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3 On Your Side: How To Spot A Credit Repair Scam

3 On Your Side: How To Spot A Credit Repair Scam
News from CBS Local:

By Jim Donovan

PHILADELPHIA (CBS) — Now that the economy is starting to improve, many Americans are hoping to clean up their finances, pay down debt and improve a credit score.  But 3 On Your Side Consumer Reporter Jim Donovan warns, you better do your homework first!

From buying a car to buying a home, your past financial decisions are all laid out for lenders to see in a credit report.

With many aspects of the American economy on the upswing, many consumers are seeking to clean up their credit history and some scammers see that as an opportunity.

According to the Federal Trade Commission, there are a few easy ways to spot a credit repair scam:

First, if the company asks for payment before they render any services.

Also, if they ask you not contact the credit reporting agencies directly.

And, if they suggest giving false information when applying for a mortgage or a loan.

Another troubling trend among credit repair scammers, is the promise of an entirely new credit identity, which can unwittingly land a consumer in trouble with the law.

Consumers can spot these when a credit repair service suggests abandoning a Social Security number as a primary source of identification, and instead using a new number they assign and call a “CPN”  for “credit privacy number,” or “credit profile number.”

In…………… continues on CBS Local

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6 On Your Side Answers: How to improve your credit score

6 On Your Side Answers: How to improve your credit score
News from WATE-TV:

KNOXVILLE (WATE) – If you want to take out a loan for a new car, house or even an additional credit card, your credit score is the first things lenders examine. The lower the score, the more it is going to cost you in interest payments.

Angela in Morristown asks: “Are there ways to improve one’s credit score?”

Your credit scores are like your driving record. Your past behavior, not just your present actions, are taken into account. To improve your score, you need to make the right choices and be consistent to push your score in the right direction.

First off, check how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better is it for your credit rating. It’s best to keep your debt-to-credit ratio at 30 percent or lower. Consumer credit experts say the lower the better.

To boost your score, pay down your balances and keep those balances low.

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If you have several credit cards, check the number of small balances. Experts say charging 50 dollars on one card and 30 dollars on another instead of using the same card can hurt your score.  To improve you score, eliminate those nuisance balances by gathering up all the credit cards on which you have small balances and pay them off.

Credi…………… continues on WATE-TV

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How Bad Is My Credit Score?
News from Investopedia:

If you have really bad credit or really good credit, you probably already know it. But there’s that vast middle area where your score is too low to get the best offers. If you want to get a new credit card, take out a loan at the car dealership, get a mortgage to buy a house or borrow money for some other purpose, the quality of your credit score makes a serious difference.

With a bad score, few banks will take a chance on you; those that do will offer you their highest rates. A bad credit score can also increase your insurance rates or cause insurers to reject you altogether, and it can stand between you and the apartment you want to rent. Negative items in your credit report can even hurt your ability to get certain jobs. Even a mediocre score will jack up rates compared to those offered to people with excellent credit.

Let’s take a look at what is considered a bad credit score, how you might have gotten there and what you can do to fix it.

Credit Scores, Defined

A bad credit score is a FICO score in the range of 300 to 620. Some score cha…………… continues on Investopedia

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http://crushingthecreditbureaus.com If you have bad credit and decided to improve credit score, you are undoubtedly eager to do so quickly. However, while it…