Archive for March, 2012

Look online for websites to help you find, fix credit score
News from Charlotte Observer:

Your personal credit rating, to a great extent, determines what loans you’ll qualify for and the interest you’ll pay. Check these sites to find out where you stand, and how to fix credit problems.

Free credit report. You are allowed, under a law called the Fair Credit Reporting Act, to get a free copy of your credit report every year from each of the big nationwide reporting agencies: Equifax, TransUnion and Experian. This is the centralized site for doing so. Beware of other offers, and remember that getting a free credit report does not include your credit score. You probably will have to pay to get that – and each agency produces its own for a few bucks apiece. www.annualcreditreport.com/

Report fraud. You need to call the police if someone has gotten hold of your credit-card number, or has made you the victim of any sort of fraud. Beyond that, the Federal Trade Commission has a program called Consumer Sentinel for channeling reports into a national database of telemarketing and identity-theft complaints. Start at this page to see how complaints are handled and the wide range of issues on which the complaint network has been gathering data. www.ftc.gov/sentinel

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Hard Time Fixing Your Credit? Try These Great Tips!
News from San Francisco Luxury News:

31 March 2012

PRLog (Press Release)Mar 30, 2012
The American dream is one so that any person can do anything they want if they try hard enough and apply themselves. While repairing credit may not be the typical idea of the American dream, it too can be done, if you try hard enough and apply the tips you learn in this info. If you have already missed some payments, make sure you get caught up on them and stay caught up. The longer you have consecutive on time payments, the better your credit will become. Credit companies will look at your most current payment information first, before looking at older information. Go here Now to Check Out Non Profit Credit Card Consolidation! http://www.nonprofitcreditcardconsolidation.net/ Credit-C …

When you’re trying to repair your credit by disputing negative items, make sure to keep records of everything you do. Keep copies of every letter, dispute, and support document you send out. Send important correspondence like disputes by certified mail so that you know your mail was delive…………… continues on San Francisco Luxury News

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March Madness: 5 Tips to Keep Your Credit Score From Looking Like Your Busted …

March Madness: 5 Tips to Keep Your Credit Score From Looking Like Your Busted …
News from Huffington Post:

Spring has arrived and true to form, college basketball fans everywhere have caught the fever of March Madness, the annual NCAA basketball tournament where 64 teams get a shot at the national title. Every year college basketball fans fill out their brackets, strategizing on which teams will make it to the Final Four, and hoping to see their team take the championship. And every year there’s an upset where a team comes out of nowhere to make a deep run into the tournament, cutting a favored team out of the championship and busting many a fan’s brackets. This year Duke and Missouri were the culprits for obliterating my brackets. It’s the way life goes, and can happen with anything you do, so in the spirit of March Madness, I thought I would share a few lesser known tips for keeping your credit score from looking like this year’s busted brackets.

1. When paying your credit card balance in full, anticipate a delay of 30-60 days before your credit reports and credit score reflect a zero balance. A common assumption many consumers make is expecting an immediate increase in their credit score when they pay their credit card balance in full, which is not the case, unfortunately. If the credit reporting industry were as technologically advanced as our credit card and banking industries, this wouldn’t be a problem. However, when it comes t…………… continues on Huffington Post

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How to Maximize Your Credit Score
News from LoanSafe:

(Source: Scott Jones WXIN-TV, Indianapolis (MCT) — If you plan on buying anything major, or getting a loan, a good credit score is vital. That’s because a low score can mean a high interest rate on your loan, or no loan at all! 

“Banks use your credit score when you’re looking for home mortgages, insurance companies are using them for your rates, and they’re used by employers sometimes, so it’s really important to have a good credit score,” said Tim Massey, Regional President M and I Bank.

The easiest way to make sure your score stays in the good range, the mid-to-upper 700s, is to budget and pay bills on time. Over time, your credit will go up.

There are also certain products that banks have like the “credit builder loan.”  That’s where you borrow money against a CD and then you pay it off over a year or two, then you have a CD after that. It then gets on your credit score, which is good.

What’s not good though is that credit problems shows up on your report in just 30 days and those pr…………… continues on LoanSafe

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A High Credit Score Means More Savings
News from Business Insider:

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7 Final Lies About Credit Scores That Can Cost You
News from Huffington Post:

Since there are so many misconceptions about credit reports and credit scores, I broke the topic into three parts, each with seven lies (and this is the final post).

If you missed the two previous articles, click here for Lies #1-7 and click here for Lies #8-14.

You’ll find out whether you should pay off really old debt, cancel a credit card that you don’t use anymore, and pay someone to raise your credit score, just for starters.

Here are the final seven lies about credit scores that can hurt you — plus a fun way to put your credit knowledge to the test:

Lie #15: Marrying someone with poor credit hurts your credit score.

If you’re having pre-wedding jitters, don’t blame it on their credit! Getting hitched has no effect on your credit score because your credit history can never be merged with someone else’s. However, if one spouse has poor credit, that can diminish your ability to get credit together.

If you apply jointly or co-sign for a credit account, the creditor will consider bot…………… continues on Huffington Post

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Web Winners: Finding, Fixing Your Credit Score
News from LoanSafe:

(Source: By Reid Kanaley The Philadelphia Inquirer (MCT)– Your personal credit rating, to a great extent, determines what loans you’ll qualify for and the interest you’ll pay. Check these sites to find out where you stand, and how to fix credit problems.

—All’s fair to Fair Isaac. Fair Isaac Corp. (FICO) does the math behind the credit scores sold by consumer-reporting agencies Equifax, TransUnion and Experian. Its site includes this page on fixing or improving your credit rating and has a lot of links and tips, the most important of which may be to force discipline into your credit use and to be suspicious of quick-credit-repair offers. There’s also a link to guidance for disputing errors in your credit history. http://bit.ly/GJL7us

—The free pass. You are allowed, under a law called the Fair Credit Reporting Act, to get a free copy your credit report every year from each of the big nationwide reporting agencies noted above. This is the centralized site for doing so. Beware of other offers, and remember that getting a free credit report does not include your credit score. You probably will have to pay to get that — and each agency produces its own for a…………… continues on LoanSafe

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Ask Liz Weston: Biggest Myths about Credit Scores
News from Go Banking Rates:

Find out how you can win a free copy below!

When I first started writing about credit scores in the late 1990s, they were still pretty mysterious. The company that provided the leading credit score, the FICO, refused to reveal much about how the formula worked.

That’s gradually changed over the years, as the company (formerly Fair Isaac, now also known as FICO) bowed to pressure from consumer advocates, lenders and regulators to be more forthcoming.

What hasn’t changed, frustratingly, are the myths about credit scoring. Even though we know so much more about how they work, the same tired misinformation keeps circulating — and keeps hurting people’s ability to improve their scores.

In fact, the chapter in my book “Your Credit Score” that deals with credit myths is the only part of the book that hasn’t required extensive rewrites over the years. For the fourth edition of the book, which came out a few months ago, I left that chapter essentially untouched.

Biggest Credit Score Myths

Here are some of the myths that can really cost you if you fall for them:

Credit Score Myth #1: Closing accounts will help your scores.

Fact: Shutte…………… continues on Go Banking Rates

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Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve…
Credit Repair: 28 Credit Secrets To Improve Your Credit Score Fast
CREDIT REPAIR: 28 Credit Secrets to Improve Your Credit Score Fast!”CREDIT REPAIR: 28 Credit Secrets to Improve Your Credit Score …

Credit Score 101 for Credit Union Members
News from Credit Unions Online:

Most credit union members know that a credit score is an important number when it comes to qualifying for and obtaining financing like mortgages, auto loans, and personal loans. However, not everyone is familiar with what determines and affects your credit score, how lenders view your score, and ways you can improve your score if need be. It is very important to be knowledgeable about all things credit score since it is a number that has the power to impact your style and quality of life, for better or worse.

According to Investopedia, credit score is defined as a statistically derived numeric expression of a person’s creditworthiness that is used by lenders to access the likelihood that a person will repay his or her debts. A credit score is based on a combination of things including your payment history, loans outstanding and a general indebtedness. These variables are evaluated by the credit bureaus (Equifax, TransUnion and Experian) to come up with a number between 300 and 850. Those consumers with a higher number closer to 850 are deemed more creditworthy whereas those with a lower number closer to 300 are deemed less so.

So, based on this definition, you may be asking exactly what financial behaviors and actions affect your…………… continues on Credit Unions Online

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EXCLUSIVE: Hackers turn credit report websites against consumers
News from msnbc.com:

Dan Clements

This hacker shopping list appeared recently on what appears to be a Russian-based website offering credit reports for sale. Prices are based on the victims’ credit scores.

By Bob Sullivan

The most important tool consumers have to fight against ID theft has been turned against them by hackers, msnbc.com has learned. Websites that offer consumers a chance to see their credit reports are being brazenly used by hackers to steal victims’ information.

The prices of the reports rise and fall depending on the credit score of the victim. For consumers with credit scores in the 750s, report data might fetch $ 80; reports from victims with scores in the low 600s sell for about half that, according to “for sale” pages viewed by msnbc.com.

“It shows how people with good credit and a net worth now have a bull’s-eye on their backs,” said Dan Clements, who operates the Internet security firm CloudEyez.com. Clements gave msnbc.com a virtual tour of the marketplaces, which he has been observing for months.

The most troubling part of these markets however – many hosted in the .su domain, which stands for the now-defunct Soviet Union – is the rea…………… continues on msnbc.com

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How To Ramp Up Your Credit Score Even When Your Credit’s In Shambles

How To Ramp Up Your Credit Score Even When Your Credit’s In Shambles
News from Business Insider:

Flickr/usnavy

This post originally appeared on Go Banking Rates.

It’s a lot like being stuck in one big catch-22: Trying to improve poor credit, when you need good credit to improve poor credit, which can prevent you from obtaining good credit, can make for a confusing cycle that’s as utterly dizzying as it is frustrating.

If you’ve been faced with this never-ending conundrum, you’re not alone; according to Experian, out of 220 million Americans, 1 in 5 deal with bad credit. If you belong to this 20 percent of low FICO-scored folk, you’ve undoubtedly asked yourself this simple question: How is a person supposed to improve their credit when it takes good credit to use most of the…………… continues on Business Insider

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Finding, fixing your credit score
News from Philadelphia Inquirer:

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Want a business loan? Keep these tips in mind
News from Eagle Tribune:

Today’s market is ultra competitive for quality companies — with sound business plans — in need of financing.

However, banks are not equity providers, they work under the premise that every loan will be repaid. A potential borrower needs to show why they are a good risk for the bank — and when they do — they will find that access to credit is very easy to find at historically low rates.

If your child scores a 90 percent on a math test you’re thrilled. If Tom Brady completes 90 percent of his passes, the Patriots likely win more Super Bowls. However, in business, there are some areas where 90 does not cut it.

Take, for example, the process of obtaining a business loan from a bank.

If 90 percent of a bank’s business clients fully repay their loans, a bank will almost certainly fail. You read that correctly. A bank simply cannot operate when only 90 percent of businesses repay their loans. That’s why it is so important to understand what a bank expects from a potential borrower.

Here are some tips to help you get a business loan from a bank:

Credit score. Your credit score is directly related to how you pay your bills and how much credit you have available. Aim for a score of 700 or above.

Repaymen…………… continues on Eagle Tribune

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Is there a legitimate company you buy checks from?: Money Matters
News from Plain Dealer:

Q: Do you know a legitimate source to order personal checks through the mail?

— K.H., Stow

A: By legitimate, I’m assuming you mean a company that will safeguard your personal information (how much more personal does it get than your name, address and bank account number?)

There are two levels of what makes a reputable check-printing company: Does it protect your information. And does it sell or share your name and address with other companies?

For any company you’re considering, you must read its privacy policy.For reputable printers, check with the Check Payment Systems Association at tinyurl.com/checkcompanies. You don’t want companies that are having your checks printed in goodness-knows-what-part-of-the-world.Further, look for companies that use the little padlock on their checks. In order to use this symbol, a company’s checks must contain at least three features that defend against counterfeiting or alteration of checks.

On the second issue, about whether it shares your information, I had long recommended a company called Checks in the Mail. It however, has changed its privacy policy a bit so that it will share your information with third-parties that will try to…………… continues on Plain Dealer

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How to Improve Your Credit Score in 5 Steps
News from Go Banking Rates:

It can’t be overstated enough that improving your credit score plays an integral role in affecting day-to-day spending habits. From the interest rates we’re offered, to the loans and credit cards we’re accepted (or rejected) for, Garden State residents are well aware of this fact — it was recently reported that New Jersey proudly held the second highest national credit score in the United States.

More than ever before, our credit histories reflect more than just that. And our credit scores are more than just a number, but a representation of our financial responsibilities.

Poor credit can make or break one’s professional life, as potential employers scrutinize credit histories for blemishes that can disqualify us from that next big career break. And insurance providers may decide what kind of auto and health premium rates we’ll be offered based on our credit standing. As we’re still reeling from these recessionary times, lenders have also tightened their standards and many even reject good credit.

A 750 score or higher will qualify for the enviabl…………… continues on Go Banking Rates

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The Score


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Tips For Understanding And Improving Your Credit Score
News from Daily Markets:

MILWAUKEE, March 21, 2012 /PRNewswire/ — Understanding your credit score can be complicated, but when managed, can work to your advantage.  A good credit score has a major impact on your financial life. March is national Credit Education Month and the experts at M&I, a part of BMO Financial Group, want to help you understand and improve your credit.

“A good credit score is important in many aspects of your life,” said Kara Kaiser, Regional President, M&I, a part of BMO Financial Group.  “It can make the difference in receiving approval for a mortgage, car loan eligibility and credit card interest rates. A good credit score can lead to better rates and less interest paid over time.”

In honor of Credit Education Month, Kaiser offers a few tips to manage and improve your credit.

  • Check your credit report. This should be done at least 60 days or 90 days before applying for a loan in order to make sure that the report is correct. If it’s incorrect, make sure to notify a credit agency before you apply for a loan.
  • Pay your bills on time. When a bill is paid late, or is even 30 days past due, it can show up on your credit report for up to seven years.
  • Manage credit responsibly.  Less is more. By cancelling credit accounts and getting new ones, you cause a negative…………… continues on Daily Markets

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