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Use credit to your advantage 2007-09-13 11:36:00 We are all living on borrowed time. Many of us are living on borrowed money, too.Thirty years ago, a college student wouldn’t have had as many choices for a credit
card, even if they wanted one.Today, it’s easy to get a credit card. Some companies will pre-approve high school seniors and send them the forms to fill out for a new card.A banker once explained credit to me as, “your ability to handle payments.”Credit can be very good when it’s used responsibly. Depending on the situation, it can be a very helpful tool to have and use, especially when applying for a car loan or renting an apartment.Recently, I checked my own credit score. Not because I’m thinking about buying a car or a house or trying to get a loan anytime soon, but out of curiosity.Checking your own credit report will not hurt your score. It’s when lending companies and credit card companies check your credit score over only a few month’s time that can hurt your credit.There are a few Web sites, including
How to Get Your Kid A Good Credit Report 2007-09-12 06:49:00 Like many college kids, my daughter Hannah ended up with a credit-card problem. But it wasn't the problem I feared.As students head off to college, many parents worry that their sons and daughters will apply for a fistful of credit cards and amass a heap of debt. Indeed, 42% of freshmen have credit cards, and they carry an average balance of $1,585, according to a study by college lender Nellie Mae.But in her freshman year, Hannah didn't rack up a single charge -- because she had a heck of a time just getting a card.• Getting carded. To be honest, I don't really want Hannah to have a credit card. But I do want her to have a decent credit score. And one of the best ways to earn that score is to get a credit card, charge a small sum each month and then dutifully pay off the balance.But which card? For years, Hannah had regularly been offered credit cards by the Continental frequent-flier program, so I figured the folks there were eager for her business. Instead, what she got was a s Read more:Good Credit
Your loss, California 2007-09-10 02:44:00 By Brian HamlinIt's hard to keep track of old friends in the hustle-bustle shuffle of 21st century America, particularly if one of your old friends is named Sapper.Forever lost in the Age of Aquarius after ingesting some unidentifiable herbs in Bolinas in 1968, my old sidekick Sapper moves around a lot, and he doesn't always tell friends where he is until he's somewhere else.Last month, Sapper told me he was ready to pull up stakes in Oregon and move to the Sacramento Delta to live aboard his trusty sailing sloop and set up a metal sculpting studio nearby.A week ago, however, Sapper called to announce that he was fed up with California
and its pernicious pettifoggery and was most definitely re-relocating to Oregon, which he had yet to leave."Got a new place right here in Oregon, bro, where everybody isn't all crabby and mean an' bacon-headed like everybody in California all the time," he declared.Uh-huh ..."Maaaaaaan, I try to move down there and all I get is a lot of squinty-face
Guarding your identity 2007-09-09 10:48:00 If you become the victim of identity
theft -- and the chances of that are becoming more likely every year -- you could face a seemingly endless series of intrusions into your personal financial affairs, as one Maple Grove woman recently learned.What's worse, it's a crime that law enforcement officials often are unwilling to or unable to resolve.The Maple Grove woman (who requested anonymity) has spent the past month and a half trying to keep identity thieves from taking over her life. The first sign that her identity had been stolen came July 29, when American Express called her to thank her for applying for a Gold Card. She never applied for that credit card.The next day a woman in Memphis tried to buy a house through Wells Fargo, using her name for the loan.Then Macy's called to thank her for opening a new account. Then she learned that a Shop.com account had been opened in her name and that someone had purchased jewelry on the account.A few days later, she got a letter from a mor
Basic steps for avoiding ID Theft 2007-09-06 13:01:00 When asked why he robbed banks, Willie Sutton famously replied, "Because that's where the money is."Contemporary crooks with half a brain give Sutton's brilliant insight a digital age twist and use identity theft to take over existing accounts, create new accounts in the victim's name, and even secure fraudulent loans. The reason is simple: It's easy and, if caught, the penalty is a lot less than using a gun to rob a bank.The Federal Trade Commission estimated that 8.3 mln Americans, or about 3.7% of the adult population, were victims of identity theft in 2005. The losses total billions of dollars each year, but the financial institutions generally take the hit and victims are rarely liable if the fraudulent debt run up in their name is reported quickly. However, consumers pay for the crime through higher fees – and an estimated 200 mln hours spent each year trying to set the record straight and recover from identity theft."Monitor your credit report," says Robert Siciliano, CEO Read more:Basic
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Costly Credit Errors 2007-09-05 12:57:00 When is the last time you checked your credit report? You should do it once a year because if there's an error it could end up costing you plenty.There are some 13-million inaccuracies on credit reports every year. It can start with a simple mistake. Maxine Rubin says a credit-card payment she made was not accurately recorded.Rubin, credit customer, says "I wrote them a check for $180. And I got the next bill saying that I didn't pay $180 and I said, "Yes I did." And they said, "No, you didn't, you only paid $100."Maxine did, in fact, make a $180 payment. Before the matter was cleared up, she was charged a string of penalty fees and even lost credit lines for her business.Consumer Reports says any number of things can result in an error on your credit report, so it's worthwhile checking your information once a year.Jeffrey Blyskal, Consumer Reports, says "If there's a mistake that lowers your credit rating, you could end up paying a higher interest rate on a mortgage or auto loan. Read more:Errors
How To Remove Collection Accounts From Your Credit Report 2007-09-05 02:11:00 Collection accounts can remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date).If you haven't paid your collection account yet, negotiate with the collection agency. Let them know that you plan to pay them off. You can try to negotiate less than the full amount if you want. The important thing is getting them to agree to remove the item from your credit report. It’s wise to get this agreement in writing before submitting your payment.If you've paid a collection account in full and the item remains on your report. You will want to dispute the item with the credit bureaus by mail. When a collection account is paid in full, it will be marked "paid collection" on the credit report. It is NOT removed from your report and is still considered a negative account. For this reason, you want to have the account removed from your credit report.Always remember that the burden of proof is on the credit burea Read more:Accounts
New law allows Texans to freeze credit reports 2007-09-03 01:19:00 Texans now have an extra muscular tool to guard against identity theft.Under a new law that took effect Saturday, consumers can freeze their credit
report without having to have a police report.When you freeze your credit report, a thief can't get credit in your name because the creditor can't check your credit history. Few lenders will lend you money without checking your credit report.Previously, Texans couldn't freeze their credit reports unless they were victims of identity theft, which was ridiculous – you had to wait for a crime to occur before you could take steps to protect yourself.Now, Texas joins 34 other states that allow consumers to freeze their reports without first having to be victims of identity theft.It's about time. Texas law was out of step with the speed and sophistication with which identity thieves operate today.People should be allowed to freeze their credit files as soon as they discover that their personal information has been exposed."It's one of the Read more:Texans
Getting a copy of your credit report is easy, and free 2007-09-01 08:45:00 Once again, Rhode Islanders, it’s time to get a free copy of your creditreport
.Two years ago this month, residents of this and many other East Coast states became eligible under federal law to obtain a free copy of their personal credit report from each of the three big national credit reporting companies — Equifax, Experian and TransUnion.The law generally gives you the right to get one free copy every 12 months. So if you took advantage of this opportunity in September 2005, and again in September 2006, now’s the time to do it again.Don’t fall for those offers on TV, the radio or online. They typically charge you — if not for the credit report itself, then for all sorts of related services.Instead, go directly to the clearinghouse that the credit reporting companies have established to handle requests for free credit reports according to federal law. Contact the clearinghouse using any of the following methods:•Call toll-free at 1-877-322-8228.•Online, use this Web sit
Credit report disputes: You can't fight what isn't there 2007-08-31 11:15:00 John Merris has an above-average credit score. But he felt it was worth taking time and effort to make it even better."Although my credit report
and score are both good, the credit-reporting agency informed me that my score would be even higher if I had a credit card history," the Shrewsbury, N.J., man explained.Merris was confused, because he has been using credit cards for more than two decades."So, I gathered all the information regarding the three credit cards I have had for the past 20 years. I sent the credit reporting agency a letter listing the three cards, the dates I had them and the addresses where I send payments each month."About 2 weeks later, I got a letter from the credit-reporting agency. It stated that I personally cannot submit such information about my credit cards. Rather, the information must come from my creditors. Therefore, all my detective work was for nil because the credit-reporting agency would not accept my information."It's no wonder consumers get frustr Read more:disputes
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Free Website Offers a Look at Credit Reports 2007-08-29 00:50:00 Students need good credit to get a good rate on student loans or to pay for necessary expenses. Students can now check their credit report to see just what is going on with their credit.The Annual Credit Report Web site was created so people can check their credit report safe and free. The site has three consumer reporting companies which are: Equifax, Experian and TransUnion. These companies will allow people to check their credit report once every 12 months."They can actually view their credit report for free," said Deborah Jacobberger, financial education counselor at the AAA Fair Credit Foundation."If they want to see their credit score, it costs $7-10."The AAA Fair Credit Foundation is a non-profit organization that will help anyone with free financial education."Anyone can come here to ask for help," said Jacobberger. "We'll walk someone through a budget, [their] basic expenses, [their] debt and [help] them figure out how to pay it off the best way. We also counsel people on the Read more:Offers
Do you know what's lurking inside of your credit report? 2007-08-29 00:48:00 Half of Canadians don't know what contributes to their credit
rating, a new survey has foundUnlike most of her friends, Nanaimo's Jesslyn Gosling is holding off on getting a credit card."I don't manage my money very well," admits the 22-year-old."If I don't have a credit card then I won't spend."In today's credit-hungry society, where many people are packing their wallets with two or more credit cards, Gosling may be somewhat of an anomaly. But she won't be for long.Gosling plans on applying for one "pretty soon" to build up her credit history.That may mean easier buying power but Gosling and her friend Emma Maddock acknowledge they don't know exactly what goes into credit records after they swipe the almighty credit card.They're not alone.A recent Financial Consumer Agency Survey revealed that half of Canadians are unaware of the factors that contribute to an individual's credit rating, and only 15% have requested a credit report
.A credit score is a numerical rating based on Read more:inside
People who qualify for a free credit report 2007-08-25 03:42:00 Each of us with some credit
history is supposed to get his credit report
once in a year. If you are willing to get your credit report from credit bureaus, you may have to pay $15 per bureau. There are many companies advertising about providing credit report at very low rate. But the great idea is why to pay when you can get your credit report free of cost.According to the laws, each consumer is provided a free credit report each year. Although consumers have to pay some bucks to check their credit score. There are many people who do not prefer to review their credit report.If you think that your credit report contains errors, then you have a great chance to get a free credit report from all of the three bureaus. People who have been denied credit, employment or insurance because of their negative credit rating will also qualify for a free credit report.You can check your free credit report at credit report official site annualcreditreport.com.
How to get a free copy of your credit report 2007-08-23 11:52:00 Are you willing to take a new loan or want to go for a new credit
card? But before this do not forget to make sure that you have your exact credit report
to get the exact stats. So here I am mentioning some easy ways by which you can get your free credit report:Make phone calls to credit reporting bureausThree big credit-reporting bureaus namely Equifax, Experian and TransUnion provide us our free credit report once a year. So search Internet to get their respective phone numbers and call them to get your free credit report.Get your credit report by mailWhen you search Internet for big three credit reporting bureaus, try to get a mail address for all of these bureaus. Write a letter to them with your basic information for getting your free credit report. This process is a bit slower than the first one of getting credit report by phone.Get free credit report onlineGoing online is the quickest way to get free credit report. Search Internet and find a website that combines these credit re
What is a credit report 2007-08-23 02:17:00 Credit report
is made by credit
bureau that includes the information about your credit history. Your credit report includes your identification information, your credit account details, your bankruptcies and your payment related details like you make your due payments on time or not.So this credit report of you is being used by various credit lenders with your permission to know about your creditworthiness.
Jamaica tax system ranked 9th worst worldwide 2007-09-28 01:35:00 Jamaica's reputation as a high tax jurisdiction took a further nose dive this week with the release of the new Doing Business Report 2008, showing that the average company continues to give up more than half its yearly profits in the administration and payment of its liabilities to the treasury. Jamaica's overall ranking in the broad category measuring the 'ease of doing business' plummeted to number 63, from last year's position 50, while in their assessment of the country in the 'paying taxes' segment, the report's authors knocked the island down four places from 166 to 170. The new ranking tags Jamaica as the ninth worse tax jurisdiction in the world. The report, produced and published by the World Bank and its affiliate International Finance Coropration, assessed some 178 economies over a one-year period to June 2007. Based on 10 indicators The rankings are based on 10 indicators that track the time and cost to meet government requirements in business st
"Freeze" Your Credit Report 2007-09-26 07:12:00 It's finally coming: On October 15th, you'll be able to lock up your credit file and protect yourself from ID theft ...Well, almost.Equifax has just announced that it will join Trans Union in allowing you to place a freeze on your credit report. This will make it impossible for thieves to open up a new credit card, or take out a loan in your name. Equifax and Trans Union will each charge $10 a year to lock your credit file. This is valid in all 50 states.Expect to pay another fee fee to temporarily “unlock” it, if you need a loan, or plan to buy a car, for instance.One big problem in all this: Experian, the 3rd credit bureau, is not offering freezes at this point: Consumers Union says thats like locking your front door but leaving the back door open (From www.wcpo.com). Read more:Freeze
A Free Credit Check Three Times a Year 2007-09-25 14:34:00 You've heard it a million times...check your credit report. It seems that for every big purchase or major life change, our credit is getting checked before we even make our first move. If it comes back less than stellar, we literally end up paying for it..and many times directly through our noses. I'm sure you've heard by now, how you can check your credit for free online. By law, you are entitled to do this once a year. Here's how you can do it at no cost to you, three times a year and some of the other steps you should be taking in the process.Visit Annual Credit Report. Yes, you are going to fill in personal information, including your social security number. Yes, it is okay, and this is a secure site. You may be asked some identifying information. Once all that is entered, you will be asked to go to one of the three credit bureau agency sites. Pick only one credit bureau. You will then be whisked away to their site and see your credit report, minus your actual credit score. You Read more:Check
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Kenmore sale collapses due to credit squeeze 2007-09-25 01:51:00 Yet another large property-related deal has succumbed to the crisis in financial markets with the collapse of the 300 mln stg sale of Kenmore, a Scottish property company, according to the Financial Times.The report said the Edinburgh-based company had been in takeover talks since May with Mirvac, a listed Australian group. But discussions have broken down amid the credit
squeeze that has derailed several other property-related transactions.A source told the FT that Mirvac had lost its appetite for the deal at the asking price, given the state of the debt and property markets. Yields in parts of the commercial property market are rising, partly as a result of higher interest rates compared with a year ago.
Credit crunch is expected to trigger halving of growth and squeeze on City revenue 2007-09-24 01:44:00 Consumers, investment and the housing market will suffer next year as turmoil in the financial markets could cut economic growth by almost half, an economic forecasting group says today.The report by the Centre for Economics and Business Research (CEBR) comes as many analysts forecast that the Bank of England could cut interest rates as early as November.In its latest outlook for Britain, the CEBR has revised its prediction for growth next year down to 1.4%. The economy is currently growing at 2.7% a year."What we see for the next two years is a bit of a double whammy hit on economic growth," says Jonathan Said, senior economist at the CEBR, "first from the financial markets in 2008 and then from the Asians taking the foot off the gas in 2009."The report says that the drying up of interbank lending is likely to affect economic growth in a number of ways. Consumer spending will be hit as banks clamp down on lending to people with poor credit history. This will also affect the housing ma Read more:trigger
Top reasons for choosing credit over debit 2007-09-21 01:37:00 It's a question we face daily that still leaves most of us mystified: "Debit or credit
?" Here, courtesy of Consumer Reports' Money Advisor, are seven reasons to opt for credit: 1. Credit costs you less. Some banks charge customers for so-called in-store "PIN-based" debit-card transactions. Fees range from 25 cents to $1, depending on the bank, Money Advisor reports. By choosing a "signature-based" transaction, you sidestep these fees. 2. Credit won't result in a hold on your account. When you use a debit card to reserve a hotel, rent a car or even fill up your tank, vendors sometimes put a "block" on your checking account until the transaction is processed -- and the amount of the block can significantly exceed the purchase price. Using your debit card to buy $25 worth of gas, for instance, may result in $100 of the money in your account being "blocked." If you're running a low balance, this can result in punishing overdraft charges. 3. Credit makes it easier to cover your bases
Detecting identity theft: the quicker the better 2007-09-20 05:20:00 To minimize the effects of ID theft
, selfdetection is the best protection.Here are some tips to keep yourself safe:• Monitor your account balances and activity at least weekly. This will help you catch the fraud earlier. Access your account through the Internet or by telephone, rather than wait for a paper statement.• If you do not have access to online accounts, review mailed bank and credit card statements monthly. You have 30 days from the date of your bank statement to report check fraud - 60 days to report credit card fraud - and the most for which you will be liable is $50.• Monitor your credit report at least annually. Since it is harder to detect someone using your identity
to open new accounts, reviewing your credit report is crucial.• Get a free report each year from the three credit agencies (Equifax, Experian & TransUnion) at a single phone number 1-877-322-8228 or Web site www.annualcreditreport. com online. Space the three reports out over the year instead of Read more:better
Credit Score Mistakes: How to Check Your Credit 2007-09-19 03:21:00 By now, we've all heard how important it is to get a free credit report....to make sure its not filled with mistakes.Many of us, however, dont check our Credit Score
...because that costs money.But as one man found out, it's well worth the 10 bucks.Tim Enzweiller is hard working real estate agent...with a good job, a good balance in his savings account, and a good car.Good thing too...Because Tim can't buy another car right now. He can't buy a house.... he can't even buy a new TV on credit.Why not? Because there's a mistake in his credit file.Tim tells me "I went to apply for a refinancing of my own home...."But Tim, a licensed Realtor, was denied his own refinancing....because Equifax had no credit score listed."The Equifax credit bureau says I do not have a score....it said insufficient information here. I had no credit history, not credit score,and they had all my info, like Social and birthdate, incorrect in their system. I thought it was identity theft!"But it turns out, acco Read more:Check
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Rate cut can cure our hangover from credit binge 2007-09-18 00:59:00 By CHRIS LESTERThe Kansas City StarThe Federal Reserve’s key policymaking committee gathers today with more eyes trained on it than in years.The financial markets already have priced in at least a quarter-point cut in the federal funds target rate, which would reduce it to 5 percent. But some folks are already calling for a larger cut, to 4.75 percent, in hopes of heading off a recession caused by problems in the housing and credit
markets.A cut certainly would be notable news.The Fed hasn’t cut its target short-term rate since June 2003, when it was reduced to a paltry 1 percent — effectively setting off a credit binge
.At the time, the Alan Greenspan-led Fed said the cuts were aimed at heading off fears of deflation and supporting the economy as it recovered from the last recession.Lenders and borrowers enthusiastically tapped into the virtually free money to make a whole lot of what, in retrospect, have become shaky loans, particularly in the subprime mortgage industry.The chea Read more:hangover
Credit crunch bites UK households 2007-09-14 08:12:00 The credit crunch could start to affect British consumers, warns the Ernst & Young Item Club.In a special report, the economic research body claims UK GDP could fall by one per cent because of the credit crunch."It is hard to forecast the ultimate impact of the recent volatility. However a worst case scenario of a full-blown credit crunch scenario would reduce UK GDP growth by around one per cent in 2008 and 2009," said Peter Spencer, chief economic advisor to the Item Club."For the Eurozone the impact would be lighter whilst for the US it could be as high as a 1.5 per cent reduction."The report sees "worrying signs" that turmoil from the financial markets - as banks become more cautious about lending to each other - could spill over onto the high street and the housing market.Item finds a slowdown in the property market is possible as homeowners coming off fixed rate mortgage deals face higher rates."Two million UK fixed rate borrowers also face a crunch of their own when their ch Read more:bites
7 ways to save some money 2007-10-12 15:04:00 If you always stick to your budget and save a few dollars a day, then you are on your way to a debt free life.Keeping a budget log where you jot down your expenses would help you in saving more money.Take a look at your monthly expenses. Mark the things that you spend less money on and find a way to cut down on them even more. After doing so, make your way up the list and do the same thing.A few dollar savings can effectively help you save big in the long run. For instance, if you normally buy a large coffee switch to a small coffee and you will be surprised on how much you can save over time. Just imagine how much you can save if you cut down on the more expensive things that you usually purchase. If you want to add more funds to your savings account, try these tips today:* Always categorize your purchase. Does it fall under wants or needs? Prioritize buying what you need more than what you want. Needs are necessities like food, clothing and household stuff, among others. Wants are th
Taking a peak at our credit reports 2007-10-11 11:16:00 I have pulled my wifes and I's credit
reports off of freeannualreport.com. We will have to send out a written request for one of the reports because our bank placed a fraud alert on our behalf a couple months ago when our credit card information was spoofed/stolen.I didn't have time to carefully evaluate the information contained with the reports, but from past experiences know that there will be errors, and issues that I will need to address.Unfortunately, I did notice that my wife has to public records of ~$500 each on her reports. These are a result of medical bills that should have been paid by insurance that were denied for whatever reason. We did not have the ability or resources to pay the bills and are paying them now. It is unfortunate, but we hope to make it water under the bridge some day.I feel better after obtaining the reports and realize that it brings us one step closer to our ultimate goal of being debt free and credit worthy at the same time.I will spend some time t Read more:Taking
How to Dispute Your Credit Report 2007-10-09 06:14:00 Consumer reporting agencies, also known as credit bureaus, collect financial information from you from any lending institutions with which you have a relationship. This financial information is compiled into a credit report. If you’ve ever had a credit card, any type of loan, or a collection account, chances are you have a credit report. Whenever you apply for a credit card, a mortgage, or any other type of loan from a lending institution, the lenders and creditors will use your credit report to determine whether or not they should extend credit to you. They base this decision upon how you pay your bills. This information is found in your credit report. If the information contained in your credit report is incomplete or inaccurate, you could be turned down for credit. In the case that your credit report indeed has information that is not correct, you are permitted to dispute this information. The Fair Credit Report
ing Act provides you with the advantage of having the information pro Read more:Dispute
Detecting criminal activity from your credit report 2007-10-06 06:17:00 If we look at our creditreport
in a careful manner, we can stop many of frauds resulting from identity theft. But now we need to know what exactly we have to care when reading our credit report and how to find something really unusual:Checking your address - Every credit report has a personal information section that contains your personal information like your address. You have to look for any suspicious change of address; since criminals often change your address and specify another one to be able to receive the things they buy delivered right to their door, or the door of an innocent neighbor. If you detect any false change of address, then you should immediately place an alarm with the credit agency that provided you with it.Keeping an eye on the inquiries - The main goal of a criminal is, ultimately, get your money. And what better way of getting your money than making you pay for the stuff they buy and the cash they borrow? The “Inquiries” section of your credit report conta
Mutual Fund Opens a Subprime Window 2007-10-05 06:45:00 The annual report filed yesterday for the Regions Morgan Keegan Select High Income Fund offers a rare window into how mutual-fund firms are reporting and valuing their holdings in the wake of this summer's subprime-mortgage crisis.Few funds have been hit harder than the High Income Fund since troubles surfaced with subprime mortgages a few months ago. The fund focuses on junk-rated issues and makes investments in areas like corporate bonds, mortgage-backed securities and other structured finance vehicles. Its big stake in lower-rated home-equity and mortgage-related asset-backed securities came under particular stress this summer as bond markets were roiled with ... Read more:Mutual
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