Help For Loan/Mortgage/Debt for Dummies

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Don't Give Up on Your Credit Score

2011-06-24T08:45:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

Imagine that you’ve gotten far behind on your credit card payments.
The accounts have been closed, but you manage to pay off your balances before they get charged off as bad debt.
Since you’ve made good with your creditors, you’re shocked when your credit score doesn't rise as a result. What’s going on here? Is it really worth it to pay off your debts rather than waiting for them to fall off of your credit report in seven years?

It’s true that credit scores require patience.
It takes a while to move them in either direction, but they tend to sink faster than they rise.
That’s one unfortunate truth. Another is that, even though it might take months or years to get your credit score where you want it, it’s not a good idea to play the waiting game with delinquent accounts.
Pay them off as quick as you can.

Why shouldn’t you save your money and just wait things out?
There are several reasons.
First, if you intend to buy a house someday, you’ll want your credit report to reflect that you paid your debts in full. Unresolved debts will disqualify you from most mortgages.
Even if you paid the balances late, and even if the accounts were sent to a collection agency, it’s still better to pay up. Lenders will look at you more favorably if you do.

Also, consider the nuisance you might have to deal with if you decide to permanently default on your debts. You could be targeted by bill collectors, property liens, and even lawsuits.
Depending on the size of your debt, you could have your paychecks garnished. It’s much less stressful to just pay the money you owe and not have to deal with harassment and litigation.

Finally, if any of your accounts are still open while you’re paying them off, this repayment will be noted on your credit report.
Timely repayment history makes up slightly more than a third of your FICO score – the credit model used by most lenders. Start making monthly payments in full, as soon as possible.
Your credit score will reap the benefits.

It’s sad but true that some people let their debts go indefinitely.
They watch the negative items come off of their credit reports in seven years’ time.
Others who pay their debts in full have to wait the same amount of time for negative marks to come off.

When you get behind in your payments, you’re not adhering to the agreed-upon repayment schedule, and the creditor has the right to report this to the credit bureaus. If you can’t avoid delinquency, at least pay off your accounts when you’re able to rather than letting them sit. By showing that you’re interested in making good on your debts, you’ll qualify for more loans than people who never pay up.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

Businesses Can Check Your Credit Report Without Your Permission

2011-06-23T08:45:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

For many of us, credit reports are mysterious, and sometimes scary, records of our financial history.
We know that we should check them often; invalid items show up sometimes which need to be disputed.
But did you know that businesses can pull your credit report without your permission?
It’s true. And when you consider the fact that pulling your report can potentially lower your credit score, it’s no wonder some card holders are unhappy.

Why does it affect your score when someone checks your credit? It doesn’t always.
Sometimes creditors can check your credit report with a “soft” inquiry, which doesn’t count against you.
This is the type of credit check that is performed when you check your own credit or get pre-screened by credit card companies.
“Hard” inquiries occur when you actively apply for a line of credit, such as a credit card or a loan. These inquiries can decrease your credit score.
Creditors don’t like to see a lot of hard inquiries in a short period of time.
When too many hard inquiries are present, the suggestion is that you’re applying for more credit than you can handle – a big no-no.

Problems start when businesses use hard inquiries without a person’s knowledge or consent.
It’s typical for employers to check your credit in this way, but even rental car agencies will pull your credit report if you reserve a car using a debit card rather than a credit card.
Renting a car is not a good reason for a decrease in your credit score.
Some customers have been able to dispute these hard inquiries in the same way that they dispute other items on their credit reports.
Others aren’t overly concerned. Hard inquiries lose their impact over a relatively short amount of time.

There are other circumstances where your credit report can be subject to hard inquiries without your consent.
These include credit transactions and collections; any business transaction that you initiate; underwriting insurance; reviewing any open account to ensure that your credit is still good enough to qualify for said account; and determining your eligibility for government benefits which are dependent upon your financial situation.

If you’re concerned about items that could be having a negative impact on your credit score, order a copy of your credit report. You’re eligible for one free copy per year.
Visit a site like AnnualCreditReport.Com to request your report from all three of the major credit bureaus – Experian, Equifax, and TransUnion.

Once you receive your report, dispute any items that you feel are undeserved.
You can do this by sending a certified letter to the creditor and the credit bureaus stating your claim that the items are invalid and should be removed. The FTC offers a sample letter template on their web site.
The creditor will have thirty days to respond.
If they fail to prove that the item is valid, it will be removed from your credit report.
You’re entitled to a copy of the corrected report.
Also, think about subscribing to a low-cost credit monitoring service to keep an eye on your credit score and the things that affect it.

It’s a sad truth that we don’t always have control over the things that impact our credit score. But by ordering your credit report and disputing any unwarranted negative items, you will have the satisfaction of righting the wrongs and saving your financial future.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

Disputing Your Credit Score

2011-06-22T08:30:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

If you get your free annual credit report and discover there are some inaccuracies, you will want to dispute the information and work to get it corrected on your credit report.
When you dispute the information, you are protected by the Fair Credit Reporting Act which requires that all credit reporting agencies (like Experian, TransUnion, etc) respond with an investigation of your creditors.

If the information disputed is found to be inaccurate- it will either be removed from your credit report or corrected within thirty days.
Also, if the creditor is unable to proof their information is correct, it will be considered inaccurate and will have to be changed.

What Might Need to be Disputed?
When you get your credit report, you will want to look out for the following common areas that mistakes are found:

Inaccurate details- you may find that creditors have reported late payments to your file that you don’t agree with. If you have back up information, like cancelled checks or statements that show when the checks were cashed, you are more likely to be able to get the late notation removed.

Old, outdated information- on your credit report, negative account information can only be reported for seven years after the first delinquency; except Chapter 7 bankruptcy.

Fraudulent Accounts–definitely look out for accounts appearing on your credit report that you didn’t open. This could signify that you have been the victim of identity theft, or that account information from someone with a name similar to yours has been mixed up with your information.

How to File a Credit Dispute
You should file your dispute in writing. T
his includes mailing a letter to the credit reporting agency or using their online form for filing disputes.
The Fair Credit Report Act gives 30 days for the credit reporting agency to investigate the dispute claim and come to a conclusion on the situation.
You will then receive the written results and a free copy of your credit report if any changes have been made.

The best way to file a dispute is to make a photo copy of your credit report and enclose it with your letter. Circle the dispute on the credit report and number it.
In your letter, reference each number for each piece of information you are disputing with the reason you are disputing it.

For fast processing, be sure to include:

Your full name and mailing address
Your date of birth
Social security number
Name of creditor and the account number of the item you are disputing
And of course, don’t forget to sign it!

Alternative Dispute Options
The other method of disputing information found on your credit report is to contact the creditor directly.
If you contact a creditor and indicate that they have reported information incorrectly to your credit report, the FCRA states that they cannot then report that item at all to the credit report without including a note that you are disputing the information.
Of course, if the information is found to be inaccurate or an error, it must be corrected on your report or removed.

What to Do if The Dispute Doesn’t Result in a Settlement
It's not always simple to get a settlement on your dispute. If following the dispute process leaves you with an unsatisfactory result, you can then file a dispute with the National Consumer Assistance Center.
Having the case re-investigated may or may not result in the deletion of an item off your credit report; but you can bet that you will need to have documentary evidence to get the credit bureaus to remove any information. Unfortunately, if you are successful in having items removed from your credit report, you may find them to reappear due to the instance of the creditor!

Another option is to contact your Attorney General's Office if you believe the credit bureau has violated the FCRA. You have the option to sue the credit bureau and/or creditor in either state or federal court if you feel they are in violation.
If you win, all of your attorney fees and damages would be reimbursed to you.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

Top Four Credit History Blunders

2011-06-21T08:47:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here

You can’t turn around without someone telling you this or that about the importance of your credit score. Unfortunately, they’re all correct. You credit score has the power to help you get a small loan for your business, or a mortgage for a house, but only if you’ve managed your finances in such a way that your credit score is favorable.
So you want to do everything in your power to keep your financial record clean.
Many different factors go into your credit score, but these are some of the biggest mistakes you won’t want to take to the bank.

Don’t max out your credit card.
Easier said than done, you might say, but it’s essential.
If you’re using the majority of your available limit on any given card, or on more than one card, it tells banks and lenders that you’re living off of your credit cards, and unlikely to be able to pay them back.
Ideally, you should never carry more than 30% of your available limit on any credit card.

Don’t make late payments.
Again, easier said than done, but promptness counts big on your credit score.
Not only can late payment allow your credit card company to jack up your APR and slap you with penalty fees, but it also puts your financial responsibility in question.
Future lenders don’t want to take a gamble on someone who has a history of missing payments.
Keep on top of your payments, and you will be establishing yourself as a financially responsible person who they will feel confident lending to when it matters.

Don’t give up on your credit score.
People sometimes think that once they’ve missed a payment on their credit card, their credit score is already toast, so they may as well just keep missing them, or worse, not pay them back at all.
They couldn’t be more wrong.
When it comes to late payments, the details matter.
People who will be evaluating your credit care how frequently your payments were late, and how long you let them go.
Missing a payment by two days once is different from missing it by two days every month, and missing your payment by a week is different from not paying it for two months.
And even if you have a blemish like this on your credit history, all hope isn’t lost.
If you can practice good money-management for an extended period of time after your payment hiccup, lenders will look more favorably on you.
They care the most about the last two years, so don’t mope around thinking that a missed payment from a decade ago is going to lose you your mortgage.

Don’t use a card that doesn’t report to the credit bureaus.
Many people don’t realize it, but not all lenders report to the institutions tallying up your credit score.
You might think this would be a good thing—after all, if they aren’t reporting, any bad behavior with this card won’t be factored into your credit score, right? Wrong.
Even though these cards won’t report any card practices that would work in your favor, any problems that go to collections will work against you.
This is the worst of both worlds. These credit cards can harm your credit score, but they will never improve it, not matter how responsibly you use it.
Whenever you sign up for a new credit card, read the fine print and find out whether or not your lender reports to the credit bureaus. If you aren’t sure, simply ask one of the lender’s employees.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online..

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

Credit Monitoring Services

2011-06-20T08:47:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

Online credit monitoring services provide consumers with a suite of tools that help you to take proactive action in monitoring your credit report, while protecting your credit and identity information. Monitoring services notify you via email and/or wireless telephone instantly of any changes made to your credit report, which can help you identify fraudulent activity faster, and therefore minimize the negative impact it would have on your credit.

Notifications by Credit Monitoring Services
What types of activity will generate a notification or alert from the credit monitoring services? As a member of such a service, you’ll receive notification whenever your address has been changed, a new account has been opened, or when an existing account has been changed. This is extremely valuable information as you will know immediately if someone is attempting to use your good name to obtain financing. Time is of the essence when dealing with credit and identity fraud, and without credit monitoring services, it could be several months before you are aware of fraudulent activities.

Tips for Improving Credit
Most credit monitoring services also provide a host of tools that allow you to see what your credit score is at the current time, as well as steps you can take to improve it. Since credit scores are used to determine whether or not to extend individuals credit and at what interest rate; it’s important that your score be as high as possible.
Citi’s Credit Monitoring Service provides a very useful credit analyser function that allows members to determine the effects of several types of activities on their credit score. For example, if you’re considering applying for a car loan, you can use the analyser to determine how much of an impact applying will have on your score, as well as what would happen if you obtained the loan or applied and were denied the loan.
You can also use the analyser to view how missing a payment or two might effect your score overall, or determine which activities will raise your score the most and how long it will take. Extremely useful for individuals who are working diligently to improve their credit score, the Citi Credit Monitoring Service with credit analyser takes the guesswork out of improving your credit.

Identity Theft Insurance
Many credit monitoring services offer identity theft insurance programs that will reimburse members of the credit monitoring service up to a certain dollar amount if there are instances of fraud. (This service is not available to individuals living in the state of New York.) Typical expenses that are covered by identity theft insurance include:

Lost wages for several weeks of work missed if you take time off to deal with the fraud
Repayment of notary or certified mail costs for the delivery of affidavits.
Long distance phone costs in conjunction with the fraud
Attorney fees incurred for dealing with the fraud

Companies Offering Credit Monitoring Services
There are numerous companies that offer credit monitoring services. Most of the services offered are the same or similar, but a few companies having notable differences may make their services more beneficial to individuals.
If you’re looking to improve your credit, you want to be sure a credit monitoring service offers an analyser, like Citi Credit Monitoring Service, TrueCredit, or Identity Guard.

If you want to see results from all credit bureaus, then it’s important that you select a company that provides access to all of the major credit bureaus and not just one. Equifax offers a credit monitoring service, but only for your credit information with Equifax. Each of the credit bureaus may report slightly different information, so you may want to go with a service that can provide access to all 3 of the major credit reports.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score --- Credit Repair --- Payday Loan/Mortgage/Grants

How Payday Loans Really Work

2011-06-17T11:30:00.000-07:00

May 24, 2011 | Author: carolteche

Short on cash? Need money? With the high cost of living and the unpredictable circumstances we cannot escape everyday, payday loans are an amazing tool invented to get cash when you badly need it. But how do payday loans really work?

Payday loans give the borrower the amount of money he needs. The borrower writes a check of the amount needed with the payday loan company’s fixed interest fee, and the money he needs is given right then and there.

The interest fee of a payday loan is usually a percentage the amount borrowed. For every $50 or $100 loaned, there will be an interest fee of $15 to $30. So a personal check of $115 ($100 borrowed money and $15 fee) will be on hold for up to 14 days or until the next payday.

If you applied for a payday loan but were unable to repay the loan on the set schedule, you can ask for a roll-over or an extension on your loan. But there will be another fee for every extension.

You should know how much you owe the loan company. The Truth Lending Acting permits the cost of payday loans be disclosed. Have all the information such as financial change, annual percentage rate (APR), interest fee, and so on.

Like everything else acquired over credit, payday loans should be a last option.

Here are nine things to remember about payday loans:

1. Shop carefully – like comparing prices between two interesting items, the same goes in selecting a payday loan company. Choose the company with lower interest rates, APR’s, and friendlier payment terms.
2. Know the terms – Find out and analyze their terms before availing of a payday loan company’s services.
3. Compare APR and finance charge – Again the lower the rate, the easier for you to repay the amount borrowed.
4. Ask questions – Don’t be afraid to ask questions to your creditors – after all, they’re getting paid to be of service to you. Ask more time to pay your bills if you’re not able to on the planned date.
5. Realistic budget – Be sure that the amount of cash you loan is within your savings budget for you to repay them on time.
6. Build savings – Hold other expenses and save money left over from your income so as not to go on loan again. Save money to repay the loan you borrowed with the interest fee.
7. Overdraft protection – This is essential to your credit account for it protects you from further credit problems. Find out if the company has this on your checking account.
8. Nonprofit groups – Check out nonprofit groups in your community for credit guidance.
9. Other sources – Find out with your employer, credit unions, or housing authority for no- or a low-cost credit counseling program to get you out of debt and help you with financial woes.

Payday loans are amazingly convenient, but be cautious and responsible in using them. Remember to only borrow what you can afford to pay after a couple of weeks. If you can not repay, then talk to the business and they will be able to work out a payment plan for you.
If you like the information that was provided, please visit our site ~~payday loans~~ to get more information about how payday loans are structured.

Article Source

This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.
Based on a work at www.all-insight.com.

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

How to Obtain a Free Credit Report and Check it for Errors

2011-06-17T08:20:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

As a resident of the United States, the three main credit reporting companies in the country are required under law to provide one free credit report (each) to anyone who requests them within any given year. The three large credit reporting companies are Equifax, Experian and TransUnion, and they are strictly monitored by Fair Credit Reporting Act (FCRA) to provide correct and true information.

Information from a person’s credit report provides companies, such as credit card companies, mortgage loaners, insurance companies, and potential employers, information on where a person currently lives, where a person has lived in the past several years, the person’s financial history – including any bankruptcies – and whether or not a person has been involved in any legal proceedings in the past.

Companies use this information to figure out what sort of risk a person is in terms of whether or not money should be lent or credit should be extended/offered to them. Because there is so much vital information included on a credit report, and it contains a good representation about a person’s ability to be responsible and trustworthy, it’s important for a person to monitor what is on his or her credit report, and ensure that everything on the report is correct and current.

The three main credit reporting companies in the United States all keep track of basically the same information. However, sometimes one credit agency will pick up and report slightly different information from the others. This is why it’s important to check the data on all three credit reports from all three companies on a yearly basis.

All of the reporting agencies have websites and toll-free telephone numbers which can be used to order free credit reports. If it seems time consuming to contact all three credit reporting agencies, there is a website (www.annualcreditreport.com) which will provide free credit reports from all three credit reporting companies with one single order. This prevents the need for contacting each reporting company individually.

The Federal Trade Commission (FTC) warns against seeing commercials on television that advertise free credit reports and acting upon them. The same sorts of advertisements are also located in numerous places on the internet, and they should be used only with extreme caution. Any website offering free copies of credit reports, besides www.annualcreditreport.com are usually out to make money. While they may offer free credit reports, they may try to charge users a fee for some sort of other credit reporting service.

In order to obtain free credit reports either from one individual or all three different credit reporting agencies, personal information is needed. Some of the data that must be available are a social security number, current and previous addresses, and other information that should (hopefully) only be known by the person whose name is on the report(s).

In today’s age of obtaining information instantly via the internet, receiving copies of credit reports is no exception. If correct information is submitted to www.annualcreditreport.com, the information on all three credit reports will almost instantly appear and be printable within seconds. On the other hand, if the credit reports are ordered via telephone, they may take a couple of weeks to arrive in the mail.

Once the credit reports are received, they should be thoroughly evaluated for any mistakes and inaccurate information. Any errors should be brought to the attention of the credit reporting company immediately. Under law, the credit reporting company must correct any and all mistakes, if there is proof that the mistakes and mis-information are legitimately incorrect. The agencies will work to determine if the errors are in need of correction and will usually make the changes on a credit report within a month.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score --- Credit Repair --- Payday Loan/Mortgage/Grants

Rebuilding Your Credit History

2011-06-16T08:10:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

Your credit history is very important for you because when it comes
to big loans your credit report will determine if you can get the loan
and what rates you’ll have to pay. The credit report will matter a lot
when you apply for a mortgage loan, for a car loan or for getting
insurance on your house, your car or your life. If your credit report
does not look so good it is possible that you’ll not get the loan or
insurance or if you get it the interest will be higher than normal
because you represent a risk for the loaner. On the other hand, if your
credit report has a good score it will be much easier for you to obtain
the necessary loan or insurance and the interest rates will be much
smaller. In case you think that you fit into the first category, people
with a bad credit report, rebuilding your credit history should be a
top priority for you. I said a top priority because rebuilding your
credit history is a difficult and long process that will take you
several years but at the end you’ll be satisfied because then you’ll be
able to get any credit you need.

Having a poor credit history will bring you only disadvantages: will
be harder for you to get a loan or if you manage to qualify for a loan
the interest rates will most probably be much higher. Apart from this
loan connected disadvantages you’ll also face other problems like: you
might be turned down for a job or, worse, you’ll not be able to rent an
apartment. If you have faced this type of problems you already know how
important is to start rebuilding your credit history as early as
possible.

As we already mentioned, repairing or rebuilding your credit history
is a scary but necessary task for people with bad credit reports. For
starting you need to know how your credit report looks like and what
lenders will see when they ask for your credit report. You can get your
report for free from http://www.annualcreditreport.com/
. This is a true free credit report site set up by the US Government to
provide consumers access to their credit information once per year,
free of charge. Study it and look at it from the perspective of a
lender. This way will sooner realize what your mistakes are and try to
repair them and make sure you don’t repeat them. The next step would be
to make a list of all your income sources, fixed expenses like mortgage
or rent or car payments, and variable expenses like clothing or holiday
expenses. Writing them down will help you a lot because you’ll see your
spending patterns and all your sources of income all together. This
will help you better understand and see what changes should be done in
order to save some money.

The next step on the way to rebuilding your credit history is
applying for a credit card. If you can not get approved for a
standard credit card, apply for a secured credit cards. Although
standard credit cards are best for rebuilding your credit score,
secured credit cards are much easier to obtain and can be a beneficial
first step. To be able to get a secured credit card you need to have
and deposit some funds with the credit card issuer. Your secured credit
card limit is usually equal to the amount you deposited. This is very
helpful because you are able to know from before how much you’ll spend
and you are not allowed spending more then the credit limit. A secured
card can be used the same way as an unsecured card and making your
payments in time will be of big help for improving your credit report.
Apart from a secured credit card you can apply for a store or gasoline
card which is much easier to obtain, have a smaller credit limit and
will help you improve your credit report. For the same purpose you can
also establish an account at a credit union and later apply for a
secured loan. The interest fee for this type of loan is small, but if
you make your payments in time the positive information will be added
to your credit report.

If you want to succeed in rebuilding your credit history the most
important thing to do is paying your current bills on time and in full.
This will put positive information onto your credit report. For
maintaining your credit history in good order, get copies of it
annually from more than one source (in case creditors do not report to
all credit report agencies) and review it. If you discover any mistakes
or errors correct them at once by contacting in writing the credit
reporting agency and the creditor.

These are only few ideas on what to do for rebuilding your credit
history. If your not confident you can manage all by yourself ask for
the help of an expert. They main key to succeed in keeping your credit
history clean is paying on time and in full all your bills.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score --- Credit Repair --- Payday Loan/Mortgage/Grants

Credit Score - Wikipedia

2011-06-16T08:00:00.000-07:00

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Souce : Wikipedia permits to republish here at based on restrictions Creative Commons Attribution-ShareAlike License and http://creativecommons.org/licenses/by-sa/3.0/ Contents in wikipedia is frequently revised and I endeaver to put in the latest version here.
But I suggest you visit them frequently just in case.

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From Wikipedia, the free encyclopedia
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It has been suggested that Credit score (United States) be merged into this article or section. (Discuss) Proposed since March 2010.

This article needs additional citations for verification.
Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (February 2011)

A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.

Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques. Credit scoring also has a lot of overlap with data mining, which uses many similar techniques.

FICO is a publicly-traded corporation (under the ticker symbol FICO) that created the best-known and most widely used credit score model in the United States.

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Score interpretation

The first step to interpreting a score is to identify the source of the credit score and its use. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by Fair Isaac Co. and is called the FICO score. FICO produces scoring models that are most commonly used, and which are installed at and distributed by the three largest national credit repositories in the U.S (TransUnion, Equifax and Experian) and the two national credit repositories in Canada (TransUnion Canada and Equifax Canada). FICO controls the vast majority of the credit score market in the United States and Canada although there are several other competing players that collectively share a very small percentage of the market.

In the United States, FICO risk scores range from 300-850, with 723 being the median FICO score of Americans in 2010. The performance definition of the FICO risk score (its stated design objective) is to predict the likelihood that a consumer will go 90 days past due or worse in the subsequent 24 months after the score has been calculated. The higher the consumer's score, the less likely he or she will go 90 days past due in the subsequent 24 months after the score has been calculated. Because different lending uses (mortgage, automobile, credit card) have different parameters, FICO algorithms are adjusted according to the predictability of that use. For this reason, a person might have a higher credit score for a revolving credit card debt when compared to a mortgage credit score taken at the same point in time.

The interpretation of a credit score will vary by lender, industry, and the economy as a whole. While 620 has historically been a divider between "prime" and "subprime", all considerations about score revolve around the strength of the economy in general and investors' appetites for risk in providing the funding for borrowers in particular when the score is evaluated. In 2010, the Federal Housing Administration (FHA) tightened its guidelines regarding credit scores to a small degree, but lenders who have to service and sell the securities packaged for sale into the secondary market largely raised their minimum score to 640 in the absence of strong compensating factors in the borrower's loan profile. In another housing example, Fannie Mae and Freddie Mac began charging extra for loans over 75% of the value that have scores below 740. Furthermore, private mortgage insurance companies will not even provide mortgage insurance for borrowers with scores below 660. Therefore, "prime" is a product of the lender's appetite for the risk profile of the borrower at the time that the borrower is asking for the loan.

Australia

In Australia, credit scoring is widely accepted as the primary method of assessing credit worthiness. Credit scoring is not only used to determine whether credit should be approved to an applicant, but credit scoring is also used in the setting of credit limits on credit cards/store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company's existing client base.

Although logistic (or non-linear) probability modelling is still the most popular means by which to develop scorecards, various other methods offer extremely powerful alternatives, including MARS, CART, CHAID, and random forests.

At present Veda Advantage, the main provider of credit file data, only provides a negative credit reporting system which contains information on applications for credit and adverse listings indicating a default under a credit contract. This makes accurate credit scoring difficult for banks if they have no existing relationship with a prospective borrower.^[1]

Austria

In Austria credit scoring is done as a blacklist. Consumers which did not pay bills end up on the blacklists that are held by different credit bureaus.^[2] Having an entry on the black list may result in the denial of contracts. Just specific branches like telecom carriers use the list on a regular basis. Banks do not use these lists, but rather inquire about securities and income of the consumer when giving out loans.

According to the Austrian Data Protection Act, consumers must opt-in for the use of there private data for any purpose. Consumers can also retrieve the permission to use the data later, which makes any further distribution or use of the collected data illegal.^[3] Consumers also have the right to get a free copy of all data held by the credit bureaus once a year. ^[4] Wrong or unlawfully collected data must be deleted or corrected. ^[5]

Canada

The system of credit reports and scores in Canada is very similar to that in the United States, with two of the same reporting agencies active in the country: Equifax and TransUnion (Experian, which had entered the Canadian market with the purchase of Northern Credit Bureaus in 2008, announced the closing^[6]^[7] of its Canadian operations as of April 18, 2009).

There are, however, some key differences. One such difference is that, unlike the United States, where a consumer is allowed only one free copy of their credit report a year, in Canada, the consumer may order a free copy of their credit report any number of times in a year, as long as the request is made in writing, and as long as the consumer asks for a printed copy to be delivered by mail.^[8]^[9] This request by the consumer is noted in the credit report, but it has no effect on their credit score. According to Equifax's ScorePower Report, FICO scores range between 300 and 900.

The Government of Canada offers a free publication called Understanding Your Credit Report and Credit Score.^[10] This publication provides sample credit report and credit score documents, with explanations of the notations and codes that are used. It also contains general information on how to build or improve credit history, and how to check for signs that identity theft has occurred. The publication is available online at the Financial Consumer Agency of Canada. Paper copies can also be ordered at no charge for residents of Canada.

India

The Credit Information Bureau (India) Limited (CIBIL) was incorporated in 2000 by the Government of India and the Reserve Bank of India to provide credit information about commercial and consumer borrowers to a limited group of members, including banks, financial institutions, non banking financial companies, housing finance companies and credit card companies.

Norway

In Norway, credit scoring services are provided by three credit scoring agencies: Dun & Bradstreet, Experian and Lindorff Decision. Credit scoring is based on publicly available information such as demographic data, tax returns, taxable income and any Betalingsanmerkning (non-payment records) that might be registered on the credit scored individual. Upon being scored, an individual will get a notice (written or in the form of an e-mail) from the scoring agency stating who performed the credit score as well as any information provided in the score. In addition, many credit institutions use custom made scorecards based on any number of parameters.

South Africa

Credit scoring is used throughout the credit industry in South Africa, with the likes of banks, micro-lenders, clothing retailers, furniture retailers, specialised lenders and insurers all using credit scores. Currently two of the three main retail credit bureaux offer credit bureau scores. TransUnion (formerly ITC) offer the Empirica Score which is, as of mid 2010, in its 4th generation. The Empirica score is segmented into two suites: the account origination (AO) and account management (AM). Experian South Africa likewise have a Delphi credit score with their fourth generation about to be released (late 2010).

Sweden

Sweden also has a system for credit score. This system aims to find people with bad payment attitude. It has only two levels, good and bad. Anyone who does not pay a requested debt payment on time, and also not after a reminder, will have their case forwarded to the Swedish Enforcement Administration (Swedish: Kronofogdemyndigheten), a national authority which collects debts. The very appearance of a company as a debtor in this authority, will render a mark among private credit bureaus - however, this does not apply to a private person. This mark is called Betalningsanmärkning (non-payment record) and can according to the law be stored for three years for a private person and five years for a company. This kind of non-payment record will make it very difficult to get a loan, a rental apartment, a telephone subscription or a job with cash handling. The banks of course use income and asset figures in connection with loan assessments.

If one gets an injunction to pay by the Enforcement Administration, it is possible to object to it. Then the one requesting the payment must show the correctness in district court. Failure to object is seen as admitting the debt. If the debtor loses the court trial, costs for the trial are added to the debt. Taxes and authority fees must always be paid on request unless payment has already been made.

Every person with a Swedish national identification number must register a valid address, even if living abroad, since sent letters are considered to have arrived. For example, the Swedish astronaut Christer Fuglesang has a Betalningsanmärkning since he forgot to pay the Stockholm congestion tax, and had an old invalid address registered, since he lives in the USA. Letters with payment requests did not reach him on time.

United Kingdom

United States

Main article: Credit score (United States)

In the United States, a credit score is a number based on a statistical analysis of a person's credit files, that in theory represents the creditworthiness of that person, which is the likelihood that people will pay their bills. A credit score is primarily based on credit report information, typically from one of the three major credit bureaus: Experian, TransUnion, and Equifax. Income is not considered by the major credit bureaus when calculating a credit score.

There are different methods of calculating credit scores. FICO, the most widely known type of credit score, is a credit score developed by FICO, previously known as Fair Isaac Corporation. It is used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. All credit scores have to be subject to availability. The credit bureaus all have their own credit scores: Equifax's ScorePower, Experian's PLUS score, and TransUnion's credit score, and each also sells the VantageScore credit score. In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models.

Studies have shown scores to be predictive of risk in the underwriting of both credit and insurance.^[11]^[12]^[13] Some studies even suggest that most consumers are the beneficiaries of lower credit costs and insurance premiums due to the use of credit scores.^[12]^[14]

Recently, many jobs are using pre-employment credit checks and the trend has appear to have grown since 2000 within the United States (Bird, M., 2010). According to a survey in 2010, many individuals felt that employers should have the right and duty to check credit reports for all jobs, while another 28 percent felt that it depended on the potential employee's job responsibilities such as banking or accounting jobs.

Americans are entitled to one free credit report within a 12-month period from each of the three credit bureaus, but are not entitled to receive a free credit score. The three credit bureaus run Annualcreditreport.com, where users can get their free credit reports. Credit scores are available as an add-on feature of the report for a fee. If the consumer disputes an item on a credit report obtained using the free system, under the Fair Credit Reporting Act (FCRA), the credit bureaus have 45 days to investigate, rather than 30 days for reports obtained otherwise.^[15]

Alternatively, consumers wishing to obtain their credit scores can in some cases purchase them separately from the credit bureaus or can purchase their FICO score directly from Fair Isaac.^[16] Credit scores (including FICO scores) are also made available for "free" through subscription to one of the many credit report monitoring services available from the credit bureaus or other third parties, although to actually get the scores for free from most such services, one must use their credit card to sign up for a free trial subscription of the service and then cancel before the first monthly charge. Until March 2009, holders of credit cards issued by Washington Mutual were offered a free FICO score each month through the bank's Web site. (Chase, which took over Washington Mutual in 2008, discontinued this practice in March, 2009.)^[17]Chase resumed the practice of offering a free FICO score in March, 2010 of select card members to the exclusion of the majority of former WAMU card holders.

Under the Fair Credit Reporting Act, a consumer is entitled to a free credit report (but not a free credit score) within 60 days of any adverse action (e.g. being denied credit, or receiving substandard credit terms from a lender) taken as a result of their credit rating. Under the Wall Street reform bill passed on July 22, 2010, a consumer is entitled to receive a free credit score if they are denied a loan or insurance due to their credit rating.^[18]

The FICO credit score ranges between 300 and 850. The VantageScore score ranges from 501-990.^[19]

References

^ Credit Scoring in Australia
^ http://www.ksv.at/KSV/1870/de/4privatpersonen/4fragenantworten/index.html
^ § 8 Abs 1 Z2 DSG
^ § 26 DSG
^ §§ 27 and 28 DSG
^ "Experian Canada home page". http://www.experian.ca/. Retrieved 2011-02-01.
^ Drake, Tom. "Experian Closes Their Canadian Consumer Credit Bureau". Canadian Finance Blog. http://canadianfinanceblog.com/2009/04/28/experian-closes-their-canadian-consumer-credit-bureau.htm. Retrieved 2011-02-01.
^ Equifax form (Canada)
^ TransUnion form (Canada)
^ Understanding Your Credit Report and Credit Score (Canada)
^ Report to the Congress on credit scoring and its effects on the availability and affordability of credit
^ ^a ^b Credit-based insurance scores: Impacts on consumers of automobile insurance
^ No evidence of disparate impact in Texas due to use of credit information by personal lines insurers
^ An overview of consumer data and credit reporting
^ Equifax Credit Report Dispute FAQs retrieved on 2008-12-18
^ FICO scores retrieved on 2008-12-18
^ Chase drops WaMu secured card, FICO score retrieved on 2009-01-17
^ President Obama on Final Passage of Wall Street Reform: An End to Bailouts, a Beginning for Accountability published July 15, 2010, retrieved on July 26, 2010.
^ The VantageScore Model retrieved on 2008-12-16

External links
"FTC Guide to Credit Scores".

"Financial Consumer Agency of Canada".

"How Credit Scores Work".

"Credit Research Centre Credit Scoring Conference".

"UK Credit Scoring Resource".

"Your Credit Score Is a Ranking, Not a Score".

Hidden categories: Articles to be merged from March 2010 | All articles to be merged | Articles needing additional references from February 2011 | All articles needing additional references | Articles containing Swedish language text

Your Debt To Income Ratio

2011-06-15T08:44:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

To stay out of debt, you must spend less money than you earn.
Implementing this financial plan is often more difficult than it would
seem. Your debt to income ratio is an important part of your overall
credit history. If you spend more money than you earn, your debt
to income ratio will be high, making it hard to finance a home or make
major purchases. There are two basic factors are used in
calculating your debt to income ratio - your net worth and your total
debt. There are standard guidelines used in the credit
industry to determine if your debt to income ratio is too high.
The standard may be a bit low due to the fact that many have an
acceptable debt to income ratio but still struggle to pay monthly
expenses.

Your total net worth includes your monthly net pay, overtime and
bonuses, and any other annual income. Your total debt includes
your mortgage, other loan payments or revolving accounts, car payment,
credit cards, and any child support you pay. If you divide you
total monthly debt payments by your monthly income, you have your debt
to income ratio. In the eyes of a creditor, if your debt to
income ratio is lower than 36% you are in good financial shape.
However, your personal situation, your unique expenses, and your number
of dependants will determine how much debt you can reasonably pay each
month. If your debt to income ratio is less than 30 percent, you
are in excellent financial condition; 30-36% - you will have no trouble
with lenders, but should work to bring this number down to 30 or less;
36-40% - you will most likely be able to get a loan, but you may have
trouble meeting your monthly obligations; 40 percent or higher - you
will need to evaluate your finances and work towards eliminating debts.

Your credit card debt plays a major role in determining your debt to
income ratio. The amount you owe on your credit cards has a
direct bearing on your credit score. If your debt exceeds your
income, your credit score will drop. Many factors go into
determining your credit score, all of which are indicators of your
overall financial health. Lowering credit card debt is one of the
best ways to improve your credit score and your debt to income
ratio. The average American has over $8000 in credit card
debt. If you are paying the minimum payments each month, this
still takes a big bite out of your income. Even if your credit
history is excellent, with very few or no late payments, if you have
too much debt, you could be denied a loan.

Take control of your credit score by lowering your credit card debt or
eliminating it all together. Your credit score will rise and you
will lower your debt to income ratio. If you plan to apply for a
loan, purchase a new home, or want to buy a new car, you must make sure
your level of debt does not exceed more than 36% of your income.
In addition, if you have several credit cards with very low or zero
balances, you would benefit by closing those accounts and transferring
any outstanding balances to a credit card with a low interest
rate. Some lenders will calculate your debt to income ratio based
on the amount of credit that is available to you. If you have
several dependants, you may want to lower your debt to income ratio to
around 20% to ensure that you can pay your monthly debt comfortably.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score --- Credit Repair --- Payday Loan/Mortgage/Grants

Credit History / Report - Wikipedia

2011-06-15T08:00:00.000-07:00

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

From Wikipedia, the free encyclopedia
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This article deals with the general concept of the term credit history. For detailed information about the same topic in the United States, see Credit score (United States).

Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score.

In the U.S., when a customer fills out an application for credit from a bank, store or credit card company, their information is forwarded to a credit bureau. The credit bureau matches the name, address and other identifying information on the credit applicant with information retained by the bureau in its files.That's why it's very important for creditors, lenders and others to provide accurate data to credit bureaus. ^[1]

This information is used by lenders such as credit card companies to determine an individual's credit worthiness; that is, determining an individual's willingness to repay a debt. The willingness to repay a debt is indicated by how timely past payments have been made to other lenders. Lenders like to see consumer debt obligations paid on a monthly basis.

There has been much discussion over the accuracy of the data in consumer reports. However, the only scientifically researched studies that include sample sizes large enough to be valid have generally concluded the data in credit reports is very accurate. ^[2] ^[3] The credit bureaus point to their own study of 52 million credit reports to highlight that the data in reports is very accurate. The Consumer Data Industry Association testified before Congress that less than two percent of those reports that resulted in a consumer dispute had data deleted because it was in error.^[4]

If a consumer disputes some information in a credit report, the credit bureau has 30 days to verify the data. Over 70 percent of these consumer disputes are resolved within 14 days and then the consumer is notified of the resolution.^[4] The Federal Trade Commission states that one large credit bureau notes 95 percent of those who dispute an item seem satisfied with the outcome.^[5]

The other factor in determining whether a lender will provide a consumer credit or a loan is dependent on income. The higher the income, all other things being equal, the more credit the consumer can access. However, lenders make credit granting decisions based on both ability to repay a debt (income) and willingness (the credit report) as indicated in the past payment history.

These factors help lenders determine whether to extend credit, and on what terms. With the adoption of risk-based pricing on almost all lending in the financial services industry, this report has become even more important since it is usually the sole element used to choose the annual percentage rate (APR), grace period and other contractual obligations of the credit card or loan.

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Calculating a credit rating

Credit ratings vary from scoring model to scoring model, but in general the FICO scoring system is the standard in U.S., Canada and other global areas. The factors are similar and may include:

Payment history (35% contribution on the FICO scale) - A record of negative information can lower a consumer's credit rating or score. In general risk scoring systems look for any of the following negative events; charge offs, collections, late payments, repossessions, foreclosures, settlements, bankruptcies, liens, and judgements. Within this category FICO considers the severity of the negative item, the age of the negative items and the prevalence of negative items. Newer is worse than older. More severe is worse than less severe. And, many is worse than few.
Debt (30% contribution on the FICO score) - This category considers the amount and type of debt carried by a consumer as reflected on their credit reports. There are three types of debt considered.

Revolving debt - This is credit card debt, retail card debt and some petroleum cards. And while home equity lines of credit have revolving terms the bulk of debt considered is true unsecured revolving debt incurred on plastic. The most important measurement from this category is called "Revolving Utilization", which is the relationship between the consumer's aggregate credit card balances and the available credit card limits, also called "open to buy." This is expressed as a percentage and is calculated by dividing the aggregate credit card balances by the aggregate credit limits and multiplying the result by 100, thus yielding the utilization percentage. The higher that percentage the lower your score will likely be. This is why closing credit cards is generally not a good idea for someone trying to improve their credit scores. Closing one or more credit card accounts will reduce your total available credit limits and likely increase the utilization percentage unless the cardholder reduces their balances at the same pace.
Installment debt - This is debt where there is a fixed payment for a fixed period of time. An auto loan is a good example as you're generally making the same payment for 36, 48, or 60 months. While installment debt is considered in risk scoring systems it is a distant second in its important behind the revolving credit card debt. Installment debt is generally secured by an asset like a car, home, or boat. As such, consumers will use extraordinary efforts to make their payments so their asset isn't repossessed by the lender for non-payment.
Open debt - This is the least common type of debt. This is debt that must be paid in full each month. An example is any one of the variety of credit cards that are "pay in full" products. The American Express Green card is a common example. Open debt is treated like revolving credit card debt in older version of the FICO scoring system but is excluded from the revolving utilization calculation in newer versions.

Time in file (Credit File Age) (15% contribution on the FICO scale) - The older your credit report the more stable it is, in general. As such, your score should benefit from an old credit report. This "age" is determined two ways; the age of your credit file and the average age of the accounts on your credit file. The age of your credit file is determined by the oldest account's "date opened", which sets the age of the credit file. The average age is set by averaging the age of every account on the credit report, whether open or closed.
Account Diversity (10% contribution on the FICO scale) - Your credit score will benefit by having a diverse set of account types on your credit file. Having experience across multiple account types (installment, revolving, auto, mortgage, cards, etc) is generally a good thing for your scores because you're proving the ability to manage different account types.
The Search for New Credit (Credit inquiries) (10% contribution on the FICO scale) – An inquiry is noted every time a company requests some information from a consumer's credit file. There are several kinds of inquiries that may or may not affect one's credit score. Inquiries that have no effect on the creditworthiness of a consumer (also known as "soft inquiries"), which remain on your credit reports for 6 months and are never visible to lenders or credit scoring models, are:
- Prescreening inquiries where a credit bureau may sell a person's contact information to an institution that issues credit cards, loans and insurance based on certain criteria that the lender has established.
- A creditor also checks its customers' credit files periodically. This is referred to as Account Management, Account Maintenance or Account Review.
- A credit counseling agency, with the client's permission, can obtain a client's credit report with no adverse action.
- A consumer can check his or her own credit report without impacting creditworthiness. This is referred to as a "consumer disclosure" inquiry.
- Employment screening inquiries
- Insurance related inquiries
- Utility related inquiries
Inquiries that can have an effect on the creditworthiness of a consumer, and are visible to lenders and credit scoring models, (also known as "hard inquiries") are made by lenders when consumers are seeking credit or a loan, in connection with permissible purpose. Lenders, when granted a permissible purpose, as defined by the Fair Credit Reporting Act, can "pull" a consumer file for the purposes of extending credit to a consumer. Hard inquiries can, but don't always, affect the borrower's credit score. Keeping credit inquiries to a minimum can help a person's credit rating. A lender may perceive many inquiries over a short period of time on a person's report as a signal that the person is in financial difficulty, and may consider that person a poor credit risk.

35% - Payment History: Negative information.
30% - Debt: How much and what type?
15% - Length Of Credit History: This is how long you've had credit
10% - Credit Diversity: This is the different types of credit experience you've had
10% - Inquiries (hard): This is when a creditor checks your credit report

Acquiring and understanding credit reports and scores

There are many businesses that aim to make money by providing services to consumers to check their credit reports and confirm the information in them. These companies advertise heavily. In the US, the Fair Credit Reporting Act and its amendments require that any national consumer credit reporting agency (including Experian, Equifax, and TransUnion) and any national specialty consumer reporting agency (including Innovis, PRBC, Teletrack) provide a free copy of the credit reports for any consumer who requests it, once per year. Free annual credit reports for Experian, Equifax and TransUnion may be requested at https://www.annualcreditreport.com. Note that many imposter websites with names similar to www.annualcreditreport.com exist, and users will see promotions for extra credit-checking services that cost money. Carefully following the process and declining for-pay services will allow users to get their free annual credit reports. Also note that the free reports do not include the consumer's credit score. Rather, they provide a list of accounts so users can confirm that no erroneous information is on the reports.

Information from the GSA Federal Citizen Information Center (US government) is available for free download in .pdf form at http://www.pueblo.gsa.gov. Look for the pamphlets "Building a Better Credit Report" and "Your Credit Scores."

Free information about understanding one's credit report and credit score is also available from MoneyWi$e, a non-profit partnership between Consumer Action and Capital One, at http://www.money-wise.org.

The government of Canada offers a free publication called Understanding Your Credit Report and Credit Score. This publication provides sample credit report and credit score documents with explanations of the notations and codes that are used. It also contains general information on how to build or improve credit history, and how to check for signs that identity theft has occurred. The publication is available online through http://www.fcac.gc.ca, the site of the Financial Consumer Agency of Canada. Paper copies can also be ordered at no charge for residents of Canada.

Credit history of immigrants

Credit history usually applies to only one country. Even within the same credit card network, information is not shared between different countries. For example, if a person has been living in Canada for many years and then moves to the United States, when they apply for credit cards or a mortgage in the U.S., they would usually not be approved because of a lack of credit history, even if they had an excellent credit rating in their home country and even if they had a very high salary in their home country.

An immigrant must establish a credit history from scratch in the new country. Therefore, it is usually very difficult for immigrants to obtain credit cards and mortgages until after they have worked in the new country with a stable income for several years.

Some credit card companies (e.g. American Express) can transfer credit cards from one country to another and this way help starting a credit history.

Adverse credit

Adverse credit history, also called sub-prime credit history, non-status credit history, impaired credit history, poor credit history, and bad credit history, is a negative credit rating.

A negative credit rating is often considered undesirable to lenders and other extenders of credit for the purposes of loaning money or capital.^[6]

In the U.S., a consumer's credit history is compiled by consumer reporting agencies or credit bureaus. The data reported to these agencies are primarily provided to them by creditors and includes detailed records of the relationship a person has with the lender. Detailed account information, including payment history, credit limits, high and low balances, and any aggressive actions taken to recover overdue debts, are all reported regularly (usually monthly). This information is reviewed by a lender to determine whether to approve a loan and on what terms.

As credit became more popular, it became more difficult for lenders to evaluate and approve credit card and loan applications in a timely and efficient manner. To address this issue, credit scoring was adopted.^{[citation needed]}A benefit of scoring was that it made credit available to more consumers and at less cost.^[7]

Credit scoring is the process of using a proprietary mathematical algorithm to create a numerical value that describes an applicant's overall creditworthiness. Scores, frequently based on numbers (ranging from 300–850 for consumers in the United States), statistically analyze a credit history, in comparison to other debtors, and gauge the magnitude of financial risk. Since lending money to a person or company is a risk, credit scoring offers a standardized way for lenders to assess that risk rapidly and "without prejudice."^{[citation needed]} All credit bureaus also offer credit scoring as a supplemental service.

Credit scores assess the likelihood that a borrower will repay a loan or other credit obligation. The higher the score, the better the credit history and the higher the probability that the loan will be repaid on time. When creditors report an excessive number of late payments, or trouble with collecting payments, the score suffers. Similarly, when adverse judgments and collection agency activity are reported, the score decreases even more. Repeated delinquencies or public record entries can lower the score and trigger what is called a negative credit rating or adverse credit history.

Your credit score is a number calculated from factors such as the amount of credit outstanding versus how much you owe, your past ability to pay all your bills on time, how long you've had credit, types of credit used and number of inquiries. The three major consumer reporting agencies, Equifax, Experian and TransUnion all sell credit scores to lenders. Fair Isaac is one of the major developers of credit scores used by these consumer reporting agencies. The complete way in which your FICO score is calculated is complex. One of the factors in your Fico score is credit checks on your credit history. When a lender requests a credit score, it can cause a small drop in the credit score.^[8]^[9] That is because, as stated above, a number of inquiries over a relatively short period of time can indicate the consumer is in a financially difficult situation.

Consequences

The information in a credit report is sold by credit agencies to organizations that are considering whether to offer credit to individuals or companies. It is also available to other entities with a "permissible purpose", as defined by the Fair Credit Reporting Act. The consequence of a negative credit rating is typically a reduction in the likelihood that a lender will approve an application for credit under favorable terms, if at all. Interest rates on loans are significantly affected by credit history; the higher the credit rating, lower the interest while the lower the credit rating, the higher the interest. The increased interest is used to offset the higher rate of default within the low credit rating group of individuals.

In the United States insurance, housing, and employment can be denied based on a negative credit rating.

Note that it is not the credit reporting agencies that decide whether a credit history is "adverse." It is the individual lender or creditor which makes that decision, each lender has its own policy on what scores fall within their guidelines. The specific scores that fall within a lender's guidelines are most often NOT disclosed to the applicant due to competitive reasons. In the United States, a creditor is required to give the reasons for denying credit to an applicant immediately and must also provide the name and address of the credit reporting agency who provided data that was used to make the decision.

More than One Credit History Per Person

In some countries, people can have more than one credit history. For example, in Canada, although most Canadians are not aware of it, every person who applied for credit before obtaining a Social Insurance Number has two separate credit histories, one with SIN and one without SIN. This is due to the credit reporting structure in Canada. This can lead to two completely separate parallel histories, and often leads to inconsistencies (although typically the person in question will never notice the inconsistencies), because when a lender asks for someone's credit report with SIN, what the lender gets is different from what he would have gotten if he asked the report without providing the SIN. This is because, contrary to popular belief, when someone gets a new SIN for whatever reason, the two credit files are never merged unless the person requests specifically. As a result, a record with SIN zeroed out is kept separately from a record with SIN. Note this happens without the person even knowing it.^{[citation needed]}

References

^ http://www.washingtontimes.com/news/2009/jan/19/credit-agencies-are-the-messengers/
^ Credit Report Accuracy and Access to Credit. Federal Reserve Bulletin. Summer 2004
^ Allstate Insurance Company’s Additional Written Testimony: Allstate’s Use of Insurance Scoring. 23 Jul 2002.
^ ^a ^b Prepared Statement of the Federal Trade Commission on Credit Reports: Consumers' Ability to Dispute and Change Inaccurate Information: Hearing Before the Committee on Financial Services. 19 Jun 2007.
^ Report to Congress on the Fair Credit Reporting Act Dispute Process. Federal Trade Commission. Board of Governors of the Federal Reserve System. Aug 2006.
^ Turner, Michael A et al., Give Credit Where Credit Is Due, Political and Economic Research Council, 1.
^ http://www.federalreserve.gov/boarddocs/RptCongress/creditscore/creditscore.pdf
^ "Facts & Fallacies". Fair Isaac Corporation. http://www.myfico.com/CreditEducation/FactsFallacies.aspx. Retrieved 2007-08-08.
^ "What’s In Your Score". Fair Isaac Corporation. http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx. Retrieved 2007-08-08.

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Building your credit history

2011-06-14T11:30:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

Today, credit is an indispensable part of our lives. In order to get the things you need, such as a home or a car, you have to apply for a credit.
But you cannot get a credit without having a credit history, and you cannot get a good quality credit without having a good credit history.
So, it is important to start building your credit history when you're young.

When applying for a credit, if you don't have a credit history, it is possible your credit application to be denied. This means you definitely need to start building a credit history.
There are different ways to start a credit history.
If you're a student, you can get a student card from the companies that offer such special cards. On this credit card you can charge your necessities and at the same time build your own credit history.

When you're a young adult and you have always used checks or paid cash for your purchases you'll soon realize that you cannot apply for a credit as you don't have a credit history.
A secured credit card can really help you.
These secured credit cards are considered a first step for those with no credit history.
For obtaining a secured credit card a deposit is required and the spending limit is equal to the amount of the deposit.
To make sure you're building a good credit history with this first credit card, be careful not to go over the limit and pay your bills on time.
After some time, depending on each company, you can apply for an unsecured credit card but only if you have a good credit history.

There are also other more simple ways of starting a credit history.
One easy solution is to open a savings or checking account that will definitely show how you are able to manage your money.
Or if you have a cellular phone or a pager and pay your bills on time every month, you can demonstrate that you're capable to control your money wisely.
Another way is to consider applying for a card offered by gasoline companies or retail stores. This type of card has a low credit limit and can be paid off each month.

All above methods are just first steps in building a credit history.
The next steps are also important because they will greatly influence the history you have started building.
Every time you pay or not pay a bill on time your credit history registers it.
Having a good credit history shows that you are a person that treats debts responsibly and you're likely to pay back the money that you want to borrow.
To gain the confidence of the credit companies they have to see on your credit history that you treat with responsibility every bill.
So make sure to pay the total minimum due on every one of your bills and do an effort to pay them by the statement due date so that they arrive on time.
Also do you best to pay at least the minimum, if not the entire, balance each month.
Try to never skip payments; it doesn't look good on your credit history.

If you ever feel that your debts are getting out of control, immediately seek help from a financial counselor. He will be able to evaluate the entire situation better than you can and he can find the best solution that will get you out of that massy situation.
A financial counselor will also advise you to annually check your credit report for any errors that may appear.
Then, if any errors are present, correct them immediately.

It is not difficult to start building a credit history; it just takes time and a lot of patience from your side.
Yet, we have to admit that the difficult part is to build a good credit history for which you must be able to demonstrate that you can wisely manage your money.
Keep in mind that a good credit history will only bring you benefits.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score --- Credit Repair --- Payday Loan/Mortgage/Grants

Payday loan - Wikipedia

2011-06-14T08:00:00.000-07:00

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Souce : Wikipedia permits to republish here at based on restrictions Creative Commons Attribution-ShareAlike License and http://creativecommons.org/licenses/by-sa/3.0/ Contents in wikipedia is frequently revised and I endeaver to put in the latest version here.
But I suggest you visit them frequently just in case.

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

From Wikipedia, the free encyclopedia

This article needs additional citations for verification.
Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (November 2008)

This article needs attention from an expert on the subject. See the talk page for details. WikiProject Finance may be able to help recruit an expert. (March 2009)

A shop window in Falls Church, Virginia advertises payday loans.

A payday loan (also called a paycheck advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card (see cash advance). Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.

Some jurisdictions impose strict usury limits, limiting the annual percentage rate (APR) that any lender, including payday lenders, can charge; some outlaw payday lending entirely; and some have very few restrictions on payday lenders. Due to the extremely short-term nature of payday loans, the difference between nominal APR and effective APR (EAR) can be substantial, because EAR takes compounding into account. For a $15 charge on a $100 2-week payday loan, the APR is 26 × 15% = 390% but the EAR is (1.15

26

− 1) × 100% = 3,685%. Careful reporting of whether EAR or APR is quoted is necessary to make meaningful comparisons.

Payday loans carry substantial risk to the lender; they have 10-20% default rate^[1], and according to one study, defaults cost payday lenders around a quarter of their annual revenue.^[2]

The loan process

The basic loan process is simply that a lender provides a short-term unsecured loan to be repaid at the borrower's next pay day. Typically, some verification of employment or income is involved (via pay stubs and bank statements), but some lenders may omit this. Individual companies and franchises have their own underwriting criteria.

In the traditional retail model, borrowers visit a payday lending store and secure a small cash loan, with payment due in full at the borrower's next paycheck. The borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower does not repay the loan in person, the lender may redeem the check. If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees and/or an increased interest rate as a result of the failure to pay.

In the more recent innovation of online payday loans, consumers complete the loan application online (or in some instances via fax, especially where documentation is required). The loan is then transferred by direct deposit to the borrower's account, and the loan repayment and/or the finance charge is electronically withdrawn on the borrower's next payday. According to some sources, many payday lenders operating on the internet do not run credit checks or verify income.^[3]

Opponents Charges

A concern has been raised that this article's Criticism section may be compromising the article's neutral point of view of the subject. Possible resolutions may be to integrate the material in the section into the article as a whole, or to rewrite the contents of the section. Please see the discussion on the talk page. (February 2010)

Payday lending is a controversial practice and faces both legal battles and public perception challenges in nearly every place where it is practiced.

Draining money from low-income communities

People who resort to payday lending are typically low-income people with few assets, as these are people who are least able to secure normal, lower-interest-rate forms of credit. Since the payday lending operations charge such high interest-rates, and do nothing to encourage savings or asset accumulation, they have the effect of depleting the assets of low-income communities.^[4]

Exploiting financial hardship for profit

Critics such as Consumers Union blame payday lenders for exploiting people's financial hardship for profit. They say lenders target the young and the poor, particularly those near military bases and in low-income communities. They also say that borrowers may not understand that the high interest rates are likely to trap them in a "debt-cycle," where they have to repeatedly renew the loan and pay associated fees every two weeks until they can finally save enough to pay off the principal and get out of debt. Critics also say that payday lending unfairly disadvantages the poor, compared to the middle class who pay at most 25% or so on their credit cards.

Aggressive advertising practices

Debt charity Credit Action made a complaint to the UK Office of Fair Trading (OFT) that payday lenders were placing adverts on social network website Facebook which broke advertising regulations. Their main complaint was that the APR was either not displayed at all or not displayed prominently enough, which is clearly required by UK advertising standards. ^[5] ^[6]

Aggressive collection practices

In US law, a payday lender can use only the same industry standard collection practices used to collect other debts.
In many cases, the borrower has written a post-dated check to the lender; if the borrower defaults, then this check will bounce. Some payday lenders have therefore threatened delinquent borrowers with criminal prosecution, for check fraud.^[7] This practice is illegal in many jurisdictions.

Ignoring legal restrictions

Payday lenders have been known to ignore usury limits and charge higher amounts than they are entitled to by law. On May 30, 2008, the Illinois Department of Financial and Professional Regulation fined Global Payday Loan $234,000—the largest fine in Illinois history against a payday lender—for exceeding the $15.50 per $100 limit on charges for payday loans.^[8] A customer, known only as J.M., borrowed $300 and repaid $360 ($13.50 more than the company was legally entitled to collect under the Illinois Payday Loan Reform Act), but the company was still sending her warnings that her account was 'seriously delinquent' and that her unpaid balance was $630.

Pricing structure of payday loans

Issuers of payday loans defend their higher interest rates by saying processing costs for payday loans do not differ much from other loans, including home mortgages.^{[citation needed]} They argue that conventional interest rates for lower dollar amounts and shorter terms would not be profitable. For example, a $100 one-week loan, at a 20% APR (compounded weekly) would generate only 38 cents of interest, which would fail to match loan processing costs.
Critics^[who?] say payday lenders' processing costs are significantly lower than costs for mortgages and other traditional loans. Payday lenders usually look at recent pay-stubs, whereas larger-loan lenders do full credit checks and make a determination about the borrower's ability to pay back the loan.^{[citation needed]}

Proponents' stance

Charges are in line with costs

A study by the FDIC Center for Financial Research^[9] found that “operating costs are not that out of line with the size of advance fees” collected and that, after subtracting fixed operating costs and “unusually high rate of default losses,” payday loans “may not necessarily yield extraordinary profits.” Based on the annual reports of publicly traded payday loan companies, loan losses can average 15% or more of loan revenue. Underwriters of payday loans must also deal with people presenting fraudulent checks as security, ordering a check stopped, or closing their account.^{[citation needed]}
Critics concede that some borrowers may default on the loans, but point to the industry's pace of growth as an indication of its profitability. Consumer advocates condemn the practice as a whole, regardless of its profitability, because it "takes advantage of consumers who are already hard-pressed to pay their debts".^[10]
According to the Dallas Morning News, in 2008 the U.S.'s largest payday lender, Advance America, "made $4.2 billion in payday loans and charged $676 million in interest and fees." And "Cash America, a pawnshop operator and payday lender based in Fort Worth, recorded net income of $81 million last year – a 132 percent increase in just four years – on total revenue of $1.03 billion."^[11]

Markets provide services otherwise unavailable

Opponents of government regulation of payday loan businesses argue that some individuals that require the use of payday loans have already exhausted or ruined any other alternatives. Such consumers could potentially be forced to turn to loan sharks or other illegal sources if not for payday loans. Tom Lehman, an advocate of unfettered payday lending, said,

[P]ayday lending services extend small amounts of uncollateralized credit to high-risk borrowers, and provide loans to poor households when other financial institutions will not. Throughout the past decade, this "democratization of credit" has made small loans available to mass sectors of the population, and particularly the poor, that would not have had access to credit of any kind in the past....^[12]

Lehman attacked proponents of increased regulation of the lending industry, arguing that,

These allegations against the payday-lending industry are largely without merit, and generally reflect the views of "do-gooder" anticapitalist elites who abhor the "messy" and unplanned outcomes in low-income consumer finance markets. Rather than seeing payday lending practices as a creative extension of credit to poor households who may otherwise be without loans, these critics see it as yet another opportunity for government intervention in the name of "helping" the poor.^[12]

Lehman has in turn been criticized for presenting himself as an independent voice while taking money from the payday loan industry.^[13]

Household welfare increased

A staff report released by the Federal Reserve Bank of New York concluded that payday loans should not be categorized as "predatory" since they may improve household welfare.^[14] "Defining and Detecting Predatory Lending" reports "if payday lenders raise household welfare by relaxing credit constraints, anti-predatory legislation may lower it." The author of the report, Donald P. Morgan, defined predatory lending as "a welfare reducing provision of credit." However, he also noted that loans are very expensive, and that they are likely to be made to under-educated households or households of uncertain income.

Other studies have questioned this claim. Petru Stelian Stoianovici, a researcher from The Brattle Group, and Michael T. Maloney, an economics professor from Clemson University, found "no empirical evidence that payday lending leads to more bankruptcy filings, which casts doubt on the debt trap argument against payday lending."^[15]

Payday loans around the world

Australia

Main article: Payday loans in Australia

The Australian states of New South Wales and Queensland have imposed a 48%-APR maximum loan rate, including fees and brokerage.^[16]^[17]

Canada

Main article: Payday loans in Canada

Payday loans in Canada are limited by usury laws, with any rate of interest charged above 60% per annum considered criminal according to the Criminal Code of Canada. In addition, the provinces of British Columbia and Saskatchewan have imposed specific regulations on payday loans, including lower interest rate caps.

UK

Main article: Payday loans in the United Kingdom

Payday loans in the United Kingdom are a rapidly growing industry, with four times as many people using such loans in 2009 compared to 2006 - in 2009 1.2 million people took out 4.1 million loans, with total lending amounting to £1.2 billion.^[18] The average loan size is around £300, and two-thirds of borrowers have annual incomes below £25,000. There are no restrictions on the interest rates payday loan companies can charge, although they are required by law to state the effective annual percentage rate (APR).^[18]

United States

Main article: Payday loans in the United States

Payday lending is legal and regulated in 37 states. In 13 states it is either illegal or not feasible, given state law.^[19] When not explicitly banned, laws that prohibit payday lending are usually in the form of usury limits: hard interest rate caps calculated strictly by annual percentage rate (APR). Since Oct. 1, 2007 a federal law has capped lending to military personnel at a maximum of 36% APR as defined by the Secretary of Defense.^[20]

Variations and alternatives

Alternatives to payday loans

Other options are available to most payday loan customers.^[21] These include pawnbrokers, credit union loans with lower interest and more stringent terms,^[22] credit payment plans, paycheck cash advances from employers, bank overdraft protection, cash advances from credit cards, emergency community assistance plans, small consumer loans and direct loans from family or friends.
Payday lenders do not compare their interest rates to those of mainstream lenders. Instead, they compare their fees to the overdraft, late payment, and penalty fees that will be incurred if the customer is unable to secure any credit whatsoever.
The lenders therefore list a different set of alternatives (costs expressed here as APRs for two-week terms):^{[citation needed]}

$100 payday advance with $15 fee = 391% APR;
$100 bounced check with $48 NSF/merchant fees = 1,251% APR;
$100 credit card balance with $26 late fee = 678% APR;
$100 utility bill with $50 late/reconnect fees = 1,304% APR.

Other alternatives include the Pentagon Federal Credit Union Foundation (PenFed Foundation) Asset Recovery Kit (ARK) program.^[23] Through the ARK program, the foundation has helped nearly 4,000 military families with over $1.6 million worth of emergency loans and financial counseling from the highly regarded Consumer Credit Counseling Service.

Variations on payday lending

A minority of mainstream banks and TxtLoan companies lending short-term credit over mobile phone text messaging offer virtual credit advances for customers whose paychecks or other funds are deposited electronically into their accounts. The terms are similar to those of a payday loan; a customer receives a predetermined cash credit available for immediate withdrawal. The amount is deducted, along with a fee, usually about 10 percent of the amount borrowed, when the next direct deposit is posted to the customer's account. After the programs attracted regulatory attention,^[24]^[25] Wells Fargo called its fee "voluntary" and offered to waive it for any reason. It later scaled back the program in several states. Wells Fargo currently offers its version of a payday loan, called "Direct Deposit Advance," which charges 120% APR. Similarly, BBC reported in 2010 that controversial TxtLoan charges 10% for 7-days advance which is available for approved customers instantly over a text message.^[26]
Income tax refund anticipation loans are not technically payday loans (because they are repayable upon receipt of the borrower's income tax refund, not at his next payday), but they have similar credit and cost characteristics. A car title loan is secured by the borrower's car, but are available only to borrowers who hold clear title (i.e., no other loans) to a vehicle. The maximum amount of the loan is some fraction of the resale value of the car. A similar credit facility seen in the UK is a logbook loan secured against a car's logbook, which the lender retains.^[27] These loans may be available on slightly better terms than an unsecured payday loan, since they are less risky to the lender. If the borrower defaults, then the lender can attempt to recover costs by repossessing and reselling the car.

References

^ Megan McArdle,theatlantic.com, 18 November 2009, On Poverty, Interest Rates, and Payday Loans
^ Paige Skiba and Jeremy Tobacman, 10 December 2007, [1]: The Profitability of Payday Loans
^ Bachelor, Lisa (2008-05-29). "You can settle the loan on payday - but the APR could be more than 2,000 per cent". The Guardian (London).
^ HaworthPress.com: Howard Jacob Karger, "Scamming the Poor: The Modern Fringe Economy", The Social Policy Journal, pp. 39-54, 2004.
^ "Facebook users warned about ads". BBC News. 2008-05-12. Retrieved 2008-06-10.
^ Credit Action Campaigns on Facebook Debt Ads
^ Fast Cash Loans Charged by State Regulator
^ "Internet Payday Lender Fined More Than $230,000 for Unlicensed Lending In Illinois". Press release. Illinois. 2008-05-30. Retrieved 2008-06-11.
^ Mark Flannery; Katherine Samolyk (2005-06). "Payday Lending: Do the Costs Justify the Price?". Retrieved 2010-10-03.
^ U.S. House of Representatives Committee on Financial Services Democratic Office
^ Dallasnews.com
^ ^a ^b Lehman, Tom. "In Defense of Payday Lending." The Free Market. Mises Institute. Volume 23, Number 9. September 2003. Mises.org
^ This Opinion Brought To You By... Business Week, January 30, 2006
^ "Defining and Detecting Predatory Lending", Federal Reserve Bank of New York Staff Reports, Number 273, January 2007
^ Stoianovici, Petru Stelian; Maloney, Michael T. (28 October 2008). Restrictions on Credit: A Public Policy Analysis of Payday Lending. SSRN. Retrieved 10 August 2009.
^ Interest rate cap, QLD
^ Annual percentage rates, NSW
^ ^a ^b Marie Burton, Consumer Focus, Keeping the plates spinning: Perceptions of payday loans in Great Britain
^ "Payday lenders hope to return in Georgia, 3/18/07". Retrieved 2010-10-03.
^ The John Warner National Defense Authorization Act - Talent Amendment
^ Times Dispatch: Other Options Exist^{[dead link]}
^ "Breaking the cycle of payday loan 'trap'", USA Today, September 19, 2006
^ Asset Recovery Kit (ARK) program
^ "New FDIC guidelines allow payday lenders to ignore state laws"
^ "Wells Fargo puts hold on direct deposit advance", bizjournal.com, June 2, 1997
^ "The cost of convenience". BBC News. 2009-12-11.
^ "Decision of the Trade Mark Registry over "Log Book Loans"" (PDF). UK Intellectual Property Office. 2003-11-26. pp. page 2.

External links

FDIC Guidelines on Payday Lending

[hide]v · d · eConsumer debt

Alternative financial services · Financial literacy

Unsecured debt	Credit card debt (cash advance) · Overdraft · Payday loan · Personal loan / Signature loan · moneylender

Secured debt	Mortgage loan / Home equity loan / Home equity line of credit · car title loan / logbook loan · tax refund anticipation loan · pawnbroker

Debt management	Debt consolidation · Credit counseling / Debt management plan / Debt settlement · Personal bankruptcy · Foreclosure / Repossession

Key concepts	Annual Percentage Rate (APR)

[hide]Debt

Debt instruments

Bond	Debenture · Corporate bond · Government bond · Municipal bond

Loan	Usury · Consumer lending · Predatory lending · Loan shark · Payday loan

Managing debt

Debt management plan · Consolidation · Debt-snowball method · Bankruptcy

Debt collection and evasion

Debt compliance · Collection agency · Garnishment · Tax refund interception · Debt bondage · Debtors' prison · Phantom debt · Charge-off · Strategic default

Debt markets

Fixed income · Consumer debt · Corporate debt · Government debt · Money market · Deposit account · Debt buyer · Securitization

Debt in economics

Debt levels and flows · External debt · Internal debt · Consumer leverage ratio

Interest · Interest rate · Default · Insolvency

Finding what is on your credit report

2011-06-13T08:30:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

A credit report is basically a file about you kept by lenders and banks.
As annoying as it may be, it's still perfectly legal for them to gather all sorts of details about you. In turn, you have the right to check this file - and you should do so and inquire regularly about your credit report and your credit score, particularly when you plan a big financial change, for instance, before applying for a loan or a mortgage, you should always take time and review your credit report.
This allows you not only to plan your moves accurately, but also to dispute any mistakes that might occur in the report.

The credit report is an accurate record of your financial activities, including the accounts you have, the credits you may have taken so far, any late payments, and the actions started against you for financial reasons.
This report is used to determine your credit rating - which is a number indicating your financial risks.

The information typically included in a credit report refers to your personal identification data, credit information, public record information and a list of recent inquiries.
The personal identification data, as you may expect, means your name, social security number, address (current and previous addresses), employer (also current and previous), your birth date, and so on.
If applicable, your file may contain similar information about your spouse.

The credit information is your financial history - your accounts, loans and repayment records for the past two years, from all the banks, lenders, retailers, card issuers, other credit companies, and so on.
The public record information records bankruptcy, monetary judgments and tax liens.

The list of recent inquiries contains the names of those who obtained your credit report in the past year.
Various people and organizations may get access to your credit report, usually anybody who can prove a legitimate business interest, creditors, insurers, employers and governmental agencies.
This list is kept for one year, while the credit history information is kept for seven years, and, if you file for bankruptcy, that sticks for ten years.

If you want to see your credit report, you need to check with the respective reporting agency. A reporting agency is a company that maintains and updates the database, and sells the reports to those who are interested.
There are many such credit bureaus all over the country, serving local markets, and three major, long-established ones: Equifax, Trans Union and Experian (formerly TRW).
These are the companies you need to contact when you want to see your credit report - online, at http://www.equifax.com, http://www.transunion.com and http://www.experian.com, or offline, by calling them or writing to them.

When you ask for your credit report, you will be required to provide your personal info (name, address, social security number, and so on, sometimes for your spouse as well, where applicable).
Also, a small fee applies. From Equifax, the 3-in-1 credit report (meaning a complete credit history from all three credit reporting agencies) is $29.95 or $39.95 for the credit report with the credit score included.
At Trans Union, the complete 3-in-1 credit report is $29.95 (the online version), with one free credit score. If you want all three credit scores, you'll need to pay an additional $9.95. From Experian, the complete credit reports from the three credit bureaus costs $34.95, and includes a Free Experian credit score.
It is important to view results from all three major credit bureaus, because they don't share information among them, and because lenders may report to one or another of these bureaus, so results may not always match.

The Fair Credit Reporting Act entitles each consumer to one free disclosure every 12 months. Also, you can avoid these fees if you request to see your credit report within 60 days of having been denied credit or insurance because of the report.
Also, you don't have to pay if you're on welfare, you're unemployed and intend to look for a job within 60 days or your report contains mistakes due to fraud.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Source : http://www.creditorweb.com/ permits to republish here.

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

Understanding Your Credit Score

2011-06-12T09:50:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

When you apply for credit one of the first things almost all credit officers do is check your credit score. Although not all of those officers explained to us what a credit score is, we are all rated according to it and the offers we receive were all dependent on that score. This is why understanding your credit score is of utmost importance, and for future reference at least basic knowledge should be acquired. In the following paragraphs we will tackle understanding your credit score, realizing what your credit score means and analyzing what you can do to improve it.

Credit score is actually computed as an average of several elements from your credit report. This report is typically broken into five different sections and each of these sheets will represent a piece of the final score. Each category of credit report information occupies a certain percentage in the final score. To begin with, it is essential to say that the highest percentage is taken by the category made up of credit and payment history. An issuer will look at all types of payments: credit card payments, retail accounts, installment loans and so on. He or she will particularly look at the number of delayed or not paid payments, time passed since the last skipped payment, number of problematic accounts as compared to accounts in good standing.

The next thing taken into account when computing the score is the total amount owed. These amounts are looked at in their absolute value and also in proportion to the credit limit. The number of accounts with balances is also relevant. The third thing issuers analyze is credit history, or how much credit you’ve had and for how long. Understanding your credit score is essential to you and you need to know that the length of all credit lines and their activity will be monitored and will matter significantly in the final credit score. Also, remember that all scores take into consideration recent credit activity. This category includes number of credit inquiries, new opened accounts, their amount, the time since they were opened and of course reestablishment of credit history if there were any issues in the past. Last, even if many people do not regard it as important the type-element is also significant - that means that the type of credit line you have (credit card, installment, mortgage) also plays a role (about 10% of the final score) in computing your credit score. You also need to understand that your credit financial report is the basis of computing your score. Each of the above mentioned elements is specific to every one of us, and as such if for some people amount owed is the major factor for others credit history is essential, therefore it is impossible to give exact percentages as to how much an element weighs in the final credit score.

Understanding your credit score, none the less, is not the only important aspect, managing it is also important. You will be able to improve your credit score if you follow a few simple tips. First of all, try to pay all the bills in time. This is more important than any of the other factors. If it’s not possible to pay on time you can usually get away with paying the bill within a 30 day window of the due date. If you miss this date it is almost certain to end up on your credit report. Keep balances low on your credit cards and other revolving credit and try to pay off debt. Also avoid moving credit from one credit card to another. The low intro rates many companies offer for balance transfers can be very helpful, but it takes a toll on your credit score. It is also recommended that if you plan for applying for important credit soon, avoid opening too many other new accounts. When in doubt, hire a financial consultant. Most people may see this as an expensive luxury that they can’t afford, but in reality financial consultant prices are fairly reasonable. Even a single visit can help you drastically improve your credit score, and if that results in a lower interest rate on a large loan it will more than pay for itself. A consultant will also be able to explain the credit score better.

All in all, what you need to know is that credit score influences depends on your credit report and it directly influences your credit payments and amounts. The higher the score the lower the interest rate and the payment will be. Taking into account the importance of this indicator, understanding your credit score will automatically mean you have more chances to improve and make it higher and therefore benefit from better loans.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

What's in a Credit Report?

2011-06-12T09:25:00.000-07:00

Source : http://www.creditorweb.com/ permits to republish here.

Thanks to a new federal law put into place in September of 2005,
everyone is entitled to one free credit report each year. This is
so that you can verify that your report does not contain any false
information, and so you can see how your credit rates. Getting
your annual free report is as easy as going to the authorized source,
www.annualcreditreport.com and requesting one.

Once you have your free report, what in the world do all those
abbreviations, numbers and codes mean?! The most widely used
system for scoring is the FICO score, developed by The Fair Isaac
Corporation, and the number determines the risk to extend credit to an
individual. Credit reports are usually divided into sections;
identifying information, public records, credit history, and inquiries
to your credit report from creditors looking to extend you credit based
on your credit score.

The identifying information includes your name, address, and social
security number. Make sure they are all correct. Usually
this section will also include a list of your previous addresses, your
date of birth, phone number, spouse's name, employers
information.
The public records section is the section you hope has no
information. This is where a bankruptcy or judgment would show up
on your report, and it will harm your rating more than anything else on
the report, and take longer to repair.

The credit history section is the most confusing. It will list
every creditor you've ever had business with, including accounts that
have been closed and those that remain open with no balances, and
accounts that you are currently making payments on. Depending on
which credit reporting agency you get your report from, this section
will actually be displayed differently on each report. Experian's
report displays it in ”english”, and states everything in common sense
terms, like ”pays on time”, ”pays 30 days late”, etc. Reports
from other agencies might use numerical codes in a table that you have
to refer to another page to find out what each code means. Either
way, make sure you agree with each creditors reporting of you since
this is how your score is determined. If you have accounts that
you don't have the credit cards for anymore, or a loan that has been
paid off but remains on your report as a revolving credit (money
available to you as you pay it down), call and write each company to
ask them to close the account completely and report that to the credit
agencies. Otherwise, it appears that you have all of that money
available to you, and that goes against your debt to income ratio.

The section called ”inquiries”, and it includes a list of everyone who
has ever looked at your report. This will include credit
companies you've contacted to request a credit card or loan, but it
will also include what is considered ”soft” inquiries. Soft
inquiries are any promotional offers, such as a retail store checking
into your credit history to determine whether or not to mail you an
offer for their credit card. Soft inquiries do not harm your
overall credit score.

You can also get a copy of a credit report any time you've been denied
credit. This is because there is always the possibility that
there are errors in your report, which prevented you from obtaining the
credit you applied for. Regardless of how you get your report,
take the time to look it over and find any discrepancies (immediately
call the creditors in question and straighten it out) and close out any
accounts that you no longer use but are showing open and available to
you on your credit report. Having your report will show you where
you stand if you're considering going for a mortgage, new vehicle, or
other loan.

This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

Click ref : Credit Score ( CreditReport .com & ScoreDirct ) --- Credit Repair --- Payday Loan/Mortgage/Grants ( 100 day loan & Cash in 24 hours )

Credit & LoansYour Rights: Credit Reporting

2011-01-20T05:29:00.000-08:00

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.

A credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

How do I order my free report?

You can order your free annual credit report online at annualcreditreport.com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

When you order, you need to provide your name, address, Social Security number, and date of birth. To verify your identity, you may need to provide some information that only you would know, like the amount of your monthly mortgage payment.

A Warning About "Imposter" Sites

The FTC advises consumers who order their free annual credit reports online to be sure to correctly spell annualcreditreport.com, or link to it from the FTC's website to avoid being misdirected to other websites that offer supposedly free reports,but only with the purchase of other products. While consumers may be offered additional products or services while on the authorized website, they are not required to make a purchase to receive their free annual credit reports.

For more information on free annual credit reports and to view another video about AnnualCreditReport.com visit www.ftc.gov/freereports.

Source: United States Federal Trade Commission, www.ftc.gov
Their copyright policy permits republishing here.

Your Access to Free Credit Reports

2011-01-19T17:16:00.000-08:00

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Hi! Readers
This is a very length comprehensive article by United States Federal Trade Commission.
It is not easy to understand instantly,but you might want to refer frequently.
I will very shortly post their short version of this article.
So Stay Tuned.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Source: United States Federal Trade Commission, www.ftc.gov
Their copyright policy permits republishing here.

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.

A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

Here are the details about your rights under the FCRA and the Fair and Accurate Credit Transactions (FACT) Act, which established the free annual credit report program.

Q: How do I order my free report?

A: The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.

To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form is on the back of this brochure; or you can print it from ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order your report from each of the companies one at a time. The law allows you to order one free copy of your report from each of the nationwide consumer reporting companies every 12 months.

A Warning About “Imposter” Websites

Only one website is authorized to fill orders for the free annual credit report you are entitled to under law — annualcreditreport.com. Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program. In some cases, the “free” product comes with strings attached. For example, some sites sign you up for a supposedly “free” service that converts to one you have to pay for after a trial period. If you don’t cancel during the trial period, you may be unwittingly agreeing to let the company start charging fees to your credit card.

Some “imposter” sites use terms like “free report” in their names; others have URLs that purposely misspell annualcreditreport.com in the hope that you will mistype the name of the official site. Some of these “imposter” sites direct you to other sites that try to sell you something or collect your personal information.

Annualcreditreport.com and the nationwide consumer reporting companies will not send you an email asking for your personal information. If you get an email, see a pop-up ad, or get a phone call from someone claiming to be from annualcreditreport.com or any of the three nationwide consumer reporting companies, do not reply or click on any link in the message. It’s probably a scam. Forward any such email to the FTC at spam@uce.gov.

Q: What information do I need to provide to get my free report?

A: You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.

Q: Why do I want a copy of my credit report?

A: Your credit report has information that affects whether you can get a loan — and how much you will have to pay to borrow money. You want a copy of your credit report to:

make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.

Q: How long does it take to get my report after I order it?

A: If you request your report online at annualcreditreport.com, you should be able to access it immediately. If you order your report by calling toll-free 1-877-322-8228, your report will be processed and mailed to you within 15 days. If you order your report by mail using the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 days of receipt.

Whether you order your report online, by phone, or by mail, it may take longer to receive your report if the nationwide consumer reporting company needs more information to verify your identity.

There also may be times when the nationwide consumer reporting companies receive a high volume of requests for credit reports. If that happens, you may be asked to re-submit your request. Or, you may be told that your report will be mailed to you sometime after 15 days from your request. If either of these events occurs, the nationwide consumer reporting companies will let you know.

Q: Are there any other situations where I might be eligible for a free report?

A: Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, a consumer reporting company may charge you up to $10.50 for another copy of your report within a 12-month period.

To buy a copy of your report, contact:

Equifax:1-800-685-1111; equifax.com
Experian: 1-888-397-3742; experian.com
TransUnion: 1-800-916-8800; transunion.com

Under state law, consumers in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont already have free access to their credit reports.

Q: Should I order a report from each of the three nationwide consumer reporting companies?

A: It’s up to you. Because nationwide consumer reporting companies get their information from different sources, the information in your report from one company may not reflect all, or the same, information in your reports from the other two companies. That’s not to say that the information in any of your reports is necessarily inaccurate; it just may be different.

Q: Should I order my reports from all three of the nationwide consumer reporting companies at the same time?

A: You may order one, two, or all three reports at the same time, or you may stagger your requests. It’s your choice. Some financial advisors say staggering your requests during a 12-month period may be a good way to keep an eye on the accuracy and completeness of the information in your reports.

Q: What if I find errors — either inaccuracies or incomplete information — in my credit report?

A: Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take full advantage of your rights under this law, contact the consumer reporting company and the information provider.

Tell the consumer reporting company, in writing, what information you think is inaccurate. Consumer reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.
When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report under the FACT Act.) If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
Tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again.

Q: What can I do if the consumer reporting company or information provider won’t correct the information I dispute?

A: If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a consumer reporting company.

Q: How long can a consumer reporting company report negative information?

A: A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

Q: Can anyone else get a copy of my credit report?

A: The FCRA specifies who can access your credit report. Creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, employment, or renting a home are among those that have a legal right to access your report.

Q: Can my employer get my credit report?

A: Your employer can get a copy of your credit report only if you agree. A consumer reporting company may not provide information about you to your employer, or to a prospective employer, without your written consent.

For More Information

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To learn more about credit issues and protecting your personal information, visit ftc.gov/credit.

To file a complaint or to get free information on other consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. Watch a new video, How to File a Complaint, at ftc.gov/video to learn more. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

A Happy New Year -Free Quiz/Poll – Animal fights!!!! who would win

2011-01-03T19:11:00.000-08:00

I start New Year with a Free Fun Quiz/Poll which has n0thing to do with this aite's topics.
If you liked this Click My Quiz Blog http://quizquestionpollsurvey.blogspot.com/ and Bookmark it.

Quizzes by Quibblo.com

A Merry Christmas and A Happy New Year

2010-12-24T18:39:00.000-08:00

I found an fantastic Youtube video shared in Mr.Chris Farrell's site today,titled "THE DIGITAL STORY OF THE NATIVITY"

Disclaimer : I subscribe membership of MrChris Farrell - Not Criminal IM Coach/Mentor

A Merry Christmas : Free Christmas Present - eBook "101 Romantic Ideas"

2010-12-24T16:07:00.000-08:00

A Merry Christmas and A Happy New Year
Free eBook "101 Romantic Ideas"
This eBook has nothing to do with Financials.
Most of free eBooks are useless.
But this book is very popular written by Mihael Webb who has extensive media coverage including The Opra Winfrey Show.
It is 39 pages with 101 short tips which you can easily put in practice.Please feel free to pass onto your friends as The author permits this,though you cannot sell.
Click http://cid-c8d367ec9b2a960e.office.live.com/browse.aspx/.Public and select the book and download.

Help For Loan/Mortgage/Debt for Dummies

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Don't Give Up on Your Credit Score

Businesses Can Check Your Credit Report Without Your Permission

Disputing Your Credit Score

Top Four Credit History Blunders

Credit Monitoring Services

How Payday Loans Really Work

This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License. Based on a work at www.all-insight.com.

How to Obtain a Free Credit Report and Check it for Errors

Rebuilding Your Credit History

Credit Score - Wikipedia

Contents

Score interpretation

Australia

Austria

Canada

India

Norway

South Africa

Sweden

United Kingdom

United States

See also

References

External links"FTC Guide to Credit Scores". "Financial Consumer Agency of Canada". "How Credit Scores Work". "Credit Research Centre Credit Scoring Conference". "UK Credit Scoring Resource". "Your Credit Score Is a Ranking, Not a Score".

External links

Your Debt To Income Ratio

Credit History / Report - Wikipedia

Contents

Calculating a credit rating

Acquiring and understanding credit reports and scores

Credit history of immigrants

Adverse credit

Consequences

More than One Credit History Per Person

See also

References

Personal tools

Namespaces

Variants

Views

Actions

Search

Navigation

Interaction

Toolbox

Print/export

Languages

Building your credit history

Payday loan - Wikipedia

Contents

The loan process

Opponents Charges

Draining money from low-income communities

Exploiting financial hardship for profit

Aggressive advertising practices

Aggressive collection practices

Ignoring legal restrictions

Pricing structure of payday loans

Proponents' stance

Charges are in line with costs

Markets provide services otherwise unavailable

Household welfare increased

Payday loans around the world

Australia

Canada

UK

United States

Variations and alternatives

Alternatives to payday loans

Variations on payday lending

See also

References

External links

Finding what is on your credit report

Understanding Your Credit Score

This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.
Based on a work at www.all-insight.com.

External links
"FTC Guide to Credit Scores".

"Financial Consumer Agency of Canada".

"How Credit Scores Work".

"Credit Research Centre Credit Scoring Conference".

"UK Credit Scoring Resource".

"Your Credit Score Is a Ranking, Not a Score".