New Service Allows Renters to Improve Credit Score by Reporting Payment … News from Fort Mills Times:
Until now, people who rented their homes couldn’t get financing credit for their on-time rental payments, thus excluding millions from a wide variety of lending opportunities. Rental Kharma, a Denver-based startup company that furnishes data to large credit bureaus, has launched a new service that, for the first time, makes it possible for renters to overcome this barrier, giving them the chance to build their futures with stronger credit reports.
There are more than 100 million renters in the U.S., and Rental Kharma has developed the first comprehensive, online platform that allows renters to build their credit score by self-reporting the last two years of their payment history. The data is then provided to the large credit bureaus, that in turn provide reports to lenders, banks, landlords and others who want to lower their risks when renting properties or making loans to financially stable borrowers.
“By reporting the last two years of timely payments, most renters can gain an immediate boost to their FICO credit score,” said Cullen Canazares, Rental Kharma founder. FICO is the most widely used credit scoring model in the U.S. and is employed by the major credit reporting bureaus such as Experian and TransUnion. Rental Kharma provides an online solution for renters to submit their monthly payments to t…………… continues on Fort Mills Times
Water bills to be added to credit score reports News from Telegraph.co.uk:
Yorkshire Water has become the first water supplier to join Experian’s Credit Account Sharing Service, meaning it will share information on how its five million customers manage their accounts, including payment history and outstanding balances, with banks, credit card providers and mobile phone companies.
Yorkshire Water has said the average water and sewerage bill in Yorkshire will rise from £356 to £368 in the next year. Customers without a water meter will see a typical bill rise by 3.5pc, £14, a year, while a typical bill for customers with a water meter will increase by 7.7pc, or £22.
The company has a ‘Resolve’ scheme to help customers in financial difficulties, which allows them to make regular payments over the course of a year.
Paul Vescovi, managing director of Experian’s credit services for the UK and Ireland, said: “By sharing information on all customers, including those who may be experiencing difficulties, it will not only reduce bad debt but ensure that customers are treated fairly and responsibly.
“Of course, because the vast majority people pay their water bills on time, most Yorkshire Water customers will see their credit histories strengthened…………… continues on Telegraph.co.uk
Don’t fall for credit repair offers News from MSN Money:
This post comes from Linda Doell at partner site Money Talks News.
Having good credit is critical when you borrow money, rent a place to live, buy car insurance — sometimes even apply for a job. So when you see ads baiting you with a quick “credit repair” fix, it can be hard not to bite. Maybe that’s why a Bing search for credit repair returns more than 40 million entries.
The logic behind paying for credit repair seems sound: If your car, refrigerator or practically anything else breaks, you have a professional fix it. Shouldn’t the same logic apply to repairing your credit?
In a word, no.
What’s wrong with credit repair?
There are three potential problems with paying for credit repair:
Rebuild credit scores after bankruptcy 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 Placentia credit expert, financial coach and author of “Money Trouble: Surviving Your Financial Crisis,” provides financial advice.
Q.Years ago one of our children got sick and was diagnosed with an incurable genetic condition. Those expenses and the need for one of us to be with her at all times led to a bankruptcy filing and discharge in 2011. We kept our house and one car with loans on each. Both have been current since.
FILE PHOTO, ORANGE COUNTY REGISTER
We want to rebuild our credit scores as soon as possible, but no one will give us credit, not that we want new cards, but we do want to get our FICO scores back up to where they used to be. We have been debating whether there is any benefit to obtaining a prepaid bank card in an effort to raise our scores.
A. I am so sorry to hear about the difficult crisis you went through with your child. When you have a loved one who needs medical care, most of us would do whatever it takes to get the best possible care.
Teresa Tims, www.TheSoCalLoanPro.com and President of TDR Mortgage, lay’s it down on what the lenders are looking for to give you a home loan. If you don’t qualify she gives you a step by step process on what to do to be a homeowner in California. Teresa Tims, TDR home loan mortgage company… Video Rating: 5 / 5
Originally published February 11, 2013 at 4:49 PM | Page modified February 11, 2013 at 4:49 PM
Disputing credit-report errors can be complicated and frustratingly slow. But it is also a necessary task for Americans who want to avoid paying more on loans and credit cards for a mistake they did not make.
The Federal Trade Commission’s (FTC) Bureau of Consumer Protection recommends that consumers take steps to ensure the information on their credit reports is accurate. Most negative information can remain a part of your credit history for seven years.
Here are some tips on how to dispute credit-report mistakes and lessen the chance of unwarranted blemishes that stain your credit profile:
Get your credit reports: The first step is to get a copy of your credit report from each of the major credit-reporting firms — Experian, TransUnion and Equifax. Consumers are entitled to a free report every 12 months from each of the credit bureaus.
You can get copies at www.annualcreditreport.com.
It’s important to review your credit history periodically. For one thing, lenders can make errors when they report client accounts to credit bureaus. And if an identity thief opens a…………… continues on The Seattle Times
This is an old video but we wanted to post it along with all of the other here on our Youtube channel. Jerry was one of our favorite clients. He has referred practically his entire family to us and we greatly appreciate it. Credit Assistance Network is here for all your credit improvement needs. It doesnt matter what the situation is, we will be happy to provide a completely free credit analysis and consultation. Call us at (800) 811-3078 and we will help you obtain all 3 credit reports from Experian, Equifax and TransUnion free of charge and one of our trained and experienced credit specialist will go over your reports with you. If we are not able to help you, at the very least we will help guide you in the right direction with free advice. Video Rating: 0 / 5
How Can I Improve My Credit So We Can Buy a House? News from WRAL.com:
Posted: 11:56 a.m. yesterday
Although I have made great strides in the last 4 years, I brought a poor credit history and score to our marriage (married for 5 months). My wife, whose name is on our mortgage as she owned our home prior to our marriage, is happy and proud of the work I’ve done to raise my score from 590 to 670 in about 18 months.
However, I’m concerned about how my still painfully mediocre credit score will affect our plans to buy a new house in the next 12-18 months. As I understand it, mortgage debt is the “holy grail” of debt on a credit report, so…
Should we put my name on our current mortgage to prepare for our eventual joint application in a year’s time? Will this help/hurt my score? Will it help/hurt any aspect of my wife’s immaculate credit? Any insight is greatly appreciated, thank you.
I wouldn’t say that a mortgage debt is the “Holy Grail” on a credit report. In fact a great credit history on an unsecured line of credit carries a lot of weight, maybe even more, on it’s own. The expectation is that people are more likely to pay on secured items like homes and cars.
Restoring or rebuilding credit is a combination of a number of items. The first is to get a consolidated credit report and look the t…………… continues on WRAL.com
5 Factors That Can Affect Your Business Credit Score News from Business 2 Community:
With so many rules and regulations, managing your business credit can be a difficult balancing act. If you get it right, then the rewards are fruitful, but get it wrong and you can not only harm your reputation but it could lead to other creditors backing out. There are so many ways in which we can help build our score, everything from credit card balance transfers through to loan repayments.
Due to the complicated nature of credit, it is all too easy to lose sight of where you are up to. Here are 5 simple rules that will help you to keep your credit score where it should be.
1. Try to avoid making multiple applications.
I know this sounds strange, and many of us may not realize that simple applications can make a massive difference to your business credit score, but they can and have for many companies. The reason for this is that the more applications you make the more credit checks the creditors will make. This will raise more questions and “Red Flags”. Thus leading to you being turned down or offered less money for higher interest rates – not really what you applied for!
To avoid this, do your research first……………. continues on Business 2 Community