Your Credit and Your Rights
Sometimes, things happen that can cause credit problems: a temporary loss of income, an illness, even a computer error. Solving credit problems may take time and patience, but it doesn’t have to be an ordeal.
The Federal Trade Commission (FTC) enforces the credit laws that protect your right to get, use and maintain credit. These laws do not guarantee that everyone will receive credit. Instead, the credit laws protect your rights by requiring businesses to give all consumers a fair and equal opportunity to get credit and to resolve disputes over credit errors. This article explains your rights under these laws and offers practical tips to help you solve credit problems.
Your Credit Report
Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. Under the Fair Credit Reporting Act:
• You have the right to receive a copy of your credit report. The copy of your report must contain all the information in your file at the time of your request.
• Each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – is required to provide you with a free copy of your credit report, at your request, once every 12 months. Consumers from coast to coast will have access to a free annual credit report if they ask for it.
• Under federal law, you’re also entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
• Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period.
• You have the right to know who asked for your report within the past year – two years for employment related requests.
• If a company denies your application, you have the right to the name and address of the consumer reporting company they contacted, provided the denial was based on information given by the consumer reporting company.
• If you question the accuracy or completeness of information in your report, you have the right to file a dispute with the consumer reporting company and the information provider (that is, the person, company, or organization that provided information about you to the consumer reporting company). Both the consumer reporting company and the information provider are obligated to investigate your claim, and responsible for correcting inaccurate or incomplete information in your report.
• You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
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You Can Fix Your Bad Or Poor Credit
Tips on how to get started now.
You will not be able to build good credit overnight. It will take discipline and persistence on your part to change your credit for the better. After you have fixed and improved your credit rating in the eyes of lenders, you will notice more opportunities offered to you to borrow money at more desireable terms than when your credit was bad. Just because you have bad credit does not mean that you can not borrow money or get a loan, it just means that less opportunities will be available. The funds you can get will come at a greater cost in terms of higher interest rates and more stringent repayment terms.
Many banks and lending companies are less likely to make loans to people with bad credit. Therefore, it only makes sense that you strive to improve your creditworthiness in order to convince potential lenders that you are a good credit risk. Once you have improved your credit history and track record you will be have better opportunities to buy a car, finance a personal loan, or buy a house. If you have already been trying to financed for any large purchases, then you may have noticed the hurdles you’ve been put through trying to get approved.
Fixing your credit rating may be as easy as getting any inaccurate statements off of your credit report. Therefore it is important to frequently check yours to see if everything on it is correct. If you do find inaccuracies immediately contact the credit bureau and work with them to get them corrected and off of your credit report.
For others, fixing or repairing their credit rating may be a lot more involved and complicated. Start by getting your personal budget balanced. You should not be spending more each month than what you bring in each month. If you are, then get that straightened out immediately. Cut out all unnecessary spending and charging. It is critical that you get your budget and debt repayment plan balanced, while making all debt payments on time. Not making on time payments each month increases the late payment fees you will have to pay, bring about increased interest rates and continue to negatively your credit rating. Once you start making and continue to make your monthly debt payments on time, you should see your credit score start to rise.
If you find that you can not do this on your own, there are many companies that can provide debt consolidation services.
So in essence to improve your credit:
• Create and live by a personal budget that balances your monthly income with your monthly expenses.
• Create a plan to save money and pay off your credit cards and debt.
• Use credit wisely.
• Pay your bills on time every month.
Once you have put all of these tips into action and your credit score begins to improve, you should see your borrowing opportunities improve as well. But remember, good credit habits must be worked at every day, so do not give up and make it a lifetime habit.
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You Are Your Credit Score’s Worst Enemy
When applying for loans, credit cards, or even trying to lease a new apartment your credit score is the major determinant of how well you will fair. Ironically very few people know what their credit score is and are not aware of the fact that they may be doing various things to hurt their credit score. If a high credit score is important to you, and it should be, beware of the following things to keep your credit score in check.
Have you ever had one of those months where everything seems to pile up and you just can’t make ends meet? You take a look at what you owe, who you owe it to, and finally decide that the credit card payment is going to have to wait until the next check. Not even that, lets cay you just forget to make your credit card payment on time. This is the first and most common mistake: missing payments or making late payments. If you know it or not every time you make a payment to any of your lenders, they report what amount you have paid, and whether you were on time or late. If your late basically consider it much like getting a test question wrong, your credit score drops. In addition, they will report how late you were, and your record of “lateness” will be represented on your report. Now you want to get a loan for a new car and the dealer pulls your credit report and your credit score shows you were late X amount of times last year. Put yourself in his shoes. If you lend your buddy $20 and he pays you back immediately you will lend him money again but if you have been waiting for that $20 for over a year next time he asks you’re not going to be as keen on it are you? If it’s clear that you have a habitual pattern of paying your bills late, they will think twice about lending you money.
Second, this is another one people never consider will hurt their credit report and I know when you read this you will realize you are guilty of it. If you get a mailing promoting a 0% credit card or a new great rewards credit card and figure you could use another card do you apply for it? Well if you do you could be docking your credit score yet again. Every time you submit an application for a credit card or apply for a loan the credit agencies are notified of your credit report being pulled and checked. If this happens too many times it will undoubtedly hurt your credit score. The credit agencies will look at those inquiries as attempts to get credit or a loan and if those don’t follow the inquiry it reflects poorly because it seems as though you’re not getting approval. No one (except the credit reporting agencies) knows the formula for how many inquires will hurt your report, but the general rule of thumb is simply not to apply for credit unless it’s absolutely necessary.
Lastly is another tip to look out for that I am sure most people don’t really think about and that’s leaving credit cards on your credit report. I know it’s the opposite of what you have been taught but let’s think about it. If you have a credit card on your credit report that has been paid on time every time it’s a star on your credit report. Removing it would dock your score believe it or not. Of course credit scores favor accounts that are active so try and keep charging small items and paying them off regularly to maintain this benefit on your credit score and you’ll be surprised how quickly your credit score will increase.
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Wooing Small Business With Business Credit Cards
A few months ago (April 18, 2007), Discover Financial Services launched a new business credit card that offers frequent flier miles to small business owners. Among the credit card brands, Discover was one of the last to start offering business credit cards to the small business sector. Reportedly, this is only the latest in a virtual avalanche of business credit cards designed for small business.
One cannot but wonder at the sudden interest.
Perhaps a glance at recent research material will offer some clues. Data shows that in 2006, the small business sector spent $4.9 trillion; but only one-twentieth (5%) of that money was paid through business credit cards in any form (credit or debit card). The credit card companies now want in on that huge market, and believe they can induce small business owners to not only make use of their business credit cards but also to spend more on their cards.
To achieve this, the credit card companies will have to convince the small business owners to use business credit cards in less traditional ways. Traditionally, business credit cards have largely been used to cover travel and entertainment expenses. What card companies want is for businesses to use their business credit cards for everyday spend.
This is the reason behind the new cash back rewards business credit cards. These cards offer 5% discounts on purchases of office supplies, gasoline, courier services and other essential business needs. MasterCard even went as far as launching a business credit card targeted at a specific industry: contractors and construction companies. MasterCard was also the first card company to provide zero-liability protection to small business credit card holders.
Discover’s recently launched business credit cards offer small business the chance to purchase checkbooks. This enables small business owners to pay for purchases from vendors that don’t accept business credit cards. These checkbooks tap into the spending limit on their Discover business credit cards. Visa offers a directly competing program.
American Express sponsors various networking events for small business credit card holders. It also features one of the most extensive business resource databases to help users of its business credit cards to address and resolve their everyday business management problems and concerns.
How big is the potential market for business credit cards, you may ask? If you take the $4.9 trillion small business spending in 2006 and double the current business credit card spend from 5% ($245 billion) to 10%, you have $490 billion. If you charge 15% interest on that, you have a $74 billion potential contribution to profits. In fact, market research companies forecast double-digit growth in small business credit cards between now and 2010, and total charges are projected to reach $740.2 billion by that year. That is a lot of profit.
It has been an uphill climb to get small business owners to subscribe to an expanded use of business credit cards. It takes time, but eventually business owners will respond. One issue that business credit card issuers will have to address is the marked preference of small businesses to pay their full balance for the month as and when it falls due. Card companies do not earn from such transactions. That should be food enough for thought.
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With Credit Cards Hitting Hardest, UK Consumers Tax Themselves With Penalty Charges On Personal Finance Options
A rise in costs for users of any financial service usually results in public outcry, why is it then that so many of those same consumers allow penalty fees and charges to accrue on their credit cards, when the problem could so easily be avoided?
The financial groups Defaqto and MoneyExpert have released a report in which the startling figure that one in five consumers have had to pay just such a charge, and while credit cards were the worst offender, a number of different personal finance services also incurred unnecessary charges. These services included charges for simple personal finance errors such as allowing an overdraft to go over the agreed bank limit, or investing in an inflexible mortgage and then paying off the debt early. In both cases either better preparation beforehand with regards to choosing the right provider (such as using an online personal finance database like Moneynet or Motley Fool ) or taking advantage of financial options now readily available would have presented more flexible options which would not have imposed the penalties.
To take an example, credit cards allow greater control over your personal cash flow – you can pay now for a product or service even if the funds you use will not be available to you until the following month, at which point you pay off the credit card. Credit cards also have valuable incentives for their use with larger purchases, featuring, as the majority do, insurance options and traceability. However when you are making smaller purchases, say clothing or household products, then the use of a credit card may not be the best use of your money: searching for a suitable personal loan would most likely result in better short-term rates and the avoidance of penalties such as those imposed on the one in five people surveyed by Defaqto and MoneyExpert.
With the survey also producing the result that one in twenty consumers faced charges in excess of £100 it would seem that this problem is more than a trifle for a large portion of the UK population and that while there are a great number of personal finance options available out there, there are very often not used to the advantage of the consumer as they could so easily be with a little research.
Disclaimer
All information contained in this article is for general information purpose only and should not be construed as advice under the financial Services act 1986. You are strongly advised to take appropriate professional and legal advice before entering into any binding contracts.
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Wipe Out Debt with Balance Transfer Credit Cards
f you find yourself metamorphosing into a plastic junkie, then you may use balance transfer credit cards to consolidate your payments. However, the best balance transfer credit cards offer some incredible deals and if you use them judiciously, who knows, they may even help you write off all your debts. No wonder, a balance transfer credit card has become the rage with Generation Plastic and a large number of them are happily on their way to debt freedom. If you wish to join this debt-less club, read on.
Know All About the Best Balance Transfer Credit Cards
First, don the knowledge armor by reading many more articles like this. They are available freely on the net, they provide hot tips and guaranteed strategies for fighting credit-induced poverty, and will help you save thousands of dollars.
Next, try analyzing your credit history. If it is any good, card companies will be happy to transfer large balances for you. However, if your credit history is marred, or slightly flawed, then you may have to settle for a smallish balance transfer. While this may not be much of a help it is, at least, a step in the right direction.
Your best bet, really, is to get the card company on the negotiating table. Let them know that you can take your business elsewhere if they do not agree to your request. Also, try to convince them that you are able to plan your finances better now and show them the steps you have taken towards constructing a viable financial strategy.
The Details of Balance Transfer Credit Cards
Such cards will offer a zero percent rate of interest only if you follow their rules. Therefore, it pays to do some eye stretching exercises and scour the fine print. Do you have make $X purchases within a certain time frame? Or you are not allowed to spend $Y? Or they may stipulate that you absolutely must purchase something. The devil, truly, is in the details.
Time Limits of a Balance Transfer Credit Card
Wouldn’t it be just perfect if you could enjoy a zero percent balance transfer all your life? Or maybe a lower rate of interest? Well, truth is, every company offers a certain time period during which you can get a zero or lower rate of interest. If you are financially savvy you may, theoretically, be able to work off your debt by jumping from one zero percent balance transfer credit to another. You will be surprised at the number of people who do so. So choose a card that offers a zero percent balance transfer for the longest possible period.
Money Back with a Balance Transfer Credit Card
Some companies will lure you by offering a cash back on purchases you make with a new card. If you plan to retain this card for some time, you may consider this option. Not that it will help pay off your debt, but if a penny earned, is a penny saved, then it is worth investigating such a deal.
Annual Fees of Balance Transfer Credit Cards
What’s the point of a balance transfer if you have to shell out a packet in annual fees and processing charges etc? If the whole idea of a balance transfer is to pay off debts, then look for a balance transfer credit card that offers a zero annual fee in the first year. Try to negotiate a zero fee for the next year as well. If you don’t plan to retain the balance transfer credit cards for very long, start shopping for a new card with zero annual fees as soon as you have finished the formalities for this one. You will soon realize that the best balance transfer credit cards need to work for you, not against you.
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Which Charity Credit Cards Are Worthy Of Your Support?
Donating to good causes is a great way to help people who are less fortunate. People have always been able to help good causes by giving up their time or handing over cash. Now the process is even easier.
Many charities now have branded credit cards that enable consumers to donate to the charity every time they spend. These charity credit cards are backed by major UK banks. The Royal Bank of Scotland, Halifax and the Cooperative Bank all support several charity credit cards.
Learning About Charity Credit Cards
When consumers first sign up for a charity credit card, the issuing bank makes a donation to the relevant charity. This sum ranges from £5 to more than £40. The actual sum donated will depend on the terms of the particular credit card deal. If consumers keep and use the card, then card issuers usually make a second donation at the end of six months or a year.
Charity credit cards also give ongoing support to charities by paying a percentage of any spending on the card to the nominated charity. For example, most cards contribute 0.25% of spending to the charity. This means that 25 pence is donated to charity for every pound spent on the card. Some charity credit cards offer a donation of as much as 1%, so the amount given to charity increases to match. This is worth thinking about when deciding which charity credit card to go for.
What Causes Can I Support With Charity Credit Cards?
There are cards for almost every good cause. These include:
- Cancer charities such as Cancer Research UK and Breakthrough Breast Cancer Trust
– Children’s charities such as the NSPCC, Great Ormond Street Hospital and Barnardos
– Animal charities such as the RSPCA and PDSA
– Aid agencies such as Christian Aid and Oxfam
– And many more.
To find out if the charity you want to support has a credit card, telephone them or visit their websites. There are also several credit card comparison sites to help consumers decided among the different credit card offers.
What Incentives Are There For Using Charity Credit Cards?
Charity credit cards offer the same incentives to new cardholders as other cards. This means that, depending on the offer, cardholders can benefit from:
- Low annual interest rates
– 0% balance transfer rates for a fixed period
– 0% interest on purchases for a fixed period
– other rewards and incentives.
Some credit card issuers may charge a one-off balance transfer fee. This should be considered when deciding on the right card.
As with all credit cards it is essential to make payments regularly and on time to avoid attracting any penalty fees.
Once people have selected the right charity card, making a donation is as simple as doing what they would do anyway. All they have to do is spend money in the usual places and their favourite charities will get the benefit.
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0% APR Credit Cards Explained
What Is A 0% APR Credit Card? Many of us have heard about them, but has anyone every explained 0% APR credit cards to you? Well, for starters, the APR or annual percentage rate is the rate of interest credit card companies charge on outstanding payments. The amount you are charged depends not only on the rate of interest, but also on the method of calculation of rates of interest. 0% APR credit cards are credit cards that charge you no interest on credit, for a specified period of time. The best 0% APR credit cards offer 0% APR’s to customers for up to 12 months. After 12 months the credit card issuer charges you at the normal rate. The card issuer assumes a risk by offering you interest free credit for such an extended period. They balance that risk by offering 0% APR credit cards to only customers with the best credit.
What Determines Your Credit?
Your credit depends on a number of factors. Your credit score, also known as the FICO score is widely used as a credit rating for Americans. Since your credit rating will determine whether you are issued a 0% APR credit card, knowing what goes into the score helps a great deal. Your credit score is determined based on five parameters. The most important among these parameters is your current debt and your history of repayment of debt.
The other three parameters for calculation of credit score are the length of your credit history, amount of new credit and types of credit used. Based on these five parameters, the individual is given a score ranging from 300 to 850. This is indicative of the credit worthiness of the person at a particular point of time. People with credit scores above 770 usually qualify for a 0% APR credit card. However scores above 700 are also considered good. 0% APR credit cards typically require, at a minimum, very good credit and often will require excellent credit.
One method used by customers to avoid interest is balance transfer credit cards. It is possible to shift from a credit card that charges interest to a 0% APR credit card using a balance transfer, provided you have the requisite credit. Once the introductory period of the card expires, people often shift to other 0% APR credit cards using the balance transfer method. Doing this however harms your credit rating and can hurt your prospects of receiving good credit in the future.
Prudence Pays
It is good to be informed of clauses like the universal default clause. This clause states that if you default on your payments to one creditor, for example a bank, it affects your credit rating and can increase the rate of interest you are charged elsewhere. Responsible vendors realize that informed customers make for the best customers in the long run.
0% APR credit cards sometimes come topped with other offers. You can find a variety credit card offers online that come at 0% APR from the best companies. Choose the 0% APR card that makes the most sense financially and functionally. And always try to maintain you good credit rating that got you your 0% APR credit card in the first place.
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Absolutely Free Credit Report
Absolutely Free Credit Report
Have you always been one of those people that have never been able to attain good credit? Maybe you have very good reasons, but that still doesn’t help the fact that you are probably paying up to hundreds more on bills and interest every month because of your low score. I know it can be really hard to pick yourself up when you are under the weight of accumulating debt and interest, but what it really takes is educating yourself in world of credit and getting the courage to take that first baby step towards your goal of becoming debt free. You are not alone. That is the most important thing to remember when moving forward.
When I tell you that the first step won’t cost you a penny, you probably won’t believe me, but I’m being entirely serious. You can attain an absolutely free credit report from one or all of the credit bureaus. I suggest that you do this first so that you know exactly where you stand when it comes to your score and financial situation. You score may be higher or lower than you anticipate and there is really no way to be sure unless you get a hold of this report since your score changes so frequently. Once you get the free copy of credit report history, you will have made the first step towards financial freedom, so give yourself a little pat on the back.
The next thing you should do is read each and every page that comes with your credit report copy. The bureaus will provide you with an explanation on how to properly decipher and read through every section of the report so that you will be able to understand what it is telling you. It may even be to your benefit to read it through a few times and highlight or underline anything you might not entirely understand so that you can be sure to look up the answers online or call the bureaus’ customer service line to ask. If you find any missed payments or charge offs listed on your credit that you are pretty certain should not be there, you will want to go back through your payment records to see if you can find the papers you need to prove your innocence. If you have the proper documentation to refute these listings, send copies along with a request for the debt removal to the three bureaus and to the company that is charging you with the debt.
If you did not find any discrepancies listed on your report or if you were able to successfully have them cleared, your next step is to work on the marks on your credit that you know are listed accurately, but are hurting your score. These back debts are really hard to get removed from your credit report, but not impossible. You will have to take some time to find proper letter templates online that you can send to the debt collectors requesting and negotiating lower payoff amounts. You can also hire someone to do the leg work for you, but it will cost you some extra cash to do so. (SN:0A9SDRMCS0929a)
No matter what, with enough time and determination, anyone can have good credit. You may think that there is no hope for you at this point, but you would be wrong. The credit world may be tough and confusing, but it is not impossible to crack. If you are still interested in finding more recommendations on credit repair visit http://www.renewmycreditscore.com
