Your “Number” is Up: How Your Credit Score is Determined

Learning the truth about how credit works is covered in detail in the DebtFree Academy’s FREE Protege course, Lesson #7, but to put it simply, your credit score is usually based on the answers to these five questions: Do you pay your bills on time? The answer to this question is very important. If you…

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Credit Score Dirty Dozen

  These 12 actions will surely drive your credit score into the dirt. 1. Making late payments 2. Not making payments at all 3. Having a creditor charge off your account 4. Your account gets sent to collections 5. Defaulting on a loan 6. Filing for bankruptcy 7. A home foreclosure 8. Dealing with a…

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When a Debt Collector Calls

People who are late making payments on a loan, a credit card or other bills may eventually be contacted by a “debt collector,” a third-party hired by the original lender. Dealing with a debt collector can be stressful. But be aware that if you are overdue on a bill and get contacted by a debt…

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Zombie debt business booms, putting consumers at risk

It sounds like a creepy Halloween story, but if you have a debt from years ago that has never been paid, beware. That old account could come lurching back to life when you least expect it. Very old debt, often referred to as zombie debt, can haunt consumers for a long time, according to Ira…

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Wisconsin credit scores outrank all others, the South takes bottom 10

I share this story with some measure of pride, because until recently, I hailed from the state known for its breweries, cheese and the Green Bay Packers. But the state of Wisconsin can now lay claim to another valuable prize: having some of the nation’s highest credit scores. A study released this week by the…

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Paying Down “Massive Debt”: The Experts Speak

NerdWallet recently called on financial experts, including the DebtFree Academy’s founder, Anthony Manganiello, to answer a tricky consumer question: “I have massive debt (in the $100,000 range). How do I prioritize which debts to pay down first? Should I declare bankruptcy?” See some of the surprising statistics, NerdWallet’s recommendations, and expert opinions. Read it here.

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Passing the Marshmallow Test

It’s know as the marshmallow test. In the 1960s, Stanford University researchers ran a psychological test that went something like this…A researcher would say to a test group of four-year-olds: “I am leaving for a few minutes to run an errand, and you can have this marshmallow while I am gone, but if you wait…

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Do You Have an ICBM (Impulsive Consumer Buying Missile) Defense System?

To get out from beneath your burden of debt and live the life of your dreams, you need an ICBM Defense System that will help you avoid temptation.  Managing the many marketing strategies intended to elicit feelings of lack and want is crucially important.  Each and every day you live in our consumption culture, merchants,…

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