Archive for November 30, 2012

Lenders Who Confuse Credit Rescoring and Credit Repair Could be Violating …

Lenders Who Confuse Credit Rescoring and Credit Repair Could be Violating …
News from National Mortgage Professional Magazine:

Some lenders have issued restrictions regarding the use of credit rescoring by mortgage originators, confusing the service with credit repair schemes. These lenders do not have a clear understanding of the major differences in the two programs and this lack of understanding brings with it the risk of litigation, as these lenders are prohibiting a consumer from the ability to obtain an accurate credit report for their mortgage loan.

There are major differences between credit rescoring and credit repair. First and foremost credit rescoring is a program developed in conjunction with and is processed through the three national credit repositories. The companies that provide rescoring are credit reporting companies as defined by the Fair Credit Reporting Act (FCRA) as “resellers” and have legal obligations to both the creditors and the consumers for the repor…………… continues on National Mortgage Professional Magazine

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Can’t afford your timeshare? How to dump it
News from OCRegister:

Still living off credit cards? Can’t figure out how much you could or should spend? Need to save for retirement? Deborah McNaughton, a Brea credit expert, financial coach and author of “The Essential Credit Repair Handbook,” is here to provide her financial advice.

Q. I purchased my timeshare in 2009 and was later laid off. For two years I have struggled with being laid off and trying to catch up and stay afloat with my mortgage, my regular bills and my timeshare. Needless to say, I’m behind in payments on my timeshare and if anything could be picked to be let go, it would be my timeshare. My issue is that I don’t want to lose it this way and I know that it will have a negative effect on my credit. Now that I’m married, I don’t want to cause my husband the grief and heartache of not being able to buy another house for our family. What can I do?

A cabana at the Casa Dorada Los Cabos resort. The popular beachfront property includes timeshares and hotel units.

LEONARD ORTIZ, THE ORANGE COUNTY REGISTER

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A. There are many people like you who are struggling with timeshares. When you purchased the timeshare, I am sure your intention was to e…………… continues on OCRegister

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DAVE SAYS: Authorized users don’t help your credit

DAVE SAYS: Authorized users don’t help your credit
News from Wicked Local:

Dear Dave,

My brother asked me to put his name on my credit card as an authorized user. He said it will help improve his credit score. Is this true, and would it help my score in any way?

Anna

Dear Anna,

Your brother is wrong. It will not improve his credit score at all. As an authorized user, he is not the owner of the debt. There’s a high likelihood that it will affect your credit score in a negative way, though, because there’s a good chance he’ll do some dumb things with your card.

Look at it this way. Why would someone give him credit, or raise his credit score, just for using your credit? It doesn’t make sense. Your credit score is affected by things like whether or not you pay your bill on time. The card isn’t in his name, so really all this amounts to is him having fun with your card, and you’re the one who’s liable for the damage. The truth is that authorized users shouldn’t even show up on a credit report.

It sounds like your brother has some financial problems. While I admire the fact that he wants to fix things, this is not the answer. Don’t misunderstand what I’m saying, Anna. Chances are he’s not trying to con you. He probably just got some bad information. But the hard truth is this: If you go along with his idea, it’s not going to help him, and it’s going to hurt you. Don’t do…………… continues on Wicked Local

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Guide to how your credit rating is generated
News from Click Lancashire:

by Lauren Riley. Published Thu 29 Nov 2012 12:42

Perhaps you’re thinking of applying for a credit card or loan but aren’t sure what your credit status is. Or maybe you’ve had problems with your credit rating in the past and want to know how that information will register on your credit file. If so, read on to discover how banks decide whether or not they will lend to you.

In the UK, the major credit reference agencies are Experian and Equifax. Each has their own set of criteria by which they assess people’s credit status. Generally, these agencies rank people into categories: ‘excellent’, ‘very good’, ‘good’, ‘fair’ and ‘poor’. There is no such thing as a credit blacklist. Even if you have a low credit score, you still have a chance at obtaining credit, depending on your current ability to repay the lender or credit card company that you deal with.

Each lender has a wish list for their perfect customer. Most mainstream lenders like their customers to be in full-time employment and if you own your own home and have a landline telephone, which will work in your favour. High-street lenders look for evidence of stability as they believe it indicates a low-risk customer. So, if you’ve moved house a lot in the past few years it might account for why a ba…………… continues on Click Lancashire

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When is it OK to Splurge With the Family Budget?

When is it OK to Splurge With the Family Budget?
News from Fox Business:

Dear Dave,

My brother asked me to put his name on my credit card as an authorized user. He said it will help improve his credit score. Is this true, and would it help my score in any way?

-Anna

Dear Anna,

Your brother is wrong. It will not improve his credit score at all. As an authorized user, he is not the owner of the debt. There’s a high likelihood that it will affect your credit score in a negative way, though, because there’s a good chance he’ll do some dumb things with your card.

Look at it this way. Why would someone give him credit, or raise his credit score, just for using your credit? It doesn’t make sense. Your credit score is affected by things like whether or not you pay your bill on time. The card isn’t in his name, so really all this amounts to is him having fun with your card, and you’re the one who’s liable for the damage. The truth is that authorized users shouldn’t even show up on a credit report.

It sounds like your brother has some financial problems. While I admire the fact that he wants to fix things, this is not the answer. Don’t misunderstand what I’m saying, Anna. Chances are he’s not trying to con you. He probably just got some bad information. But the hard truth is this: If you go along with his idea, it’s not going to hel…………… continues on Fox Business

… Read the full article
.


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The Truth About Your Credit Score: Common Sense Information About Your Credit Score
The Truth About Your Credit Score: Common Sense Information About Your Credit Score

Everyone knows you need a high credit score in order to get a good loan. It’s the single most important factor lenders use when determining whether you’re a credit risk or not. But fortunately no matter what your credit score looks like today, there are simple steps you can take that will boost it to its highest level possible.  

That’s why in this hour-long interview you’ll meet Dave. Dave is a credit consultant, newspaper columnist, and author of How Credit Really Works. An

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Bad Credit Card Moves and How to Avoid Them

Bad Credit Card Moves and How to Avoid Them
News from TheStreet.com:

NEW YORK (TheStreet) — If you are hoping to improve your credit score, paying your bills on time is a great start. But there’s a lot more to it than that. In fact, you might be making some wrong moves even if you have good intentions.

Here are some credit mistakes you should avoid before they damage your good credit standing:

Canceling a credit card you no longer use. While it seems logical to do some wallet cleaning every now and then, canceling old credit card accounts will wipe out part of your credit history, and your credit history is one of the important factors on which your credit score is based. In addition — assuming you don’t owe any balances on those accounts — the cards can actually help you by lowering your debt utilization ratio (the amount of money you owe compared to the amount of credit you have).

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For example, if you have two accounts with a $ 10,000 credit limit each and one has a zero balance and you owe $ 5,000 on the other, your debt utilization would be 25%…………… continues on TheStreet.com

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www.kiboo.com. Do you ever ask yourself “How can I raise my credit score?” or maybe even, “Am I doing things that are lowering my credit score?”. This short video teaches you how to raise your credit score through smart use of your credit cards.

CreditInfoCenter Announces New Web Site Redesign

CreditInfoCenter Announces New Web Site Redesign
News from Sacramento Bee:

/PRNewswire/ — Credit Info Center, the leader in online credit repair and debt settlement self-help information, announces the redesign of their website. The redesign features improved website navigation and a new color scheme which is very easy on the eyes.

The new site design incorporates questions from live discussion forums, creating an interactive environment for those who are seeking information to improve their personal finances.

“Credit repair is actually a simple process,” says Kristy Welsh, who is the editor of CreditInfoCenter.com. Welsh says the new site design will make it easier to find the information needed to repair a damaged credit report or settle even overwhelming debts. “If you have a large number of items to correct or debts to settle, the process can seem intimidating, but is relatively easy to understand and implement a low or even no-cost solution.”

Experts tend to agree with Welsh, that credit repair is something anyone can do on their own. “It’s a matter…………… continues on Sacramento Bee

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www.credit-repair-companies.com Want to know who the best credit repair companies are? Check out our expert and customer ratings to help you decide.

Adding authorized user hurts, not helps, credit score

Adding authorized user hurts, not helps, credit score
News from Midland Reporter-Telegram:

Dear Dave,

My brother asked me to put his name on my credit card as an authorized user. He said it will help improve his credit score. Is this true, and would it help my score in any way?

Anna

Dear Anna,

Your brother is wrong. It will not improve his credit score at all. As an authorized user, he is not the owner of the debt. There’s a high likelihood that it will affect your credit score in a negative way, though, because there’s a good chance he’ll do some dumb things with your card.

Look at it this way. Why would someone give him credit, or raise his credit score, just for using your credit? It doesn’t make sense. Your credit score is affected by things like whether or not you pay your bill on time. The card isn’t in his name, so really all this amounts to is him having fun with your card, and you’re the one who’s liable for the damage. The truth is that authorized users shouldn’t even show up on a credit report.

It sounds like your brother has some financial problems. While I admire the fact that he wants to fix things, this is not the answer. Don’t misunderstand what I’m saying, Anna. Chances are he’s not trying to con you. He probably just got some bad information. But the hard truth is this: If you go along with his idea, it’s not going to help him, and i…………… continues on Midland Reporter-Telegram

… Read the full article
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How to improve your credit score

How to improve your credit score
News from Moneycontrol.com:

Rajiv Raj
www.creditvidya.com

Unlike in past, today, the process of getting loan does not end at the ability of the borrower to repay. It entails large details of repayments history of the borrower. Due to such a critical factor, many a time, a lot of people fail to avail of a loan just because they have been irregular in their repayments of their liabilities. Such people have a low credit score—a number that gives a fair idea of deviation of an individual in repayments of loans. Hence, higher the credit score, better are the chances of getting a loan. Here are some of the factors you should bear in mind to improve your credit score:

On time…

Be it an outstanding amount on your credit card or EMI on a loan, you should pay it on time. Sometimes cheques take time to reach bank due to logistics issues and holidays. It is better to drop the cheques in the pick up boxes at least five – six days before the due date. There are instances where borrowers repay only the minimum payment required on credit cards or opt to make part payment of EMI. Part payments typically le…………… continues on Moneycontrol.com

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Good for Credit Score to Repay 401(k) Loan?
News from Fox Business:

Dear Dr. Don,

I borrowed against the balance in my 401(k) plan. Does paying back the 401(k) loan improve my credit score?

Thanks, — Robert Rejuvenate

Dear Robert, Sorry, the payments on a 401(k) loan aren’t reported to the consumer reporting agencies, the credit bureaus that compile credit reports. It’s the information in your credit report that is used to determine your credit score.

One of the advantages of borrowing from your 401(k) is that you don’t have to have good credit to get the loan. You’re borrowing your own money, so you’re the lender. The downside is that the repayments you make to yourself don’t help bolster your credit history, which would improve your credit score.

But it’s not all bad news. Mortgage underwriting standards don’t consider 401(k) plan loans as long-term debt, so a 401(k) loan won’t affect your ability to finance or refinance a home loan.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The co…………… continues on Fox Business

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Dave Ramsey: Authorized users won’t improve credit score

Dave Ramsey: Authorized users won’t improve credit score
News from Knoxville News Sentinel:

Q: My brother asked me to put his name on my credit card as an authorized user. He said it will help improve his credit score. Is this true, and would it help my score in any way?

A: Your brother is wrong. It will not improve his credit score at all. As an authorized user, he is not the owner of the debt. There’s a high likelihood that it will affect your credit score in a negative way, though, because there’s a good chance he’ll do some dumb things with your card.

Look at it this way. Why would someone give him credit, or raise his credit score, just for using your credit? It doesn’t make sense. Your credit score is affected by things like whether or not you pay your bill on time. The card isn’t in his name, so really all this amounts to is him having fun with your card, and you’re the one who’s liable for the damage. The truth is that authorized users shouldn’t even show up on a credit report.

It sounds like your brother has some financial problems. While I admire the fact that he wants to fix things, this is not the answer. Don’t misunderstand what I’m saying, Anna. Chances are he’s not trying to con you. He probably just got some bad information. But the hard truth is this: If you go along with his idea, it’s not going to help him, and it’s going to hurt you. Don’t do it!

Q: In terms of a family’s financial plan, when is it okay to purch…………… continues on Knoxville News Sentinel

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How Your Credit Card Can Help To Improve Your Credit Score
News from Rupee Times:

Using a credit card is not only advantageous for the conveniences that it provides, but, an individual can also use his credit card to improve his credit score. A credit card provides a person one of the easiest ways of building a good credit history, which is an important determinant of a person’s credit score.  A credit score plays a significant role for an individual’s financial health, specially when he/she wants to avail loans to make major purchases like buying a car or a home. The final cost of these loans for the borrower depends on his credit score.

This article explains some of the best ways of using a credit card with the objective of enhancing one’s credit score.

First, get a credit card (with a reputed brand name)

Some people feel that using a credit card will only lead to overspending and so they choose to use debit cards over credit cards. But, they must understand that judicious and smart use of credit cards can be used to a person’s advantage. Specially, those who hav…………… continues on Rupee Times

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Credit Repair Company has Decided to go Global with new Internet Launch

Credit Repair Company has Decided to go Global with new Internet Launch
News from Danbury News Times:

Credit-Repair-Companies.com works to help their customers by reviewing and comparing different credit repair companies and ranks them from 1-5 based on a 1-10 scoring system on their performance so the client knows which company is the best one for the job.

Los Angeles, CA 91296 (PRWEB) November 18, 2012

Credit-repair-companies.com has been a great service to many people in helping them restore their credit to good standing. With the recent economic recession people have lost the ability to procure good credit for themselves and for others. Not only does credit affect such things as getting a house, it can even be as significant as getting an important loan or even a job! That’s why Credit Repair Companies has become one of the most trusted services for not only do they fix the credit of their clients, they will charge you only after the service has been fulfilled, so it is all free and guaranteed free until the product has been delivered, a rarity these days with the prevalence of upfront.

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Credit Repair Resources and OriginationPro Form Credit Repair Partnership
News from National Mortgage Professional Magazine:

Credit Repair Resources and OriginationPro have announced that the two organizations have partnered in order to promote legitimate and compliant credit repair with marketing and training support to the mortgage and real estate industries. 

“Since the company has been founded, we have fought to bring a new level of awareness towards the benefits of credit restoration services delivered in a compliant manner,” Chad Kusner, president and co-founder of Credit Repair Resources said. “This goal has been a driving force behind our involvement with the National Association of Credit Service Organizations (NACSO). Our partnership with OriginationPro will take this message to a new level as Dave Hershman has thousands of followers within the industry as well as the marketing expertise to help professionals serve clients and prospects within this sector.”

The partne…………… continues on National Mortgage Professional Magazine

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Fast Credit Repair with proof after repairing credit

Fast credit repair with proof after repairing credit at goo.gl Learn how to get information from credit repair experts with over 40 years of combined experience with credit reports and rasing credit scores quickly. Get qualified for home loans or lower your bills. Learn how to raise scores after bankruptcy within 90 days. Or how to negotiate foreclosure or loan modification with the meast impact to your credit scores. Credit repair can be easy, cheap and quick. See an improvement in your credit scores by as much as 100 points on average. www.youtube.com
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CreditInfoCenter Announces New Web Site Redesign

CreditInfoCenter Announces New Web Site Redesign
News from The Herald | HeraldOnline.com:

Credit repair company’s homepage offers easier navigation options for those who access the site.

— /PRNewswire/ — Credit Info Center, the leader in online credit repair and debt settlement self-help information, announces the redesign of their website. The redesign features improved website navigation and a new color scheme which is very easy on the eyes.

The new site design incorporates questions from live discussion forums, creating an interactive environment for those who are seeking information to improve their personal finances.

“Credit repair is actually a simple process,” says Kristy Welsh, who is the editor of CreditInfoCenter.com. Welsh says the new site design will make it easier to find the information needed to repair a damaged credit report or settle even overwhelming debts. “If you have a large number of items to correct or debts to settle, the process can seem intimidating, but is relatively easy to understand and implement a low or even no-cost solution.”

Experts tend to agree w…………… continues on The Herald | HeraldOnline.com

… Read the full article
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Beware of who you put on your credit card
News from OCRegister:

Still living off credit cards? Can’t figure out how much you could or should spend? Need to save for retirement? Deborah McNaughton, a Brea credit expert, financial coach and author of “The Essential Credit Repair Handbook,” is here to provide her financial advice.

Q. Several years ago I dated a guy and we broke up. At the time, I thought we would eventually get married. He told me he had some bad luck and was unable to get a credit card.

FILE PHOTO, THE ORANGE COUNTY REGISTER

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I gladly volunteered to get a credit card for him using my name. That was a mistake. I was the primary cardholder and he was a user on the card. I thought this would help him to rebuild his credit report.

We eventually broke up. He continued to make the payments until recently. Since our break-up I got married to a wonderful man. My husband’s credit is excellent.

The problem I am having now is that my ex-boyfriend stopped making the payments. I am being called by the credit card company to make the payments. I don’t think that is fair since my ex-boyfriend agreed to make the payments. What should I do?

…………… continues on OCRegister

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There are businesses out there that promise to improve your credit score for a price. But are they doing anything for you that you can’t do yourself?
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