“In the last year, a high credit score is even more important.”
We know we can’t possibly know everything… that’s why we’ve called in the experts. You already know Farnoosh Torabi, Geezeo expert with an emphasis on money issues concerning young people. Now meet John Amorison, Geezeo expert who focuses on credit scores, credit repair, and bankruptcy issues. So don’t be shy: head over to John Amorison’s Geezeo group and ask him your question.
John, you’re a lawyer who specializes in family law and bankruptcy services. Are you seeing an increase in the numbers of clients who are overextended financially?
I am seeing people at the breaking point and and cannot continue any longer. They are just making it and then, gas prices go up 30% and then food is up 10%. They are just making it, but it then something pushes them over the edge. For years I have seen divorces, injury, loss of overtime, etc. force people into bankruptcy. That still applies, but now with the economy slowing, businesses are not hiring or not giving overtime. Then the monthly household budget balance is upset and can spin out of control. Once that equilibrium is disrupted, things happen fast. With the economic downturn I dropped my legal fees to accommodate my clients in this environment.
Are you seeing more bankruptcies?
I am seeing not only more bankruptcies but more people giving up their home. They owe what it’s worth or more and they are just saying to the bank—you can have it. That was very rare. Now it’s becoming quite common.
You are passionate about credit scores and credit repair. Why are you so concerned with credit scores?
I have been in the credit repair area for 4-5 years. At first, it was just a service I performed. The problem was identity theft. Now it’s all about accuracy. Over time, I realized how important it is and how easy it is for everyone to have accurate credit scores. In the last year, a high credit score is even more important. A few years ago, mortgages and car loans were given out if a person had a pulse. Not anymore. You need a high credit score to get that loan. Everyone should get their credit reports twice a year and check it for inaccurate information.
What are some steps people can take to repair their credit before taking legal steps like bankruptcy?
Well, there are some great articles here at Geezeo. I encourage Geezeo members to send me your questions at my Geezeo Expert group.
As a Geezeo expert you’ll be answering questions for our community. What is one of the most common questions you are asked regarding credit scores, credit repair, or filing bankruptcy?
Here are some common questions and ones that I’ll address in the group:
How can I repair my credit, isn’t it out of my control?
Should I use a credit repair service?
How can I increase my credit score?
How quickly can I get this done? Isn’t it expensive?
With regard to Bankruptcy, the most common questions are:
Can I keep my home?
Do I make too much money?
The law changed a few years ago, I heard I can’t file anymore?
I understand you will be giving away FREE legal advice to one lucky person. What’s the scoop and how can someone enter to win?
I’m sponsoring “The Back on Track Credit Repair” Essay Contest — a nationwide contest where entrants will submit their stories telling why they need the help. One winner will receive FREE Legal services to help repair credit problems with three major credit reporting agencies, Equifax, Trans-union and Experian (valued at up to $1,000). The runner up will receive a $250 discount coupon for legal services.
In light of the credit crisis today and the $700 billion bailout Congress is deciding, a person’s credit score is and will be crucial to obtain even basic lines of credit (credit cards) as well as reasonable interest rates on mortgages and car loans.
From October 1st through October 31st, all essays should be submitted to CreditRepairEssay@yahoo.com. John Amorison will review all entries and will choose the finalists. See www.legalspeakwithjohn.blogspot.com for more information.
Thanks, John. We are sure that the Geezeo community will appreciate your insights. Who knows? Maybe someone from Geezeo will win your essay contest. Remember: if you’d like to ask John Amorison a question, join his group and just ask!
Related:
Meet Financial Expert Farnoosh Torabi
Back to Basics: How to Improve Your Credit Score
How to Get Free Credit Reports – With Score
October 21st, 2008 at 9:15 am
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October 22nd, 2008 at 9:15 am
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