The best way to determine one's debt, how much is owed and to whom these debts are owed would be to request a current credit report and credit score, according to CNN Money. Free copies are available of one's credit report from all the major credit bureaus.Continue Reading
The three most popular and trusted credit bureaus are Equifax, Experian and TransUnion. These companies pull together all available credit information and analyze it to determine a credit score, which can be obtained for about $15. The FICO score is the one that is referenced the most by lenders, reports CNN Money.
A credit report includes a detailed list of exactly which entities or institutions have claimed a debt against an individual. It also includes information about how much these debts are and when they were accrued, states CNN Money. An individual can view this information to determine the extent of his debt, and he should always check his credit report for any inconsistencies or inaccuracies. If there are any errors, report them to the bureaus so that they can investigate.
Individuals can obtain a free credit report for any of the aforementioned credit bureaus from AnnualCreditReport.com, and a FICO credit score can be obtained from MyFICO.com, according to CNN Money.Learn more about Debt Law
To fill out a form to determine insolvency, access Form 982 and Publication 4681 from the IRS website, and add all appropriate information regarding your forgiven debts and from the 1099-C form received from the creditor that forgave the debt. Enter all requested information in the Publication 4681 worksheet, parts one and two, as per The Law Dictionary instructions.Full Answer >
A debt pay down calculator is used by entering the amount owed, interest rate and monthly payment, notes CNN Money. The monthly interest is added to the total amount owed for the last month. The monthly payment is subtracted for the new owed amount and length of the payoff period.Full Answer >
To improve your credit score, review your credit report, dispute any discrepancies, pay off overdue debt, leave paid-off accounts opened, and pay all bills in a timely fashion. Professional assistance is also available to help improve your credit score.Full Answer >
A short sale used to satisfy a mortgage debt can damage one's credit score when the term "settled" is noted on the report, explains Realtor.com. This can lower a credit score and tells other creditors that the lender accepted less than the full value owed, possibly deterring future credit offers.Full Answer >