bookmark_borderReasons You Put Off Credit Repair

  • You don’t know where to start.
    If you’ve never examined your credit, you may not even know how to start to repair credit scores. Look online for credit tips to find out what you owe and how to start debt management.
  • You don’t know what to do about erroneous debts.
    Looked at your credit report and found that you don’t know what some of the entries are for? As many as 42 million people have errors on their credit reports.
  • You think you don’t have the time.
    Credit repair can be a time-consuming activity. But, with the help of quality credit repair companies, you can outsource some of the leg work while reaping the benefits of a better credit score.
  • You are embarrassed.
    Many of us have had debt management issues due to youthful disregard for financial responsibilities or getting in over our heads with credit card debt. But, your bad credit won’t go away unless you confront the issue head on.
  • You don’t want a significant other to know.
    There aren’t any hard figures on how many people are hiding debt from a husband or wife, but, the issue is common. By confronting your debt and working to repair your credit, you can build a better relationship and better possibilities for your shared future.
  • You feel alone.
    Few people talk about their debt issues, so, you may feel like you are the only one who has struggled with bad credit. Caring credit repair companies can help you through your struggle and help you overcome any feelings of isolation, while giving you credit tips and the tools to build a better financial future.

bookmark_borderChoosing Credit Card Carefully

Always report any fraudulent charges that you notice on your cards as soon as possible. By doing this, you can help your card company catch the thief who is making these unauthorized charges. This will also allow you to be sure that you aren’t responsible for the charges they made. Any charges that you did not make need to be reported to your company with a phone call or a high priority email.

In order to maintain a solid score, always pay your balances by the due date. Paying late can rack up expensive fees, and hurt your score. Setting up an automatic payment schedule with your card company or bank can save you time and money.

In order to keep a good rating, be sure to pay your bills on time. Avoid interest charges by picking a card that has a grace period. Then you can pay the entire balance that is due each month. If you cannot pay the full amount, pick a card that has the lowest interest rate available.

If you have any cards that you have not used in the past six months, then it would probably be a good idea to close out those accounts. If a thief gets his hands on them, you may not notice for a while, because you are not likely to go looking at the balance to those cards.

When signing card receipts in stores, don’t leave blank spaces. If the receipt includes a tip line and you aren’t leaving a tip, draw a line in the tip space. If you do not you take the chance of an employee writing in an amount themselves. When your monthly statement arrives, compare the charges with your receipts to ensure that everything matches.

Be aware that there are credit card scams out there as well. Many of those predatory companies prey on people that have less than stellar credit. Some fraudulent companies for example will offer credit cards for a fee. When you send in the money, they send you applications to fill out instead of a new credit card.

Don’t open too many credit card accounts. A single person only needs two or three in his or her name, in order to get a good credit established. More credit cards than this, could actually do more damage than good to your score. Also, having multiple accounts is harder to keep track of and harder to remember to pay on time.

Make sure you save your statements. Before you file them away, pay close attention to what is on them as well. If you see a charge that shouldn’t be on there, dispute the charge. All credit card companies have dispute procedures in place to assist you with fraudulent charges that may occur.

If you pay your credit card bill with a check each month, make sure you send that check out as soon as you get your bill so that you avoid any finance charges or late payment fees. This is good practice and will help you create a good payment history too.

It is easy to underestimate how much you owe on your credit card if you use it frequently at restaurants and grocery stores. This is because those charges can take longer to appear on your credit card statement, and so you think you have spent less than you actually have. This can lead to you spending more money since you will have the perception that your balance is actually lower than it is.

Never transfer your credit card numbers via a fax. Faxes are sometimes not picked up as soon as they are received, which gives many people ample opportunity to get at the information. Any random person with access to these areas could steal your identity. This will create a ton of problems.

Be careful when you are signing up with secured credit card companies because a lot of them charge high fees in exchange for issuing you a card. If you have to get this type of card, then you should shop around to make sure that you are paying the lowest fees.

Check with your credit card company to see if they will reduce the annual percentage rate on your card, particularly if you have solid credit. In many cases, they’ll be more than willing to oblige. Any reduction in interest rate can really add up to huge savings for you in the long run.

How do you feel now? Are you still scared? If so, it is time to continue your credit education. If that fear has passed, pat yourself on the back. You have educated and prepared yourself in a responsible manner.

bookmark_borderAbout Payment Gateway and Credit Card Processing

While the whole process of swiping the card takes not more than a few seconds, there are quite a few factors which affect the money transfer process. So choosing a proper processor is a must to make the complete process secure and fast. It should also be hassle free without any hidden charges or any other fees. Payment processing speed and security could be a deal breaker with the customer if it is not up to the mark. Accepting credit card is not enough, you should also look for a merchant account services. A few payment processing companies have a high merchant account rate but provide mediocre merchant services.

A proper Credit Card processor provides support to every aspect of your business starting from merchant account processing by providing you with merchant processing account. The processing of credit cards and debit cards with a fast response from both the front-end and backend is the key to a proper business merchant processing. The charges may vary according to the payment gateway, but you can find yourself relieved of the hassles you otherwise had to take. They take care of the details of cards along many devices like mobile device, POS, etc., and verify the data according the card holders name. The transfer request is sent almost immediately for crediting the same amount to the merchant’s account.

These companies are already developing their commitment towards the security of transfers. Even the small businesses are relying more on the cashless transaction, thus the small business merchant support is also being provided by many such processors. They accept credit card payments and process them taking utmost care to provide security and speed.

To assure the merchant of the security and speed of the processing, the companies are engaging their efforts in making the payment gateway more encrypted. Thus any chances of forgery or hacking are obliterated. With the latest 128-bit SSL algorithm, only the merchant and customer have the right to know the required part of the transaction, I. e. PIN number or identification number on the part of customer and another PIN number for the merchant. This classified information provide the base of the secure mode of payment.

bookmark_borderReasons To Choose Credit Unions

Better Interest for Cards

According to information from the NCUA, last year’s average credit card interest rate was 12.85 percent at banks, versus 11.56 percent for credit cards issued from credit unions. This isn’t a huge difference, but less is always better when it comes to interest rates. Union cards also tended to have lower fees and fewer in general.

Easier to borrow

There is no need to await your loan status on tenterhooks since lending decisions are normally made locally, which means quicker turn-around time and more flexibility than loans with large corporations. Some can also offer signature loans to members who have good credit and standing.

Less chance of failure

Banks, insured by the Federal Deposit Insurance Corporation fail much more frequently than their counterparts. 44 FDIC insured institutions failed in 2011. That’s not to say credit unions have no chance of failing-9 NCUA insured institutions failed in the same year. However, there is much less chance of this happening since they are generally smaller and not as focused on profit. This means that they will loan less frequently and accept fewer risks

Lower loan rates

More often than not; these lending institutions can offer their customers lower loan rates. Last year, the National Credit Union Administration released information that confirmed that the average rate on a 36-month loan was about 2.85 percent. Compare that rate to an average 5.59 percent at banks, which is nearly twice the amount.

Run by customers

You can have confidence doing business with your credit union. Why, you ask? Because each member is also a partial owner, meaning they also have a stake in the success of the union. It is also managed and staffed by its customers on a volunteer basis. As a member, you even have the option to run for a seat on your union’s board of directors, which is not feasible at a bank.

bookmark_borderChoose Travel Credit Card

It is a fact that there are too many travel cards available these days and so it becomes a daunting task to choose the right credit card for traveling. Here are a few tips that will help you in making the right choice:

  • A good sign up bonus – most cards come with different types of sign up bonus and in the case of travel credit cards, the cardholders are offered with free air miles or a free air ticket when they use their card for the first time after receiving it. You should make sure that the card you opt for will offer you with a huge sign up bonus preferably in form of air miles so that you can redeem the same for your travel bookings.
  • More air miles for your money – earning air miles is one of the main reasons behind applying for a travel credit card and so the card that you opt for should apply you with more air miles for your credit card expenses. For example, every time you spend a dollar on the card, you should be able to earn at least 1 air mile. If the credit card cannot offer you with sufficient air miles for your expenses, it will not be very beneficial to you.
  • Airport lounge access – the travel credit card should also offer you with complimentary access to Airport Lounges so that you can travel with luxury and comfort. Since most of the top credit cards for traveling offer complimentary lounge access to the customers, it will not be very difficult for you to apply for such a card.
  • Travel Insurance – another feature that you should look for when applying for a new travel credit card is free travel insurance. If you are provided with travel insurance coverage, you can travel in peace as you will be assured that the insurance policy will provide you with the required support in case something bad happens when you are on a trip.
  • Low annual fee – even if the card offers you with a wide range of features, it will be futile to opt for the card if it comes with a high annual fee. The annual fee charged for the travel card should be low so that you will not end up spending a lot of money to avail the benefits offered with the card.

bookmark_borderCreditors To Avoid

Problem creditors may have trouble with their mindsets or their actions. Examples of mindset problems include believing their judgment is guaranteed, or worth big cash upfront, or recovery should happen in a few weeks, or that enforcers should only keep 10% of whatever gets recovered, or that courts favor creditors. Such points of view are a waste of time that mean the creditor will probably not recover a dime.

Problem judgment creditor actions fall into two categories, the first is when the creditor is attempting to recover the judgment by themselves. Problem creditors may break one or more of the hundreds of laws protecting debtors (and privacy); and problem creditors might get sued, or denied by a court or a sheriff.

The other problem creditor category is when they outsource their judgment to a recovery expert. The rest of this article discusses creditor outsourcing problems.

The average judgment recovery is in chunks of money, and each chunk comes after months or even years. This is usually not the fault of the judgment experts. Many judgments have poor debtors, and will never be recovered.

When the debtor has some assets; usually, it takes a long time to discover those assets, perhaps a long time for the court to issue a writ, a wait for the sheriff or a process server to serve it, then a long time before the sheriff mails out a check.

The number one problem judgment recovery experts have with creditors is when they hyperactively and repetitively contact them. Examples include calling more often than once every three months or emailing more often than once per month.

Another problem is when creditors attempt to find enforcers for expired judgments, UCC liens (which are not judgments), or judgments where the debtor is unknown, has successfully went bankrupt, or a company that long ago went out of business.

Another problem is when creditors will not sign anyone’s paperwork. Because judgments are legal documents, every judgment recovery expert will require a contract, and perhaps also an assignment of judgment. Some creditors search for years, rejecting contract after contract.

bookmark_borderKeep Credit Cards Secure

Under Federal law a company must notify its customers when it learns of a credit card security breach and the extent. Many companies will provide free credit monitoring for a certain period of time if you have been compromised. If you have been notified that your credit or debit card has been stolen you should immediately call your credit card company or bank and ask them cancel that card and issue another one. Then you should set up your credit monitoring and check it often.

Above is an example of massive theft, but you should also be aware of day to day ways that your credit or debit card information can be stolen.

  • Gas stations-“skimmers” are used to steal your credit or debit card numbers
  • Restaurants-when your server takes your card for payment they will usually go somewhere outside of your sight
  • ATMs-skimmers are also used along with someone who will visually try and get pin number

Those are just a few ways to get you thinking. If your card is stolen, the bad guys can go on to compromise your identity “Identify Theft”, which is very serious. With your card, they have your name, they can go to social media and find out where you live, your address and all kinds of other information.

Shopping on-line is actually safer, because you card is never out of your control, you never give it to someone, and all your card information is encrypted from your computer to the card processor. You should also consider using a credit card instead of a debit card when shopping on line. With a debit card the merchant has your money from your account, in most cases, before you even get the product. If there is a problem you can contest it, but it might be a while before you see that money in your account again. With a credit card if you put something into dispute you don’t pay that bill until the credit card company investigates.

bookmark_borderCredit Bureaus

Credit bureaus are privately held, billion dollar companies whose main purpose is to make money, that’s what for-profit companies do right? They store data that lenders furnish them – whether accurate or inaccurate – about our credit relationship with them and sell it. Simple right? This simple business model generates over $4 Billion a year!

One source of income for them comes from selling the information on our credit reports to other lenders, employers, insurance companies, credit card companies – and whoever else you authorize to view your credit information. Not only do they provide them with raw data; but they also sell them different ways of analyzing the data to determine the risk of extending credit to us. In addition to selling our information to lenders they also sell our information to us – credit scores, credit monitoring services, fraud protection, identity theft prevention – interestingly enough this area has quickly become one of their biggest sources of income. And those pre-approved offers in our mailbox every week; or junk mail? Yep, they got our information from the credit bureaus too. Companies subscribe to a service provided by the three credit bureaus that sell them a list of consumer’s credit information that fit a pre-determined criteria.

Now, contrary to popular belief, credit bureaus do not have any input on whether you should be approved for a loan or not; that is purely based on the credit criteria of the lender you’re working with. However, by using all of the information that has been placed on your credit report (payment history, personal information, and credit habits) and FICO’s method of scoring that data, they do provide them with how creditworthy you are.

This is why it’s so important to ensure that the information they are reporting is accurate. It would be nice if they would do their job according to the Fair Credit Reporting Act and make sure they have proof that the information they are storing is true and up-to-date – after all those inaccuracies could cost you $1,000s – but that won’t happen. Thus the burden of ensuring accuracy is on YOU. You are responsible for catching errors; they could care less if it’s wrong and they hate it even more when we challenge this inaccurate information by disputing it. Why? Because it’s time consuming and time is money. Remember, I said they’re main purpose is to make money? Credit bureaus store more than 200 million files on consumers; do you know how much money (time) it would take to ensure that everything is accurate and to store proof of accuracy?

We’ve seen the statistics; I have 2 videos that show proof of consumers having inaccurate information on their reports, the credit reporting agencies knowing this and still refusing to correct it! The latest statistic shows that more than 40,000,000 Million Americans are walking around with errors on their credit reports right now. I personally think this number is off; I’ve honestly never seen a credit report that was 100% accurate; like NEVER. Now you may say, well you work with people with bad credit so of course you see the worst of the worst, right? WRONG! I’ve been a Realtor for 12 years and I’ve seen people with great credit have errors as well. What’s my point? Hmm, how can I put this?

bookmark_borderLimelight On Crediting

The concept can also be extended to the historical barter system which involved direct exchange of goods and services. In recent times of course, credit is mainly used as a financial term.

Generally, in return of the facility to repay later the borrower has to pay an additional amount in addition to the amount borrowed. This cost of credit depends on the amount of resources borrowed and the time span for which the money is borrowed. The interest is calculated according to some generalized rules.

There are many types of credit: Bank Credit. Consumer Credit. Public Credit. Investment Credit. Real Estate Credit

It is enlightening to know that personal loans, mortgages, credit cards and automobile finance are all categorized under Consumer Credit. As such, if you are intending to get a car credit to meet the bit of crunch in your pocket, you will be listed as a creditor under Consumer Credit.

Keeping pace with the ups and downs of your financial stability, it is not always possible to afford a car entirely with the money in hand. In such circumstances, additional financial assistance is required to cater to your dreams of purchasing a brand new car. If you are still pondering on where to get this assistance from, then be rest assured as there are a plethora of insurance companies that offer credit for the same.

The car insurance companies take into account several factors while judging the rates for an insurance applicant, some of which may be listed as:Present age of the person to drive. Past records of driving. Model of the car for which loan requested. Mileage of the car. Safety criterion associated with the car and so on.

However it is wise for part of the person to borrow credit to get in touch with a reputed and reliable firm to get credit at reasonable rates of interest and to avoid any discrepancies in the future.

bookmark_borderSeperating Credit Profiles

The first thing you need to do is create a “wall” or “shield” between yourself and your business. How you simply do this is start off with an LLC or Corporation. Next get your EIN number. Talk to your local experts on what your business model will be and what type of entity will best suit your venture. Remember this can still be done if you’re operating currently as a sole proprietor. Once you establish this corporate veil you will have taken the first steps on separation.

Next it’s important for people and other business to know you exist. You need to register your business with as many free directories as possible. Some of the simple examples are: Superpages, Yahoo, Google, Bing, 411 and so on. There are lots of directories out there so if you can register your business with as many as possible. You want to make it easy for ANYONE to find you. It can take a little bit of time to get your business listed on the search engines so don’t worry it will get there.

After you’re registered with directories you know want to establish your business with the business credit bureaus. Companies like Experian Business & Dunn & Bradstreet are just 2 of the many that exist. There are also smaller reporting agencies that operate in states and regions as well. Get familiar with as many as you have time to find. Once you’re established with the business credit bureaus it’s now time to move to the credit building part.

You need to start out setting up small accounts with vendors that report. There are thousands of vendors out there that extend credit in just the company name however there a few that actually report. It’s important to know who those vendors are and to obtain credit with them. After obtaining credit you will use and pay the lines of credit you established for a few months. Once your business has done this you now develop a paydex score. Paydex scores range from 1-100 so anything scoring 80 or above lets banks and lenders know you’re a great candidate to lend to. You pay your bills and pay them on time or before they are due. Business credit scores are based only off payment history so make sure you pay your bills on time, if you don’t it can hurt you. Then start applying for small lines of credit and credit cards from 2-5 different lenders in just the company name.