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Following Francis Bacon’s in Settling your Credit Report

By Brian Anderson
Published: Thursday, February 11th, 2010

We all heard of the cliché, “knowledge is power.” Many intellectuals advocated access to knowledge as a means of minimizing differences in the society. And even in Former President John F. Kennedy’s speech, a paraphrase of Francis Bacon was part saying “In a time of turbulence and change… knowledge is power.” 

How can this be applied to settling credit? We know how being in debt promotes social turmoil not only within the person per se but also everyone who is affected by this. And a credit score advice that best applies to these situations is that one liner paraphrase Former President Kennedy declared. 

While we are in debt, we should not allow ourselves to be overwhelmed with the instability of our finances and the lurking dangers of having a negative credit history. Maybe all you need is a more conscientious credit score advice. But knowledge is power, so they say. So try your best to empower yourself by studying every possible way to minimize the impact on your credit history. 

Another credit score advice is to make an agreement with the debt company that you will pay your debts after you the agreed upon span of years. 

As a debtor, you should know of your rights when dealing with your credit institution. Knowing your rights will empower you in many ways. First, you will be able to stop harassment strategies that some credit companies employ when they are collecting debt payment from people. 

Also, if you are aware that you are allowed to split up you loaned amount into a series of smaller payments and that you may ask your creditor to revise your credit history after settling the agreement, then you are in an advantageous position rather than being harassed to pay a loan that is almost synonymous to impossible to pay. 

If in case you do not know your rights as a creditor, there are government agencies which can help you in figuring out your rights. The Federal Trade Commission is one invaluable agency which could brief you of existing creditor’s rights. They could also provide some credit score advice. 

Under the Fair Credit Reporting Act:

  • You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
  • Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.

So, I guess that’s enough to prove that having enough knowledge about credit score advice will do you best. You might have been spending cash when credit reports are supposedly free if you just follow the instructions stated by the FTC.

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