Archive for May 31, 2012

OFT to refer credit hire study to Competition Commission

OFT to refer credit hire study to Competition Commission
News from Post Online:

The Office of Fair Trading has provisionally decided to refer the private motor insurance market study to the Competition Commission after finding that insurers were too “distracted” with lowering their costs and pushing up rivals’ premiums to provide policyholders quality replacement vehicle services.

It also criticised the lack of control of insurers of at-fault drivers over the cost of repairs and vehicle replacement for the non-at-fault driver creating an “inefficient” system where insurers, brokers, credit hirers and repairers can drive up their revenues.

The OFT started the study in December after it asked the insurance sector for reasons behind the rising cost of motor insurance. Costs associated with personal injury were suggested. As a result the organisation launched a study into the provision of third party vehicle repairs and credit hire replacement vehicles to claimants.

In light of the evidence the study revealed, the OFT expects to reach a final decision by October 2012.

It found evidence that insurers compete in a “dysfunctional way that may push up premiums for drivers by £225m a year”. It said that after a road traffic accident, the at-fault driver’s insurer is responsible for meetin…………… continues on Post Online

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TEXT-S&P affirms Banco Continental SAECA

TEXT-S&P affirms Banco Continental SAECA
News from Reuters:

Tue May 29, 2012 3:34pm EDT

(The following statement was released by the rating agency)        
        
Overview        
     -- We believe that Paraguay-based Banco Continental has a strong business  
position, weak capital and earnings, adequate risk position, average funding    
structure, and adequate liquidity profile.      
     -- We are assigning our global scale 'BB-' issuer credit ratings to Banco  
Continental.    
     -- The stable outlook reflects our expectation that the bank will  
continue to expand its operations within the Paraguayan financial system while  
maintaining healthy financial metrics.  
        
        
Rating Action   
On May 29, 2012, Standard & Poor's Ratings Services assigned its global scale   
'BB-' long-term issuer credit rating to Banco Continental S.A.E.C.A.. The       
outlook is stable.      
        
Rationale       
The ratings on Banco Continental reflects the bank's strong business position   
in the Paraguayan banking system, weak capital and earnings, adequate risk      
position, average funding, and adequate liquidity. The 'BB-' issuer credit      
rating on Banco Continental is the same as its 'bb-' stand-alone credit         
profile (SACP), because it does not incorporate exte...............      continues on Reuters

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4 Tips for Refinancing Your Mortgage
News from Smartmoney.com:

There has never been a better time to refinance your mortgage. Rates are at record lows. The government is devising new programs to help homeowners. The economy and job market are improving, albeit slowly.

In theory, those factors should be producing a boom in mortgage refinancing. But locking in a deal is proving to be a challenge these days — even for well-heeled homeowners.

Adrian Lubbers

That is because low appraisals and tight lending standards are making it difficult for many borrowers to refinance, even if they have good credit and substantial assets. Even those who meet these hurdles can face frustrating waits.

The good news is that borrowers aren’t powerless in the process. By shifting assets to your mortgage lender, cleaning up your credit and understanding the new government programs, you can improve your chances of scoring a good refinance deal.

“The reward in the end is substantial, provided you can survive the process,” says

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6 ways to boost your credit score

6 ways to boost your credit score
News from Today’s THV:

    • Facebook
    • Google buzz
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    • continues on Today’s THV

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Don’t let misinformation keep you from improving your credit score
News from Fort Worth Star Telegram:

Will your age stop you from getting a top-notch credit score? Will whether you’re married, divorced or single be figured into the calculation? Could race influence the score?

Far too many consumers incorrectly say “yes.” Many believe that age, marital status or ethnicity can help or harm a credit score, according to a survey of consumer knowledge of credit scores.Why is that a problem?”These consumers may well think it’s not worth the effort to improve their credit scores,” said Stephen Brobeck, executive director of the Consumer Federation of America.He may have a point. If you believe that factors beyond your control heavily influence credit scores, you may not be as diligent about paying bills on time.A second annual survey of credit-score knowledge was recently released by the Consumer Federation of America and VantageScore Solutions, whose credit-scoring model was created by the country’s three reporting agencies.Despite gaining more knowledge in some areas, consumers still don’t completely understand credit scores. According to the survey:More than half of respondents said they thought a person’s age and marital status are used to calculate credit scores. Not so.But the age of an account may influence a score.It may help bo…………… continues on Fort Worth Star Telegram

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Credit repair body appoints new president

Credit repair body appoints new president
News from Broker News Australia:

By Ben Abbott | 29/05/2012 5:00:00 AM | 0 comments

The original representative body for credit repair agencies in Australia has appointed a new president, following the decision of its founding leader to step down.

The Credit Reporting Institute of Australasia (CRIA) has appointed solicitor and founding member Joseph Trimarchi as national president, filling the role vacated by Oasis Home Loans’ Graham Reibelt.

Trimarchi is the principal of Joseph Trimarchi & Associates Solicitors, and practices in the area of Australian credit reporting law.

Speaking with Australian Broker, Trimarchi said he would work towards advancing the core values of the CRIA, and ensuring all members abide by stringent codes of ethical conduct.

The CRIA, which was launched in December last year, has recently faced competition from rival association the Credit Repair Industry Association of Australasia, with the similar moniker of the CRIAA.

The CRIA attests that it’s members meet a higher standard of e…………… continues on Broker News Australia

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Top Five Credit Reporting Mistakes that Can Hurt Your Score

Top Five Credit Reporting Mistakes that Can Hurt Your Score
News from Go Banking Rates:

This post was contributed by our Financial Literacy Movement partner Lexington Law.

A quick Google search on “credit report errors” will net several reputable studies confirming that anywhere from 20 to 70 percent of all credit reports contain some sort of error. For those keeping count, that means hundreds of millions of Americans must contend with inaccurate information reported about them.

When credit repair is priority #1, working within a faulty system can be frustrating and inefficient. Take a step in the right direction by meeting examples of unfair credit reporting head-on and keep an eye out for credit report errors.

#1. Personal Information

Never has the correct spelling of your name been so important. As the foundation of your credit report, basic information includes your:

  • Name
  • Address
  • Birthday
  • Social Security Number (SSN)
  • Status as an “authorized user” on an account

These factors all play a pivotal role in fair and accurate credit reporting. A single mistake could mean living with a mistaken identity and someone else’s credit score. Avoid this possibility by checking your contact information thoroughly.

#2……………. continues on Go Banking Rates

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Protect credit scores when canceling a credit card

Protect credit scores when canceling a credit card
News from CreditCards.com:

By Sally Herigstad

To Her Credit

Sally Herigstad is a certified public accountant and the author of “Help! I Can’t Pay My Bills: Surviving a Financial Crisis” (St. Martin’s Press, 2006). She writes “To Her Credit,” a weekly reader Q&A column about issues involving women, credit and debt, for CreditCards.com.

Ask a question.

To Her Credit archive

Dear To Her Credit,
I want to cancel one of my credit cards but before you immediately shoot down my proposal, please hear me out.

I understand that my decreased debt-to-credit ratio will…………… continues on CreditCards.com

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Survey: Consumers are getting smarter about credit scores
News from CreditCards.com:

By Kelly Dilworth

Baffled by your credit scores? You’re not alone. The majority of consumers still get confused by what actually goes into a credit score, according to a May 2012 survey by the nonprofit association Consumer Federation of America (CFA) and credit score provider VantageScore Solutions.

However, the number of people who know next to nothing about credit scoring has also declined significantly in the last year, according to the second annual “Survey of Consumer Knowledge About Credit Scores.” Experts say the sour economy and broader education efforts have prompted consumers to learn more about their scores.

“The economic downturn of the past couple years has made people become more financially savvy,” says Anthony Sprauve, director of communications for myFICO.com. It has forced many consumers to lear…………… continues on CreditCards.com

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Credit Repair Services in the US Industry Market Research Report Now Available …

Credit Repair Services in the US Industry Market Research Report Now Available …
News from Seattle Post Intelligencer:

Most industries in the United States went down with the ship during the recession, but the Credit Repair Services industry was not one of them. As consumers credit scores dropped in the face of late payments due to unemployment and reduced income, industry demand rose at a brisk pace. As the recovery got under way in 2010 and 2011, that growth moderated, but increasing revenue is still expected throughout the next five years. For these reasons, industry research firm IBISWorld has added a report on the Credit Repair Services industry to its growing industry report collection.

Los Angeles, CA (PRWEB) May 24, 2012

The Credit Repair Services industry largely moves countercyclical to the business cycle; as such, the recession increased demand for credit repair services due to rising unemployment and falling disposable income. These factors, coupled with an increased debt load taken on by many consumers during the housing boom, caused many households to fall behind on payments. Consequently, says IBISWorld industry analyst Kevin…………… continues on Seattle Post Intelligencer

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Rough Road For Auto Repair Shops; Monro Guides Lower
News from Investor’s Business Daily:

By KEVIN HARLINKEVIN HARLIN12655 Beatrice Street
Los Angeles
CA
90066
USA
, INVESTOR’S BUSINESS DAILYInvestor’s Business DailyInvestors.com delivers unique stock investment research, education and stock tips for new or seasoned investors, combined with daily business and financial news.askibd@investors.com
310-448-6600
continues on Investor’s Business Daily

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Getting back to our old (good) credit score

Getting back to our old (good) credit score
News from Marketplace.org:

Question: My husband and I gave our daughter $ 40,000 for a down payment on a condo. She defaulted on the loan and went into foreclosure. Consequently, our credit score has tanked. How can we get our old great credit back? Nobody cares that we were not the ones who defaulted. Please help. Cathy, Redmond, OR

Answer: I’m so sorry that happened to you. That’s tough. Unfortunately, there’s no way to restore your credit score quickly. Fortunately, good habits and time will improve your credit score. I’m not sure of all the details with your loan gone bad, but I have a couple of basic steps to recommend.

I would get your credit report from the major credit reporting bureaus and look them over for any errors. You can’t eliminate anything that’s true. But sometimes mistakes creep in and you want to get rid of them. By federal law, you can get a copy of your credit report for free from each of the three main credit report bureaus once a year. The only one authorized provider of the service is AnnualCreditReport.com.  

An easy way to bolster your credit score is to show r…………… continues on Marketplace.org

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Credit scores are topic of workshop
News from Appleton Post Crescent:

MENASHA – Goodwill Industries of North Central Wisconsin’s Financial Information and Service Center will offer a credit score workshop from 5:30 to 7 p.m. Thursday.

The session is at Goodwill Community Center at 1800 Appleton Road in Menasha. The workshop will cover steps to improve credit scores, how credit works and why their score is important.

The cost is $ 15 per person. Payment and registration must be received by 4 p.m. today.
To register, call 920-886-1000.

…………… continues on Appleton Post Crescent
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The Consumer Federation of America Creates Helpful Credit Score Quiz

The Consumer Federation of America Creates Helpful Credit Score Quiz
News from Houston Chronicle:

RoadFish.com men’s lifestyle and finance magazine today encouraged its readers to take the 20-question quiz created by the CFA, designed to test consumer knowledge of the factors that go into determining a credit score

Los Angeles, CA (PRWEB) May 22, 2012

RoadFish.com men’s lifestyle and finance magazine recommended the free credit score quiz just released by the Consumer Federation of America (CFA) that tests to see how knowledgeable consumers are about credit scores, and what factors go into determining one’s credit score. The CFA released the 20-question quiz in conjunction with VantageScore, which is free to take and provides explanations for every answer to each question.

Elisabeth Leamy of ABC News reported that the CFA recently created a quiz about credit scores, designed to determine the quiz taker’s knowledge on what lowers a

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TEXT-S&P cuts Nigeria’s First City Monument Bank rating
News from Reuters:

Tue May 22, 2012 1:04pm EDT

May 22 - Overview  
     -- First City Monument Bank (FCMB) has a history of volatile loan losses,  
which reached higher levels than anticipated in 2011.   
     -- We have therefore revised down our view of its risk position to         
"moderate" from "adequate".     
     -- We are lowering our long-term counterparty credit rating on FCMB to     
'B' from 'B+' and affirming the 'B' short-term rating. At the same time, we     
are removing the long-term rating from CreditWatch, where it was placed with    
negative implications on June 3, 2011. We are also lowering our long-term       
Nigeria national-scale rating to 'ngBBB+' from 'ngA-', and removing it from     
CreditWatch negative.   
     -- The stable outlook reflects stable economic growth boosted by high oil  
prices and low currency fluctuations. We expect some improvement in market      
position, but market share is likely to be lower than the top tier Nigerian     
banks.  
        
Rating Action   
On May 22, 2012, Standard & Poor's Ratings Services lowered its long-term       
counterparty credit rating on First City Monument Bank (FCMB) to 'B'
from 'B+' and affirmed its 'B' short-term counterparty credit rating. The
long-term counterp...............      continues on Reuters

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Susan Tompor: Consumers unsure about credit score

Susan Tompor: Consumers unsure about credit score
News from Bradenton Herald:

Is someone’s age going to stop them from getting a top-notch credit score? Will whether you’re married, divorced or single be figured into the calculation of a credit score? Does race influence the score?

Far too many consumers give the wrong answer and say ‘Yes’ to those questions. Many incorrectly believe that a person’s age, marital status or ethnicity can boost or ding a credit score, according to a survey of consumer knowledge of credit scores.

Why’s that a problem?

“These consumers may well think it’s not worth the effort to improve their credit scores,” said Stephen Brobeck, the executive director of the Consumer Federation of America.

He may have a point. If you think factors beyond your control heavily influence credit scores, you may not be as diligent about paying bills on time.

A second annual survey of credit score knowledge was released last week by the Consumer Federation of America and VantageScore Solutions, whose credit-scoring model was created by America’s three reporting agencies.

In spite of gaining more knowledge in some areas, consumers still don’t completely understand credit scores. The survey showed:

-More than half think a person’s age and marital status are used to calculate credit scores.

Beep, wrong answer.

When it comes to age, though, the age of an account may influence a sc…………… continues on Bradenton Herald

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Paying Rent on Time May Improve Your Credit Score
News from NASDAQ:

Posted 5/21/2012 9:07 AM by Cameron Huddleston, Contributing Editor from Kiplinger in Personal Finance, Credit and Debt

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Last year, Experian started including rental payment histories in its credit reports and scores when it acquired RentBureau, a credit bureau that receives rental payment histories from apartment owners and managers. It was a great way for renters in the RentBureau database who made on-time…………… continues on NASDAQ

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