Monitoring your credit report with one of our monitoring services will assist you in knowing when a negative item is reported on your credit report. If you are planning on applying for a loan, some derogatory items may be better left alone. Older collection accounts that have last activity dates 2 or more years ago have little impact on your credit score. However, paying that collection account while knowing you are going to apply for a loan in the near future will immediately lower your score substantially.
Collection Accounts and Credit Reports
August 13th, 2011Clue Report and Home Purchasing
August 13th, 2011An expensive and often overlooked part of the home buying or financing process is the hazard insurance or homeowners insurance. Not only do common carriers review your credit rating, they also review the history of the property for insurability. Real Estate Marbles has a breif video explanation: View Here Mx Site.
Dumpster Diver Gets 34 Years
February 5th, 2010Today the Dallas Morning News reported a 40 year old Bedford Texas woman plead guilty to possession of identifying information and credit cards abuse. Irving Texas School Officials said the thieves obtained the namees, social security numbers and other personal identifiable informaiton on 3,200 teachers and school workers. Turns out the the thief was caught after using a Sears card to make illegal purchases using another school teachers identity.
The thief obtained the benefits report via the schools trash dumpster and her motive was to sell the information to make money for her family. She used the information to also write fake checks and create fake identification cards to purchase thousands of dollars of property. The school distract is in the porcess of compensating over 100 cases in some cases reimbursing the victims financially. Several teachers testified to the loss of time and other impacts the identity theif had on them and their families, and listed how it affected; health, family time, energy, and trust of others. Several victims expressed the life sentence was on the victims.
Take action now while the cost is inexpensive and the protection is great. Visit our page and sign up for LifeLock today. Click Here to sign up today.
Secured Credit Cards
January 31st, 2010
Best Secured card offer we have. Secured credit cards are a excellent way to build your credit rating. With Public Savings easy direct deposit system, you can operate this card just like a credit card only better. They are better because they are so easily obtained with minimal qualification, and typically no credit qualifying, making this card perfect for the credit challenged or credit deficient consumer. Secured Credit Cards report, just like a credit card, the pay history to the credit bureaus. Thus you can build credit faster and safer.
This offer is not a “pre-paid” card, it is a secured card. You put up an FDIC insured deposit.
Your Consumer Credit Report
January 31st, 2010If you’ve ever applied for a credit card, a personal loan, or insurance, there’s a file about you. This file is known as your credit report. It is chock full of information on where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it. They use the information to evaluate your applications for credit, insurance, employment, or a lease. Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments. Nevertheless, newspapers, radio, TV, and the Internet are filled with ads for companies and services that promise to erase accurate negative information in your credit report in exchange for a fee. The scam artists who run these ads not only don’t deliver — they can’t deliver. Only time, a deliberate effort, and a plan to repay your bills will improve your credit as it’s detailed in your credit report.
Visit our credit report page to view your credit report and scores. It is the first step in good financial health!
Credit Card Terms, Over the limit, Grace Periods, Delinquency Rates
January 31st, 2010Credit terms vary among issuers. When considering a credit card, think about how you plan to use it: If you expect to pay your bills in full each month, the annual fee and other charges may be more important than the periodic rate and the APR, and whether there is a grace period for purchases. If you use the cash advance feature, many cards do not permit a grace period for the amounts due — even if they have a grace period for purchases. That makes considering the APR and balance computation method a good idea. But if you plan to pay for purchases over time, the APR and the balance computation method definitely are major considerations. You’ll also want to consider if the credit limit is high enough, how widely the card is accepted, and the plan’s services and features. For example, you may be interested in “affinity cards” — all-purpose credit cards sponsored by professional organizations, alumni associations, and some members of the travel industry. An affinity card issuer often donates a portion of the annual fees or charges to the sponsoring organization, or qualifies you for free travel or other bonuses. Default and Universal Default. Your credit card agreement explains what may happen if you “default” on your account. For example, if you are one day late with your payment, your issuer may be able to take certain actions, including raising the interest rate on your card. Some issuers’ agreements even state that if you are in default on any financial account — even one with another company — those issuers’ will consider you in default for them as well. This is known as “universal default.” Special Delinquency Rates. Some cards with low rates for on-time payments apply a very high APR if you are late a certain number of times in any specified time period. This can exceed 20 percent. Information about delinquency rates should be disclosed in credit card applications and in solicitations that do not require an application.
Credit Card Interest Calculations
January 31st, 2010Balance Computation Methods
- Average Daily Balance. This is the most common calculation method. It credits your account from the day the issuer receives your payment. To figure the balance due, the issuer totals the beginning balance for each day in the billing period and subtracts any credits made to your account that day. While new purchases may or may not be added to the balance, cash advances typically are included. The resulting daily balances are added for the billing cycle. Then, the total is divided by the number of days in the billing period to get the “average daily balance.”
- Adjusted Balance. This usually is the most advantageous method for cardholders. The issuer determines your balance by subtracting payments or credits received during the current billing period from the balance at the end of the previous billing period. Purchases made during the billing period aren’t included.This method gives you until the end of the billing period to pay a portion of your balance to avoid the interest charges on that amount. Some creditors exclude prior unpaid finance charges from the previous balance.
- Previous Balance. This is the amount you owed at the end of the previous billing period. Payments, credits, and purchases made during the current billing period are not included. Some creditors exclude unpaid finance charges.
- Two-cycle or Double-cycle Balances. Issuers sometimes calculate your balance using your last two month’s account activity. This approach eliminates the interest-free period if you go from paying your balance in full each month to paying only a portion each month of what you owe. For example, if you have no previous balance, but you fail to pay the entire balance of new purchases by the payment due date, the issuer will compute the interest on the original balance that previously had been subject to an interest-free period. Read your agreement to find out if your issuer uses this approach and, if so, what specific two-cycle method is used.
How do these methods of calculating finance charges affect the cost of credit? Suppose your monthly interest rate is 1.5 percent, your APR is 18 percent, and your previous balance is $400. On the 15th day of your billing cycle, the card issuer receives and posts your payment of $300. On the 18th day, you make a $50 purchase. Using the:
- Average Daily Balance method (including new purchases), your finance charge would be $4.05.
- Average Daily Balance method (excluding new purchases), your finance charge would be $3.75.
- Average Daily Balance Double Cycle method (including new purchase and the previous month’s balance), your finance charge would be $6.53.
- Adjusted Balance method, your finance charge would be $1.50.
If you don’t understand how your balance is calculated, ask your card issuer. An explanation also must appear on your billing statements.
Annual Percentage Rates and Credit Cards
January 31st, 2010Annual Percentage Rate. The APR is a measure of the cost of credit, expressed as a yearly rate. It must be disclosed before your account can be activated, and it must appear on your account statements. The card issuer also must disclose the “periodic rate.” That’s the rate the issuer applies to your outstanding balance to determine the finance charge for each billing period. Some credit card plans let the issuer change the APR when interest rates or other economic indicators — called indexes — change. Because the rate change is linked to the index’s performance and varies, these plans are called “variable rate” programs. Rate changes also can raise or lower the finance charge on your account. If you’re considering a variable rate card, the issuer must tell you that the rate may change and how the rate is determined. Before your account is activated, you also must be given information about any limits on how much your rate may change — and how often.
Tips To Protect Yourself From Identity Thieves
December 30th, 2009Managing your personal information is key to minimizing your risk of becoming a victim of identity theft.
- Keep an eye on your purse or wallet, and keep them in a safe place at all times.
- Don’t carry your Social Security card.
- Don’t share your personal information with random people you don’t know. Identity thieves are really good liars, and could pretend to be from banks, Internet service providers, or even government agencies to get you to reveal identifying information.
- Read the statements from your bank and credit accounts and look for unusual charges or suspicious activity. Report any problems to your bank and creditors right away.
- Tear up or shred your charge receipts, checks and bank statements, expired charge cards, and any other documents with personal information before you put them in the trash.
- Frequently view your credit report at http://www.viewmyfreecreditscore.com
What To Do If Your Identity’s Been Stolen
December 1st, 2009If you suspect that your personal information has been used to commit fraud or theft, take the following four steps right away. Follow up all calls in writing; send your letter by certified mail, and request a return receipt, so you can document what the company received and when; and keep copies for your files.
Place a fraud alert on your credit reports and review your credit reports. Contact any one of the nationwide consumer reporting companies to place a fraud alert on your credit report. Fraud alerts can help prevent an identity thief from opening any more accounts in your name. The company you call is required to contact the other two, which will place an alert on their versions of your report, too.
Equifax: 1-800-525-6285; equifax.com
Experian: 1-888-EXPERIAN (397-3742); experian.com
TransUnion: 1-800-680-7289; transunion.com
In addition to placing the fraud alert on your file, the three consumer reporting companies will send you free copies of your credit reports, and, if you ask, they will display only the last four digits of your Social Security number on them.
Close the accounts that you know, or believe, have been tampered with or opened fraudulently.
Contact the security or fraud department of each company where you know, or believe, accounts have been tampered with or opened fraudulently. Follow up in writing, and include copies (NOT originals) of supporting documents. It’s important to notify credit card companies and banks in writing. Send your letters by certified mail, return receipt requested, so you can document what the company received and when. Keep a file of your correspondence and enclosures.
When you open new accounts, use new Personal Identification Numbers (PINs) and passwords. Avoid using easily available information like your mother’s maiden name, your birth date, the last four digits of your Social Security number, your phone number, or a series of consecutive numbers.
File a report with your local police or the police in the community where the identity theft took place.
Get a copy of the police report or, at the very least, the number of the report. It can help you deal with creditors who need proof of the crime. If the police are reluctant to take your report, ask to file a “Miscellaneous Incidents” report, or try another jurisdiction, like your state police. You also can check with your state Attorney General’s office to find out if state law requires the police to take reports for identity theft. Check the Blue Pages of your telephone directory for the phone number or check naag.org for a list of state Attorneys General.
File a complaint with the Federal Trade Commission.
By sharing your identity theft complaint with the FTC, you will provide important information that can help law enforcement officials across the nation track down identity thieves and stop them. The FTC also can refer your complaint to other government agencies and companies for further action, as well as investigate companies for violations of laws that the FTC enforces.
You can file a complaint online at www.ftc.gov/idtheft. If you don’t have Internet access, call the FTC’s Identity Theft Hotline, toll-free: 1-877-IDTHEFT (438-4338); TTY: 1-866-653-4261; or write: Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580.