Houston Credit Repair Coach Explains the Credit Bureau's Secrets

By Cliff Pape

Do you understand what the credit bureaus are for? A credit bureau, also known as a Credit Reporting Agency or Consumer Reporting Agency, is pretty much a central database of credit and collection records, payment history, and particular legal details about you the consumer and businesses.

The credit bureau's business is to sell (note the word sell) your credit history to lenders, banks, landlords, and even employers so they can make a decision if they want to entrust you with their capital. Everyone knows the major U.S. credit bureaus Equifax, Experian, and TransUnion, but their are a couple others you need to know. The increasingly important new bureau is Innovis and we should not gloss over its significance to our scores. Dun and Bradstreet Corporation is also extremely important because it deals exclusively with business credit history.

The credit bureaus store hold 1 billion individual consumer and business records. About 2 billion individual credit transactions are entered into those records every month. That's a tremendous amount of data to manage correctly don't you think?

Most people don't know that roughly 80% of all credit reports have errors. Most of these errors go unnoticed. This is because mistakes may only get caught when you are declined for credit. However, most people just say "ok" to their score because of the psychological effect that the acceptance of a single mishap in your history can cause. We tell ourselves, "Yeah, I know it's bad cause of that late payment I had." And so we just accept it.

The US Government has recently established requirements for the bureaus to maintain accurate records along with requires them to have a way for consumers to see their records. It also established improvements for responding to consumer complaints.

Credit reporting bureaus are still businesses that exist to make profits like any other. Their profits are derived by charging banks, lenders, credit card companies or utility companies for accessing customer's history. This also means that looking into your disputes costs them resources, time, and money to investigate.

Let's take a look at the first big secret behind the credit bureaus:

Did you know you could potentially have up to 92 different credit scores? Each individual credit bureau, including Innovis, can issue up to 23 varying scores. The actual report you receive depends on who requests your history.

Your score will differ based on who pulls the score and which profile has been applied to you. Usually the score you get if you pull it from a major reporting bureau or an online service will absolutely be different - and usually higher than the score you get from a mortgage broker.

For instance, if you apply for your credit file through an online agency you'll be required to match up around 18 points of identification to confirm who you are. Unfortunately when a mortgage broker requests your report, they only need around 9 elements of identification to match which allows room for more errors and subsequently may reduce your score.

There are some allegations surrounding credit bureaus specifically giving lower credit scores than are actually true as their way of avoiding a potential law suit from a lender in the event that the borrower can't repay the loan.

This has scary implications as it suggests they may be protecting themselves instead of offering factual information.

About the Author:

Home Buddies gives lectures on investor credit repair in Houston. Starting with their free session for site visitors, Home Buddies develops and implements a customized strategy to boost credit and creates a business development strategy to help investors or homeowners overcome problems to financing real estate and building their portfolio.

4 Things You Should Do to Repair Your Credit Score

By iRepairCreditReport

One of the major things consumers have to know is that you should establish good credit or repair your credit score because lenders, as well as other companies, will give you better interest rates when you buy a home or car. And, you will get better deals on insurance and other products you purchase. A good credit score can even have an impact on finding a job.

If you have a bad credit report it's due to thing like: making late payments, having an account into a collection agency, and if you have gone bankrupt. If you want to fix your credit score, you must change your habits. If you do, over time your credit worthiness will improve. Once it does, you will start to see lower interest rate offers from lenders and better lower interest credit card offers.

If you want to help improve your credit score check out these 4 tips:

1. All Bills Must Be Paid Promptly

Your credit history is what companies base their lending on. Once they know your history they can then figure out how much of a risk you are to them. If you always pay off your debts then in their mind it's pretty likely that you will pay off future debts. So, you will be less of a risk.

2. Carry the Right Amount of Credit Cards

People nowadays have way too many credit cards. How many should you have? Credit experts recommend having 2- 4 credit cards. Don't go rushing to your wallet and start cutting up your cards though. These companies not only consider how many cards you have but they look at what balance you maintain on them. What you should do before cutting them up is pay them all down. Then, you can figure out which ones to keep.

3. Never Pay Less than the Minimum

When you go to pay your credit card bill make sure you pay no less than the minimum payments indicated on the bill. If you have extra money, try to pay a little more. If you pay less, it is considered a late payment. This will have a negative effect on your credit score.

4. Keep an Eye on Your Credit Report

You have to watch your credit report closely. Equifax, Experian and TransUnion are the 3 bureaus that keep track of your credit score. You must watch all 3. Once you get your report, take note of any negative information, mistakes or accounts you did not open. This way you can get to work on fixing these problems plus, you can see if you identity has been stolen.

Make sure that you change your habits. If you do, you will start to see the benefits in the very near future. If you find that you have to repair your credit score, then take the necessary steps. It will take a while but if you start now, you will have taken the first step.

About the Author:

Author: iRepairCreditReport is your online source that helps repair credit reports. If you are trying to repair your credit score, take a look at all sorts of articles and tips that are on this site.

Credit Rankings Are Important

By Steve Collins

Should you find yourself in the situation of needing to apply for a loan, your credit ranking can make or break your chances. That one small number that is your credit ranking will tell a potential lender whether you are a golden applicant for a loan or whether they should be concerned about your ability to repay the money you borrow. Generally, credit rankings range from 375 to 900, with 900 being golden and 375 being bad. Most of us have a credit ranking that falls around the 600s.

Numerous things are considered when a credit ranking is being analyzed. The two biggest factors are how much debt you are already carrying and your payment history. These two factors carry around 65% of the weight in most credit rankings. So if you have an chance, it is a good idea to pay down some of your existing debt before making a new loan application.

You can not do much to change your credit history, but it is always a good idea to get a free copy of your credit report a few months before making a loan application. This will give you a chance to correct any mistakes or clear up any misunderstandings that might have occurred in your records. Getting your credit report ready ahead of time will improve your credit ranking and your chances for getting a loan.

Your credit ranking is harmfully impacted by any collection action that may have been taken against you. Even an unpaid parking ticket can be referred to a collection agency if your town decides to clean house. Not paying your bills on time also hurts your credit ranking.

Since your credit ranking means a lot to lenders, it should mean a lot to you, too. Knowing your credit ranking going into the loan process can give you a fairly good indicator of the success of your application.

About the Author:

Steve Collins is an author and journalist. In these trying times, he knows the importance of obtaining effective debt settlement if necessary. Read his article about debt settlement here.

Helpful Hints On Business Credit Card?

By Ras Reed

Credit cards exist for various purposes. You can have access to a credit card that allows you to shop till you drop. Other credit cards are constrained to the use of holiday or vacation purposes while some are used to meet educational needs.

In the sea of credit cards, you can't really complain about not locating a credit card that caters to a specific need. If you are a business owner, you can also get a credit card that authorizes you to use it only for the sake of your business.

A business credit card is chiefly good because it enables you keep close tabs on your expenditure and gives you the chance to input your expenses satisfactorily.

A business credit card is mainly synonymous to a business bank account. It has special features and discounts that are designed to benefit both you and your business. A business credit card is not limited in its use.

Most business credit cards have adaptable credit limits. When you get hold of a business credit card you also get low annual percentage rates that enables you pay off any outstanding debts without much stress.

The major perk of having business credit card is that your business expense accounting is detailed. Don't make the mistake of using your business credit card to conduct personal acquisitions else it will distort the accounting details of your business credit card.

Use your personal and business credit cards separately in order to keep away from any miscalculation. Some business credit card suppliers meet the need of businesses is to be accounted for in their expense accounting and deliberately grouping the expenses on the business credit card in order to enhance accounting processes.

If you are a business owner, getting a business credit card will definitely help you keep a fast eye on your business in terms of economy and accounting. Business credit cards are made to aid you facilitate your business expense account.

About the Author:

No matter how much you think you know as regards Credit Cards information such as information about Visa Credit Card No Annual Fee , or even 0 Credit Card Balance Transfers , visit Ras Reed's site and be thrilled with very top information.

Long Term Approach To Stock Market Riches

By Gail Fredericks

If you want to make consistent money in the stock market, you can't afford to play it by ear. You have to have a game plan, and you have to be in it for the long haul. If what you're looking for is shortcuts to make a quick buck in the stock market, this is not the article you need to be reading. With this out of the way, let's move on to the ten steps to consistently making money in the stock market.

1. Clearly state your objective. Considering factors such as your age, risk tolerance, number of children, and so on, you will have to define what type of portfolio you're going to build. This is going to be the measuring stick by which you'll analyze every potential opportunity and decide whether or not it's worth going for, as well as when it's time to opt out. Avoid being in the situation where you react to the market, this is rarely good and almost always very costly.

2. Come up with a strategy. Stock market investing tactics and strategies are a dime a dozen. Any Google search or trip to your local library or bookstore will present you with a dizzying array of choices. Faced with such a wide range of options, you're better off deciding on one strategy that you're most comfortable with and that fits your style, and going with it. Leave yourself open to the possibility of making a minor change here and there but have those changes be the exception rather than the norm.

3. Weigh probable risks. It is absolutely essential that you highlight the risks your investment will bring up with a realistic view, not an overly optimistic one. The management system you choose must bring effectiveness and practicality to the table, so that you can bring the risk of losing money to a minimum, even if the investment turns out to be a dud. Also, it's important to complete this step before looking into what kind of profit the planned investment can bring you. If you reverse the order, you run the risk of being so excited over the money you might be making that you could overlook some serious risks.

4. Think about profit potential. One of the hardest parts about investing is knowing when to cash out once you're riding a winner. You should have a set threshold where you sell off enough to at least recoup your initial investment, and then ride the profits as long as you can. Know when and how to get out.

5. Look for other options. You can look around and see if there are any comparable (or better) investments in therms of risk, profit potential, or simplicity of management. This little extra step can simplify a lot of things for you, not to mention make you some extra money in the long run.

6. Analyze the obstacles. If you did go through the trouble of having an initial strategy, you will find that this step is a natural continuation of it. By anticipating the possible shortcomings of every investment, you put yourself in the position of doing just that.

7. Have your plan B ready. This one relates to point 4 and reinforces the need to have set thresholds, whether you're riding a winner or have to get rid of an albatross loser. You absolutely need to set specific boundaries as to when you should get out of an investment, either to prevent you from losing on your returns or just to avoid losing more money than you already have.

8. Choose the right investments. Investing takes time, so for one last time look over your new project as a whole. Now you've got all the pieces to see the puzzle as if it was completed, and can determine if this investment is really worth your time and effort. And if it isn't, there's no need to dwell on it: starting a new plan is certainly less painful than losing a couple thousand dollars because of an ill-advised investment plan.

9. Go for the gold. Once you decide to pursue an investment, don't second guess things. Give it all you've got and you'll probably come up a winner. Yes, it does sound clich, but even if things don't pan out for that investment, you won't be that big of a loser either because you had limits in place to limit your losses (see points 4 & 7). Steadfast resolve to follow your game plan will give you the best returns in the long run.

10. Debrief. At set intervals, go over your plan. If a couple of missteps here and there cost you a lot of money, try to identify them and make sure that you don't keep repeating them. Don't give up: we learn more from our failures than from our successes. Hang in there, make small changes; keep what works and discard what doesn't until you all your personal success ingredients come together and you carve out your very own formula for stock market riches.

About the Author:

Before starting to invest, make sure you read our extensive stock market success article. You can also find more general finance advice on our personal finance blog, Money Galaxy.

You're in it for the Long Run: Bond Costs

By Graham McKenzie

James Bond has turned into an international icon for his bravery, quick wits, and dangerous actions. While every man wants to be James Bond in one way or another, it's important to not share the same approach when dealing with bonds, although they take after the same name.

The problem begins with the costs associated with buying property and the high risk nature of a home loan or bond. Owning property is considered a future investment, not a quick way to make money.

The actual costs of taking out a bond in relation to the total costs involved in the act of buying a property are not that high.

There are five different bond related charges that will apply every time you purchase property. Which include registration fees, conveyance fees, value added tax, and inflation fees prior to the bond.

The fees must be paid, but they should never exceed 3% of the total cost of the property. In return, the property should appreciate, and recover the lost in a year or two.

However many people do not consider the minor details and purchase property on instinct. If they sell back within five years they lose a lot of money because you spend the first third of the bond paying back interest and not principal. The result is a lot of money still due.

For example, buy property at $600,000 and sell back within five years. If you've only paid $30,000 in principal, which is a likely scenario, you still owe $570,000. Can you cover that?

The bank also fights through bonds sometimes. When they struggle to meet the costs, they may request help from the central bank. Central banks do not like getting smaller branches out of trouble but sometimes it's necessary. If they deem so, they will grant the bank a "grace" period, allowing the bank to pay off principal and little to none interest. The bond has quite the spiraling effect as you may have already noticed.

Costs associated with a bond are relatively low as long as the borrower takes a long term view of property ownership and is able to meet the commitments throughout the duration of the bond.

About the Author:

Graham McKenzie is the content syndication manager at BondCredit.co.za South Africans leading Bond Originator

3 Reasons Why Your Mutual Fund Returns Will Always Stink

By David C Lewis, RFA

Getting good returns on your mutual fund might seem like a joke these days. Most mutual funds have terrible performance, and there are a few reasons why. Government regulations have a lot to do with it, and the industry has gotten lazy and inefficient. As a result, investors have suffered with returns that barely match inflation.

There are some ways that you can try to get better mutual fund returns, but, don't look for these products to be the panacea that they are pitched as.

Your mutual funds are probably posting inflated returns. By not paying attention to past performance numbers that are posted by the fund company, and instead asking an independent adviser to help you calculate your true return, you'll get a better idea of how you're doing. The fund typically shows you the simple average instead of the compound average which will result is higher returns on paper. It's good for business but not for your portfolio.

If you have a scientific calculator or a lot of time on your hands to do it manually, you can calculate the compounded return over time for these (or any) investment.

An alternative to trying to get more out of mutual funds is to get rid of them. One of the basic rules of investing is to understand what you are investing in. Most people don't understand mutual funds. They don't understand every business that the mutual fund holds. Even most financial advisers don't understand the businesses that the mutual funds they sell holds.

One final point to consider is choosing mutual funds that invest in value stocks or smaller companies. Also, if your fund itself is small, that can be a big plus. If the fees are low, and the fund is small, under the right management you could end up seeing strong growth that will help your portfolio overcome years of lackluster performance.

About the Author:

Author: Only so much information can be covered in one article. If you want more information about any aspect of personal financial planning, please visit David's website.

How to Send Money to Brazil

By Chloe Banks

There are several ways to send money to Brazil from the United States. One of the easiest ways to send money is to have a relationship with a US bank that is well represented in Brazil.

If the recipient of the funds has an account with one of these banks, it might be a good idea to open an account locally with the same bank, as money being sent between accounts within the same bank is often processed quickly and at little or no cost.

Bank transfers between different banks aren't difficult, but can entail a waiting period of up to 5 business days with higher costs.

You can initiate wire transfers to Brazil through banks. A wire transfer gets the money there fast, but there must be a corresponding bank to receive it. Fees can be high for international wire transfers, but this is a good option if the money needs to get there fast.

For people who send money to Brazil regularly, another way is through an ATM or pre-paid debit card.

Make sure you have a debit card that will ensure money can be withdrawn from a large network of ATMs in Brazil. If using an ATM card, make sure you trust that the recipient is not accessing funds without your permission. A pre-paid debit card is a safer way to ensure the recipient receives the exact amount of money intended.

In addition, online payment services such as ATM Cash are a popular way to get money to Brazil quickly. Online services allow you to send money 24/7 from your computer and for a less amount of money.

These are some of the safest and most efficient ways of sending money to Brazil.

About the Author:

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