How to Find All Your Debts: 4 Tips

Paying off your debts is a critical part of a healthy credit profile. Here’s what you need to know about how to find your debts.

It’s uncomfortable to admit, but it’s entirely possible that you have debts you didn’t even know about. Whether mail went missing or communication about medical debt got mixed up, it’s possible an account with your name on it is languishing somewhere in collections. Get some tips to find out all your debts so you can make educated decisions about how to clean up your credit history.


How to Find All Your Debts

Even if you keep meticulous records, it’s possible for some debts to have fallen through the cracks. And perhaps you know you owe a debt, but it’s been passed around between collection agencies so many times you’ve forgotten who currently owns the debt. Here’s how to find out which collection agency you owe or uncover debts you don’t know about.

1. Check Your Credit Reports

Our first tip for finding your hidden debts is to turn to your credit report. While not every debt is reported, many are. And if you’re in collections or have owed the debt for a while, chances are someone has placed a negative item on at least one of your credit reports.

The trick here is getting copies of all three of your credit reports from the major bureaus. Not all creditors report to all three, so TransUnion, for example, could have a detail that Equifax and Experian do not—and vice versa.

You can get one free copy of your credit report from each agency every year at AnnualCreditReport.com. (They’re available weekly for a limited time due to COVID-19.) But for those who really want to get a handle on who they owe and what’s on their report, a service such as ExtraCredit is a good choice.

ExtraCredit lets you see your credit reports from all three bureaus—anytime. The reports are pulled monthly. It also gives you regular updates on 28 of your FICO® scores, so you have a clear picture of what your credit history looks like to lenders. Plus, you can get rewards and offers for valuable credit services, including credit monitoring and credit cards.

2. Go Through Old and New Mail

Who among us hasn’t picked up the mail, only to put it in a stack by the front door and leave it there to languish for months? Life gets busy, and it can be tempting to slide unopened envelopes into a bin or drawer and forget about them. But mail can back up before you realize it, and you might miss a notice of a bill or debt.

Take some time to gather all the mail you have. Open it and sort it, carefully looking to see whether you need to take action on something or if you might owe someone money. Keep a notebook or computer nearby so you can make a list.

3. Listen to All Those Old Voicemails

Voicemail can back up just like snail mail. Many people never actually check their voicemail, assuming those who need them will call them back or text them.

Legitimate creditors and collections agencies should leave a voicemail, including contact information. They’ll also usually show up on your caller ID. 

Clear out your old voicemail, listening to each one and making notes about it. Compare that information with the notes you got from your mail and what’s on your credit report to compile a master list of debt you might owe. Keep an ear open for potential debt collection scammers and do your research before following up with anyone.

4. Contact Creditors You Think You Owe

In some cases, you know you owe someone, but it’s been a while. You can contact the last creditor you remember and find out if they still own the debt or if they wrote it off and sold it to a collection agency. They should be able to confirm your debt and give you the name and contact information for the agency that they sold the debt to, if applicable.

What to Do After You Find Your Debt

Once you go through a debt finder process and figure out who you owe money to, you have some decisions to make. Here are three tips for dealing with debt once you find it.

1. Decide Whether You Can—or Will—Pay

You might rush to pay off old debts thinking it will boost your credit, but that may not happen. Yes, the debt should then be marked as paid on your credit report. But the damage from the late payments and collection accounts could still linger.

So, you need to consider seriously how you can and will deal with old debt. If you simply can’t afford to pay, talk to a legal professional about your options, rights, and what consequences could come from paying or not paying old debt. For example, if you start making payments, the statute of limitations could restart and leave you at risk of lawsuits and legal collection activity much longer.

2. Consider Credit Repair Services

One result of digging through credit reports and chasing down old debt can be finding errors or collections you don’t actually owe. If you find inaccurate information on your credit reports, you might consider working with a credit repair service.

Credit repair services work on your behalf to dispute inaccurate information with the credit bureaus. You can actually do credit repair yourself, but if you don’t have time or just know you aren’t going to follow up, you might get more value by paying professionals to handle it for you.

3. Keep Up with Credit Reports and Debts in the Future

Finally, once you do the work to find your debt and clean it up, keep up with your credit reports in the future. While every single debt may not appear on your credit report—or appear right away—staying on top of your credit report ensures you’re aware of most of them. ExtraCredit gives you the access to your accounts that you need to keep track of your debts and your credit score.

Bonus Tip: Once you’ve found all your debts, use a debt management app like Tally to keep track of them moving forward so you’ll never have to wonder about them again.

TL;DR: ExtraCredit Could Help You Identify and Manage Your Debts

If you’ve lost track of your debts and what you owe to who, it can take some work and time to track everything down. But once you do, stay ahead of these things with help from ExtraCredit.


Source: credit.com

How to Take Advantage of Low-Interest Loans During the COVID-19 Health Crisis

December 2, 2020 &• 5 min read by Credit.com Comments 0 Comments

div#contentdisclaimer background: #fff;padding: 1.5em;line-height: 1.25em;max-width: 500px;
Advertiser Disclosure

Disclaimer

The following is a guest post from Dr. David L Tuyo II, president and CEO of University Credit Union.

While there is rampant fear and caution against a global economic downturn due to COVID-19, this does not mean that every individual will be hit as hard as the next.

#animation-wrapper max-width: 450px; margin: 0 auto; width: auto; height: 600px; font-family: ProximaNova-Regular, Arial, sans-serif; #animation-wrapper .box background: linear-gradient(#0095D8, #1D4BB6); color: #fff; text-align: center; font-family: ProximaNova-Regular, Arial, sans-serif; height: 130px; padding-top: 10px; .content .box p margin: 0 0; .box .btn-primary color: #fff; background-color: #ff7f00; margin: 10px 0; .chat ul margin: 0; padding: 0; list-style: none; .message-left .message-time display: block; font-size: 12px; text-align: left; padding-left: 30px; padding-top: 4px; color: #ccc; font-family: Courier; .message-right .message-time display: block; font-size: 12px; text-align: right; padding-right: 20px; padding-top: 4px; color: #ccc; font-family: Courier; .message-left text-align: left; margin-bottom: 6px; .message-left .message-text max-width: 80%; display: inline-block; background: #0095D8; padding: 8px 15px; font-size: 14px; color: #fff; border-radius: 30px; font-weight: 100; line-height: 1.5em; .message-right text-align: right; margin-bottom: 6px; .message-right .message-text line-height: 1.5em; display: inline-block; background: #1D4BB6; padding: 8px 15px; font-size: 14px; color: #fff; border-radius: 30px; line-height: 1.5em; font-weight: 100; text-align: left; .chat background: #fff; margin: 0; border-radius: 0; .chat-container height: 450px; padding: 5px 15px; overflow: hidden; .spinme-right display: inline-block; padding: 15px 20px; font-size: 14px; border-radius: 30px; line-height: 1.25em; font-weight: 100; opacity: .2; .spinme-left display: inline-block; padding: 15px 20px; font-size: 14px; color: #ccc; border-radius: 30px; line-height: 1.25em; font-weight: 100; opacity: .2; .spinner margin: 0; width: 30px; text-align: center; .spinner>div width: 10px; height: 10px; border-radius: 100%; display: inline-block; -webkit-animation: sk-bouncedelay 1.4s infinite ease-in-out both; animation: sk-bouncedelay 1.4s infinite ease-in-out both; background: #000; .spinner .bounce1 -webkit-animation-delay: -.32s; animation-delay: -.32s; .spinner .bounce2 -webkit-animation-delay: -.16s; animation-delay: -.16s; @-webkit-keyframes sk-bouncedelay 0%, 100%, 80% -webkit-transform: scale(0); 40% -webkit-transform: scale(1); @keyframes sk-bouncedelay 0%, 100%, 80% -webkit-transform: scale(0); transform: scale(0); 40% -webkit-transform: scale(1); transform: scale(1); .ad-container padding: 15px 30px; background-color: #fff; max-width: 690px; box-shadow: 1px 1px 4px #888; margin: 20px auto; .ad padding: 10px 6px; max-width: 630px; .ad-title font-size: 20px; color: #07b; line-height: 22px; margin-bottom: 6px; letter-spacing: -.32px; .ad-link line-height: 18px; padding-left: 26px; position: relative; .ad-link::before content: ‘Ad’; color: #006621; font-size: 10px; width: 21px; line-height: 12px; padding: 2px 0; text-align: center; border: 1px solid #006621; border-radius: 4px; box-sizing: border-box; display: inline-block; position: absolute; left: 0; .ad-link a color: #006621; text-decoration: none; font-size: 14px; line-height: 14px; .ad-copy color: #000; font-size: 14px; line-height: 18px; letter-spacing: -.34px; margin-top: 6px; display: inline-block; .ad .breaker font-size: 0; .box .box-desc font-family: ProximaNova-Bold, Arial, sans-serif; font-size: 17px; font-weight: 600; width: 225px; margin: 0 auto; .btn display: inline-block; margin-bottom: 0; font-weight: 400; text-align: center; vertical-align: middle; touch-action: manipulation; cursor: pointer; background-image: none; border: 1px solid transparent; white-space: nowrap; padding: 6px 12px; font-size: 14px; line-height: 1.428571429; border-radius: 4px; -webkit-user-select: none; -moz-user-select: none; -ms-user-select: none; user-select: none; font-family: ProximaNova-Semibold, Arial, sans-serif; text-decoration: none; .btn-group-lg>.btn, .btn-lg padding: 10px 16px; font-size: 18px; line-height: 1.3333333; border-radius: 6px; #ad-4 font-family: Arial, sans-serif; background-color: #fff; #ad-4 .ad-title color: #2130ab; #animation-wrapper .cta-ec background: #79af3e; color: #fff; width: 155px; height: 41px; font-family: ProximaNova-Semibold, Arial, sans-serif; font-size: 14px; margin: 10px auto 4px auto; #animation-wrapper .ec-logo display: block; margin: 0 auto; width: 140px; @media (max-width:500px) .ad padding: 20px 18px; max-width: 630px;

  • I just watched a documentary on the dark web, and I will never feel safe using my credit card again!
  • Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.
  • I need that peace of mind in my life. What else do you get with ExtraCredit?
  • It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.
  • It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.
  • …we live in Oklahoma.

Get everything you need to master your credit today.

Get started

Certainly, there has been and will be even more severe impact across some key industries, but this shouldn’t be a cause for panic, particularly if you aren’t financially tied directly to any of the hardest-hit industries.

In fact, overly cautious decisions right now could equate to missed opportunities for personal financial growth. What many people don’t realize is that now is the time to take advantage of low-interest loans.

Interest rates are bottoming out at historic lows, which means that it is more affordable than ever to borrow money from financial institutions. There is even some speculation that interest rates could become negative—meaning that financial institutions would actually pay people to take out loans. Although unlikely, this has been seen before in places like Switzerland, Denmark, and Japan.

This means that there is a fantastic opportunity to borrow money in order to ease the financial burden of your debt, increase the cash flow that you have on a monthly basis, and potentially provide some peace of mind during these unprecedented times.

So how can you take advantage of low-interest rates to get ahead financially?

In this article, we will explore three financial strategies that can be implemented now.

When interest rates are low, refinancing your mortgage should be on the top of every prudent homeowner’s list.

If you are not familiar with refinancing, it is essentially the process of replacing an existing mortgage with a new loan. This is primarily done to allow the borrower to obtain a better interest rate than the one that is currently held on the existing mortgage. The old loan is paid off and a new one is created at a better interest rate.

There are plenty of examples of people who are refinancing their mortgages right now during the COVID-19 outbreak and finding significant financial relief, which is an important lesson for anyone who might be struggling to keep up with their payments.

Even with some of the social distancing restrictions in place, accommodations can be made for safe appraisals, so don’t assume that it’s not possible to take advantage of low-interest rates through refinancing right now.

Similar to mortgages, it is even easier to refinance a loan on your automobile to acquire a better rate or a new term.

#animation-wrapper max-width: 450px; margin: 0 auto; width: auto; height: 600px; font-family: ProximaNova-Regular, Arial, sans-serif #animation-wrapper .box background-color: #f5f5f5; color: #000; text-align: center; font-family: ProximaNova-Regular, Arial, sans-serif; height: 130px; padding-top: 10px .content .box p margin: 0 0 .box .btn-primary color: #fff; background-color: #ff7f00; margin: 10px 0 .chat ul margin: 0; padding: 0; list-style: none .message-left .message-time display: block; font-size: 12px; text-align: left; padding-left: 30px; padding-top: 4px; color: #ccc; font-family: Courier .message-right .message-time display: block; font-size: 12px; text-align: right; padding-right: 20px; padding-top: 4px; color: #ccc; font-family: Courier .message-left text-align: left; margin-bottom: 8px !important; .message-left .message-text max-width: 80%; display: inline-block; background: #79af3e; padding: 13px; font-size: 14px; color: #fff; border-radius: 30px; font-weight: 100; line-height: 1.5em .message-right text-align: right; margin-bottom: 8px !important; .message-right .message-text line-height: 1.5em; display: inline-block; background: #2e5e89; padding: 13px; font-size: 14px; color: #fff; border-radius: 30px; line-height: 1.5em; font-weight: 100; text-align: left .chat background: #fff; margin: 0; border-radius: 0 .chat-container height: 450px; padding: 5px 15px; overflow: hidden .spinme-right display: inline-block; padding: 15px 20px; font-size: 14px; border-radius: 30px; line-height: 1.25em; font-weight: 100; opacity: .2 .spinme-left display: inline-block; padding: 15px 20px; font-size: 14px; color: #ccc; border-radius: 30px; line-height: 1.25em; font-weight: 100; opacity: .2 .spinner margin: 0; width: 30px; text-align: center .spinner>div width: 10px; height: 10px; border-radius: 100%; display: inline-block; -webkit-animation: sk-bouncedelay 1.4s infinite ease-in-out both; animation: sk-bouncedelay 1.4s infinite ease-in-out both; background: #000 .spinner .bounce1 -webkit-animation-delay: -.32s; animation-delay: -.32s .spinner .bounce2 -webkit-animation-delay: -.16s; animation-delay: -.16s @-webkit-keyframes sk-bouncedelay 0%, 100%, 80% -webkit-transform: scale(0) 40% -webkit-transform: scale(1) @keyframes sk-bouncedelay 0%, 100%, 80% -webkit-transform: scale(0); transform: scale(0) 40% -webkit-transform: scale(1); transform: scale(1) .ad-container padding: 15px 30px; background-color: #fff; max-width: 690px; box-shadow: 1px 1px 4px #888; margin: 20px auto .ad padding: 10px 6px; max-width: 630px .ad-title font-size: 20px; color: #07b; line-height: 22px; margin-bottom: 6px; letter-spacing: -.32px .ad-link line-height: 18px; padding-left: 26px; position: relative .ad-link::before content: ‘Ad’; color: #006621; font-size: 10px; width: 21px; line-height: 12px; padding: 2px 0; text-align: center; border: 1px solid #006621; border-radius: 4px; box-sizing: border-box; display: inline-block; position: absolute; left: 0 .ad-link a color: #006621; text-decoration: none; font-size: 14px; line-height: 14px .ad-copy color: #000; font-size: 14px; line-height: 18px; letter-spacing: -.34px; margin-top: 6px; display: inline-block .ad .breaker font-size: 0 .box .box-desc font-family: ProximaNova-Bold, Arial, sans-serif; font-size: 17px; font-weight: 600 .btn display: inline-block; margin-bottom: 0; font-weight: 400; text-align: center; vertical-align: middle; touch-action: manipulation; cursor: pointer; background-image: none; border: 1px solid transparent; white-space: nowrap; padding: 6px 12px; font-size: 14px; line-height: 1.428571429; border-radius: 4px; -webkit-user-select: none; -moz-user-select: none; -ms-user-select: none; user-select: none; font-family: ProximaNova-Semibold, Arial, sans-serif; text-decoration: none .btn-group-lg>.btn, .btn-lg padding: 10px 16px; font-size: 18px; line-height: 1.3333333; border-radius: 6px #ad-4 font-family: Arial, sans-serif; background-color: #fff #ad-4 .ad-title color: #2130ab #animation-wrapper .cta-amone background: #79af3e; color: #fff; width: 155px; height: 41px; font-family: ProximaNova-Semibold, Arial, sans-serif; font-size: 14px; margin: 10px auto 7px auto #animation-wrapper .amone-logo display: block; margin: 0 auto @media (max-width:500px) .ad padding: 20px 18px; max-width: 630px

Get matched with a personal loan that’s right for you today.

Learn more

This can be advantageous if a borrower needs to free up some cash or reduce their monthly payments and with incredibly low rates available—it’s an easy choice to make.

Refinancing your car loan is also much simpler than refinancing your mortgage as it can be completed entirely online, so no physical contact with other people is actually required. This can make it a less complicated financial decision and very quick to process in most cases.

By reducing your monthly payments through refinancing, you will have better cash flow and it will be more feasible to fit your payments into a budget that may be contracting due to the economic downturn.

If you have been considering purchasing a home or investing in property, this is an ideal time to make a purchase if you want to take advantage of the very low interest rates that are available.

Right now, it is possible to lock in low interest rates if you take out a mortgage before interest rates climb back up, which means that you can enjoy years of cost savings as a result of a fixed-rate mortgage.

Of course, you need to carefully consider your financial position before taking out any loan, but if you hold any confidence in your cash flow and assets, then it’s a very appealing time to take out a mortgage.

That said, there is potential that housing prices could come down further, but if buying activity is encouraged by low interest rates, then it might not dip that far depending on where you live. If you are considering entering the housing market, then you should keep a careful eye on price movement—and if you see a deal, be ready to jump on it.

Markets and the economy are always going up and down. Sometimes it goes in one direction more than the other, but ultimately, it’s not the state of the economy that matters the most. The most important financial decisions are the ones that you make in response to economic trends.

Believe it or not, it is very possible to make money during economic turmoil. If you take careful consideration of your position and your options, then you can find a way to get ahead despite all of the existing challenges.

Granted, we haven’t seen economic problems like this since the Great Depression, but it’s important to understand that the context and root causes that affect us today are very different than back then.

This is a time to be cautious, but not afraid. Cautious investors make smart decisions. Financial decisions driven by fear are rarely the right choice.

Think carefully, but don’t be afraid to act now in order to take advantage of low-interest loans.

Dr. David L Tuyo II, DBA, MBA serves as the President and CEO of University Credit Union. He is a veteran of the financial services industry where he has served financial institutions in a multitude of roles including COO, CFO, and Chief Investment Officer. His career in the financial services industry spans over 20 years, with the majority dedicated to serving credit unions.


Sign up now.

Source: credit.com