Make Sure You Get Credit, For Your Credit
I wanted to share the article and a link to the video of a news story that CBS in Boise aired yesterday featuring Debt Reduction Services Director of Education, Todd Christensen. Todd provides some little known information regarding utility services.
You can watch the story here: Make Sure You Get Credit, For Your Credit or you can read the article in full below.
BOISE – By Kayna Whitworth – Lora Peak’s husband lost his job, they had just bought a new car and had a second baby on the way.
Drowning in debt, the family decided to file for bankruptcy After a year of searching her husband got his same job back.
So, the couple set up a payment plan for their car. They paid $280 a month. Trying to rebuild their credit they struggled to pay it off in just two years. They never expected not to receive the credit for it.
“We got the title in the mail and then when we went to buy a new car we were told it’s not on our credit,” Peak said.
The Truth Squad called Auto Sense in Boise where the Peak’s bought the car and Endeavor Financial group which financed it. A call was made to Endeavor to find out why the payments never registered. The company says they’re looking into it.
Financial counselors say the Peaks were on the right track, trying to rebuild their credit.
“That was a great idea,” said Todd Christensen, education director for Debt Reduction Services. He says if people have debt that survives a bankruptcy they need to make payments on time every month.
Just as important people should check their credit report and make sure it’s accurate. Then, Christensen says, start building credit through store cards or even utilities.
“Utilities are actually a line of credit because you use the service before you pay for it,” said Christensen. People can call the utility company a call and have them submit a positive payment record to the credit bureau.
Keep in mind that there is a light at the end of the tunnel.
“Over time bankruptcy will impact their credit less and less,” Christensen said.
Bankruptcy strains many families but the stress won’t last forever.
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