Archive for July 16, 2014

Credit Repair Blunder: Why You Shouldn’t Co-Sign on a Loan

Credit Repair Blunder: Why You Shouldn’t Co-Sign on a Loan
News from Boston.com:

by Nikitas Tsoukalis, President

www.keycreditrepair.com 

Credit isn’t exactly easy to come by these days. And if you happen to have a good credit score, there’s a chance that sooner or later you’ll be approached by a friend or family member and asked to co-sign on a loan or credit card for them. By doing so, the person with poor or limited credit is able to leverage your positive score for a better interest rate. But is credit a win for you, the co-signer, as well?

The answer: Not necessarily. While you agreeing to be a co-signer is likely done with nothing but good intentions, the outcome could turn out to be far from favorable for you. We’re talking a decreased credit score, collection agencies coming after you and even potential lawsuits. Here’s a closer look at why you should think twice about co-signing on a loan:

  • Lower credit limit: Like we said in the opening, credit is limited these days. So if you co-sign on a loan, you’re debt ratio might get too high. Not only is this unfavorable for your

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Student loan aftermath, the importance of credit scores

Student loan aftermath, the importance of credit scores
News from Daily Herald:

2014-07-09T00:15:00Z Student loan aftermath, the importance of credit scores Daily Herald

BPT– This is a special time of year. Across the nation, graduates are on the horizon of new careers and building their own lives. While this is an exciting stage in life, it is a concerning time as well.

Many students are graduating with student loan debt and research shows that Millennials, ages 18-34, know comparatively little about how that debt affects their credit scores and what it takes to have great credit, according to recent research conducted by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC.

How concerning is it? The research found that only 40 percent of Millennials claim to have good or better knowledge about credit scores. Furthermore, only 65 percent of Millennials could name the three main credit bureaus. And fewer than half (47 percent) of Millennials knew that age is not a factor when calculating credit scores.

“Most troubling is that only 42 percent of Millennials know that a credit score measures the risk of not repaying a loan rather than factors such as knowledge of, or attitude to, consumer credit,” said CFA Executive Director Stephen Brobeck. “Consum…………… continues on Daily Herald

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Tenants can now have their history of rent payments incorporated into their …
News from Washington Post:

June 27

Anybody buying a first home quickly learns how important credit scores are to mortgage lenders. They like those scores high.

But if you’ve been renting for years and have a stellar record of monthly payments to your landlord, you typically run into a sobering reality when you shop for a mortgage: All your on-time payments show up nowhere in your credit bureau files and do not contribute to your scores.

Ditto for other routine credit payments: your cellphone bills, cable and satellite TV, utilities. You may have perfect payment histories for all of these, but nobody knows about them. Why? Because the landlord, phone and cable companies, and many other creditors don’t report your payments to Equifax, Experian or TransUnion, the three big credit bureaus. In the all-voluntary American credit system, they are not required to report anything to anyone.

This is a big deal. At a time when record numbers of first-time buyers are mi…………… continues on Washington Post

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Personal Finance: Beware of credit repair scams

Personal Finance: Beware of credit repair scams
News from Chattanooga Times Free Press:

  • Chris Hopkins

    Photo by Patrick Smith /Chattanooga Times Free Press.

It is hard to overestimate the importance of a good credit score. So if your own credit history is less than pristine, it might be easy to fall under the spell of a so-called credit repair agency, especially one that promises to miraculously restore your standing and quickly erase negative information.

As always, if it sounds too good to be true, walk away. In fact, these companies cannot do anything you cannot do for yourself at zero cost, while some of them make questionable or even fraudulent claims that could actually leave your credit score worse off and your wallet considerably lighter.

Before extending credit, lenders typically consult one of three major reporting agencies to review a borrower’s previous pattern of interaction with other creditors. Obviously it is imperative that this data be accurate since it can weigh heavily in determining whether you get a loan, a job or an apartment. Since it is so critical to maintain an accurate profile, the…………… continues on Chattanooga Times Free Press

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Credit Repair 101 : How To Increase Your Score from a 500 to 800 in 6 months or less
Credit Repair 101 : How To Increase Your Score from a 500 to 800 in 6 months or less

Have you been scammed out of Hundreds of dollars from phony Credit Repair companies? Do end up like most good people with Bad Credit and nowhere to turn. Bad credit can not only affect your interest rate, it can also affect you from getting hired at certain jobs. A job that pertains to money like banks for instants will turn you down without any further explanation. Most of us have had bad to very bad credit at one time or another but some point you’ll have to face the music especially when y

Price:

Much-needed scoring boost coming for renters’ credit

Much-needed scoring boost coming for renters’ credit
News from The Seattle Times:

Nation’s Housing

WASHINGTON — Anybody buying a first home quickly learns how important credit scores are to mortgage lenders. They like them high.

But if you’ve been renting for years and have a stellar record of monthly payments to your landlord, you typically run into a sobering reality when you shop for a mortgage: All your on-time payments show up nowhere in your credit-bureau files and do not contribute to your scores.

Ditto for other routine credit payments — your cellphone bills, cable and satellite TV, utilities.

You may have perfect payment histories for all these, but nobody knows about them.

Why? Because the landlord, phone and cable companies, and many other creditors don’t report your payments to Equifax, Experian or TransUnion, the big three credit bureaus.

In the all-voluntary American credit system, they are not required to report anything to anyone.

This is a big deal.

At a time when record numbers of first-time buyers are missing in action in the home-purchase market — many of them in part because their credit scores don’t make the grade — the nonreporting of key credit records is costly to them and the economy as a whole.

But here’s some good news.

Two of the national bureaus — Experian and TransUnion — have begun incorporating verified rental-payment data into cre…………… continues on The Seattle Times

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How to Improve Your Credit Score With a Few Simple Steps

How to Improve Your Credit Score With a Few Simple Steps
News from Boston.com:

The credit score is one of the most important parts of your finances. This three-digit number gauges how responsible you are with money and can determine what interest rates lenders will charge you on mortgages and auto loans. The most important part of maintaining a strong credit score is to pay your bills on time. Another major component of the credit score formula is how much debt you owe, or your utilization ratio, which is how much debt you owe vs. the total available credit limit you have.

…………… continues on Boston.com
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Personal Finance: Beware of credit repair scams

Personal Finance: Beware of credit repair scams
News from Chattanooga Times Free Press:

  • Chris Hopkins

    Photo by Patrick Smith /Chattanooga Times Free Press.

It is hard to overestimate the importance of a good credit score. So if your own credit history is less than pristine, it might be easy to fall under the spell of a so-called credit repair agency, especially one that promises to miraculously restore your standing and quickly erase negative information.

As always, if it sounds too good to be true, walk away. In fact, these companies cannot do anything you cannot do for yourself at zero cost, while some of them make questionable or even fraudulent claims that could actually leave your credit score worse off and your wallet considerably lighter.

Before extending credit, lenders typically consult one of three major reporting agencies to review a borrower’s previous pattern of interaction with other creditors. Obviously it is imperative that this data be accurate since it can weigh heavily in determining whether you get a loan, a job or an apartment. Since it is so critical to maintain an accurate profile, the Fair…………… continues on Chattanooga Times Free Press

… Read the full article
.


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Do-it-yourself credit report repair
News from Columbus CEO:

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Orland Park Credit Repair https://rrcredit.com/ Credit Repair Service in Orland Park IL, R&R Financial Group. The most effective Credit Repair service availa…

Do-it-yourself credit report repair

Do-it-yourself credit report repair
News from Insurance News Net:

By Susan Salisbury, The Palm Beach Post, Fla.
McClatchy-Tribune Information Services

June 29–Do you need to improve your not-so-stellar credit report? Don’t pay a company to do it for you. You can do it yourself for free, the Federal Trade Commission says.

Companies that claim they can remove bankruptcies, judgments, liens and bad loans from your credit file forever are mostly likely a scam, the FTC says.

FTC attorneys say they’ve never seen a legitimate credit repair operation making those claims.

The FTC’s advice comes in the wake of a settlement it reached with RMNC Credit Services Inc., one of the nation’s largest credit repair companies.

The Texas-based company owned by Doug and Julie Parker, a husband and wife team, agreed to settle charges that it lied to credit bureaus about information in people’s credit reports and illegally collected fees before performing any services, the FTC says.

The firm charged consumers more than $ 40 million in illegal advance fees for its services, the FTC says. It sent more than a million phony letters to credit bureaus. The letters purporting to be from consumers were signed by RMNC employees using the consume…………… continues on Insurance News Net

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