Know Where To Go For New Debt Relief

According to a recent report by The Hartmann Group, private sector debt in the United States totals $38 trillion dollars, or roughly 2.1 times US GDP. This is more than twice the government debt total, and includes all corporate and personal debt. The total does not include banking derivatives, which are nearing a level that is incalculable.

Past and Present US Debt

7After WWII, the United States government invested greatly in human resources. It directly spent money on infrastructure and higher education. The investment worked because of a concerted will toward growth.

The trillions in personal debt now cannot be blamed on war. It is a result of a cultural desensitizing to the compounding effects of spending more than is earned. Yes, a college degree can cost as much as $50,000 per year, but when did it become acceptable to consider fees like that as a normal “part of life?” How do minimum wage workers get approved for $300,000 mortgages? There’s plenty of causation and blame to go around!

The Current Face of Personal Debt Relief

It might seem strange, but the United States government has basically given control of debt relief back to the private sector. They have passed legislation that allows third party mediators to enter into debt and crediting agreements between private individuals, businesses and lenders. Because of the present economic environment, lenders are waking-up to the fact that default favors neither the borrower, nor the lender. Third party debt consolidation and refinancing options are now widely accepted and preferred.

A private individual with a poor credit score and a protracted history of accrued debt has little legal ground to leverage deals with lenders. Third party consolidation and refinancing services have legal inroads to constructing new agreements between lenders and borrowers. These types of services are widely available for debts like credit card balances, underwater home loans, unsubsidized student loans and probate matters. For subsidized student loans, there are a host of new government allowances that can reduce the burden of repayment. These programs are based on factors like income-sensitivity and time spent in public service.

New allowances that make private debt more manageable for the borrower, and more equitable for lenders are extremely useful. The problem is, people do not know how to go about searching for debt relief help and other timely financial assistance.

Where To Start Looking

It is unlikely that government-affiliated offices and professionals will readily provide information about debt relief. So, don’t rely on corporate tax preparation services, or labor offices to find information. Instead, look to modern communication platforms that are a hotbed for mediation experts. Most debt relief services with the ability to effectively counsel private parties on debt relief and consolidation are independently funded, or operate on grants. Their consumer exposure happens in realms where normal individuals congregate and relay information.

Private CPAs, college financial officers, legal defense teams, talk radio and directed Internet searches are the best way to find real help with debt relief.

When using the Net, instead of searching for help with subjects like:

– refinancing
– loans
– subsidized/unsubsidized
– payments
– “how to avoid debt,”

search for announcements centered on ideas like:

– payment reduction
– income sensitive
– third party loan negotiation
– new loan adjustment rules.

Lenders (especially the government), prefer repayment over default. Seeking the help of independent loan payment consolidation and repayment negotiators is a powerful tool for any private individual with the desire to do what is right, but needs a high degree of extra legal help.

How to Dispute Inaccurate Items on Your Credit Report

The First things you should know:

credit-report-disputeThere are a few things that you need to know in order to start a dispute on your credit. Not all companies use all three credit reporting agencies to check your credit. So, in order to get an accurate view of what your credit score looks like it is better to have a copy of all three reports. Due to Federal regulation (The Fair Credit Reporting Act) you are allowed to receive a free credit report from each agency once every year. You will be required to provide your Social Security number. The three national credit agencies that you need to get a report from are Transunion, Equifax and Experian. Because these are national, they are the most commonly used agencies. If you are turned down for credit you can get an additional report free from the credit reporting agency used by the lender that refused you credit.

Steps you can take to fix your credit report:

The first step that you need to take to dispute an inaccuracy is to get a copy of your credit report so that you are looking at the same information as your lender. Review the report carefully; in this way you will know what parts of your credit report have inaccuracies. Make sure you look at the report from all three agencies. Each report looks a little bit different so look through them thoroughly. You can dispute an inaccuracy online, by mail or by telephone.

What to do next:

Once you have found the inaccurate entries you can move on to the dispute process. For each agency that you find an inaccuracy in your report you will need to file a separate dispute. Each agency has its own online site for filing a dispute.

How long does it take?

Once your dispute has been filed each lender that you file the dispute on will have 30 days to supply information verify that their information they provided to the credit reporting agency is accurate. If they do not provide this information the reporting agency will remove the item from your credit report. In some cases they will have up to 45 days to supply the information. You can log on to each site and check the progress of your dispute at any time. It is important to check your credit score at least annually to look for inaccurate information, it does happen, and to watch for identity theft.

Where to go to get your report:
To order all three reports free:

http://www.annualcreditreport.com/

If you prefer to mail the form you can print it here:
http://www.consumer.ftc.gov/articles/pdf-0093-annual-report-request-form.pdf

Each agency will have a slightly different process but you can file your dispute by using these links:
*Experian: http://www.experian.com/disputes/main.html
*Equifax: https://www.ai.equifax.com/CreditInvestigation/home.action
*Transunion: https://dispute.transunion.com/dp/dispute/order.jsp?package=DisputeDisclosureXML