Your credit report--a type of consumer report--contains information about where you work and live and how you pay your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses. Because businesses use this information to evaluate your applications for credit, insurance, employment, and other...more
Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit bureaus : Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't.If you've been told that you were denied credit because of an "insufficient credit file" or "no...more
Ever wonder how a creditor decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scoring has been used to help creditors evaluate your ability to repay home mortgage loans. Here's how credit scoring works in helping decide who gets credit -- and why.What is credit scoring?Credit scoring is a system creditors use to help determine whether to give you credit.Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points -- a credit score -- helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.Because your credit...more
So-called "credit repair" companies claim they can remove negative information from credit reports. Advertising as "Credit Advisors," "Credit Rating Correction Services" or "Credit Consultants," they trumpet variations on this message: "Turned down because of bad credit? We can help!" Many of these companies charge hundreds if not thousands of...more
Mathematics is unerring. As a child we are taught that 2 + 2 = 4. This will never change and will always yield the same results; except when it comes to calculating you phone bill. Most long distance carriers advertise their low rate per minute costs. However, before you can really make an informed decision as to which carrier offers the best value...more
You may already be familiar with Check 21, a federal law that goes into effect on October 28, 2004. If you're like me, this may be something you hadn't heard about until just yesterday. The Check Clearing for the 21st Century Act, otherwise known as Check 21, is the process of turning the checks your write into images and transmitting them by computer. What does this mean to you? Expect the time your check clears to decrease drastically. If you live paycheck to paycheck and often count on a one or two day "grace period" to get funds into your account after paying bills, you'll need to re-organize your budgeting process. Checks will clear in a matter of hours now, not days. You will no longer be getting your cancelled checks back with your bank statement. If you get anything at all, it will be a "substitute check" which is a certain kind of copy of your original check. You may be charged extra fees. It's possible that by using this method, your check will be paid twice: once with the original and once with the scanned image. Or there may be an error made in the amount a check was written for in the process of turning an paper check into an electronic check. What you should do:...more
If you're a webmaster who has been itching to start a home based business and you are experiencing some cash flow problems and are considering leaving your dreams by the wayside, don't. Credit cards may be your answer. Now before you start feeling...more
Let's be crystal clear, right up front. Paying someone to "fix" your credit is a waste of your time and money, since the negative issues that are temporarily removed from your file will only reappear again in a couple of months.Be careful with credit...more
The U.S economy continues to grow and corporations are enjoying large profits, but the majority of Americans still struggle with finances. This is one of the main reasons many people are looking into the benefits that a home-based business can offer....more
If you are searching for ways to earn an income using the internet, you must have already come across many programs with unbelievable claims of overnight income. This article outlines 7 criteria that I use to evaluate any opportunity that presents...more
Q. I have several projects going at once -- but I never seem to finish them! I'm pulled in so many different directions -- and I end up with nothing to show for my efforts!A. While you're in a creative mode, you're most likely to be swamped with...more
It never ceases to amaze me how many people set-up a web site, without any type of plan or clue about how to promote it--how to write a sales letter--how to write an ad--nothing! Fact is, nowadays, anyone can have a web site. But once you get one,...more