bookmark_borderFix Credit Errors on Reports

To repair credit the first step should be to write to the reporting company and detail what, in your opinion, is inaccurate information.

You should include with the letter, copies of documents that support your claim. Never attach originals. The letter should have your full name, address, details of disputed items on your report, and contain facts and reasons for disputing the information and a request that the information be corrected or removed.

It is a good idea to include a copy of the report with disputed items circled or marked clearly. The letter should be sent “return receipt requested,” by certified mail so that you will have evidence of the company having received the documents. Remember to keep copies of the report and all enclosures.

Reporting companies usually take 30 days to investigate the points in dispute. They will not do so if they deem the items frivolous. They must provide copies of the information you have given them to the company that had provided the information about you. The provider of the information should then investigate the dispute. It then reviews and reports back its investigation results to the reporting company.

If the disputed items were inaccurate, then all nationwide credit-reporting companies are notified so that the necessary corrections are made and the file corrected.

Once complete investigations are conducted, the reporting company provides you with the outcome in writing. A copy of the new report is given free if changes were made. If any change or deletion is made, the disputed item cannot be put in one’s file until it is verified as accurate. The reporting company must also provide you with a notice that gives the phone number, name and address of its information provider.

Upon request, the reporting firm must send written notices of the corrections made to all persons who had received the report at least 6 months before the corrections were made. For employment reasons, a copy of the new report can be sent to such persons who may have gotten a copy in the previous two years.

If the investigation does not resolve the disputed items then you can request that a statement detailing the dispute be incorporated in the file and future reports.

Another option you could take to repair credit is to inform the information provider or creditor in writing about a disputed item. The procedure for enclosures, as with the reporting company, should be followed. If they find the information on the report inaccurate, then it will not be reported again.

Generally, accurate negative information contained in reports is only removed with time. Reporting companies report negative information up to seven years and ten for bankruptcy information. Time limits for reporting certain events do not exist, however. These events include criminal convictions, applications for jobs paying annual incomes of more than $75,000 and applications of credit/life insurance greater than $150,000.

bookmark_borderChoosing Bank Account

There are four main types of accounts. The current account, is typical for day to day banking, and can be used to withdraw, deposit, write cheques, and use your debit card.

The basic bank account is similar to the current account in that it is also a day to day account. Most of the time, however, this account cannot be overdrawn for more than ten pounds if at all.

Savings accounts are great for doing just what they are named for…saving. Whether you are saving for a rainy day, or your next big purchase, these accounts normally draw a greater interest rate, giving you the best bang for your buck.

Sharia-compliant accounts are accounts that are similar to current accounts, but are structured and comply with Islamic laws.

Don’t be afraid to ask questions. After all, it is your money, and it is the bank attendant’s job to serve you. The more informed you are, the better off you will be in the long run. Some questions to get you started are: How many branches are in the area?; What are the hours of operation?; What services are available online and when?; What are the fees associated with different services?; What services are available to you as a student?; Does the institution offer overdraft protection? There are other questions that you may want to ask them depending on some of the answers that you will get in response to these, but this should get you started. Once you know what the individual bank has to offer, you can make an informed decision. See, now you are becoming money wise!

Once you’ve decided which type of account you want to open, you normally will be asked to fill out an application form, provide proof of identity, and most likely pay some money into your account.

The bank will notify you if it plans to run a check on you with a credit reference agency get your credit score, and see how suitable you are to have a bank account.

Student accounts are by far the best value for your money! Banks will do everything but hang on the monkey bars to get your business. Why? Well, of course, as with any other service related business, they know that people are creatures of habit. Establishing a relationship with students gives them a greater chance of reaping the benefits of your continued patronage long after your educational goals are met. A good bit of banks offer students some rather trendy freebies as well as 0% overdraft fees. Both of which will come in handy while you are studying.

There are some major big important rules of thumb that you NEED to follow. It is pretty simple once you know what to look for.

The two top competitors in the running for my pick for the best student accounts this year are Natwest/RBS and The Co-Operative Student account!

The co-operative Bank Student account has a whopping £1400 first year overdraft with 0% interest for the first year compared to Natwest/Rbs’s £1000.

Even though the Co-operative Student account offers a larger overdraft limit, Natwest is more appealing to me because of the iPhone, iPad, and blackberry mobile apps, as well as the discount card they offer. You can get some great discounts on some major brands such as New Look, and 3 mobile to name a few.

bookmark_borderFind Loan Companies Near to You

The traditional way for people to deal with this situation was to look through the newspaper or phone directory to find the nearest loan company that would provide a short-term, small loan, but searching for the nearest local loan company severely restricts your choices and it often means that you will need to stand in line at a local loan store, which can be very embarrassing.

Fortunately, the internet has made finding loan providers much easier, but it can be very time-consuming and frustrating making inquiries at lots of different web sites and you also need to be aware that every enquiry you make could trigger a credit check, which could adversely affect your credit rating.

There are, however, free services available on the internet that many people are not aware of that make the search for a loan Company much easier.

These websites partner with a network of lenders, so they give you more choice than just going direct to a single loan company. You just simply complete an online application form with a few details about your earnings and employment and then the system will try to match your requirements with one or more of their lenders.

Leaders in these networks may do credit checks, but they don’t usually use the big credit agencies, so the check won’t affect your credit rating. They are usually a lot more flexible than the major banks are about things like lending to people who have less than perfect credit ratings.

Of course, as with all credit arrangements, you need to make sure that you read the terms and conditions properly and that you fully understand when the loan needs to be repaid and how much interest and charges will be levied, but you do get the opportunity to do that before you agree to accept the loan.

You also need to be aware that short-term loans, or payday loans as they are sometimes called, are only meant to be used to tide you over to your next pay-check. If you try to use them for long-term finance, or you keep rolling them over, they can get very expensive.

So, if you do need cash fast for an emergency bill, don’t panic, take your time, and look around for the best deal. You don’t have to go running straight to the nearest loan shop in your town, you can do a bit of research for free on the internet, in the privacy of your own home.

So long as you use them for the purpose they are intended, and you pay them back on time, short-term small loans are and affordable way to see you through a cash crisis. Just be sure to read the terms and conditions of any loan before you take it out.

bookmark_borderChanging Financial Habits

The first step is to pay tithing and then yourself. Once those two are completed then make a payment on your debts.

Giving to charity is important for many reasons. For instance, many wealthy people feel that giving generously to charity was returned to them tenfold; however, don’t give to charity expecting a massive return. Certainly, don’t take out a loan.

Notably, Chris and Orrin the authors of Financial Fitness teach; “The spirit of giving is the spirit of abundance, and living in the attitude of abundance will bless you in many ways.”

They also warn that giving to charity is not a guarantee that you will receive more. It may happen, but don’t depend on it. Instead, you should give because it is the right thing to do.

Living by a budget is necessary for everyone including the wealthy. However, some need to be more militant about it than others. If you are living paycheck to paycheck you should consider a cash envelope system.

Here are a couple of ideas for budgeting your finances. First, start a cash envelope system, where every payday you distribute money into the various envelopes.

Chris and Orrin recommend paying tithing first and then yourself before you dump money into the envelopes. You can borrow cash from other envelopes if you feel the need, but you shouldn’t add more money until payday.

Another budgeting strategy is to carry a notebook around with you and record everything you buy. This habit will help you to start thinking differently about money. As a result, money will mean more to you. Most people have no idea how much they spend.

bookmark_borderUsing Banking Services

Many banks in today’s date also offer their customers with online banking. This form of banking has gained much popularity in the past few years as they make everyday transactions much more convenient. As technology progress, more and more advanced gadgets are being produced. Banks have merged their online banking service with these technological gadgets. Paying bills, transferring funds or making payments for your purchases was never this easy. You can carry out all these tasks by simply using your mobile phone. Online banking can save precious time for people as one would not have to go all the way down to an ATM to make payments for bills or transfer funds. However, several security threats come with online banking as your bank account can be manipulated if a hacker is able to break into your account. To prevent this sort of events from happenings, banks have several measures in places. Aside from the regular pin that you would be required to log in, some banks make use of another gadget that would generate a code for you to key in when you are logging in to your account. As long as the device is in your hands, you can be assured that only you can log in. However, you need to be careful as to where you place this device.

If you are the sort of person who likes to go cashless, you can apply for various ATM, Debit or Credit cards that banks offer. You can use these cards to make payments for your purchases at the grocery store, a retail outlet or even the internet. To prevent any unauthorized access to your card, banks require the owner of a card to either key in a pin or provide legit signature when making purchases. Banks are continuously on their toes to ensure that the financial safety of their customers is not at risk. Banks also offer their customers loans for various purposes. One can get a loan for almost anything in a bank. They also have lower interest rates on their loans as compared to other financial institutions.

If you are opening a new bank account, you may want to consider what type of account it is that you want. The three most common and popular accounts in most banks are the checking account, savings account and the money market account. Checking accounts serve the purpose of performing daily transactions that customers may need. Saving accounts are the accounts that are used by most people. These accounts are very beneficial for customers who wish to save. Money in these accounts would earn interest, which in other words means that the bank pays you to save money with them. Money market accounts are similar to saving accounts, the only difference being that they require the customer to deposit a higher amount, in return gaining higher interest rate as compared to the savings account.

bookmark_borderElectronic Payment System

It is plain to see that electronic payment systems have more advantages than traditional banking services. Let’s see:

  • Saves on time

Money transfer from one virtual account to another may only take a few minutes, whereas a wire or postal transfer may take a number of days. Besides, you have to spend some time to go to the bank or post office and wait in line.

  • Controls expenses

Even if a person is willing to control his disbursements, it can take a lot of patience to jot down all the expenses, and this takes up a huge part of the total amount. On the other hand, the virtual account comprises the history of all the transactions, including the store name and amount spent. Best of all, you can check it whenever and wherever you like. In this case, an electronic payment system works to your advantage.

  • Reduced loss and theft risks

You will not make the mistake of losing or leaving your virtual wallet behind, and it can never be taken by robbers.

  • User- friendly

All services aim to reach out to a greater number of audiences and so, their interface should be easy for users to understand. Moreover, users can always ask help from the support team since they work 24/7. You can receive an answer by means of the forums as well.

  • Convenient to use

As long as you have access to the Internet, you can carry out transfers anytime, anywhere.

After discussing the advantages that come with using an electronic payment system, it is essential to talk about its disadvantages as well:

  • Restrictions

In every payment system, there is a limit with regard to the number of transactions you can do per day and the maximum amount you can withdraw.

  • Risk of Getting Hacked

Risks can be reduced when you follow the security regulations. This is comparable to the risk of being robbed. The situation can get worse when the processing company’s system breaks down, since this may lead to the leaking of confidential information on the online cards, as well as its owners. Though some electronic payment systems do not launch plastic cards, they can however be involved in Identity theft scandals.

  • The problem of money transfer from one payment system to another

Most of the time, electronic payment systems do not cooperate with one another. If that is the case, you can use e-currency exchange services. However, it can consume a lot of time when you do not have a service you can trust for this purpose.

  • Lack of Anonymity

Since the database of the payment system stores all your transactions – like the name of recipient, amount and time – the intelligence agency can access all your information. Decide on whether that is good or bad.

bookmark_borderIncrease Your Income

Your primary income source is your lifeline. This is why we want to increase it. All too often people start new business ventures and let their primary income flow dry out. Remember your primary source pays the bills, keeps food on the table, and it will fund future investments ventures.

The movement to become your own boss is enticing. The road is paved with broke bosses and would be entrepreneurs. Starting a side hustle is the correct thing to do. But not before you secure and increase your first flow. Your first flow funds your entire lifestyle. Don’t forget that.

How can you increase your income now with your first flow? How can you bring more money in with what you are already doing? Look at your income source. How can you earn more money with that? What other duties can you perform to get more money coming in?

You can increase your pay. Have you looked at ways to earn more money in your current position? Here are some examples:

Food service workers, waiters, and waitresses can improve their communication skills to get higher tips.

Uber, Lyft, Taxi, and Delivery Drivers can improve their service for more tips. They can put up signs that remind people to tip. Also, rideshare drivers can drive more to earn bonuses. Plus they can participate in the referral program and earn more money recruiting more riders and drivers.

Sales and Commission people can earn more money by doing the financing also. Or if the customer doesn’t buy from them could you refer the customer to a competitor and earn a referral fee.

Blue Collar/Union Worker can increase their skill set to learn other jobs and use their seniority to get extra work. Is their overtime available for you to take to increase that current flow?

Now there are some instances where you can not increase your income. Although this is rare or you just suck at finding out the current opportunities. This is where you invest in yourself. Instead of hopping on the next get rich trend. Invest in learning a skill like sales and marketing. Learn how to turn your current skill set into dollars.

Here is what increasing your income flow looks like:

Let’s say you are an Uber driver. Driving is your main source. Now one way to increase your income is to drive longer hours. You can drive for 12 hours per day with Uber. Next, you can increase your tips by having a clean car, communicating well, and having signage that reminds people to tip. Then you can recruit other people and get a referral fee.

With Bonuses and tips alone a rideshare driver could earn up to $400 extra per week. This is how you increase your current income flow. The key is to find opportunities with your current job or business. It saves you time and a learning curve. You are already an expert in what you are doing. Just get paid more to do it.

Once you master your first flow don’t become satisfied. Don’t compare yourself with other people because you are doing better. The goal is wealth creation. One income stream will never make you wealthy. On the other hand, it is your key and now you can create other streams because your current stream is strong.

You never let your wealth depend on one income. Now that this is fortified and growing it is time to find a second source. The second source is another flow. It is not replacing your first stream. It is adding to your income. Branching out takes courage and skills. If you have increased your income from your first flow you have developed some skills.

I always suggest creating a second stream that is symbiotic with what you are doing. Like the Uber/Lyft drivers who are earning commission on referrals. Since they are recruiting they can get commissions for referring people to other products and services. Now they are marketers.

Sales professionals can consult, write books, or get paid to speak. These are ways that they can build multiple streams with their current skillsets. Again, once your first flow is secure and funding everything it’s time build a symbiotic second flow.

bookmark_borderCredit Card Secrets

This is the same when applying for credit cards as a means of having another source of funds to spend. Most of the time, having credit cards are often associated to financial loss but with the right ways of handling it, you will be able to see how helpful it will be. Below are some tips and tricks you must know if have a credit card:

Check For Annual Fees

Most companies charge a certain amount of annual fee on the cards. However, very few people know that they can easily get rid of such fee, especially if they have a good credit score. For this case, all you need to do is to pick up the phone, call your bank and request for the fee to be removed. Tell them that you are going to dump the card if they don’t remove the fee.

Universal Rules

Say for example, if you are late in making the repayment of one of your cards, you will be charged with a much higher rate of interest on your other cards. So, one of the most important credit card tips for you is to make the payment on or before the due date. This is considered to be part of their universal default rules which is a disadvantage to the subscriber if he has no idea of this.

Try Waiving The Late Fees

If you have never been late before paying your balance and fees, you can call up the credit card company to have them waive the late fees for you. Some representatives may refuse this request but it doesn’t harm to just call them and try. You may call another time and you might just be lucky with the next representative.

bookmark_borderDivorce and Credit

According to Experian, a credit reporting agency, “Many divorcing couples are confused by the role of the divorce decree. A divorce decree may specify who is responsible for accounts opened during the marriage, but it doesn’t break the contracts with the lenders. If the spouse responsible under the divorce decree is unable or unwilling to pay and the contract has not been changed by the lender, the late payments still will appear on both credit reports and will have a negative impact on credit scores for both individuals.”

Getting divorced is never easy, even when both parties agree it is for the best. So, it is understandable that you may not fully understand what is involved in a divorce decree. Simply stated, a divorce decree states who is responsible for which accounts. However, this does not remove the other person from that account. Meaning that if the other party does not pay on his or her debts, you are responsible for them.

While you may be tempted to make rash financial decisions when under duress, perhaps you want to hurt your soon to be ex-spouse, it is critical for you to remember that any impulse decision you decide to make with your joint accounts will also impact you in the long run. Keeping things as level headed and civil as possible is critical.

In the event of a divorce it is also important to understand if you live in a state with community property laws. In the United States these states are Arizona, Washington, California, Idaho, Louisiana, Indiana, Nevada, New Mexico, Texas, and Wisconsin. Under community property law you may be held responsible for your spouse’s debt, even if you are not listed on the account.

If you are in the process of a divorce, just remember these few things. First, be up front about your financial situation when in the divorce proceedings. Second, do not make any rash financial decisions out of a desire to hurt your ex-spouse. Third, keep a level head and move through the process as quickly as possible.

bookmark_borderSmooth And Cheap Online Money Transfers

  • Take time to find the best exchange rates. Banks are not always the best when it comes to offering good exchange rates and you therefore want to do your homework before you go ahead with the transfer. By taking time to make comparisons between the different foreign exchange providers, you will be able to settle for the best rates that will give you maximum gains especially on currency conversions.
  • Always do an online search on the country you are sending the money to see if it is an international transfer you wish to make. Such a search will fetch you promotions and special deals from the relevant money transfer companies. You might be very lucky to find a company with an offer of zero fees on transfers for a given period of time.
  • Prioritize security and safety before making any transfer. The only way you will manage to enjoy a pleasant, safe money transfer experience online is when you work with a company whose services are regulated. Always settle for a company that is licensed and insured for foreign exchanges so that you do not end up worrying about anything going wrong during the transactions. Do a research, especially on newer service providers before using them for your transfers and check what security and safety measures they have in place for users.
  • Consider the transaction processing time and costs. When you decide to send money online, you want to choose a transfer platform that takes a very short time to process the transfer and whose costs are reasonable. Today there are online money transfer services that take a few seconds to process the transactions and this eliminates the chance for errors with the transaction and offers peace of mind. The recipients should also receive instant notifications, once the money has been received.
  • Remember that exchange rates do fluctuate. The foreign exchange market stays awake and the rates can soar or plummet in a matter of seconds. Find out what your online money transfer service provider uses and keep an eye on the trends so you can choose the most ideal time to send the money. Not very many people pay attention to the fluctuating rates, because the sanding could be a matter of urgency, but if you have time, pay attention to the fluctuation so you can select the best sending time.