Amy Loftsgordon - Credit Repair: Improve and Protect Your Credit

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13th Edition

Attorneys Amy Loftsgordon
& Cara ONeill

Names: Loftsgordon, Amy, author.

Title: Credit repair : improve and protect your credit / Attorney Amy Loftsgordon.

Description: 13th edition. | Berkeley, CA : Nolo, 2017. | Includes index.

Identifiers: LCCN 2017018843 (print) | LCCN 2017031114 (ebook) | ISBN 9781413324297 (ebook) | ISBN 9781413324280 (pbk.)

Subjects: LCSH: Consumer credit--United States--Handbooks, manuals, etc. | Finance, Personal--United States--Handbooks, manuals, etc. | Consumer credit--Law and legislation--United States.

Classification: LCC HG3756.U54 (ebook) | LCC HG3756.U54 L46 2017 (print) | DDC 332.7/43--dc23

LC record available at https://lccn.loc.gov/2017018843

This book covers only United States law, unless it specifically states otherwise.

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Please note

We believe accurate, plain-English legal information should help you solve many of your own legal problems. But this text is not a substitute for personalized advice from a knowledgeable lawyer. If you want the help of a trained professionaland well always point out situations in which we think thats a good ideaconsult an attorney licensed to practice in your state.

Amy Loftsgordon has worked in the area of foreclosure and debt collection for over ten years. Her broad experience includes helping people fight collection actions and enforcing debtors rights under the Fair Debt Collection Practices Act. As part of a national settlement involving the mortgage industry, she has also reviewed servicer records to uncover extensive credit reporting errors.

Amy has authored numerous foreclosure, debt, and real estate articles on Nolo.com . She is the coauthor of Nolos The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket and will be updating the 15th edition of Nolos Solve Your Money Troubles.

Amy received a B.A. from the University of Southern California and a law degree from the University of Denver Sturm College of Law and is licensed to practice law in Colorado.

Cara ONeill is a bankruptcy attorney in Northern California and a legal editor who edits and authors several Nolo book titles. Prior to joining Nolo, Cara practiced for over 20 years in civil litigation and bankruptcy. During that time, she served as an Administrative Law Judge mediating disputes in the automotive industry, taught undergraduate and graduate law courses, and served as house counsel for a large insurance company. She earned her law degree in 1994 from the University of the Pacific, McGeorge School of Law, where she served as a law review editor and graduated a member of the Order of the Barristersan honor society recognizing excellence in courtroom advocacy. Cara maintains a bankruptcy practice in Roseville, California at the Law Office of Cara ONeill.

Many thanks to the previous coauthors of Credit Repair, John Lamb and Margaret Reiter, for whipping this book into excellent shape and adding valuable insights based on their many years of consumer and debt experience.

The Nolo Editorial Staff

During tough economic times, its easy to fall into debtand it can be hard to pay that money back. Unfortunately, the consequences of mounting debt, such as missed payments, defaults, repossessions, and even foreclosures and bankruptcy, eventually find their way into your credit report.

The consequences of having bad credit can affect many areas of your life. You may have trouble:

getting a loan

getting a new credit card

opening a checking account

renting a home, or

getting a job offer.

If you have open-ended credit accounts, like credit cards, and your credit goes downhill, the creditor is likely to increase your interest rate, decrease your credit limit, or cancel credit privileges. And if you are trying to get new credit, you will likely pay much more in interest and fees than those with good credit. Having bad credit can even mean paying more for car insurance.

This can lead to a repetitive cycle in which bad credit prevents you from doing the very things that will help you get back on your feet financially. But its a cycle you can break by taking action to repair your credit.

Whether youve fallen behind on your bills, been sued, faced a repossession or foreclosure, or even declared bankruptcy, this book will help you take simple and effective steps to repair your credit. Youll learn how make a budget, negotiate with creditors, clean up your credit report, and build and maintain good credit going forward. As you read this information and decide how to handle your situation, keep these important facts in mind: