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How to Rebuild Your Credit History After Overcoming Debt

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Picking up the pieces after falling into serious debt or financial trouble can seem like a daunting task, but repairing your situation is not impossible. It simply takes time, patience and work.

Understandably, people with bad credit may feel ashamed and embarrassed by their situation and believe theres no way to fix it, said Michael Sullivan, a personal financial consultant with Take Charge America, a national nonprofit credit counseling and debt management agency. But they can and will if they focus on the necessary steps to change the way they approach their money and credit.

Sullivan shares these steps to rebuild your credit:

  • Pay bills on time “ every time: Payment history makes up a big part of your credit score. So, be sure to pay your bills on time, follow any payment plans and bring any past-due accounts current. Consider setting up automatic payments to ensure theyre never late.
  • Become an authorized user: Ask a willing loved one with good credit to add you as an authorized user on one of their cards. This can help improve your score by allowing you to piggyback on their credit history.
  • Dont max out your cards: Using your cards helps build your credit, but you want to be careful not to max them out. Your credit utilization ratio, which compares your total amount of credit to how much you’re using, plays a big part in your credit score. Try to keep it as low as possible by paying off your balances every month.
  • Be careful with new credit: While opening a new card may help lower your utilization ratio, too many new credit applications can negatively impact your credit score. Plus, new cards may be too tempting if youve struggled with spending in the past.
  • Review credit reports: As you rebuild your credit, youll want to keep tabs on your credit reports. You can get one free copy annually from each of the major credit bureaus at AnnualCreditReport.com. Look for inaccuracies and file disputes for any errors you find.
  • Credit counseling: Consider seeking assistance from a credit counseling agency such as Take Charge America. They can help you create a customized budget to manage your debts and daily living expenses.

For more financial tips and guidance, check out Take Charge Americas Financial Education Center or take a free online debt review.

About Take Charge America, Inc.

Founded in 1987, Take Charge America, Inc. is a nonprofit agency offering financial education and counseling services including credit counseling, debt management, student loan counseling, housing counseling and bankruptcy counseling. It has helped nearly 2 million consumers nationwide manage their personal finances and debts. To learn more, visit www.takechargeamerica.org or call (888) 822-9193.

Taylor Holmes

Aker Ink

(602) 616-3781

[email protected]

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Wister Insurance™ Enters the Bed & Breakfast Insurance Market

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WALKERSVILLE, Md., Oct. 31, 2020 /PRNewswire-PRWeb/ — In 1989, Scott and Christy Wolf co-founded the Wolf Innkeepers Insurance Program, which ultimately became the largest bed & breakfast insurance program in the United States. Prior to the programs acquisition by CBIZ in 2008, it was also considered the Nation's premier program and was endorsed by local, state, regional and national bed & breakfast associations.
The Wolf's have teamed up with other industry leading executives to create Wister Insurance™, the new standard for hospitality insurance brokers.

In addition to providing bed & breakfast insurance, Wister will also focus on insuring boutique hotels, country inns, resorts, lodges, venues, and event centers.

 

SOURCE Wister Executives

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IMF Executive Board Extends Immediate Debt Service Relief for Another Six Months

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WASHINGTON, 30 October 2020 / PRN Africa / — On October 30, 2020, the Executive Board of the International Monetary Fund (IMF) approved a second six-month tranche of debt service relief for Mali under the Catastrophe Containment and Relief Trust (CCRT) without a meeting.

The relief on debt service will free up scarce financial resources to continue strengthening the country's medical care capacity and addressing the social and economic fallout from the COVID-19 pandemic.

Washington, DC: On October 30, 2020, the Executive Board of the International Monetary Fund (IMF) approved a second six-month tranche of debt service relief for Mali under the Catastrophe Containment and Relief Trust (CCRT) without a meeting. This approval follows the first six-month tranche (April 14October 13, 2020) approved on April 13, 2020 (see Press Release No. 20/151), and enables the disbursement of grants from the CCRT for payment of eligible debt service falling due to the IMF from October 14, 2020 to April 13, 2021, estimated at SDR 7.50 million (about US$10.59 million). The relief on debt service will free up scarce financial resources to continue strengthening the country's medical care capacity and addressing the social and economic fallout from the COVID-19 pandemic.

This approval completes an earlier list of 28 low-income countries that benefited, on October 2, 2020, from the second six-month tranche of debt service relief under the CCRT (see Press Release No. 20/304). The approval for Mali was delayed because of the coup d'état on August 18, 2020 and the time needed to form the transition government.

SOURCE International Monetary Fund (IMF)

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The Law Offices of Frank R. Cruz Announces Investigation of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) on Behalf of Investors

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The Law Offices of Frank R. Cruz announces an investigation of Bayerische Motoren Werke Aktiengesellschaft (BMW or the Company) (OTC: BMWYY) on behalf of investors concerning the Companys possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (“SEC”) was investigating whether BMW engaged in sales punching, a practice in which a company boosts sales figures by having dealers register cars as sold when the vehicles actually are still standing on car lots.

On this news, the price of BMWs American Depositary Receipts (ADRs) fell $1.33, or nearly 7%, to close at $18.02 per ADR on December 23, 2019, thereby damaging investors.

On September 24, 2020, the SEC announced an $18 million settlement agreement with BMW regarding the investigation. According to the SECs order, from January 2015 to March 2017, the Company had used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets. It also stated that from 2015 to 2019, BMW kept a reserve of unreported retail vehicle sales, which is used to meet internal monthly sales targets regardless of when the actual sale occurred.

On this news, BMWs ADR price fell $0.51, or about 2%, to close at $23.07 per ADR on September 25, 2020, thereby damaging investors further.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased BMW securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

[email protected]

www.frankcruzlaw.com

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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