Archive for October 29, 2014

Feds allege celebrity credit repair a scam

Feds allege celebrity credit repair a scam
News from U-T San Diego:

— Federal prosecutors call Keith Lawrence Middlebrook the “credit repair man to the stars,” but indicted him Thursday as a scam artist.

An indictment was unsealed in San Diego federal court charging Middlebrook, 46, of Los Angeles, with 15 counts of mail fraud and of identity theft, along with bankruptcy fraud and fraudulent use of a government seal.

He is alleged to have sought out celebrities and professional athletes as clients, bilking them of more than $ 1 million on promises to help them out of bankruptcy, get their debts erased and credit scores raised.

He would get paid before rendering the service, a violation of federal credit repair law, the United States Attorney’s Office said.

At arraignment as the indictment was unsealed, U.S. Magistrate Judge Stephen Hillman allowed Middlebrook to post a $ 175,000 bond and ordered him to return to court next Thursday.

Middlebrook’s Elite Platinum Portfolios is described on the company website as a financial planning and consulting firm, and displays dozens of photos of athletes with purported testimo…………… continues on U-T San Diego

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Best Ways To Repair Your Credit Score
News from Investopedia:

You’ve probably seen ads telling you, “We can erase your bad credit – 100% guaranteed.” Or possibly ones that promise they can: “Create a new credit identity – legally.”  Any company that promises a quick fix like this for your credit score is a scam. “Attorneys at the Federal Trade Commission, the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims,” says the FTC website. 

Repairing your credit if your score has fallen “takes time and there is no quick way to fix a credit score….The best advice for rebuilding credit is to manage it responsibly over time.” That’s the advice you’ll find on FICO’s website. Believe it.

FICO stands for Fair Isaac Corporation. This American corporation introduced the first general purpose FICO score in 1989.  Since then, consumers have depended on keeping a good FICO score to be able to get loans and credit cards – especially if they want low rates and generous terms. 

Now that it’s clear there’s no quick fix to improve anyone’s credit score, let’s review the steps for repairing your score the slow and legal way.

STEP 1 – Understand How Your Credit Score Is Determined

You need to unde…………… continues on Investopedia

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New Day Releases DIY Credit Repair Section of Website

New Day Releases DIY Credit Repair Section of Website
News from DigitalJournal.com:

New Day releases section of website aimed at giving folks tools to help themselves get in to a good long-term financial situation.

New Day Credit Repair, a leading agency aimed at helping folks to make better financial decisions has released a do-it-yourself section to their website which lays out a strategy for folks who have more time than money in order to get their credit to a favorable range. The score is the rating given by credit bureaus to individuals which is used for assessing risk when it comes to getting financing for homes or automobiles or lines of credit. 

“What most folks don’t realize” says New Day on their website, “is that credit can rises as fast it fell.” The combination of derogatory claims against someone on their report together with no current lines of positive credit can mean disaster for many would-be home owners. Most people who are renting a home are paying more per month than what the mortgage would be, but because of bad credit they can not qualify. With a do-it-yourself plan, these people can get started on a restoration plan which would bring…………… continues on DigitalJournal.com

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Avoiding credit mistakes 20-somethings make

Avoiding credit mistakes 20-somethings make
News from USA TODAY:

Jeanne Kelly, Credit.com 6:51 a.m. EDT October 19, 2014

13 continues on USA TODAY

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10Best: Ways to improve your credit score

10Best: Ways to improve your credit score
News from USA TODAY:

Robert Powell, USA WEEKEND 8:35 a.m. EDT October 18, 2014

405

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Nine Ways to Improve Your Credit Score
News from Insurance News Net:

WASHINGTON, Oct. 15 — The American Bankers Association issued the following news release:

Forty-three percent of consumers know their credit score, a key metric that helps determine whether they can get credit cards, auto loans, mortgages and insurance coverage, according to a recent survey by the American Bankers Association. ABA has highlighted nine ways consumers can improve their credit score.

“The more you know about your own credit history, the better you can position yourself for lower rates when applying for a loan or insurance coverage,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments.

The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, Aug. 7-12, 2014. Fifty-five percent of respondents indicated they did not know there credit score (2 percent didn’t answer the question).

Credit scores are reflective of a person’s creditworthiness and are based on their credit reports, which indicate whether a person pays their bills on time. Lenders use a consumer’s credit score to decide whether to lend them money and at what rate. Credit scores are also used by organizations for screening insurance and other applications. Consumers receive their credit score when they apply for a mortgage,…………… continues on Insurance News Net

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10Best: Ways to improve your credit score

10Best: Ways to improve your credit score
News from USA TODAY:

Robert Powell, USA WEEKEND 3:54 p.m. EDT October 16, 2014

5

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How to Improve a Credit Score Fast

How to Improve a Credit Score Fast
News from Motley Fool:

Source: Pixabay.

Credit scores calculated by Fair Isaac (the “FICO” score) affect much of our financial lives, influencing the interest rates we’re offered when we buy a car or home and generally reflecting how creditworthy we are. While a perfect credit score might be our ultimate goal, very few achieve it. Fortunately, a merely excellent score can serve us well.

FICO scores range from 300 to 850, with average scores typically in the 600s. Scores in the high 700s are excellent. There are many ways to improve your score. Here are a few that can work in a matter of months (or less), not years.

Fix errors
First off, your score might be based partially on errors, and you might deserve a higher one. Take advantage of the free copy of your credit report that you’re entitled to e…………… continues on Motley Fool

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What Can a Credit Repair Organization Actually Do For You?

What Can a Credit Repair Organization Actually Do For You?
News from MainStreet:

NEW YORK (MainStreet) — In over your head with your credit? Thinking about going to a credit repair agency? Think again. Because a credit repair organization might not be able to do anything for you that you can’t do for yourself. Still, credit repair is absolutely right for some customers, especially those with complicated credit histories or more money than time. Read on to find out which of these categories that you fall into.

Save Cash on Payments! Compare Low-Interest Credit Cards Now

What They Can Do

Mike Sullivan, director of education for Take Charge America, notes that credit repair agencies often just do things for you that you can do for yourself. However, he’s also quick to note that this might include things that you don’t want to do for yourself. “Ther…………… continues on MainStreet

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Can’t cut debt? You can still improve credit

Can’t cut debt? You can still improve credit
News from USA TODAY:

Lindsay Konsko, NerdWallet 6:15 a.m. EDT October 12, 2014

2

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FICO update expected to improve credit scores

FICO update expected to improve credit scores
News from WECT-TV6:

Previously, all collection debts were equally damaging to a consumer’s credit score, regardless of the type. (Source: WECT)

Fair Issac Corp., commonly known for the widely used FICO credit score, is revising its scoring formula, and the result could improve credit scores for some consumers. (Source: WECT)

WILMINGTON, NC (WECT) –

Fair Isaac Corp., commonly known for the widely used FICO credit score, is revising its scoring formula. Experts predict the result will improve credit scores for some groups of consumers.

Patrick Stoy, President of Marketing Consulting Mortgage in Wilmington, said consumers will notice three major changes to…………… continues on WECT-TV6

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How to Improve a Credit Score Fast
News from DailyFinance:

Source: Pixabay.

Credit scores calculated by Fair Isaac (the “FICO” score) affect much of our financial lives, influencing the interest rates we’re offered when we buy a car or home and generally reflecting how creditworthy we are. While a perfect credit score might be our ultimate goal, very few achieve it. Fortunately, a merely excellent score can serve us well.

FICO scores range from 300 to 850, with average scores typically in the 600s. Scores in the high 700s are excellent. There are many ways to improve your score. Here are a few that can work in a matter of months (or less), not years.

Fix errors
First off, your score might be based partially on errors, and you might deserve a higher one. Take advantage of the

… Read the full article