Tag Archive for Finance

Personal finance Q&A: Don’t hire a credit repair firm

Personal finance Q&A: Don’t hire a credit repair firm
News from Los Angeles Times:

Dear Liz: I’m seeking help in reviewing my credit report and how to fix any issues. I am not financially distressed, but have FICO scores in the 675 range. Could you recommend someone I can hire to assist as I need to refinance a house I bought for cash?

Answer: There’s so much fraud in the credit repair industry that you’re likely better off doing it yourself rather than exposing yourself to rip-offs.

Credit repair companies aren’t supposed to take money upfront or promise things they can’t deliver, but many do.

One of the scammers’ most common ploys is to flood the credit bureau with disputes and to take credit for any negative information that temporarily disappears. By the time the negative information pops back up on the file, the scam artists have disappeared with your money.

Another approach they recommend is starting over with a “clean” slate, sometimes using borrowed or stolen identification numbers. That’s fraud, and even if it works, you’ll often find yourself worse off with no credit history than with a flawed history.

The Federal Trade Commission has some helpful advice on do-it-yourself credit repair.

You’ll need to first get copies of your credit reports from each of the three credit bureaus, which you can do o…………… continues on Los Angeles Times

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Do-it-yourself credit repair advice: Money Talk (Q&A)
News from OregonLive.com:

Dear Liz: I’m seeking help in reviewing my credit report and how to fix any issues. I am not financially distressed, but have FICO scores in the 675 range. Could you recommend someone I can hire to assist as I need to refinance a house I bought for cash?

Answer: There’s so much fraud in the credit repair industry that you’re likely better off doing it yourself rather than exposing yourself to rip-offs.

Credit repair companies aren’t supposed to take money upfront or promise things they can’t deliver, but many do.

One of the scammers’ most common ploys is to flood the credit bureau with disputes and to take credit for any negative information that temporarily disappears. By the time the negative information pops back up on the file, the scam artists have disappeared with your money.

Another approach they recommend is starting over with a “clean” slate, sometimes using borrowed or stolen identification numbers. That’s fraud, and even if it works, you’ll often find yourself worse off with no credit history than with a flawed history.

The Federal Trade Commission has some helpful advice on do-it-yourself credit repair.

You’ll need to first get copies of your credit reports from each of the three credit bureaus, which you can do once a year for free at www.annualcreditreport.com. Dispute any inacc…………… continues on OregonLive.com

… Read the full article


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

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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…

Wednesday’s Personal Finance Stories

Wednesday’s Personal Finance Stories
News from MarketWatch:

By MarketWatch

Don’t miss these top stories:

  • 5 ways to boost your credit score

  • 5 credit blunders to avoid

  • A London vacation for under $ 1,000

  • Travel that keeps the heart and brain healthy

Even a small improvement in your credit score can mean big savings. In today’s Personal Finance pages, learn about common mistakes borrowers make that put their credit scores into a tailspin, and get tips on boosting your score.

Plus, find out how to spend a week in London for less than $ 1,000, and see how…………… continues on MarketWatch

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How to Improve Your Credit Score (Faith and Finance)

How to Improve Your Credit Score (Faith and Finance)
News from Go Banking Rates:

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This article is part of the PF Olympics. Vote for it by clicking the button above, and share it to help this writer win!


Competitor: This article comes from Darren at FaithandFinance.org. See the original, full-length post How to Improve Your Credit Score.

Entry Category: Approaches to Building and Using Credit

In a perfect world, we’d pay for everything we buy with cash so that we won’t be in debt. And to the extent that you can do this, I’m in favor of it. The reality for a lot of us, however, is that our largest purchases are usually made with credit.  For instance, buying a home, buying a car, or paying for a wedding may require some form of credit.

People with good credit save tens of thousands of dollars on these purchases……………. continues on Go Banking Rates

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8 Steps to a Better Credit Score
News from Fox Business:

People always ask me how important business credit scores are. The answer is: Very important! Creditors won’t make loans to people who are unlikely to pay the money back. Establishing a history of timely payments is an important step in alleviating concerns about your company’s creditworthiness.   

Establishing a solid business credit history does not happen overnight, but some simple measures can be extremely helpful in proving that your business is indeed creditworthy. 

Some tips:

No. 1: Incorporate your business

Set up your bills in your company name. Lenders are more likely to fund an established company that has an address on file and pays its utility bills each month than they are to lend money to a freelancer working at home. Incorporating makes your business look more serious.

No. 2: Separate business and personal accounts

Even if your record of personal debt is less than stellar, building a positive history of business transactions enables you establish a track record of creditworthiness. For this reason, do not co-mingle your business and personal bank accounts. Once your accounts are separated, be sure that your company payments are in order. If you prove that your business pays its debts promptly and efficiently, you become a better candidate for funding.

…………… continues on Fox Business

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Associated Materials Bonds Dive as Loss Grows: Corporate Finance

Associated Materials Bonds Dive as Loss Grows: Corporate Finance
News from BusinessWeek:

Bonds of Associated Materials LLC (3214694Q) (3214694Q) are plummeting as widening losses and executive departures leave the residential building products maker owned by Hellman & Friedman LLC with limited ability to pay down its bank debt.

The company’s $ 730 million of 9.125 percent notes due November 2017 have fallen 6.1 cents this month to 91.3 cents on the dollar to yield 11.3 percent after a March 30 regulatory filing from Cuyahoga Falls, Ohio-based manufacturer showed that its 2011 operating loss quadrupled to $ 147 million as sales in its windows unit deteriorated.

Associated Materials, purchased by private-equity firm Hellman & Friedman for $ 1.3 billion in 2010 replaced its chief executive and chief financial officer last year. Deteriorating results make it likely the company, which has not had net income since 2007, is out of compliance with requirements of a $ 225 million credit facility that matures in October 2015, according to Peter Doyle of Moody’s Investors Service.

“Too many things were going against the company and management didn’t react fast enough,” said Doyle, a New York- based analyst. “One could say the greatest risk now is exec…………… continues on BusinessWeek

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www.selfcreditrepairkits.com this credit repair magic review takes you inside credit repair magic to show you how it works to help increase your credit score!

Improve Your Credit, Save Money & Open Your Finance Options

Improve Your Credit, Save Money & Open Your Finance Options
News from Technorati:

Author: Diego Quintero
Published: February 27, 2012 at 5:01 pm

One of the first, most important risk factors in approving a home loan is credit scores. With the latest loan guideline changes, brokers and bankers are typically submitting loans with credit scores at or above 640 for FHA and 660 for conventional loans. With a prerequisite of high FICO scores, it makes sense to learn methods of improving your score. Those with higher scores will save more money and have more favorable finance options to choose when buying large ticket items, a new home, or even getting an insurance policy.

High scores are not only a requirement of the bank funding the home loan. In the case where your conventional loans are above 80% of the value of the property, borrowers will need to prove at least 700 credit scores in order to obtain Mortgage Insurance.

If your score is under 700 and you have a small down payment, you will most likely obtain an …………… continues on Technorati

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3 Ways the CFPB Can Improve the Credit Reporting Process
News from TheStreet.com:

NEW YORK (MainStreet) — The Consumer Financial Protection Bureau proposed a rule this month that would put credit reporting agencies with more than $ 7 million in annual receipts under the agency’s supervision. The wide range of reporting agencies and methodologies make it an industry ripe for reform and standardization, so here’s what we would like to see if these companies end up under the CFPB’s jurisdiction.

Richard Cordray and his Consumer Financial Protection Bureau proposed a rule this month that would allow it to regulate credit reporting agencies.

Entitle consumers to one free credit score each year.
The Fair Credit Reporting Act entitles consumers to one free credit report from a major credit bureau — Experian, Equifax or TransUnion — per year. (Available through annualcreditreport.com.) But what many people don’t realize is that the report is delivered without its accompanying score. “We strongly advocate you should be able to get a free credit…………… continues on TheStreet.com

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Credit Sesame Launches iPhone Personal Finance App

Credit Sesame Launches iPhone Personal Finance App
News from Sacramento Bee:

SUNNYVALE, Calif., Dec. 14, 2011 /PRNewswire/ — Today, Credit Sesame (www.creditsesame.com), the fast-growing personal finance website, announced the first-ever iPhone app that gives consumers instant and free access to their credit score and bank level analytics to make smart credit, loan and mortgage decisions. Available for download in the iTunes store, the Credit Sesame app provides consumers with mobile, real-time information about their finances and the financial market so that consumers can make informed and smart credit and loan decisions on-the-go.

It only takes two minutes to sign-up without any paid subscription or monthly fee making it ideal for today’s demanding consumers—who want the info they want, when they…………… continues on Sacramento Bee

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Country cited for improving financial sector
News from BusinessWorld Online Edition:

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