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Yahoo
2 days ago
- Business
- Yahoo
8 ways to remove old debt from your credit report
Unpaid debts and accounts in collections will stay on your credit report for seven years. Removing old debt from your credit report may help improve your score. You can file a dispute with the credit bureaus or enlist the help of a credit repair company to remove old debt and inaccuracies from your credit reports. Removing old debts from your credit report can help improve your credit score. Not every debt can be removed, and accurate items like late payments, discharges and debts in collections must remain for a certain amount of time. But removing those debts could be an important step in rebuilding your credit score. Combining multiple strategies may be most effective. Start by requesting free copies of your credit reports from the three major credit bureaus — Equifax, Experian and TransUnion — at to determine which credit reports have old debts on them. Each bureau records slightly different information, so old debt may appear on some reports and not others. Once you know what debt is on your credit report, verify the age of your debt and search your financial records to determine whether you paid off the account and, if so, whether you paid the original creditor or a debt collector. For delinquent debts, determine the date on which you first became delinquent. For example, if you missed your March 2022 payment and your bill eventually went into default, your delinquency date would be March 2022. No matter how many times a debt is sold (and resold), the date that counts for old debt is the date of delinquency with the original creditor. Information only stays on your credit report for a certain length of time. Unpaid debts, delinquent accounts and accounts in collections will remain on your credit report for seven years even if you eventually repaid them. Chapter 7 bankruptcies are visible for 10 years, and Chapter 13 bankruptcies, seven years. If your old debt is about to expire, the easiest approach is to wait for it to fall off. However, if the right number of years has passed and it's still showing, you can contact the appropriate credit bureau to have it removed. You may be able to get a collection account removed before the expiration if you have paid off the debt. Contact the collection agency and explain why you need the item removed. If there were circumstances beyond your control that led to delinquency, sharing those details may help convince the collection agency. It's up to the collection agency to decide whether they're willing to remove the account. Writing a clear, well-organized request and being in otherwise good credit standing can increase your chances. Occasionally, debts may show up on your credit report past their expiration by mistake. If this happens, you can file a dispute by contacting each credit bureau that is still reporting the old debt. The credit bureaus can be contacted by phone, mail, or online. Gather supporting documents such as receipts, letters and statements from your creditor. These documents will help the bureau verify when your account became delinquent. From there, they will open an investigation and contact your creditors to resolve the error. The Fair Credit Reporting Act requires credit bureaus to correct or delete any information that can't be verified or that is incorrect or incomplete, typically within 30 days. If the creditor can't verify the debt, it has to come off your report. Debt statute of limitations Debt collectors can still pursue unpaid debts even if they have been removed from your credit report. Agreeing to repay the debt could restart the statute of limitations on your debt. In addition to contacting the credit bureaus, consider contacting the creditor that is reporting the debt. In some cases, going directly through the creditor may be faster than going through the credit bureaus. As with the credit bureaus, state your case and include copies of any relevant documentation. Your creditor will have 30 days to investigate and respond to your claims. If you go this route, be careful to avoid making statements that could restart the debt clock if the statute of limitations has not expired. Hiring a credit repair company is another option for removing old or incorrect information from your credit report. For a fee, a credit repair company will identify errors on your reports, file disputes and even write goodwill letters on your behalf. This service can cost between $50 and $200 per month, so it's important to do your research and ensure you're using a reputable credit repair company. If you've contacted the credit bureaus and your creditor but the debt is still showing on your credit report, you can try complaining to someone higher up in the company reporting the debt. 'Direct your next letter to the president's attention at the company's headquarters address,' says Sonya Smith-Valentine, former managing attorney at Valentine Legal Group, 'because you get a different kind of response from the office of the president than you do from customer service.' You can also file a complaint with the Consumer Financial Protection Bureau. The CFPB forwards complaints to companies and publishes them in its public database, which can help you get a response. Note: As of February 2025, the Trump administration has halted the work of the CFPB. If you are unable to file a complaint with the CFPB, you can also file a complaint with your state attorney general. Dealing with debt collectors Debt collectors can pursue you after the statute of limitations has expired on your debt, but that doesn't mean you have to pay them. If you have exhausted other options for removing old debt from your credit report, then contacting an attorney may be the next step. Often, a letter on legal stationery is enough to move a company to address your concerns. However, if it is not, a lawyer can advise you on whether a lawsuit is a good option for your situation. If you do talk to an attorney, choose one who specializes in consumer rights, Smith-Valentine says. 'When you're dealing with the Fair Credit Reporting Act, it is very convoluted and you need someone who's done it, who understands it and who knows where the holes are.' One source for help is the National Association of Consumer Advocates, an organization of lawyers who specialize in credit and debt law. When you work hard to repair your credit, you want your credit report to reflect that. In some cases, you may be able to remove old debts that are still showing if they are old enough or fully repaid. You can reach out to the credit bureaus and your creditors yourself, or you can hire a credit repair company to handle the process for you.
Yahoo
3 days ago
- Business
- Yahoo
Renkim Notice of Data Security Incident
SOUTHGATE, Mich., June 2, 2025 /PRNewswire/ -- Renkim, a Michigan based company that provides electronic, print, and mail processing services for its clients, suffered a security incident affecting a limited number of individuals. After discovering the incident, Renkim immediately isolated and took the impacted systems offline. Renkim is providing this notice to give you more information on what happened and what we are doing in response. WHAT HAPPENED On March 3, 2025, we detected suspicious activity on our network. We immediately responded to terminate that activity and secure our network environment. We also launched an investigation with the assistance of third-party experts and notified law enforcement of the incident. Based on the investigation, the suspicious activity started on March 2, 2025, and we believe that an unauthorized third party may have obtained files including your personal information. WHAT INFORMATION WAS INVOLVED The small amount of information that was impacted was limited to the information to process and create mailings for our clients. For most of our clients, this includes some individuals' full name, contact information, client name and client account number. In a few instances, it also includes date of birth and Social Security number. WHAT WE ARE DOING We hired third-party experts to address this situation, investigate the unauthorized activity, and further secure our systems to protect your information. We also notified law enforcement. To those impacted individuals for whom Renkim has a current address, we are mailing individual letters to them to let them know about the incident. WHAT YOU CAN DO While for most people, the information that was affected is not the type that generally can lead to identity theft or fraud, we nonetheless encourage those who received notice from us to (1) remain vigilant for such activity by reviewing your account statements and free credit reports, (2) consider placing a fraud alert or security freeze on your credit file, and (3) report any suspicious activity to law enforcement. Individuals can request a free copy of their credit report online by visiting by calling 1-877-322-8228 (TTY: 1-800-821-7232); by filling out the Annual Credit Report Request Form and mailing it to: Annual Credit Report Service, PO Box 105281, Atlanta, GA 30348-5281. FOR MORE INFORMATION Should you have any questions or concerns, you can contact us at 1-866-461-3496, and one of our representatives will be happy to assist you. View original content: SOURCE Renkim Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
5 Basic Money Skills Many Americans Don't Know
A Pew Research study found that 46% of Americans didn't have at least a fair amount of knowledge of personal finances. Unfortunately, lacking financial literacy can put you at risk of taking on too much debt, not having enough for retirement and being unable to cover expenses. Explore Next: Check Out: In a YouTube video, money expert George Kamel reacted to this study's findings and gave straightforward advice on handling five essential money tasks that many American adults struggle with. Learn how to boost your skills in these popular weak areas. The Pew study noted that 25% of Americans didn't feel very or extremely confident about getting their credit reports. While lenders and others may pull these reports to make important decisions based on your creditworthiness, you should also check them at least annually to spot errors or account issues and see where you stand with your debt. Trending Now: Getting your credit report is easy, and you can do it weekly for free. While you could go directly to each credit bureau's website, Kamel encouraged using to get them all more conveniently. You'll just need to provide some information to verify your identity. If you see any errors, contact your creditors and consider disputing them with the credit bureaus. An estimated 41% of Pew study respondents weren't very or extremely confident with budgeting. Not knowing where your money is going every month puts you at risk of overspending and not leaving some cash for your goals. Kamel explained how to make a simple budget, starting with writing down your total monthly income and all expected monthly expenses (including giving and saving). You'll then calculate what's left of your income after those expenses, which Kamel said should be $0 based on his preferred zero-based budgeting method. But the same doesn't apply to your bank account balance. 'It's wise to keep a buffer of at least $100 bucks or more in your checking account,' Kamel said. Once you've got your budget, start tracking expenses to make sure you're sticking to your plan. A report from the Federal Reserve Bank of New York mentioned that U.S. households owed a total of $18.2 trillion in debt. Especially for the 43% of Americans lacking confidence in paying down debt, the monthly payments, interest and lost opportunities to invest make it hard to get ahead. Kamel highlighted the simple debt snowball method as a good way to start. First, order all your debt balances from the smallest to largest. Next, while you're paying the minimums on everything else, put as much extra cash as possible toward the smallest debt. After you pay it off, focus on your second smallest debt. Keep doing this process as you run down the list. While this might seem less intuitive than paying off high-interest balances first, Kamel discussed the importance of momentum with the debt snowball approach. 'It gives you some quick wins psychologically to keep you motivated and actually make it across the finish line,' he explained. Saving money is another important skill that 44% of Pew study respondents weren't very confident doing. Without regularly setting aside some income, you can run into issues such as taking out debt if an emergency happens or struggling to plan big purchases. Kamel recommended prioritizing a three-to-six-month emergency fund so that an unexpected expense, like a big home repair, doesn't throw you financially off track. He said a high-yield savings account is a wise place to put this money and maximize your interest earnings. Also, consider making a savings plan for vacations, home or car down payments and other large expenses. You can include monthly contributions in your budget and use automatic transfers so you don't forget to prioritize saving. The Pew study showed that 73% of Americans lacked confidence in making investment plans. While many people might worry that investing requires taking a lot of risks and understanding complex things, Kamel said a boring approach actually works for building wealth. He explained that many millionaires, including himself, have gotten rich with basic retirement plans, like IRAs and 401(k) plans. So, he recommended making regular contributions to such accounts after you've filled up your emergency fund and become free of consumer debt. 'Start putting 15% of your income into these tax-advantaged accounts each month and then sit back and watch your nest egg grow exponentially over time thanks to compound growth,' Kamel said. For example, if you invest $1,000 every month over 30 years, you'd have over $1.1 million based on a 7% estimated return, according to compound interest calculator. More From GOBankingRates 7 Things You'll Be Happy You Downsized in Retirement Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on 5 Basic Money Skills Many Americans Don't Know Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
6 Financial Traps Middle Class People Fall Into in Their 20s
Your 20s are a wild ride. You're figuring out how to adult, maybe landing your first 'real' job, juggling student loans and trying to fit the occasional impulse Amazon buy into your budget. Learn More: Try This: You might feel like you're making progress, especially if you're not living paycheck to paycheck. But even middle-class folks with steady incomes can fall into some sneaky financial traps when they're young that don't show up on their bank statements until years later. Here's a look at the ones to watch out for — before they quietly drain your future wealth. According to Chris Heerlein, CEO of REAP Financial, one prevalent financial trap for 20-somethings is living beyond their means. It's easy to get caught up in a lifestyle of consumerism, especially with the influence of social media, which often shows a curated version of success. Many individuals in their 20s may even rely on credit cards or loans to fund unnecessary purchases, like expensive dining out, luxury clothing or gadgets. Heerlein noted the immediate gratification of buying what you want can quickly spiral into debt that becomes harder to manage as time goes on. 'My advice here is to live within your means by creating a budget, tracking your spending and prioritizing saving over consumption.' Remember: It's important to build a cushion with an emergency fund and focus on paying down high-interest debts, like credit card balances, before spending on non-essentials. For You: 'Too many young adults neglect to save for a rainy day, thinking they will not have any unexpected expenses,' said Kevin Shahnazari, founder and CEO of FinlyWealth. A January U.S. News survey found that 42% of Americans don't have an emergency fund, with nearly as many (40%), saying they couldn't cover a $1,000 emergency expense with cash or savings. Even modest financial shocks can lead to debt accumulation or delayed payments without a cash cushion. Ideally, a three- to six-month cushion of living costs should be saved before investing or purchasing big-ticket items. Shahnazari said being uninformed about credit, which can lead to maxing out credit cards or paying only minimum payments, can result in negative credit scores and interest payments. To use credit wisely, he said one must keep credit balances low, pay them in full when feasible and check credit reports to catch errors or fraud before they become big problems. You can access your credit report for free weekly at or annually through the major credit bureaus — Experian, Equifax and TransUnion. This is a major misstep. Saving for retirement may feel abstract in your 20s, but compounding growth over the long term is incredibly potent, said Shahnazari. Delaying 401(k) or IRA contributions will cost you thousands in the long term. Saving small, consistent contributions can make you a millionaire in the long term. Student loan debt is a fact of life for many, but Shahnazari said sliding into minimum payments without a payoff strategy can lengthen debt terms unnecessarily. Keep in mind that refinancing, income-driven repayment or accelerated payoff plans can be money- and stress-saving. Many 20-somethings lack the financial literacy they need to make smart choices about loans, investing and taxes. Taking the time to learn about finance — through classes, books or planners — empowers you to make smarter money decisions. The solution to evading these traps, Shahnazari explained, is careful money management, planning and continued money education. 'The earlier adults get established in these practices, the better positioned they will be to handle their finances,' he said. More From GOBankingRates These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on 6 Financial Traps Middle Class People Fall Into in Their 20s Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
6 Financial Traps Middle Class People Fall Into in Their 20s
Your 20s are a wild ride. You're figuring out how to adult, maybe landing your first 'real' job, juggling student loans and trying to fit the occasional impulse Amazon buy into your budget. Learn More: Try This: You might feel like you're making progress, especially if you're not living paycheck to paycheck. But even middle-class folks with steady incomes can fall into some sneaky financial traps when they're young that don't show up on their bank statements until years later. Here's a look at the ones to watch out for — before they quietly drain your future wealth. According to Chris Heerlein, CEO of REAP Financial, one prevalent financial trap for 20-somethings is living beyond their means. It's easy to get caught up in a lifestyle of consumerism, especially with the influence of social media, which often shows a curated version of success. Many individuals in their 20s may even rely on credit cards or loans to fund unnecessary purchases, like expensive dining out, luxury clothing or gadgets. Heerlein noted the immediate gratification of buying what you want can quickly spiral into debt that becomes harder to manage as time goes on. 'My advice here is to live within your means by creating a budget, tracking your spending and prioritizing saving over consumption.' Remember: It's important to build a cushion with an emergency fund and focus on paying down high-interest debts, like credit card balances, before spending on non-essentials. For You: 'Too many young adults neglect to save for a rainy day, thinking they will not have any unexpected expenses,' said Kevin Shahnazari, founder and CEO of FinlyWealth. A January U.S. News survey found that 42% of Americans don't have an emergency fund, with nearly as many (40%), saying they couldn't cover a $1,000 emergency expense with cash or savings. Even modest financial shocks can lead to debt accumulation or delayed payments without a cash cushion. Ideally, a three- to six-month cushion of living costs should be saved before investing or purchasing big-ticket items. Shahnazari said being uninformed about credit, which can lead to maxing out credit cards or paying only minimum payments, can result in negative credit scores and interest payments. To use credit wisely, he said one must keep credit balances low, pay them in full when feasible and check credit reports to catch errors or fraud before they become big problems. You can access your credit report for free weekly at or annually through the major credit bureaus — Experian, Equifax and TransUnion. This is a major misstep. Saving for retirement may feel abstract in your 20s, but compounding growth over the long term is incredibly potent, said Shahnazari. Delaying 401(k) or IRA contributions will cost you thousands in the long term. Saving small, consistent contributions can make you a millionaire in the long term. Student loan debt is a fact of life for many, but Shahnazari said sliding into minimum payments without a payoff strategy can lengthen debt terms unnecessarily. Keep in mind that refinancing, income-driven repayment or accelerated payoff plans can be money- and stress-saving. Many 20-somethings lack the financial literacy they need to make smart choices about loans, investing and taxes. Taking the time to learn about finance — through classes, books or planners — empowers you to make smarter money decisions. The solution to evading these traps, Shahnazari explained, is careful money management, planning and continued money education. 'The earlier adults get established in these practices, the better positioned they will be to handle their finances,' he said. More From GOBankingRates These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on 6 Financial Traps Middle Class People Fall Into in Their 20s
