• Uncategorized 22.11.2016 Comments Off on Shopping For A First Credit Card

    Long before we are old enough to carry credit cards ourselves, advertisers make sure we know about the power of plastic: “It’s everywhere you want to be.” “It pays to Discover.” “What’s in your wallet?”

    While using an ad campaign to choose a card is a terrible idea, the slogans have one thing right: A credit card can be a powerful thing. For teens and 20-somethings looking to pick a first card, taking the time to choose carefully can save money and offer a boost in establishing and building a credit history.

    An excellent credit score will be helpful when you start to think about buying a car or getting a mortgage. Even if you do not plan to take out a large loan in the near future, your credit information can be a factor in renting an apartment, obtaining a membership at a club or getting hired for certain jobs.

    Lenders use credit reports to determine how risky it is to give a borrower – that is, you – a loan. All in all, the lender just wants to know if the borrower will be able to pay back the loan. If the borrower has bad credit, then he or she probably made some major or ongoing financial mistakes and is more likely not to repay. On the other hand, if the borrower has good credit, then he or she has a history of paying back debt, and the lender will most likely grant the loan.

    Credit cards are effectively short-term loans that need to be paid back within a short grace period. Getting the first credit card can be tricky. Credit card companies do not have any basis for your credit history since you have not borrowed any money in the past. So how are you supposed to establish and build your credit rating without a history?

    One way is to apply for a secured credit card. Secured credit cards are backed by a deposit that you make upfront. Usually, the amount you deposit will be the same as the card’s credit limit. Everything else is like a regular unsecured credit card: You use the card to buy things; you make monthly payments; and you incur interest if you fail to pay off the full balance. A secured credit card should be only a temporary step to building credit. Try to pay off the total balance every month to show that you are financially responsible. After all, not only do you want to build a credit history, you want to build a good one.

    Another effective way to start your credit history is to become an authorized user on someone else’s card. Many parents will designate their children as authorized users on their credit cards so that the children can build credit without the legal obligation to pay the balance every month. However, if the person whose account you are authorized to use does not handle the account properly, their mistakes could end up hurting rather than helping your credit.

    Once you establish your credit history, you can shop for your first unsecured credit card. You will quickly discover that there are many to choose from. A number of factors can help narrow the search.

    The most important of these is how you intend to use the card. Are you going to use it only for emergencies? If not, will you pay in full each month, or will you carry a balance on the card? Once you decide how you will use the card, follow your self-imposed rules. It is very easy, and dangerous, to continually swipe the card and tell yourself it is for a good reason. But it is crucial to be stubborn about establishing good spending habits, even – or maybe especially – early in life.

    If you plan to carry a balance on your card, you must be aware of the interest rate of each card you are considering. The interest rate used by credit card companies is the annual percentage rate, or APR. There are cards with variable APRs, which are based on a certain index (such as the U.S. prime rate). There are also nonvariable APRs, which are usually fixed-rate credit cards. As a beginner, you will usually want a low-rate, nonvariable APR credit card, because knowing your interest rate will give you a sense of how much money you will need each month to pay at least the minimum amount due. A low-rate, nonvariable APR card will therefore help when you create a monthly budget.

    In addition to interest rates, pay attention to penalties and fees. Reading the fine print in a contract can save you from owing avoidable charges. The most common fees include balance transfer fees, cash advance fees, fees for requesting a credit limit increase and online or mobile payment fees. Many cards also impose penalties for not paying your bill on time or going over your credit limit. You should hold out for a card with minimal fees and reasonable penalties. Even if other features of a particular card seem attractive, avoid the potential for exorbitant fees and penalties that could hurt your cash flow and your credit history.

    Understanding your spending habits will help you determine which incentives will be important to you. Most cards offer rewards programs to their customers or offer cash back for certain purchases. Many cards offer 0 percent APR for the first six to 18 months that your credit card is open. These cards are great if you plan to carry a balance from month to month. Some cards even offer anywhere from 1 to 5 percent cash back on all or certain types of purchases. If you know how you plan to use your card, then certain cards’ rewards programs can save you a lot of money.

    As a first-time cardholder, once you have chosen the card that is right for you, you may find it exciting to be able to swipe the piece of plastic and not have to pay in cash. But while credit cards can be useful tools, it is important to not fall into the black hole of credit card debt, which can be all too easy for an inexperienced user. Make sure to know how your credit score works and how to avoid penalties so that you will be able to make larger purchases and secure loans in the future.

    Your payment history, the amount of credit you use and the number of negative marks on your credit history have the highest impact on your overall credit score. If you can, pay off your total balance on time each month, ensuring that you have a 100 percent payment history. Paying off your card every month comes with the added bonus of saving you from being charged any interest on a carried balance.

    You will also want to use as low a percentage of your credit limit as you can. This ratio is called credit card utilization, and most experts recommend that you try not to go over 30 percent at any time. Credit card companies want to know that you are responsible with your spending and that you will be able to pay off your balance each month. You can either spend less each month or increase the credit limit on your card to lower the percentage used. You can also pay more than once per month.

    Obviously, you should avoid any negative marks on your credit history. These can include collection accounts, bankruptcies, foreclosures, civil judgments or tax liens. Although someone applying for a first credit card typically will not have had time to worry about bankruptcies or foreclosures, keep in mind that such problems can severely damage your ability to secure credit in the future.

    As a first-time applicant, you may find that the length of your credit history, the total number of accounts open or closed in your name and the number of credit inquiries also have an adverse rating on your credit score. Your credit history will be short. You will not have many open or closed accounts. Your first credit inquiry will most likely be from the company where you applied for your first credit card. Be patient. Building a credit history takes time, but as a young adult, staying on top of your finances, and especially your credit cards, will help you in the long run.

    Credit cards can be both powerful and dangerous, but they are also a convenient part of everyday life for most of us. A first credit card offers a great opportunity to establish positive financial habits that will serve you well for a lifetime.

  • Uncategorized 22.10.2016 Comments Off on The Importance of a Credit Report

    Your credit report in combination with your credit score is as important as the air you breathe. Without it, you won’t stand a chance or survive in the United States. To most of the country, you are just a number in conjunction with a credit history. It does not matter whether you are good person, volunteer, lie or cheat. It only matters how responsible you are with your personal finances.

    The simplest way to find out about your credit history is to order a copy online. You want a website that provides you with information from the three major credit bureaus;Experian, TransUnion and Equifax. These bureaus analyze your financial decision making; both past and present, and put that information into a report. A good website to use that provides this information is creditchecktotal.com. It only costs $1 to check and can provide you with invaluable information compiled into a credit report. Your report will not only provide your current credit score, but also your entire credit history.

    A credit report acts as your credit references. A positive credit history tells potential lenders that you manage your finances well, i.e. borrow money and pay it back in a timely manner. A negative credit history tells lenders you have a difficult time managing your finances and instead are in debt, often not repaying them as agreed.

    Credit reports help you by providing you with your personal financial history. This may include attempts at fraud made by others at your expense or errors made by varying lenders. The report can also provide you with information on good or bad decisions you may have made in the past. By staying up-to-date with your financial history, you can ensure you are making good choices, have the ability to detect if someone is committing identity theft and ensure there are no errors.

    In addition, a credit report can explain why you were not approved for a certain loan or line of credit. Even though you had a great or excellent credit score, you still had a negative item or charge back on your credit report, so the financial lender refused to approve you.

    You can also see how fast your credit score can be transformed. If you go ahead and start repairing your credit, you can watch how fast negative items can be removed and how fast you will gain points putting your score from bad or below 600 to above 700.

    If you are not happy with your current FICO score and/or credit history or find there are errors in the report, you can contact a credit repair company. The credit repair company can boost your credit score, remove negative items and/or dispute errors on your behalf.

  • Uncategorized 06.10.2016 Comments Off on Top 5 American Express Credit Cards in Singapore

    American Express is one of the biggest issuers of credit cards in the world. The company offers cards that are customized to meet the needs of all kinds of customers but mostly they cater to the needs of individuals with high net worth. At present, more than 100 million people around the world use cards that are issued by this multinational financial company. American Express has a very strong presence in most Asian countries including Singapore. It offers a range of credit cards that are very popular with residents of this island nation.

    The top 5 American Express credit cards offered in Singapore are as follows:

    1. True Cash Back Card – This card has been designed to help people with saving more money when they use the card for their daily expenses. A percentage of the amount spent with the card with be credited back to the cardholders’ account as cash back and so they can save money in the process. The cardholders will need to pay a little more than S$170 as annual fee for the card and they can also opt for supplementary cards for their loved ones to share with them the benefits offered with this card.

    2. American Express Platinum Card – As its name suggest, this credit card comes with features that are designed for people with premier lifestyles and it can offer them with golfing, dining and travel benefits. Because of its worldwide acceptability, this card can be used at merchant outlets around the globe. The annual fee for the card charged is relatively high and so it may not be ideal for those who are looking for a card with low annual fee or other charges.

    3. American Express Rewards Card – This is the ideal American Express credit card for those who want to earn reward points every time they use their card for any transaction. The reward points can be redeemed without any difficulty and on the website of American Express Singapore. The cardholders are offered with higher reward points when they use the card at some of the selected merchant outlets in Singapore. Only people aged 21 or above can apply for this card, which comes with a low annual fee of around S$50.

    4. American Express Platinum Reserve Card – It is the ideal card for those who want to earn higher reward points for all of their purchases. It can the cardholders can earn up to 50,000 points in the initial 6 months of receiving the card by spending a specified amount of money. It is also very good for those who frequently dine out as it will offer them with discounts and other privileges at some of the top restaurants in the country. It does come with a high annual fee of more than S$500.

    5. American Express Singapore Airlines KrisFlyer Gold Card – This American Express credit card has been designed for those who travel by Singapore Airlines on a regular basis as they can enjoy discounts of air tickets and a range of other travel benefits. With every dollar spent with the card, the cardholders earn air miles and the accumulated air miles can then be redeemed for hotel bookings, flight reservations and other travel benefits. Only people with high credit score can apply for this card.

  • Uncategorized 26.09.2016 Comments Off on 7 Tips For Credit Card Management

    The invention of credit cards was a giant leap forward for humans. People around the world use their credit cards for all kinds of purchases and payments. The credit cards give the people, the freedom of purchasing what they want, without having to depend on their bank balance. Credit cards are used by all kinds of people in cities and towns across the world. It is a fact that a credit card can be a boon as well as a bane at the same time.

    At times, people do not know how to effectively manage their credit cards. This is why, their credit score is severely affected and they find it hard to acquire financial assistance from banks and other lenders. In order to make sure that your credit score is not affected, you need to effectively manage your cards. You need to be careful about making payments and using the card for any purchase.

    When you make your credit card payments on time, your credit score improves and you can obtain higher amount of credit. On the other hand, if you fail to make the payments on time, your credit score is negatively affected and you may not get any further credit from financial institutions. Here are a few important tips which will help you in effectively managing your credit cards:

    1. Plan your purchases – Before purchasing or buying any product, determine if it is necessary to buy it. You must make a list of your priorities and stick to that so that you can arrange for the money needed to pay your credit card bills. At any point of time, make sure that you do not purchase something too expensive as it will make you cross your monthly budget or the credit limit on your card.

    An effective way of way of planning your purchases is to make a shopping list. At the beginning of the month, try to make a list of things you need to buy with the card and stick to that list as much as possible.

    2. Always check your statements – Check your statements on a monthly basis as the statements will help you understand your spending pattern. Based on your observation, you can try to avoid unnecessary purchases. Also, checking the statements will help you in knowing the minimum payment due for a particular month, so that you can make that payment on time and avoid extra charges or fees.

    You can easily check your statements online, and you can also use your smartphones to keep a track on your card usage. Mobile alerts can be very helpful in ensuring that you do not end up paying more than what you are supposed to, when you use your credit card for any transaction.

    3. Try to make full payment – Try to make full payments, whenever possible. When you pay your credit cards in full and within the due date, you do not have to pay any interest on the billed amount. Besides, paying the credit card balances in full will help in improving your credit score. Even if you are not able to pay your credit card balances in full, you should always make sure that you pay the minimum amount due, within the due date.

    Apart from saving a substantial amount of money on interest, you will also be able to improve your credit score and increase your chances of obtaining more credit in the future.

    4. Keep a track of supplementary cards – At times, you might forget the fact that you have provided supplementary cards to your family members and these cards are linked to your credit card account. The way these cards are used can have an impact on your credit card account. Hence, you should keep a track on them and also ensure that the transactions completed with them are paid for within the payment due date.

    Besides, you also need to keep a track of these cards so that you can ensure that the credit limit of your card is not exceeded. If it is exceeded, you will end up paying an over limit fee and other hefty charges.

    5. Look out for promotional offers – Why pay more when you can get the same product by paying less? Be a little smart when using your plastic money and make sure that you utilize the variety of offers and promotions provided by the card issuers from time to time. These promotions can provide you with access to discounts, deals and privileges across different segments such as dining, travel, shopping and so on.

    You can not only save money through these promotional offers but you can also enjoy a variety of other exclusive privileges which will enhance your experience of using a credit card. Make sure that you always visit a website where you can find information about such promotions so that you can take full advantage of them.

    6. Make multiple payments in a month – Do not just limit yourself to making a single payment within the payment due date every month. Instead, try to make multiple payments even if you pay small amounts. It has been observed that the credit card issuers and the credit bureau tend to send payment reports more than once every month, if there is a lot of payment activity in an account.

    When you make multiple payments you make sure that the lot of positive information about your credit card usage is being sent to the credit bureau and in the process your credit score will get a big boost. For example, if the minimum payment due for the month is S$1500, do make a payment of S$1500 and apart from that also make other amounts in the same month.

    7. Avoid cash advances – You will be provided with the feature of withdrawing cash with your credit card but you should avoid utilizing this feature. When you withdraw cash with your card, you will be charged a cash advance fee and you will also not get any interest free period to make the payment.

  • Uncategorized 22.09.2016 Comments Off on Solve Your Quest of the Goods and Bads of Merchant Services

    Every business has its share of strong points as well as low points. While some entrepreneurs are quite familiar with both aspects, some are still battling between the pros and cons. If you are also struggling from this situation, read on to unveil everything related to merchant services. With the clear picture in front, you can easily plan whether these services can benefit your business or not. Starting with the good points, there’s a lot to gain.

    Check out some of the most popular features, which can help your business expand globally in minimum time.

    1. Merchant services are all about accepting credit cards. As more & more customers love paying through cards, an incredible boost is seen in the sales.

    2. Accepting card payment is easy and takes a few seconds. Hence, the payment game gets done instantly.

    3. Higher order amounts makes accepting cards a lot cheaper.

    4. Cash comes with risk factors; hence, security is needed. Moreover, if the payment is huge, troubles are natural and customers might pay less than the actual cost.

    5. Merchant services increases the payment options for the customers, which eventually convince them to buy products and services of the business.

    Moving on to the unfavourable side, there are a few factors to be careful about. Some of them are explained below:

    1. Internet fraud is possible in these services. Don’t worry, as it happens in rarest of the rare condition.

    2. Business owners have to adhere to the principles of the credit card company.

    Credit card companies are smart and very particular about their services. While dealing with high-risk business, they are aware that as compared to other businesses, this particular is risky. Before associating with them, they cross-check everything to make sure that payment processing account is legally established. In case of any doubt or suspected foul play, they reject the partnership. So which companies are listed as high-risk? Are you one among them? Take a look at the below given category and get the answer:

    1. Business involved in unclear or doubtful work.
    2. Business with tricky ways of sales.
    3. Process card-not present transactions.
    4. Deal with transacting high average dollar amount.
    5. Trade services to international countries.

    If your business revolves around any of these points, you fall in the high-risk zone.

    Keeping updated with the latest market trends is the first step towards profits. Though there are some cons but they are very rare and nothing as compared to the pros. Think carefully, decide wisely and take the final call. In case of any doubt, consult the service providers and have a conversation.

    Paycron has been recognized for leveraging top-notch merchant services for customers. Different payment solutions are provided ensuring that the business, whatever the size, remains well connected.

  • Uncategorized 26.08.2016 Comments Off on Shopping For A First Credit Card

    Long before we are old enough to carry credit cards ourselves, advertisers make sure we know about the power of plastic: “It’s everywhere you want to be.” “It pays to Discover.” “What’s in your wallet?”

    While using an ad campaign to choose a card is a terrible idea, the slogans have one thing right: A credit card can be a powerful thing. For teens and 20-somethings looking to pick a first card, taking the time to choose carefully can save money and offer a boost in establishing and building a credit history.

    An excellent credit score will be helpful when you start to think about buying a car or getting a mortgage. Even if you do not plan to take out a large loan in the near future, your credit information can be a factor in renting an apartment, obtaining a membership at a club or getting hired for certain jobs.

    Lenders use credit reports to determine how risky it is to give a borrower – that is, you – a loan. All in all, the lender just wants to know if the borrower will be able to pay back the loan. If the borrower has bad credit, then he or she probably made some major or ongoing financial mistakes and is more likely not to repay. On the other hand, if the borrower has good credit, then he or she has a history of paying back debt, and the lender will most likely grant the loan.

    Credit cards are effectively short-term loans that need to be paid back within a short grace period. Getting the first credit card can be tricky. Credit card companies do not have any basis for your credit history since you have not borrowed any money in the past. So how are you supposed to establish and build your credit rating without a history?

    One way is to apply for a secured credit card. Secured credit cards are backed by a deposit that you make upfront. Usually, the amount you deposit will be the same as the card’s credit limit. Everything else is like a regular unsecured credit card: You use the card to buy things; you make monthly payments; and you incur interest if you fail to pay off the full balance. A secured credit card should be only a temporary step to building credit. Try to pay off the total balance every month to show that you are financially responsible. After all, not only do you want to build a credit history, you want to build a good one.

    Another effective way to start your credit history is to become an authorized user on someone else’s card. Many parents will designate their children as authorized users on their credit cards so that the children can build credit without the legal obligation to pay the balance every month. However, if the person whose account you are authorized to use does not handle the account properly, their mistakes could end up hurting rather than helping your credit.

    Once you establish your credit history, you can shop for your first unsecured credit card. You will quickly discover that there are many to choose from. A number of factors can help narrow the search.

    The most important of these is how you intend to use the card. Are you going to use it only for emergencies? If not, will you pay in full each month, or will you carry a balance on the card? Once you decide how you will use the card, follow your self-imposed rules. It is very easy, and dangerous, to continually swipe the card and tell yourself it is for a good reason. But it is crucial to be stubborn about establishing good spending habits, even – or maybe especially – early in life.

    If you plan to carry a balance on your card, you must be aware of the interest rate of each card you are considering. The interest rate used by credit card companies is the annual percentage rate, or APR. There are cards with variable APRs, which are based on a certain index (such as the U.S. prime rate). There are also nonvariable APRs, which are usually fixed-rate credit cards. As a beginner, you will usually want a low-rate, nonvariable APR credit card, because knowing your interest rate will give you a sense of how much money you will need each month to pay at least the minimum amount due. A low-rate, nonvariable APR card will therefore help when you create a monthly budget.

    In addition to interest rates, pay attention to penalties and fees. Reading the fine print in a contract can save you from owing avoidable charges. The most common fees include balance transfer fees, cash advance fees, fees for requesting a credit limit increase and online or mobile payment fees. Many cards also impose penalties for not paying your bill on time or going over your credit limit. You should hold out for a card with minimal fees and reasonable penalties. Even if other features of a particular card seem attractive, avoid the potential for exorbitant fees and penalties that could hurt your cash flow and your credit history.

    Understanding your spending habits will help you determine which incentives will be important to you. Most cards offer rewards programs to their customers or offer cash back for certain purchases. Many cards offer 0 percent APR for the first six to 18 months that your credit card is open. These cards are great if you plan to carry a balance from month to month. Some cards even offer anywhere from 1 to 5 percent cash back on all or certain types of purchases. If you know how you plan to use your card, then certain cards’ rewards programs can save you a lot of money.

    As a first-time cardholder, once you have chosen the card that is right for you, you may find it exciting to be able to swipe the piece of plastic and not have to pay in cash. But while credit cards can be useful tools, it is important to not fall into the black hole of credit card debt, which can be all too easy for an inexperienced user. Make sure to know how your credit score works and how to avoid penalties so that you will be able to make larger purchases and secure loans in the future.

    Your payment history, the amount of credit you use and the number of negative marks on your credit history have the highest impact on your overall credit score. If you can, pay off your total balance on time each month, ensuring that you have a 100 percent payment history. Paying off your card every month comes with the added bonus of saving you from being charged any interest on a carried balance.

    You will also want to use as low a percentage of your credit limit as you can. This ratio is called credit card utilization, and most experts recommend that you try not to go over 30 percent at any time. Credit card companies want to know that you are responsible with your spending and that you will be able to pay off your balance each month. You can either spend less each month or increase the credit limit on your card to lower the percentage used. You can also pay more than once per month.

    Obviously, you should avoid any negative marks on your credit history. These can include collection accounts, bankruptcies, foreclosures, civil judgments or tax liens. Although someone applying for a first credit card typically will not have had time to worry about bankruptcies or foreclosures, keep in mind that such problems can severely damage your ability to secure credit in the future.

    As a first-time applicant, you may find that the length of your credit history, the total number of accounts open or closed in your name and the number of credit inquiries also have an adverse rating on your credit score. Your credit history will be short. You will not have many open or closed accounts. Your first credit inquiry will most likely be from the company where you applied for your first credit card. Be patient. Building a credit history takes time, but as a young adult, staying on top of your finances, and especially your credit cards, will help you in the long run.

    Credit cards can be both powerful and dangerous, but they are also a convenient part of everyday life for most of us. A first credit card offers a great opportunity to establish positive financial habits that will serve you well for a lifetime.

  • Uncategorized 22.08.2016 Comments Off on The 5 C’s of Business Credit

    The 5 C’s of business credit are:

    1. Character
    2. Capital
    3. Capacity
    4. Collateral
    5. Conditions

    Character is all about you. It’s about your personal history, your stability, and how reliable you are. This variable is more subjective than the others, and is one of several reasons it is beneficial to do business with a bank where you have built relationships with the people who work there. In determining your character, the lender may look at your education, your work history, your personal income, and personal credit history.

    Again, it’s important to remember that this is one area of business credit where relationships do matter!

    Capital is about how much you have invested in your business. Whether you are seeking a bank loan or a loan from a private investor, the lender will want to see that you are heavily invested in your own business. Generally speaking, the more of your personal money that you’ve invested in your business, the better it will look to a potential lender. (After all, if you’re not confident enough to invest in your business, why should they be?)

    Capacity is about your ability to repay a loan according to the terms. Things like cash flow, payment history, and the assets and resources of any person providing a personal guarantee will play a part in determining your capacity to pay back a loan. Collateral is something offered up as security for a loan. Anything from equipment to inventory to a home you own can be considered collateral. It may be easier to get approved for loans with collateral, and many loans will require it. In some cases, the more that you can offer as collateral, the more likely you will be to get approved.

    “Conditions” may mean any number of things, some of which could be out of your control. The current economy, for instance, may play a role in your ability to get approved for a loan. Other things that they may look at include your industry and its economical status, and the purpose of the loan.

    If your industry is suffering and businesses in your industry are struggling, it could negatively affect your ability to get approved. Some loan purposes are more readily approved than others, too. Loans for riskier purposes such as new and unproven expansions are generally less likely to be approved.

  • Uncategorized 26.07.2016 Comments Off on Credit Information and Its Safety

    “A credit rating is an opinion on the financial soundness of an enterprise and its capability to repay its debts and the corresponding interest. It is a tool for risk assessment and as such, it provides investors with a simple and objective indicator of default risk to supplement their own credit evaluation.” (Business Finance and Philippine Business Firms, Nenita D. Mejorada, 2006)

    Some of us are willing to give up the complacency and security of a regular job to go into business. We are willing to invest our money on a business where we can be our own master and employer. We make feasible studies, build our network, and offer our products through social eCommerce. But getting into business means having the acumen to take advantage of opportunities. We should know our target market, the goods and services our market needs, the growth and stability of our business, and the financial resources that we have.

    There’s a great deal of business opportunities to try out there. A lot of us are willing to grab them but we don’t have the sufficient capital to do so. We may gradually save from our monthly pay, invest our money on assets, or if we’re lucky, we can make use of what our family has. Another option is to approach other parties who are willing to invest in our business. But most people opt to get loans for their business capital instead. These days, banks are more than willing to offer assistance in starting a capital. This what makes credit report an imperative source of information to get loan approval from banks.

    What’s in a credit report?

    Credit report contains your credit history – the types of credit you use, your account payment history, recent credit and loan applications and how much credit you’ve used. Your basic information, employment history are also included.

    This data is being used by credit bureaus to generate your credit scores so you may gain access on your financial situation.

    Safety of a credit report

    We see a number of credit report available online. We see advertisements enticing us to see our online credit report and score by a click of a button. Initially, we are curious on our credit scores and how we can improve our assets.

    But finding a reputable credit reporting is also an important thing to consider. Credit report information and its safety solely relies on verifying the legitimacy of a credit bureau. It should be valid and legal.

    Having a secured credit bureau will provide us a privacy policy that gives us details on how our information will be used. They guarantee a secured place for our information which is crucial in safekeeping our data.

    Personally Identifiable Information (PII) or Sensitive Personal Information (SPI) must be highly regarded due to the threat of identity stealing. It is essential for everyone to regard the security of their information to avoid future problems. Source: CIBI Information, Inc., a credit bureau in the Philippines (http://www.cibi.com.ph)

    Good credit for financial freedom

    Managing our credit plays a vital role in our financial life. It is essential not only on getting a strong credit history but it also qualifies us to get a better option in accessing our credit line. What knowledge we have about credit management gives us the control over our future. It is better to be equipped especially when it comes to our finances. And when it comes to finances, it works hand in hand in planning for our future. Financial management draws us away from obligations that may keep us from gaining financial failures. Securing a credit bureau gives us back that financial freedom.

  • Uncategorized 26.06.2016 Comments Off on How To Remove Incorrect Credit Report Information After Bankruptcy

    If you have recently declared bankruptcy and want to rebuild your credit, it is essential that you regularly check your credit report to make sure that all of the details are correct. In reality, everyone needs good credit. Even if you never intend on buying a home or a new car, your credit score will still impact your life. A bad credit score may require you to pay more for car insurance or cost you more for your monthly cell phone plan.

    Likewise, a bad credit score could cost you a dream job. So, please keep this in mind when thinking about the time and effort it will take to clean up the credit report. If you have never attempted to clean up your score before, it’s not that hard, and we will make it much more manageable for you. It’s easy to become preoccupied with life and assume that all information reported is accurate, but this is not the case most of the time.

    In addition to taking the time to view your credit reports regularly, you must also follow the correct steps to make sure that any false or wrongly stated information is rectified — otherwise, this incorrect information will still prevent you from rebuilding your credit and cost you more MONEY. This will really become important in the two years following a bankruptcy when you are trying to re-establish your credit.

    Here are the correct steps to take.

    1. Review your credit report thoroughly and regularly. To do this DO NOT use an online company like Equifax in order to view your credit report. Why? You might lose certain rights in order to comply with that company’s own rules (each company is different). Instead, write toannualcreditreport.com and use the MAIL IN form to request your credit report.

    Note: you MUST ask for your report in writing. Sure, it may seem archaic, but it’s the only really good way to get all of your credit information and not be taken advantage of by the credit reporting agencies.

    2. Once you have your report, take a good look at it. Since you have declared bankruptcy, all debts that can be cleared should be cleared. Next to any cleared debts the note ‘zero balance discharged in bankruptcy’ should appear. If there is anything else written — anything at all! — make sure to correct that detail. The above statement is the only one that should appear.

    3. If there is any wrong information on your credit report, write directly to the credit agency that has reported the wrong information. One again, it is very important that you do not take the easy road on this and email or call the credit reporting agency, this dispute must be submitted in writing. You cannot submit this information online or through an email because you may not be able to prove your case if they fail or refuse to remove the negative information. Why am I telling you to take the hard way? Evidence, that’s why. When I sue the credit reporting agencies, I need evidence. Without evidence, you do not have a case.

    A Long Process
    Again, it’s a lot simpler to ask for a credit report online and to submit things online, but this is not what we recommend. Even though it takes a while to submit information or ask for a credit report in writing, this is the absolute best way to go about this process. It’s important that you consider what you might be giving up when you gain information through any kind of private company, so keep this in mind when tempted to ask for credit rating details electronically.

    A Qualified Bankruptcy Attorney Can Help
    It might not seem like there’s a lot involved in declaring bankruptcy, but a good legal team can do a lot more than plead your case. When you select a bankruptcy lawyer, it’s important that the lawyer you choose helps you decide whether or not bankruptcy is actually the right course for you. In some cases bankruptcy is ideal, but in other cases it’s not the best solution.

 
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