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Archive for November 6th, 2009

Solutions To Credit Repair

Nov 6

Posted by Richard Frankel in Credit | Comments off

No one erases bad information unless it’s inaccurate. Only wrong information can be changed. Accurate information remains on your credit report for seven years from the time its initially reported (ten years for bankruptcy). Even information about bills you fell behind on but now are paid will remain on your report for these time periods.

Credit repair services cannot ask for payment until they’ve kept their end of a promise. Federal law also states that credit repair services give you a explanation of your legal rights, a detailed contract written out, and at least 3 days to cancel (this applies to for-profit services, not nonprofit, banks or credit unions, or creditors themselves).

Be careful about emails for credit services. Many unsolicited emails are simply frauds.

You can fix mistakes on your report yourself. If you were recently denied credit because of information in your credit report, you have the right to gain a free copy. Otherwise, there is a small fee, unless your specific state provides a free one each year. This is very common. It does not cost anything to question or dispute something appearing in your credit report. Follow the instructions provided by the individual bureaus. The major credit bureaus are: Equifax, 800- 685-1111, www.equifax.com; Experian, 800-682-7654, www.experian.com; and TransUnion, 800-916-8800, www.transunion.com. Contact all three, as the information each has may vary.

You can add your own explanation to your credit report. If there’s a good enough reason why you were not able to pay bills on time (laid off, sudden illness, etc.) or you refused to pay for something because of a legitimate dispute, give the credit bureau a short statement to include in your file.

Know that you cannot create another credit file. Fraud companies often offer to provide consumers with different tax identification or social security numbers in order to create a new credit file. This practice, called file segregation, is illegal, and it doesn’t work.

If you have credit problems, find a counselor. Your local Consumer Credit Counseling Service (CCCS) can give you advice about how to improve your credit record. The CCCS may also be able to make payment schedules with your creditors if you have fallen short. These services are offered free of charge or very cheap.

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Making store cards work for you

Nov 6

Posted by Samatha Ferguson in Credit | Comments off

If you can comfortably clear the outstanding amount on your store card when the bill arrives and are a regular customer of that particular retailer, it may be worth using a store card, as there could be plenty of benefits in doing so. Not only do you get a discount on your first purchase, there are usually other perks, such as bonus reward schemes, free catalogs or magazines, and special shopping days, where you can avoid the crowds and shop in peace. Jim Black gives customers 1% of what they spend in store back in the form of vouchers, for example, so if you are a regular customer this could be worth having.

Some retailers have launched credit cards alongside their store cards so you get the usual rewards of a store card for spending on the retailer-branded credit card. The danger is that while the APR tends to be lower than on a store card, it isnt as cheap as some of the best credit cards. And as you arent restricted to one store but can use it in whatever outlets you like, you could run up more debt on it than you were able to before. Check the APR before spending ” and if it isnt that competitive (and you dont clear your balance every month) dont use it at all.

Set up a direct debit to pay the full amount due on your store card each month. Then, if you forget to pay one month ” perhaps because youre on holiday ” it will be paid regardless so you wont run up any interest.

As well as persuading you to take out a store card, many retailers will try to force you to buy card protection and, just for good measure, card payment protection as well:

Card protection: Covers you if your card is lost or stolen. A single call from you can cancel all your plastic and usually costs around $7 a month.

Card payment protection covers your store card repayments if you lose your job or become ill and cant work.

You would want to avoid both types of cover, as they are expensive and usually a waste of money. Dont be talked into signing up, no matter how persuasive the salesperson is. If you really want some card or payment protection, shop around for a good deal rather than automatically taking out the policy the store card provider offers: There is no obligation to do so and you will find a better deal elsewhere. Make sure you read the small print before signing anything.

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