Archive for April 29, 2015

Cops took cash bribes in credit repair scam, according to federal government

Cops took cash bribes in credit repair scam, according to federal government
News from Local 10:

MIAMI –

Several Miami-Dade police officers are being targeted by the federal government after they took part in a credit repair scam in which they allegedly wrote phony crime reports in exchange for cash bribes, according to federal court records.

So far only one cop, Miami-Dade Officer Rafael Duran, has been charged in the scheme, but according to federal prosecutors, multiple police officers working for more than one police department in Miami-Dade accepted bribes in the scheme, which was orchestrated by now-imprisoned “credit doctor” Vanessa Perez, aka Vanessa Ortega.

Perez allegedly paid Duran and other police officers to write up false reports, indicating that her customers, who were looking to clean up their credit records, had been the victims of identity theft. Perez would then submit the phony reports to credit rating companies like Equifax, which would in turn issue the customers good credit based on the fraudulent reports.

“Perez obtained many of these false police reports by paying monetary bribes, directly and indirectly, to police officers employed by police departments in Miami-Dade County,” according to federal prosecutors in court records. “In return for these monetary bribes, police officers created the police reports that falsely reported the alleged incidents of identity…………… continues on Local 10

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6 Ways You’re Sabotaging Your Credit Repair Efforts
News from Valley News:

Although the financial climate is improving and unemployment rates continue to drop, many consumers are struggling. Last year alone, U.S. courts reported nearly 1 million cases of Chapter 7 and Chapter 13 bankruptcy filings.

How does a financial hardship like bankruptcy affect your long-term credit health?

For one, the damage can remain on your credit report for seven to 10 years.

If your credit is severely damaged because you filed for bankruptcy or for any other reason you can still take steps to repair it. In order to do so, though, you need to make sure you don’t hurt your credit even further. Avoid sabotaging your credit repair efforts by steering clear of these common pitfalls.

Failing to Budget

Where does credit repair begin? With a budget, of course. You wouldn’t travel without a map, and you shouldn’t spend money without a game plan. Creating a budget allows you to identify:

∎ Spending and saving habits.

∎ Areas that need improvement.

∎ Progress over time.

Depending on your motivations, the sum of these factors can help or hurt your credit. Gather the facts, and begin tracking…………… continues on Valley News

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Will asking for a credit increase harm your credit?

Will asking for a credit increase harm your credit?
News from CBS News:

By Nicholas Pell/MainStreet.com

You don’t actually have to need a credit limit increase to make getting one a good idea. Increasing your credit limit can increase your total available credit, which will in turn lower your credit utilization ratio. But how do you go about getting your credit limit increased? If you do increase it, are there any negative consequences for your credit? For those who have been thinking about getting a credit limit increase, here’s how to know if the time is right for you.

Should you apply for an increased credit limit?

Mike Sullivan, director of education with Take Charge America, notes that increasing your credit isn’t the worst thing you can do. It will lowe…………… continues on CBS News

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7 Ways to Build and Improve Your Personal Credit Score

7 Ways to Build and Improve Your Personal Credit Score
News from Entrepreneur:

In his book The Tax & Legal Playbook, CPA and attorney Mark J. Kohler targets the leading tax and legal questions facing small-business owners, and delivers clear-cut truths, thought-provoking advice, and underutilized solutions to save you time, money, and heartache. In this edited excerpt, the author offers quick tips you can use to start improving your personal credit score, which has a direct impact on whether you can obtain corporate credit.

Corporate credit is the ability of a company to obtain its own loans under its own credit score. Thus, a company (such as an S corp or LLC) can apply for a line of credit and, without the owner’s personal guarantee, use the money to expand its business. The owner of the company isn’t personally liable for the credit line, and their personal credit score has nothing to do with the company’s ability to obtain credit. However, in some instances, having a good personal credit score can expedite the process of obtaining corporate cr…………… continues on Entrepreneur

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Get your credit score ready for home-buying season
News from Times Herald-Record:

Getting ready to buy a home this spring? Make sure there aren’t any cracks in your credit. A good credit score is essential when it comes to securing a mortgage.

“If (your score is) below 600, you’re probably not going to buy a home in the short term,” says Mike Sullivan, director of education at nonprofit credit and debt counseling agency Take Charge America.

Given the slew of stringent regulation introduced following the housing crisis, most lenders simply won’t risk extending this demographic credit. In fact, even consumers with good scores should polish up the ol’ credit report.

Qualifying for the best mortgage rates starts at a 740 credit score. Scores below that threshold will likely have higher interest on their home loans.

So if you plan on hitting up the housing market this April, make sure to pull a copy of your credit report and check to see where your score stands.

Check your status

Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, or Credit CARD Act, everyone is entitled to one free credit report from each credit bureau every year.

Obtain a copy o…………… continues on Times Herald-Record

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David Seeger of Great Lakes Credit Union talks about the simple steps you can take to improve your credit score. Money Monday on NBC 24 Today, March 2, 2015 For the latest News-Weather-Sports…
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Key Credit Repair

Key Credit Repair
News from ZDNet:

Download our free KeyCreditRepair.com app today. Key Credit Repair is top rated, fully insured, bonded, and nationally recognized for Standards of Excellence. Learn how we have earned the trust of thousands.

…………… continues on ZDNet
Price USD0
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Visit http://informativecreditrepair.com/ for reviews of the best credit repair companies and services. ———————— Credit Repair Agencies — Can You Trust Them? Depending…

Take These Steps to Improve Your Credit Score

Take These Steps to Improve Your Credit Score
News from Techli:

Take These Steps to Improve Your Credit Score

Brought to you by Bank of America: Better Money Habits

Your credit score impacts many important financial decisions in life, from car loans to mortgages, so it’s important to manage it. For instance, applying for a lot of credit cards in a short period of time could negatively affect your score. Check out all of the credit-related do’s and don’ts below on how to improve your score and ensure it’s attractive to potential lenders.

Now that you’ve learned some tips on how to boost your credit score, you may be wondering the best way to manage your credit cards. Check out the video below to better understand how your balance and the number of credit cards you have influences your score so that you can start building healthy credit.

For more information on how to boost your credit score, visit Better Money Habits from Bank of America

Share and Enjoy

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Millennial, Gen-X or Boomer, Here’s How to Boost Your Credit
News from MainStreet:

NEW YORK (MainStreet) — You might think younger Americans would rely on their elders as role models when it comes to credit health, and maybe they would — if they were pointed in the right direction.

The 2015 Chase Slate Credit Survey shows that Millennials, for example, might draw inspiration from Generation X instead of their Baby Boomer parents. Chase says that 96% of Gen-Xer’s have checked their credit scores, while 28% of Boomers are defined as “having never taken steps to improve their credit score.”

There is trouble across all age demographics, however. Chase also reports that two in five Americans don’t know their credit score and more than half don’t know paying bills on time is the primary driver of a credit score. Yet two-thirds say they’d like to be able to improve their score in the next year.

“Having healthy credit could mean the difference between achieving major life goals, such as buying a home or starting a small business, and nev…………… continues on MainStreet

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6 Ways You’re Sabotaging Your Credit Repair Efforts

6 Ways You’re Sabotaging Your Credit Repair Efforts
News from Go Banking Rates:

Although the financial climate is improving and unemployment rates continue to decrease, many consumers are struggling. Last year alone, the U.S. Courts reported nearly 1 million cases of Chapter 7 and Chapter 13 bankruptcy filings.

How does a financial hardship like bankruptcy affect your long-term credit health? For one, the damage can remain on your credit report for seven to 10 years.

If your credit is severely damaged because you filed for bankruptcy — or for any other reason — you can still take steps to repair it. In order to do so, though, you need to make sure you don’t hurt your credit even further. Avoid sabotaging your credit repair efforts by steering clear of these common pitfalls.

… Read the full article
.


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UA Matters: Myth vs. Fact about Credit Card Use, Credit Scores, History

UA Matters: Myth vs. Fact about Credit Card Use, Credit Scores, History
News from UA News:

Dr. Melissa Wilmarth

…………… continues on UA News

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Easy Ways Millennials Can Boost Their Credit

Easy Ways Millennials Can Boost Their Credit
News from Valley News:

According to a report published by Experian at the end of 2013, young adults ages 19-29 had an average credit score of 628 — more than 50 points lower than the national average and the lowest of all the age groups. If you’re a millennial, maybe you’re trying to avoid debt like the plague by staying away from credit cards. Or maybe you rely on a credit card when money is tight, but you have trouble keeping up with the payments. Either way, your credit score might be hurt.

Your credit (or lack thereof) might affect you in the near future more than you realize. Banks, credit unions and auto dealerships decide whether to do business with you based on your credit history. If these guys don’t trust you enough to give you a loan, you might be unable to make big purchases such as a home or a car.

There is good news, though: Your credit is constantly evolving. In fact, any time a lender requests your credit report, a new credit score is created with that report. While your credit can be improved at any time, you have to put in the effort to build a strong credit history.

Here’s how:

Pay All Your Bills on Time: A good payment history can be a large factor in determining your credit score. If creditors report just one la…………… continues on Valley News

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A new kind of credit score for those with no credit

A new kind of credit score for those with no credit
News from Washington Post:

April 2
Andrew Harrer/Bloomberg

In the finance world there is what’s known as the Catch-22 of credit.

Only those consumers who already have loans and make payments that show up on their credit report can get a credit score to help prove their trustworthiness to financial companies. Those who work mostly in cash but want greater access to credit are often locked out of the lending market because financial institutions don’t have enough information to evaluate them.</…………… continues on Washington Post

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3 Things You Should Know About Your Credit Score
News from Fox Business:

Source: Flickr user Morgan.

Your credit score is one of the most important aspects of your personal finances. Whenever you need to borrow money, your credit will be scrutinized. Yet many people don’t know some of the most basic facts about their credit scores.

To help shed some light on this key part of your finances, we asked three Motley Fool contributors to talk about some things many people don’t know — but should — about their credit scores. Read through their descriptions and see what you learn about your credit score.

For starters, there is no single credit score, and your score will vary based on the scoring method used. The FICO score is the most widely used, but different lenders use their own algorithms to determine your risk level as a borrower and the interest rate at which they should lend you money. The one commonality across all credit scores, though, is the information it is based on, which is the data contained in your credit reports.

The three big credit bureaus — Equifax, Experian, and TransUnion — each collect as much credit data as they can on you. They then sell this information to lenders, which use the data to come up with credit scores. Onc…………… continues on Fox Business

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