Wealth Builder University Blog

Couple Awarded $1 Million For Bad Credit Reporting

Every once in a while it's nice to see that the little guy wins.

Below is an article from a mortgage industry newsletter we subscribe to that had a sad story with a relatively happy ending.

Good luck.

Alex Weiss
WealthBuilderUniversity.com , co-founder

Couple Awarded $1 Million For Bad Credit Reporting

With spotless credit, Reed and Mary Ann Fisher had always paid their mortgage on time, but a two-year nightmare began when Wells Fargo started to falsely report them as delinquent.

Even after the mortgage was transferred to Freddie Mac, the original lender did not clean up the credit report as they had told the couple, but rather went on reporting them to the credit agencies and even began foreclosure proceedings on the property to which they had no claim.

The rest of the article can be found at http://www.mortgageledger.com/modules.php?name=News&file=article&sid=2463

Credit Score Financial Literacy

Greetings from the classic musical city of Vienna, Austria, where my wife Eva and I are visiting relatives, before returning home to LA.

The world is sooo small if you have access to the internet.

I came across an intriguing question on the bank rate website.

Your Boss Can Pull Your Credit. Who Else? 
By Steve Bucci • Bankrate.com

Dear               Debt Adviser, My husband's boss is rumored to periodically view credit reports of his employees. Can a boss do this and how do we stop this from happening? Thanks! Carol

See the continuation below for Steve Bucci's answer.

Alex Weiss, co-founder
www.WealthBuilderUniversity.com

Does a person 'NEED' credit ?

I spent most of last week in Las Vegas at a financial services training. It was HOT (110+ outside).

But nothing feels as good for me, as 'Home Sweet Home'.

There is an interesting question in About.com's Credit /Debt Management section - "Do We Need Credit?"   -  (http://credit.about.com/b/a/000066.htm?nl=1)

One of my favorite guru's, Don Blanton (www.moneytrax.com) taught me the difference between needs and wants.

When you think you 'need' something you try to get away with as little as possible to meet the needs - but when you want something you get as much as you can.

Perhaps we should change the question to read - Should We Want Credit?

Alex Weiss, co-founder

www.WealthBuilderUniversity.com

Get credit reports for FREE more than just once a year

I usually just scan the newsletters I subscribe to but Bankrate.com is not one of them.

Check out this helpful hint entitled "12 free credit monitoring strategies".

1.     Catch mistakes before they make it to your report.
2.     Stagger your free reports for year-round monitoring.
3.     Double or triple up on free report in these states.
4.     Get it free when you've been denied.
5.     Follow up for a freebie after fixing mistakes.
6.     Check it during your job hunt.
7.     Get a little added aid when you need it.
8.     Take advantage of package perks.
9.     Try a scoring estimator.
10.     Check your score when already paying.
11.     Save by doubling up.
12.     Get free advice.

http://www.bankrate.com/nltrack/news/financial_literacy/June07_free_credit_information_a1.asp?ec_id=brmint_ns_weeklyroundup_20070706

Alex Weiss, Co-Founder
www.WealthBuilderUniversity.com

Credit Reports Can Cost You More than Money

I always keep my eyes open fr new information and content to add the the Wealth Builder University.

This morning there was a valuable piece of information at Bankrate.com's website entitled, "How a bad credit score can cost you".

In addition to the usual issues such as higher interest charges you might have to pay, the article raised the issue of, "your credit score can decide where you live, what you drive, your insurance, where you work…".

It did not point out the percentage of "errors" found in the average credit report and that those errors may cost you the opportunity to get a job.

Many companies now use your credit report as a source of information to help them make hiring decisions!

Imagine losing your job because someone else made a mistake on your credit report.