing, but Ohio residents can get a FREE credit repair lawyer to help. All you have to do is call the Law Offices of Gary D. Nitzkin, P.C. An experienced attorney will clean up your credit reports and you’ll pay NOTHING for our services.

The Free and Legal way to Get Better Credit

Don’t let errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? The law allows us to collect our fees and costs from the defendants in any successful action. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (216)358-0591 or sending him a message through our contact page.

The post Why NOW is a Good Time for Ohio Consumers to get Familiar with their Credit Scores appeared first on Law Offices of Gary D. Nitzkin, P.C..