Battered stock markets get breathing room, but fear contagion (AFP via Yahoo! News)
Eventually banks charge off unpaid debt balances. A charge off does not mean that a forgiveness of debt occurs, it only indicates the creditor has made an accounting notation that they do not believe that the debt will ever be repaid. A charge off represents a significant black mark on one’s credit report. Charge offs can be noted in several ways. A charge off which is unresolved appears as such on a credit report. Charge offs can be resolved the same as any other debt by either paying them in full, paying them at a discount, making a payment over time or filing a bankruptcy. Aside from the obvious downside of a charge off in that it paints the debtor in a very poor light, an open unpaid charge off indicates to a potential creditor reading your report, not only was there financial trouble at one time but further more that the debtor has not made any effort to deal with the problems. A bankruptcy is certainly not a favorite resolution by the creditors but it shows that the debtors have recognized there is a problem and has taken some action. In terms of a credit report a bankruptcy is not a clean slate. A bankruptcy remains a nasty item on one’s credit report as long as ten years. On the positive side, however, the bankruptcy is a clear time or “line in the sand”, from which the debtor can begin to rebuild. With open unresolved charge offs there is no such point in time where rebuilding can start. Open unresolved charge offs remaining glaring poor credit cavities on ones credit report.
Battered stock markets get breathing room, but fear contagion (AFP via Yahoo! News)
Global investors will be watching nervously for signs of contagion from the US housing meltdown and a credit squeeze in coming days, even after a broad stock markets rebound over the past week from recent turbulence.
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UPDATE: Realty Q&A: Beef Up Your Credit Score But Don't Overstuff It (Nasdaq)
WASHINGTON (Dow Jones) -- Question: You always seem to be advising readers with poor or just OK credit on how to boost their credit scores.
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Realty Q&A: Beef up your credit score but don't overstuff it (MENAFN)
Realty Q&A: Beef up your credit score but don't overstuff it
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Credit Markets (Washington Post)
Washington Post business columnist Steven Pearlstein was online Wednesday, Aug. 22 at 11 a.m. ET to discuss whether the credit markets are a better way to finance businesses and households than old-fashioned banks.
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Personal Finance Daily -- Aug. 24 (Market Watch)
These are the times that try home sellers' souls. Having spent so much of the decade in command of the market, the last year or so has been marked by a reversal of fortune in which buyers now hold the upper hand and in which sellers have to resort to desperate measures to close a deal.
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Paychecks stretched to the limit (Bradenton Herald)
MANATEE —The calendar in Mary Beth Bos’ office is highlighted with hundreds of important business dates, holidays, birthdays and one crucial anniversary: Nordstrom’s two-week sale in August. "My husband and I are both business consultants, so dress is very important to us," said Bos, vice president of MBJ Group in Sarasota. "For me, I'm a real picky person when it comes to fashion and what I ...
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New loan company opens downtown (The Ironton Tribune)
A new finance company is in town offering loans — from small personal loans to mortgages. “Technically, we’re open now, but we are having a grand opening Monday,” said Gloria Webb, manager of Loan Central, located at 710 Park Avenue, Suite 1, in Ironton.
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Mortgage meltdown (Fort Wayne Journal Gazette)
When the subprime mortgage topic turns up, a lot of people tune out.
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Battered stock markets get breathing room, but fear contagion (TODAYonline)
Traders at the Philippine Stock Exchange, in the financial district of Makati, suburban Manila.
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Double whammy: Foreclosure and taxes (Bankrate.com via Yahoo! Finance)
Losing your home in a foreclosure is bad enough. Wait until you get the tax bill.
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Battered stock markets get breathing room, but fear contagion (AFP via Yahoo! News)
If the account is now paid off, but was seriously past due at one time, DO NOT write that it's not your account. Instead, write that it is your account but was NEVER past due and you need it updated to say that everything has always been current.
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Bad Credit and Home Refinance (Benton Evening News)