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Marino on Money: June 16

READ MORE: Marino on Money: June 16
Last week we had a question about protecting yourself against identity theft. This week, our question is about how to repair your credit when it has been damaged. The first step to repair your credit is to obtain a copy of your credit report. As I mentioned last week, you can do this at AnnualCreditReport.com. Look over the reports carefully. Take your time and make sure it's accurate. There may be errors or outdated information. The credit agency won't charge anything to fix your report, but it does take a little work on your part. Even if you've already requested a free report, you may qualify for another one. Here are the reasons: 1. You've been turned down for credit 2. You're unemployed and plan to look for a job within 60 days 3. You're on welfare 4. Your report in inaccurate because of fraud. Be sure to follow their instructions to contest an error. This should be done in writing, but you may also call the credit reporting agency if you need help. Once you claim that something on the report is an error, the agency will contact the creditor. At that point, it's up to the creditor to say whether or not it's an error. If they agree, then the creditor should contact the other agencies and tell them to correct their reports. Tomorrow I'll talk about why it is important to repair your credit. If you have a financial question for Ross, you can use the Marino on Money page.

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People on Welfare....

...should have a credit score of "N/A.". They should be inelligible for credit until they can stand on their own two feet. Ditto for those on food vouchers or Medicaid, or living in subsidized housing. As long as they are living on the taxpayers' dime, they shouldn't be buying anything more than food and clothing.

How

about when the banks artificially cause your score to decrease? I have absolutely PERFECT credit..NEVER late on a payment and pay OVER the amount due...BOA comes along and cuts my limit in HALF...which makes it LOOK like I have come close to maxing out on my CC...luckily my score is good enough it didn't ding it TOO bad...but this type of thing is really aggravating! If it HAD lowered my score dramatically...the next month they would have increased my APR based on my score...THAT THEY ARTIFICIALLY CAUSED to go down...

The handwriting was on the

The handwriting was on the wall years ago about "Bank of Americana". Then was the time for you and others to dump their sorry services. When they were giving illegal aliens credit cards to use to spend,spend,spend...some one was going to have to pay for payments which were never made. Seems your membership with BOA made you a likely candidate with a Bulls-Eye on your back.