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Where Can I Get My Credit Report in Philadelphia?



Before the pandemic, every US citizen was entitled to one free copy of each credit report. Now, until April 20, 2022, you can get the documents every week. Keeping track of your financial history is easier than ever. It underlies your total score, while banks, insurance companies, landlords, and employers check it to assess your applications. Getting the information is easy — just follow our guide.

Why Check Your Report?

If your score has fallen, obtaining the records is the only way to find why. The drop may be caused by a failure to fulfill financial obligations. Using too much of your limits or closing a credit card is also bad for the score. There is a broad spectrum of objective reasons.

At the same time, mistakes are also possible. According to the Federal Trade Commission, around 20% of consumers in the United States have erroneous reports. Meanwhile, the bureaus are obliged to use only accurate and verifiable information. This is why credit repair in Philadelphia is so popular. As the agencies have to comply with The Fair Credit Reporting Act, mistakes are deleted through formal disputes.

Experts recommend checking reports and scores irregularly. This is particularly important before applying for any lending services. Every lender has unique requirements in terms of acceptable scores. If your level is below the threshold, you should boost your credit by fixing or rebuilding it in advance.

Where to Find the Documents

Download your history online. All three versions may be obtained from the only authorized source — To submit a request, you need to share basic personal details and your Social Security number. Alternatively, send your request by mail or reach the agency on 1-877-322-8228. Now, when you can get all three reports every week, this is a great opportunity to get your finances back on track.

The second option is getting the data from the bureaus separately. For example, holders of a myEquifax account are entitled to a free copy of their records every year. Additional copies may be available for free under special circumstances. These conditions are stipulated in The Fair Credit Reporting Act.

Unemployed individuals, citizens planning to apply for employment, or recipients of public welfare assistance are entitled to one additional copy. It is also provided to residents who suspect they are victims of fraud. These are just some exceptions.

What Information Is Included?

Each version of your borrowing past is unique. The agencies do not share their records, so every document is generated independently. Each of your lenders may share data with one or more bureaus. As a result, getting three versions is essential. Otherwise, you will not get the full picture.

Different bureaus and entities use different calculation models based on different reports. The two most common systems in the US, FICO and VantageScore, consider similar combinations of factors. Your prior payments are the most consequential element, as it defines 35% and 40% of the totals, respectively.

The total size of the debt, including balances and limits, defines around a third of each. This is why paying off your credit card debt or getting a new card can push the total up. The other factors are the age of your records, new accounts, and credit mix. All of these criteria are assessed based on the reports only.

These documents are highly important, as they summarize your financial past. Providers of lending services share data with the bureaus regularly. The range of information includes the following.

  • Personal details, such as full name and any former names, addresses and employers (current and previous), and social security number.
  • Description of your accounts (cards, student loans, auto loans, and mortgages): prior payments, limits and balances, dates of opening and closing.
  • Derogatories like collections and bankruptcies.
  • Hard inquiries, which are created whenever an institution checks your report.

If You Find Mistakes

Any of the listed details may be erroneous. Consumers find accounts that do not belong to them, wrong amounts, misspellings, outdated information, or false events. For instance, you may spot a missed payment or eviction that never happened. Any inconsistencies may be disputed and removed through a formal procedure.

How to Request Deletion

Only the bureau that generated the report can delete the wrong information. Before contacting the agency, collect evidence to support your claim. Contact your lender to obtain official documents, such as bank statements. Make copies of the originals to use as proof.

Next, write your letter using the template from The Consumer Financial Protection Bureau or other sources. No universal format exists. Remember to include all the crucial information: your personal details, the accounts, the derogatories, and the reasons for removal. Enclose copies of the evidence and send the letter by certified mail with a return receipt requested.

Unfortunately, you may discover multiple inaccuracies in one, two, or all three reports. In this case, fixing is complicated. Many borrowers prefer paid services to save time and effort. Repair professionals will retrieve your records, identify any disputable points, gather evidence, and contact the bureaus — all on your behalf.

To Conclude

The official credit reports describe different aspects of your financial experience. They list your accounts, amounts, and any negative events reflecting the non-fulfillment of obligations. Check the contents regularly, as they define your score, the range, and the cost of lending services. Downloading the files is the easiest way.

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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