Penquis: October 1, 2018

Cropped Photo: Pictures of Money / CC BY 2.0  / MGN
Cropped Photo: Pictures of Money / CC BY 2.0 / MGN
Published: Oct. 1, 2018 at 3:33 PM EDT
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Credit affects several things in our life, for instance:

1) Higher the credit score the lower the interest rate

2) Credit affects obtaining some employment

3) Credit affects obtaining rental housing

4) Credit affects our insurance rates

It's important to keep our debt levels low, have a mix of revolving credit and installment debt.

If you need to establish credit go to your local bank or credit union and see what they have for credit builder loans.

If you have collections accounts, you still have rights.

They are as follows:

1) They must identify themselves and why they are calling

2) They can only call you between 8 am - 9 pm your time zone

3) They cannot harass you or threaten that you will be arrested for owing this debt.

4) They may not call you at work if your employer does not allow it.

5) You can request in writing for them to only contact in writing

6) They may settle the debt for less than owed, but medical bills don't usually settle

7) These debts are on your credit report for 7 years, but can be sold to another debt collector after and will be on you credit another 7 years.

Make sure to monitor your credit on a regular basis, so that you know it is accurate. You have the right to free copies of your credit reports from the three credit bureaus, TransUnion, Equifax & Experian once a year.

Go online to www.annualcredit you will not receive a score, but a detailed credit report, so that you know it is accurate. If not you will be able to dispute.

If you need to dispute your credit report go to the initial creditor first to see.