Tag Archives: #NewJersey

What are Common Rental Scam Red Flags?

Scammers are constantly on the lookout for targets who are looking to rent residential properties or who are in the process of moving. In New Jersey and elsewhere, scammers could walk away with thousands of dollars of your hard-earned money if you are not careful. Fortunately, many rental scams have common factors that can make them easy to identify. Rental scam red flags may include: The scammer says they cannot meet with you. Scammers may claim they are out of the country or cannot meet for some other reason. Never rent a property without meeting the landlord first. The property listing is vague. Be on the lookout for real estate ads with vague descriptions of the property. This could signal that the person has not seen or been to the apartment or house. You are asked to pay without having met someone or seeing the property. The scammer may demand…
Read More »

Posted in Real Estate | Tagged , | Leave a comment

Five Common Bankruptcy Myths

Bankruptcy is a helpful debt relief option for people struggling with their finances. Common misconceptions about the process may keep people who could benefit from bankruptcy from filing. Some of the most common bankruptcy myths include: Bankruptcy permanently destroys your credit. Your credit scores are not permanent. You can begin to improve your credit scores after bankruptcy by paying your bills or any remaining credit obligations on time. Although bankruptcy will remain on your credit reports for up to ten years, you may still receive offers from lenders if you can show financial stability. Student loans are non-dischargeable. It is very difficult to discharge student loans in bankruptcy, but it is not impossible. You do have to show that repaying the loans would impose an “undue hardship” on you or your dependents. Some bankruptcy filers, such as those with permanent disabilities, may have an easier time showing undue hardship than…
Read More »

Posted in Bankruptcy | Tagged , | Leave a comment

Is There More Than One Type of Credit Score?

Credit scores can determine the conditions you are offered on loans, jobs you may receive and where you can sign residential leases. These scores are determined by calculating the information on your three credit reports. The three credit bureaus (Experian, TransUnion and Equifax) each maintain an individual report on your credit history. There are two main credit scoring models: FICO and VantageScore. These credit scoring models have multiple variations that are used by specific lenders. A 2012 Consumer Financial Protection Bureau (CFPB) report suggests there are 49 separate FICO scores, some of which are industry-specific. For instance, there are FICO scores that are used in the auto and mortgage lending industry. VantageScore also has multiple scoring models. Some of these variations, especially for FICO scores, have been around for many years. Your credit scores can vary depending on the type of scoring model that was used to calculate the information…
Read More »

Posted in Consumer Protection | Tagged , | Leave a comment