Credit Smart: Your Step-By-Step Guide to Establishing or Re-Establishing Good Credit

by Nickel, Gudrun Maria

• ISBN13: 9781572483699
• ISBN10: 1572483695
• Edition: 1st
• Format: Paperback
• Copyright: 2003-10-01
• Publisher: Sourcebooks Inc

Summary

Written by an attorney, in simple, easy-to-understand language, Credit Smart takes you from learning about credit history and the credit application process to using credit responsibly. Get your credit under control with Credit Smart-the vital tool for dealing with credit and credit issues.

Table of Contents

Using Self-Help Law Books	xi
Introduction	xv
Frequently Asked Questions	xxi
SECTION I: BUILDING GOOD CREDIT
Chapter 1: Credit: A Vital Part of Our Economy	3	(2)
Chapter 2: Establishing and Reestablishing Good Credit	5	(10)
Credit History
Credit Application Process
Chapter 3: Using Credit Responsibly	15	(6)
SECTION II: UNDERSTANDING CREDIT PITFALLS
Chapter 4: Types of Debt An Overview	21	(16)
Secured Debt
Unsecured Debt
Debt after a Divorce
Contingent Liabilities
Business Debt
Student Loans
Child Support
Chapter 5: Strategies before Creditors and Collectors Call	37	(4)
Prepare Yourself and Your Creditors
The "Minimum One Dollar Payment" Myth
Wage Assignments
Credit Counseling
Chapter 6: When the Collection Agency Calls	41	(16)
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 7: Consumer Reporting Agencies and Your Credit Report	57	(18)
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 Non-Compliance
For Further Research
Sample Letter Requesting Removal of Information
Sample Letter-Inaccurate Credit Information
Sample Letter-Complaint to FTC
Chapter 8: The Internal Revenue Service	75	(12)
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 IRS Correspondence
Small Tax Case Petition Form
Chapter 9: Loan Disclosure Requirements- Truth in Lending	87	(28)
The Federal Law
Required Disclosures
Loan Requests-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
For Further Research
Credit Application Worksheet
Sample Uniform Residential Loan Application
Sample Truth in Lending Disclosure Statement
Sample Good Faith Estimate
Sample Compliance Agreement
Sample Notice of Right to Cancel
Chapter 10: Credit Cards and Other Open-End Consumer Credit Loans	115	(8)
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-Notification of Incorrect Billing
Chapter 11: Consumer Lease Disclosures	123	(6)
Consumer Lease Generally
Disclosure Requirements
Residual Value Calculation
Liabilities for Violations
For Further Research
Chapter 12: Real Estate Loan Disclosures	129	(18)
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
Responding to a Foreclosure Complaint
Sample Mortgage Foreclosure Complaint
Sample Answer to Foreclosure Complaint
Chapter 13: Repossession of Personal Property	147	(8)
Restrictions on Repossession
Sale of Collateral after Repossession
Lender's Pattern of Accepting Late Payments
Your Remedies
If the Lender Already Has the Collateral
For Further Research
Chapter 14: When the Creditor Files a Lawsuit	155	(12)
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 15: Collection of Money Judgments	167	(14)
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 16: Bankruptcy as an Option	181	(10)
Types of Bankruptcy
How Bankruptcy Works
Bankruptcy and Elimination of Debts
The Bankruptcy Court and Your Property
Pros and Cons
How to File for Bankruptcy
For Further Research
Chapter 17: Divorce, Debt, and Community Property	191	(6)
Marriage and Debt
Property Settlements and Court Judgments
Debt Assumed in Divorce
Community Property and Debt
The Innocent Spouse and the IRS
Chapter 18: Property Exempt from Creditors	197	(16)
State-by-State Homestead Exemptions
State-by-State Garnishment Exemptions
Sample Florida Declaration of Domicile
Chapter 19: Personal Assessment and Planning for the Future	213	(8)
Debt and Asset Evaluation
Making Yourself Judgment Proof
Personal Financial Assessment Chart
Monthly Expenses Chart
Your Assets Chart
Assets Given as Collateral Chart
Glossary	221	(10)
Appendix A: U.S, Government Printing Office	231	(2)
Appendix B: State-by-State Consumer Affairs Offices	233	(6)
Appendix C: Federal Trade Commission Regional Offices	239	(2)
Appendix D: Statutes of Limitation	241	(4)
Appendix E: Frequently Referenced Laws	245	(2)
Index	247