As part of series of articles (blogs)
regarding Credit and Credit Score, here we
A One-Dollar ($1) Late-Fee, due to inaccurate
credit reporting, cost me an additional $4,300
to buy a car. Wa! Can you believe it?
This is a true story that happened to me
personally. Home Depot sent my account to the
three collection agencies and reported to credit
bureaus that I was late 30 days (1 month) for
I have never received any bills from them, after
so many times calling them and explaining that I
never received the bill, they CLAIMED they have
sent the bill via email which I never got it. I
requested to send me a copy of that email that
was sent to me, as of now, almost two years
later, they have not responded.
In spite of many months of efforts to resolve
this inaccuracy with Home Depot and Citibank,
who is the issuer of the Home Depot credit card,
they did not remove their inaccurate information
from my credit report which cost me an
additional $4,300 to buy a car. For more
information on this case please see "How a
One-Dollar ($1) Late-Fee Can Cost an Additional
$4,300 to buy a Car? section from the book I
recently wrote and is entitled "Credit Score
Tips and Tricks".
The Federal Trade Commission’s February 2013
report shows that as many as 26% of people have
an error on their credit report.
60% have not reviewed their credit score within
the past 12 months.
65% have not reviewed their credit
report within the past 12 months.
“4Ways American are Financially Illiterate” by
the Wall Street Journal published in June
2013 reported that
adults failed the basic finance test.
National independent studies show that the
average American lacks the knowledge, skills and
tools necessary to make the
decisions regarding financial matters.
studies and other situations that I have seen,
encouraged me to do extensive research and write
a book to help others to become aware of things
that affect their credit scores, how to go about
correcting inaccurate information from their
credit files, how to improve their credit scores
and how to avoid becoming a victim of inaccurate
Remember, some creditors such as Home Depot and
Citibank will abuse their power and do not care
if they are causing major problems or hardships
in somebody’s life by ignoring the facts. Don’t
give them or any other creditor that chance.
HOW to overcome the problems with your credit
history and credit score?
Knowledge, education, awareness, practice and
discipline are the essential keys to being
successful on any subject. The book,
"Credit Score Tips and Tricks",
provides you information, tools, techniques to
educate yourself and manage your credit report &
credit score, and therefore manage your finances
effectively at no additional cost.
I have decided to bring and share with you,
chapters or sections of the book, as series of
articles here. This is the number 2 of such a
I also created and manage a GROUP in ActiveRain,
Credit Reports and Credit Scores, Please
feel free to join and share your thoughts and