Carefully review older debt that shows as charged-off. Before contacting the creditor or collection agency, check your state laws to see if the debt is statute-barred or time-barred, meaning that it is too old for creditors to attempt further collection. If it is not statute-barred, even contacting the creditor can re-instate the debt as currently collectible, which can drop your score.
Trying to get a little bit of business advice, hope someone can help. We are struggling to make it through our slow months right now. We have about $100,000 in business debt currently active and all in good standing, we have never made a late payment. But we are getting buried with making sure we are paying all of these bills on time while still being able to order products to keep the business fully functional. We are scared we are heading towards bankruptcy or even closure. Would a debt consolidation company be able to help us? Or does it seem we are too far gone? I guess I was hoping with a debt consolidation company we could lower our monthly burden, stretching out our payment to 48-60 months.
If you have missed multiple payments, perhaps its time to set-up payment reminders. In the digital age, you can schedule your cell-phone, laptop, and even email to remind you when a payment is due. On top of this, you can purchase sticky notes and post them around your entire home or office to remind yourself when a specific bill is due. In a lenders eyes, there should not be an excused for a missed payment. Just like the example of lending money to your friend, a lender is expecting to receive their capital back in a timely manner.
If you’re the parent of a teenager, you might wonder if now is the right time to help them open a credit card. It can be hard to decide if they’re ready to take on the responsibility that comes with having a credit card since you need to trust that your teen has the restraint to limit spending and pay on time. Generally, we recommend introducing your teen to credit as soon as you can since credit is such a large part of life as an adult — you need credit to take out loans, apply for a mortgage and even make certain purchases. Plus, it’s important for your teenager to learn how to manage credit responsibly so they can build good credit.
I would like to say Thank you for the outstanding service that you gave me. I started the program just four short years ago and in March I will be debt free. With your help in setting better plans with my creditors I was able to accomplish this. It was hard work, but it was all worth it at the end. The Consolidated credit counselors are the best; they answered all of my question(s) and helped me every step of the way.
We saw probably the most amazing show on the planet at the Robot Restuarant (I won't spoil it for you.), ate at vending machine restuarants, slept in 5 star hotels and in cool tiny manga cafes.  We got kimonos for pajamas, song karaoke where we made a couple of Japanese friends, shopped at the 100 yen shop, rode the most fun metro system around and saw the Tokyo Tower.  We had the most amazing time of our lives for free!
Here’s some background to help demystify the process. Your credit score utilizes historical data from your credit report to predict your future risk of default. The information on your credit report is usually an accurate reflection of your financial life. And finally, your financial life is a subset of the rest of your life. So if you’re having hard times, more than likely it will show up in your financial life, credit report and then credit score.
UPDATE: The Alternative Loan Machine is actually fixing the issue for me now. Apparently the problem was during the period when they were switching from beta testing to going live. Their communications were down while they were transferring everything over to their new system. They’ve since contacted me and are assisting in getting my refund back from the vendor I hired through them, so everything’s getting taken care now. They are at this time doing everything they advertise themselves doing.
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