Government Foreclosures Offer Chance Of A Bargain
August 31, 2008
Its not just the banks who conduct foreclosures, the Federal Government are responsible for their fair share as well. Government foreclosures usually occur when someone who was receiving government assistance fails to keep their end of the agreement.
A typical example whould be someone living in government subsidized housing who fails to keep up with the small payments. The government would move in for a foreclosure to get the person out of the property.
If you are in the market for a bargain, the above example would provide a good chance to grab one. The government, just like any other body, is open to an offer. While they won’t let the property go for nothing, they will accept any reasonable offer.
Check the classifieds in local newspapers to find any government foreclosures in your area. If you find something you like and you have the cash available, contact the government department and make a reasonable offer. The worst that can happen is they say no!
Tags: foreclosure
Protect Your Credit: Get A Credit Report
August 30, 2008
Because of the importance of credit to the world’s economy, it is important to protect one’s own personal credit. This protection can be accomplished in a number of ways.
One of the major ways to protect one’s credit is to get a copy of a credit report that reflects an individual’s credit history. Therefore, it is important to get a credit report and know how to accomplish this important task.
The Importance Of Getting A Credit Report
First of all in today’s day and age one must realize how important it is to get a credit report. The importance of obtaining a personal credit report is to ensure that the credit history is accurate and to make sure that there is no fraudulent activity reflected.
A person’s credit as reflected on a credit report is a critical document. This is because any potential lender will request an individual’s credit report if that person is requesting a loan or wants to open up a credit account. The credit report will reveal the history and current activity regarding the individual’s credit activity. This information is critical for the potential lender as they will be able to see how an individual handles credit. In addition, if a person’s credit report is in good standing, they may qualify for lower interest rates.
Also, the importance for an individual to get a credit report reflecting their credit activity is to monitor their credit activity. This is important because many individuals give credit card information to various individuals and enter that information on to various web sites. This activity increases the chances of an individual becoming a victim of identity theft or their credit card information falling into the hands of unscrupulous individuals. Therefore it is important to get a credit report on an annual basis to monitor any unauthorized activity.
How To Get A Credit Report
There are a number of ways for a person to get a credit report. Probably the easiest way is for an individual to go on to the Internet and log on to various web sites that offer an individual their credit report at no cost. This free access to an individual’s credit report is due to recent legislation that requires that credit reporting agencies provide this information on an annual basis to an individual.
Another way for a person to get their credit report is to give one of the three credit reporting bureaus a phone call and ask that their credit report the mailed to them. Those three credit reporting bureaus are Experian, TransUnion and Equifax. In addition, a consumer may request their credit report by asking for that report in writing.
Tags: credit report
Supplemental Retirement Plan
August 29, 2008
If you are sensible and a planner you will want to start sorting out your retirement as early as you can. A supplemental retirement plan will give you the financial security that you need when you get older and you can request one from your work place.
Here’s a basic run down of how a supplemental retirement plan works: You agree to save a certain amount towards your old age direct from your paycheck and the Government doesn’t tax the money as a reward for planning ahead. The taxes are deferred until you actually withdraw the money later in your life.
Last year you could only deposit a maximum of $15k into your supplemental retirement plan but that number varies every year. Most places of employment match you dollar for dollar so whatever you add into your account, they will too. This can quickly grow to a substantial sum and will mean you will be self sufficient come retirement age.
Your savings don’t just sit tight in a bank. You will have to decide whether you want to invest in stocks, bonds, market funds, real estate etc. A lot will depend on how much you are saving per year and be aware that some of these options come with management fees so you will need to take these costs into consideration when planning out exactly how much you will have to come when you retire.
To get started, ask at your place of work about a 401k form. When you are investing though, it is always best to meet with an accountant or financial advisor to make sure that you are making the right choices with your money, and to learn ways to tell whether or not your money is growing for you.
One of the biggest plus points of a supplemental retirement plan is that nothing is set in stone. You can change the amount you invest each year, even each month if you wish. People find this flexibility comes in handy at certain points in their life. A wedding coming up, a first born due etc. For more information on how a supplemental retirement plan works for you, visit www.fidelity.com.
Tags: retirement planning, Supplemental Retirement Plan
Home Equity Pros And Cons
August 28, 2008
Despite the name, a home equity line of credit can be used to purchase anything you like and doesn’t have to be spent on the home.
For many with a poor credit report a home equity loan is the better option. Interest rates on other loans will be exceptionally high because of a poor credit history where as a home equity loan will be much lower.
The lower interest rate comes at a price though of course because you are putting up your home as security. Fail to pay back the loan and you could be facing a foreclosure notice.
For this reason home equity loans are not to be taken lightly. If you find you are in a lot of debt with several loans and credit card payments all going out each month, it makes sense to consolidate all those loans into one because you will be paying far less in interest charges.
Another nice bonus to a home equity loan is that the interest is tax deductable as long as you use the long form to file your taxes.
Add up your current outgoings in loan repayments, credit card debt etc. and get a few quotes for a home equity loan to see how much you would be saving. You then have to give serious thought to deciding if that monthly saving is worth the risk of losing your home should you fall on harf times before clawing back some of the equity in your home. The way house prices are going at present, that could take a seriously long time.
Tags: home equity, home equity line of credit, home equity loan
Identity Theft Protection Myths
August 27, 2008
To the average unsuspecting person, identity theft is a crime waiting to happen without some form of protection. Financially its going to cost; money is lost from work because of time needed off as you attempt to right all the wrongs visiting the police, bank managers and loan companies plus all those phone calls to the credit bureaus and credit card companies. Then there is the time, it can take years to correct a credit score.
Many, if not all of these things are handled by experts for you if you have signed up with one of the identity theft protection companies such as Life Lock.
With someone like Life Lock helping you your reputation will soon be restored because they have experts who know exactly how to deal with the various agencies.
Below are a few of the myths doing the rounds about identity theft.
* Identity theft is committed by organized crime or con artists in North Africa using their computer.
You are much more likely to know the thief than it be a stranger.
* You can only ask for a fraud alert if you have proof of an identity theft crime or attempt.
Unfortunately the credit bureaus don’t like fraud alerts because of the extra work it causes them. People under Life Lock protection don’t have to worry about this as they take care of the applications and renewals for you.
* I’m not old enough to worry about identity theft and besides, it’s only senior citizens that are targeted by identity theft criminals.
Most identity theft victims are aged between 20 and 40.
* So what if someone does steal my identity? I don’t have to pay any credit card debts or bills a criminal ran up in my name.
You are liable if you do not report the crime in a timely manner.
* The best place for my social security card is tucked away in my purse or wallet.
A recent Sun Life Financial survey found that 40% of Americans questioned had their social security number with them in their purse or wallet. Why? When was the last time you needed it during a day out shopping?
* No one can access my credit report except unauthorized persons.
All that is required to access a person’s credit history is a name and address and their social security number.
Protect yourself from identity theft with a company like Life Lock and avoid many of the above situations
Tags: identity theft
Make Your Credit Report Request Online For An Immediate Credit Report
August 26, 2008
If you contact any of the major credit reporting agencies such as Equifax and Experian as well as Trans Union, it is always possible to make a credit report request to them in order to get a free copy of your credit report. All that is required on your part is to complete as well as mail to them an Annual Credit report request Form at Annual Credit Report Request Service in Atlanta, Georgia.
Besides sending them the credit report request through mail it is also possible to call them on a toll-free number and provide them with your Social Security number Also provide your name and address, date of birth, and a previous address.
Two Weeks if You Apply Through Snail Mail
Also, when you make your credit report request for a free copy of your credit report over the Internet, you can get it immediately. Although, when you do so via snail mail or over the telephone it will take you about fifteen business days before the report reaches you.
In fact, it can take even longer in case the reporting agency requires more information such as having to confirm your identity. In case there are anomalies, then you will be informed that the credit report will not reach you in the fifteen period window, and that you will have to wait a bit longer to receive your credit report.
What’s more, even after you have made a credit report request to different credit reporting agencies, you need to realize that each agency obtains its information from various sources. This means that it would not be correct to assume that each credit report obtained from different agencies would match exactly. Thus, to get the complete picture about your credit, it is best for you to make your credit report request to at least the three main agencies.
According to the Fair and Accurate Credit Transactions Act, every American has a right to make a credit report request and receive his or her credit report without having to pay for it. In fact, this credit report is considered as being a consumer document which anyone can get from Equifax, Trans Union and also from Experian.
However, without having made a credit report request, you will not be able to get your credit report. So, you can choose to make the request online in case you are in a hurry. Otherwise, the mail or the telephone will do nicely.
Furthermore, you can choose to make your credit report request for all three reports simultaneously. Or, you can select different times of the year when you wish to receive your credit report.
Tags: credit report
Learn More About What Placing A Credit Report Fraud Alert Involves
August 21, 2008
Obtaining a free copy of one’s credit report once in a year is the right of every American who is in fact, protected by US law. Though this should be good news for the average American, unfortunately the laws that were meant to protect the American citizen have in fact given rise to a lot of confusion, and even, in some instances, to credit report fraud scams.
One of the most common instances of credit report fraud scams is the websites that proclaim that they will provide you with free credit reports provided you part with your credit card details. Of course, if you did not already know a thing about how to obtain your credit report, this may actually sound like a reasonable request.
File a Fraud Alert on Your Credit File
However, in case you have been made a victim of identity theft, you need not lose all hope because you can still take some steps to reduce the harm caused to your finances and also to your reputation. One such step that you will need to take is to attach to your credit file a fraud alert that will inform credit issuers about your having been made a victim of identity theft. The placing of the fraud alert will then force the issuer into verifying with you before allowing fresh credit.
Thus, the credit report fraud alert acts as an impediment that can be likened to a roadblock, since it will force creditors to check with you before issuing credit. So, they will thwart the identity thief’s ability to do any mischief in your name. A corollary of filing a credit report fraud alert is that it will result in your being sent a free credit report from each of the three main credit reporting agencies.
Also, by placing a credit report fraud alert, it will make the fraud alert to kick in. Thus, it will put a stop to those pesky credit pre-approval letters that would otherwise have bothered you - at least, till a decent time interval has passed. Thus, your name will no longer figure on lists of credit marketing companies for at least two years. Though it is mainly a good thing, in case you needed what those credit offers were offering, you would not be able to partake of the offers.
To be sure, the credit report fraud alert only protects new accounts. If the thief was clever enough to have used your current credit, then the credit report fraud alert would actually prove to be ineffective. In addition, the credit report fraud alert can also end up delaying any applications you may have made to get credit or loans. This is because the whole procedure would involve many more hurdles than is the case of not having placed a credit report fraud alert.
Even so, in case you suspect that your personal information has been compromised, you will have to add the credit report fraud alert as soon as possible. In this regard, you must get in touch with the Fraud Victim Assistance Department of Trans Union, the Consumer Fraud Division at Equifax, or Experian’s National Consumer Assistance at Experian.
Tags: credit report
Knowledge Is Power Credit Report Information
August 17, 2008
The extending of credit is that financial transaction in which a financial institution loans money to a customer. Generally, there is a set amount agreed upon, the signing of a legal contract, set number of payments, agreed upon interest rate, other terms, etc.
In addition, to help lending institutions, this credit information is forwarded on to three credit reporting agencies. The gathering of this credit information helps financial institutions to evaluate potential customers and determine their credit risk.
The three credit reporting agencies are Experian, Transunion and Equifax. Therefore, for the consumer it is important to know what credit report information is contained on the credit report and how that credit card information is used.
What Credit Report Information Is Reflected?
First of all, due to recent legislation, an individual is entitled to receive a free credit report. A consumer may request their credit report in a number of ways. Those ways include calling or going on line to one of the free credit report websites or to one of the three credit reporting bureaus.
Also, it is important to be aware that when the individual orders their report they maybe offered other services. These additional services may include a monthly fee that monitors and tracks inquiries made on an individual’s credit account. In addition, the consumer may be asked if they would like to be made aware of their FICO score. The FICO score is separate from the credit report and is a number that is computed using a variety of weighted indicators based on a person’s credit. Often, the FICO score will be an added charge.
When a person receives their credit report there will be, depending upon the individual’s credit activity, a number of items listed. Those items include all of the past and present credit activity that the individual has been involved with. This includes credit card activity, revolving charge card activity, loans, etc.
In addition, each of the accounts will show the recent balance owed, timeliness of payments, credit card limit in dollars, whether payments have been delinquent, which accounts are open, which accounts are closed, etc. Also, the personal information of the individual will be listed. That information includes past and present addresses, aliases, date of birth, etc.
Also, and maybe most important, the report will reflect any activity that may be false, but reflected on your credit report. If in fact there is false information on your report, including unauthorized account openings, the individual has a right to dispute that information. This is probably the most important reason to, at least annually, review a credit report.
How the Credit Report Information Is Used
The credit report information is used in a variety of ways. When the consumer checks the credit report information they are looking for accuracy and any possibility of fraud.
When a lending agency accesses a person’s credit report information they are looking for a person’s ability to honor credit contracts. Specifically they are looking at the customer’s ability to repay, according to the terms of the contract, and make timely payments.
Tags: credit report
Knowing The Federal Credit Report Laws
August 13, 2008
Credit reporting companies have a great deal of control over your life whether you realize it or not. When you need to rent an apartment the prospective landlord first consults the credit reporting agencies. When you are looking to get car insurance you are supposedly run through a credit reporting agency first.
When you need to get utilities your information is sent off to a credit reporting agency. When you look to buy a car or a home the credit reporting agency pretty much decides how much your interest rate will be or if you even get the loan at all. With all of the power it is amazing to think that these credit reporting agencies were not monitored by the federal government for a very long time.
Now there are federal credit report laws that exist not only for the credit reporting agencies but for anyone that uses those agencies as well and these federal credit report laws are designed to make sure the information on your credit report is accurate. It used to be that if you had wrong information on your credit report then that was too bad but now with federal credit report laws the consumer has a recourse if they have been wronged.
No one expects the average consumer to know all of the federal credit report laws by heart and be able to accurately quote and reference the laws when needed. But just knowing that the federal credit report laws exist should be enough ammunition for any consumer that feels that they have information that is being used against them which is wrong. Damaging information on your credit report that is incorrect can greatly affect your life so use the federal credit report laws to make sure you get a fair representation in your credit report.
How do You Find Out More?
Your bank or financial institution will have information on the federal credit report laws for you and they should encourage you to become familiar with them. The various credit reporting agencies also have information on the federal credit report laws that you can easily access either online or you can request to be mailed to you.
Know these federal credit report laws so take the time to become familiar with them.
It is in your best interest to know the laws that affect you and federal credit report laws are very important for you to not only be familiar with but also know how they can protect you.
Tags: credit report
Keep Your Credit Card Report Clean And Reap Many Benefits
August 9, 2008
At present, it is very common to have banks offering easy credit to their customers who are meant to help them buy homes, cars as well as consumer goods on credit. However, before you can establish credit with the lender, it is common practice for lenders to check how good or bad your credit card report is. This information is made available to them by the three top credit bureaus as well as by other means.
Past Use of Credit
A credit card report usually holds all the relevant information pertaining to your past use of credit. This information can help lenders find out whether you have been paying your credit on time and in full, or not. In addition, the credit card report holds information related to how you have been using your credit card including all payments made by credit card.
Thus, a credit card report that shows that you are a regular person that pays up the debts on time, your application for fresh credit will most probably be passed automatically. Even the rate of interest charged against your credit will be on the low side.
It is therefore always a good idea to ensure that your credit card report reflects your honesty and integrity. If you have been honest in your use of credit cards, your credit card report will reflect this. That, in turn, means that you may even be able to borrow large sums of money. Obtaining loans should not prove to be a difficult task either.
Some of the things that are necessary as far as using your credit card include being thoughtful and careful before borrowing, and always ensuring that you have the necessary funds on hand to meet repayments. If you make the mistake of borrowing more than you can reasonably pay back, your credit card report will show negative remarks. Thus, you would end up having difficulty in not only paying off the complete credit, but obtaining fresh credit. Although not impossible this will also be a lot more difficult, as well as costly.
By keeping your credit card report clean you will also be able to impress financial institutions, banks, and insurance companies who usually review your credit score before giving out credit. It cannot be underscored how much you stand to gain by keeping your credit card report clean. You need to also be just as well informed that you will stand to lose a lot of money should you use your credit indiscriminately. So, you must weigh the pros and cons, always err on the safe side, and take less credit than you really need.
Tags: credit report
