Debt consolidation calculators – Are they really beneficial for the consumers?

Facing financial problems? Want to consolidate your debts? Why don’t you choose a debt consolidation calculator and work out the calculations? This will help you understand how much you’ll be paying every month on your outstanding dues. So, if you’re struggling to handle your debts, it may be the time when you need to consolidate them. If you’ve your own house or any real estate property that you had purchased it with a loan, then you may use a debt calculator to know the amount you will have to pay for it.

With the help of debt consolidation, you can combine all your debt into one. Thus, you’ll be making only a single monthly payment. This is just like taking out a new loan so that you can save on the monthly interest rate. This will also make the payments much easier for you. This is a great way to deal with your financial problems so that you can move towards a debt-free life.

How does a debt consolidation calculator work?

Debt consolidation calculator is a great tool for the consumers who want to consolidate their debt. Read on to know how this calculator actually works.

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Applying for a Mortgage? Better Check Your Credit Report for Errors!

 

Are you getting ready to apply for a mortgage?  Have you obtained a recent copy of your credit report to check for inaccuracies?  If not, you might be surprised by what you find.

A February 2013 study from the Federal Trade Commission (FTC) found that:

  • five percent of consumers had errors on one of their three major credit reports that could lead to them paying more for products such as auto loans and insurance.
  • one in five consumers had an error on at least one of their three credit reports.

So what exactly is a credit report and how does it differ from my credit score?  A credit report is a person’s documented debtor history. It includes every credit card, student loan, charge card, mortgage or auto loan or lease for which you’ve ever been named as a signer or co-signer. Details include starting amounts owed and current balances; monthly payment history for individual accounts; including any record of delinquency. Credit reports also include information regarding known places of residence and employment; judgments and tax liens assessed by courts; and any public record of bankruptcy.

A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information obtained from credit bureaus.  For purposes of a mortgage application, the three credit scores used by mortgage lenders are the Equifax Beacon; the TransUnion Empirca; and, the Experian FICO.

Under the Fair Credit Reporting Act (FCRA), All consumers are entitled to one free disclosure (i.e. credit report) every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. Consumers who have had their application for credit, insurance or employment denied because of “poor credit” may apply for additional free credit reports.

certain persons may request a free credit report anytime, with no limit. This includes unemployed persons; persons looking for work within the next 60 days; and, individuals receiving government welfare assistance.

For further information, please either visit www.ftc.gov/credit or review A Summary of Your Rights Under the Fair Credit Reporting Act.

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