Improve your credit score and reduce your credit card interest rates

Your bad credit isn’t just a nuisance; it will impact every area of your life. When you finally decide to take matters into your own hands and fix your credit problems, many areas of your life will improve.

Luckily, these days there are a lot of options for proactive and hands-on folks who want to take back control of their financial lives. While there are many DIY credit repair options out there, getting professional help can walk you through the sheer volume of necessary procedures which can be overwhelming — not to mention being sure you’re getting the right information.

That’s why we’ve put together a simple plan to get you back on the right financial track.  Call or email us for a quick chat to see if we can put a plan in place to reduce your stress and get your credit score higher than ever.

Credit reporting: Know your rights!

When it comes to credit reporting, you must know your rights. Here is an overview of the Federal Fair Credit Reporting Act
Your rights under the Fair Credit Reporting Act include:

  • You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
  • If you contest the completeness or accuracy of information in your report, you may file a dispute with the CRA and with the company that furnished the information to the CRA. Generally both the CRA and the furnisher of information are legally obligated to reinvestigate your dispute as long as it is not frivolous.
  • CRA’s must correct or remove inaccurate, incomplete or unverifiable information in their files. CRA’s must remove obsolete information in their files.
  • If you are a victim of identity theft or are on active duty with the military, you have more rights under the FCRA.
  • Only those with a permitted purpose or with your express permission may access your file.
  • Generally employers must have your express written permission to obtain your report.
  • Any company that denies your application, or takes an adverse action against you, based on information obtained from a CRA, must inform you of the adverse action and must supply you with the name and address of the CRA they used.
  • You have the right to a free copy of your credit report in numerous instances including when your application for credit or employment is adversely affected because of information supplied by the CRA. You can get a free credit report each year in any case.
  • You may opt-out of lists provided by the national credit bureaus that are based on your credit file.
  • You may sue under the FCRA for violations of the Act.
  • Credit scores are available to you on request from credit reporting agencies and sometimes from mortgage lenders. There may be a fee for the score.

If you have any issues with the information contained in your credit report, please call or email us for assistance. We have the necessary experience and knowledge to deal directly with the reporting agencies. In most cases we can get the negative information removed or corrected to improve your score and get you the loan or mortgage you desire.

Know your credit report

Credit report

Your credit report from the 3 US credit reporting agencies, Equifax, Experian and TransUnion, are available for you to view for free annually at AnnualCreditReport.com. Access your report and check for errors and fraudulent accounts. This report doesn’t include your credit score.

Errors

If any discrepancies are noticed, contact the credit reporting agencies and the bank or the credit card company reporting the unauthorized or wrong information and immediately report any issues. They’re required to investigate. It is important that you keep a log and copies of your correspondence.

Your credit score

Credit card companies display your credit score for free in your account. It is recommended that you check it on a regular basis. Paying bills on time and reducing debt can help improve your credit score.

How Often is My Credit Report Updated?

Credit reporting agencies typically update the information monthly. However, each of your credit account information change more often depending on due dates and payment cycles for each account. Additionally, large credit card companies have millions of accounts and they report portion of them at different times, for easier management of large data. Other information, such as bankruptcies and hard and soft inquiries are also reported within days, weeks or months from their occurrence. Thus, you will see changes in your credit reporting account all the time.

Conventional Loans

Conventional loans are not associated, insured or guaranteed by VA, FHA or USDA. A minimum of 5%, or 3% in some cases, of the purchase price must be paid as down payment. Additionally, private mortgage insurance must be paid, if the down payment is less than 20%.

DYK: If you pay 20% or more of home purchase price as down payment, you are not required to pay the private mortgage insurance

What makes or breaks a successful small business?

Starting and running a new business is challenging and requires hard work. Many new businesses make no profit or close their doors within their first 2 years. However, hard work, dedication, perseverance and good business practices will pay in the long run. As a new business owner, budgeting, preparing a simple business operating plan and setting goals will help running your business and will motivate you.

In addition, there are few more things that small business owners do to make their business successful, four of which are provided by GrowBiz Media. Read the entire article at: score.org

What successful entrepreneurs do right

  • They start strong
  • They focus on finding new customers
  • They put cash back into the business
  • They work hard

… continue reading…

Fixing Bad Credit Score Prior To Buying A Home

Buying a home is a dream for many individuals and families, but it can be a challenge for those with less-than-stellar credit. Fortunately, there are several manageable ways to fix bad credit to buy a house.” Continue reading at: lendedu.com

Lendedu.com articles offer our readers useful information about how you can  improve your credit score prior to applying for a loan to purchase a new home.

Protecting your credit card information while shopping on CyberMonday

I will start with saying that, after so many data breaches reported over the years, it is impossible to say that your credit card information is safe when stored on your computer or in stores’ databases. However, you can be a little more vigilant while shopping online, by following the ideas below.

  • Always check the shopping cart website address before entering your credit card payment information, ensuring that it is the correct one and that has an encryption certificate installed which is represented by “https://”, instead of “http://”. “https” means that all information you send and receive from the online store is encrypted.
  • If you receive an email with a special offer, it is best that, instead of clicking on the links in the email, you go directly to the website by typing it in your browser’s address bar. Your browser could be Internet Explorer, Chrome, Safari, FireFox, Windows Edge, etc.
  • However, if you decide to click on the link provided in the email, hover over it first (if available) and wait to see the website address (url) that it directs to. The link could be a redirecting link, instead of the online store website address. In this case, use your judgement… just remember, it is always safer if the url starts with “https://”, but that doesn’t mean it couldn’t direct you to a malicious, spamming website.
  • Additionally, if you’re still questioning whether to click or not on a special offer link from an email, view the email header details and do a quick review of the sender. Most email applications have an option in the “from/to” area that will allow you to view more details about the sender.
  • Never save credit card information unencrypted on your computer, in the cloud, on your phone, tablet, etc. Never send it via email.

Co-signing for a Loan

When co-signing on a loan you enter into an agreement to become responsible for the re-payment of the loan, including the late and legal fees, if the borrower defaults. However, the financial institution can lawfully go after the co-signer at any time.

If you do agree to co-sign on a loan for someone, you can request that the lender agrees that it will refrain from collecting from you unless the primary borrower defaults. Additionally, you can request that your co-signer agreement includes that your liability is limited to the unpaid principal and not any late or legal fees.

Upon co-signing you may have to provide financial documents to the lender just as the primary borrower and you will assume the same legal responsibility for the repayment of the debt as the borrower. Remember that any late payments will affect your credit as well.