It is longer news that the global credit crunch has taken it toil on many financial institution and companies, with the rate at which unemployment is rising, during times like this it is necessary for organisation and individual to be prudent with their spending. The first thing for consumer to do in other to reduce their debt is to look at the amount of debt they are owning and how much of their income is being spent on servicing these debt. At these point in time consumer must be very frank and honest with themselves, if they spend a large percent of their income on servicing outstanding dept then they are heading for crisis.
In situations like this one should identify all outstanding debt and workout an easier solution to making payment, also many financial institutions are able to offer healthy solutions to debt management but the best method to debt reduction is to draw up a budget and keep to it.
The budget you draw must be very detailed on the amount of money that could be spent any area monthly, ranging from feeding to social activities, also when drawing up your budget make sure you set aside the amount that will be used for dept repayment. Also you could source for order debt solutions since their are very many available and there is no way you will not reduce your debt over time with the right strategy and advice.
Saturday, February 28, 2009
Tuesday, February 24, 2009
Choosing the right credit repair company
Having a bad credit score has many disadvantages but if you want to correct your credit score, then the credit repair company that you engage in fixing your credit score is very key. The fact still remain that having a good credit score is very important as it will determine your credit worthiness for loan, insurance or even being employed, since these day employers tend to ask for credit score before hiring people. If your credit score is low, then you are at a disadvantage as it will limit your finances and reduce your ability to apply for a loan when it is needed, that is why you must improve your credit score in order for you to have some advantage. These days most credit agencies and landlords demand for higher deposit from people with low credit score, all these point to the fact why it is important to fix your credit score.
There are many agencies that keep on promising people that they can help them repair there credit rating but they end up making no difference at all or making it even worse, therefore before approaching any of these credit repair company make sure it is an established credit repair company, since your financial future is in your hands, carry out a due diligent on these credit repair company before giving them the green light. Remember that it is only the right credit repair company that can help you repair your credit score and put you in a better standing to obtain credit facility.
There are many agencies that keep on promising people that they can help them repair there credit rating but they end up making no difference at all or making it even worse, therefore before approaching any of these credit repair company make sure it is an established credit repair company, since your financial future is in your hands, carry out a due diligent on these credit repair company before giving them the green light. Remember that it is only the right credit repair company that can help you repair your credit score and put you in a better standing to obtain credit facility.
Sunday, February 22, 2009
How to go about disputing a credit report correctly
Your credit report speaks volume about you and it goes a long way in making or breaking you. This article will guide you on how remove negative information from your credit report. You might be wondering why is credit report so important, what you don't understand is that not only does your credit report determine whether you will qualify for a loan or insurance, but today many employers are using credit report as a criteria for hiring employees. Also with the craze of identity theft, someone out there could be using your information to commit crime this is why it is necessary to get a copy of your credit report
It is your right to get a credit report, therefore before you can start making any correction to your credit report, you must get a copy of it from any of the three major credit bureaus. Once you have gotten the report, go through it looking out for errors in the report which is a must, on the report look out for changes in dates, account number, missing name of creditors, incorrect balances and wrong limit.
Once you have detected all these in your report, you can dispute it, what you don't know is that dept collector usually changes dates of last action (DLA). This action is illegal and it is called re-aging and is a good dispute case on the report but if you notice more than one error as a result of (DLA) on the report do not the dispute them immediately, take them one after the other as this gives more time for dispute once the first dispute fails. The common mistake made by consumers is that they request for dept "verification" and the chance of your disputes been successful is very slim, the best thing to do is to point out what is wrong and ask it to be removed and do not go about quoting statutes unless you have a lawyer.
It is your right to get a credit report, therefore before you can start making any correction to your credit report, you must get a copy of it from any of the three major credit bureaus. Once you have gotten the report, go through it looking out for errors in the report which is a must, on the report look out for changes in dates, account number, missing name of creditors, incorrect balances and wrong limit.
Once you have detected all these in your report, you can dispute it, what you don't know is that dept collector usually changes dates of last action (DLA). This action is illegal and it is called re-aging and is a good dispute case on the report but if you notice more than one error as a result of (DLA) on the report do not the dispute them immediately, take them one after the other as this gives more time for dispute once the first dispute fails. The common mistake made by consumers is that they request for dept "verification" and the chance of your disputes been successful is very slim, the best thing to do is to point out what is wrong and ask it to be removed and do not go about quoting statutes unless you have a lawyer.
Thursday, December 18, 2008
When to use credit repair service
You know it is embarassing is you are just down for a loan, not only that is could put you in a dangerous position if your finances is are not is order, that is why repairing your credit history is very important, you don't have to wait until you are denied a loan before considering repairing your credit, start now because you don't when you'ld be in need of a loan. Your credit report tells alot about you that is the more reason, you must make effort to make it look good. The details shown on your credit report could remain on it for between seven to ten years if you don't make effort to correct it, you must understanding that correct a bad credit take time and some effort on your part and the best way to start correcting your bad credit is to work with a credit repair service, but before working with a credit repair service make sure you have chosen a reputable company, by choosing a reputable company, you will have the support of people that have the correct knowledge. Although this will involve some cost on your part but at the end they will have help you saved thousands of dollars on interest.
Wednesday, October 15, 2008
Credit repair tips
Credit repair tips
You know what it means to have a bad credit score, having a bad credit score is not always good both for your presence and future stance, that is why making effort to correct them will be to your advantage.
Some of the tips listed below will be of great benefit to you, if you thick to them.
· Request for your credit report at least quarterly and look out for any mistake in the report or misleading information.
· If you spot any mistake, do not wait time in reporting it, so that it can be corrected immediately, any misleading information on your credit score is surely going to affect you.
· Preparing a monthly, budget is a nice thing to good as this will help you control your spending, in your credit report look out for items that have made your credit score bad, and start saving money towards repaying for these items.
· Arrange a plan with your creditor that will be convenient for you to pay the dept and if they are willing to give you any assistance that will make the process of your repaying the debt faster, accept it. As it will make them know that you are really serious.
· Make sure you stick to the plan of debt repayment that you have agreed, try everything you can to ensure that nothing disturbs the plan, if you do, it will be to your advantage.
· There are organizations that you could approach that could also help you negotiate with your creditors and they also provide counseling on how you could improve your credit.
· If for some circumstances beyond your control, you have to skip payment, make sure, you inform you creditors before hand, as this will make them trust you, but do all you feel you can in order not to skip payment.
· If you are an impulse buyer, try as much as you can to stick to the loan repayment plan and also have a list items that you consider very important before making a purchase offline or online.
If you can follow the tips listed, you surely going to build your credit score.
You know what it means to have a bad credit score, having a bad credit score is not always good both for your presence and future stance, that is why making effort to correct them will be to your advantage.
Some of the tips listed below will be of great benefit to you, if you thick to them.
· Request for your credit report at least quarterly and look out for any mistake in the report or misleading information.
· If you spot any mistake, do not wait time in reporting it, so that it can be corrected immediately, any misleading information on your credit score is surely going to affect you.
· Preparing a monthly, budget is a nice thing to good as this will help you control your spending, in your credit report look out for items that have made your credit score bad, and start saving money towards repaying for these items.
· Arrange a plan with your creditor that will be convenient for you to pay the dept and if they are willing to give you any assistance that will make the process of your repaying the debt faster, accept it. As it will make them know that you are really serious.
· Make sure you stick to the plan of debt repayment that you have agreed, try everything you can to ensure that nothing disturbs the plan, if you do, it will be to your advantage.
· There are organizations that you could approach that could also help you negotiate with your creditors and they also provide counseling on how you could improve your credit.
· If for some circumstances beyond your control, you have to skip payment, make sure, you inform you creditors before hand, as this will make them trust you, but do all you feel you can in order not to skip payment.
· If you are an impulse buyer, try as much as you can to stick to the loan repayment plan and also have a list items that you consider very important before making a purchase offline or online.
If you can follow the tips listed, you surely going to build your credit score.
Saturday, October 4, 2008
How to correct your credit report and get approved for loan
You just found out that your loan application has been denied, you are in a fix as to where to get help, you can’t figure why your application did not go through, your hope of getting money has been dashed. What is the forward? Do not be discouraged there is still a way out of this situation; you were denied the loan because the lender does not have confident in use. A loan would not be approved for three main reasons, insufficient evidence repayment potential, insufficient income to fund the debt and bad credit, when lenders find you in this situation, they consider you a very risky business and you would surely be denied the loan. Lenders will not loan their money to business or person that have not been able to convince them with sufficient document to repay the loan.
Here is what to do when you loan application failed, remember your credit history will be checked when you apply for a loan, you might be wondering why lenders ask for a credit report before granting a loan, it is because they want to know if you have a bad credit history and once they know that your credit history is poor, consider the loan application over but when your credit history is seen to be good, your loan application will be consider, therefore before applying for a loan make sure you have put your credit history in order. Do you know that there are credit report bureau that collects transactions of everybody, the information that this credit reporting bureau keep are sold to banks, credit card companies, insurance companies and potential employers.
Credit Report Information
Your credit report will work either for or against you, since lender will use it to decide if they would loan you money or if employers will hire you. Since your credit report contains your name, address, date of birth, social security number as well as name of your employers, the credit report will reveal the various debts you are linked too and reveal how fast you paid, it also states an overdue account and if it has been sent to collection agency. Also other information that is included in your credit report includes, foreclosure, tax lieu and bankruptcies
What to do with Credit Report
It is advisable that you request for your credit report once a year, it is your right, look at it properly if you are planning to make a major purchase, such car, home or any valuables, in order to correct any abnormality. A negative credit report will stand between you and the loan, therefore look at it now before approaching the lender in order to avoid embarrassment. How would you feel when you hear that you have been denied the loan?
Where to start
Go through your local yellow pages and look for credit reporting agencies or credit rating, your file may be available in more than one agency, therefore contact all the reporting agencies listed to find out if they have a file in your name and social security number, and request a copy of your credit report, though most of these reporting agencies request a small fee to before issuing the credit report, but if you have already been denied a loan, you can request for a free credit report within 60 days of loan denial and also when you are unemployed.
Correcting Your Credit report
After going through your credit report, you might come across mistake and inaccuracies, there are credit bureaus that can help you investigate and correct any mistake found on the report.
You have to contact this credit bureau in writing explaining the information that you think is wrong but make sure your name, address and social security number is included and state clearly the items that is being disputed in the credit report with sufficient evidence to back up, include copies of documents that support your claim.
Send the letter through reputable courier and request for delivery receipt, as this will show that the credit bureau received your mail also keep copies of your correspondence. The credit bureau company will investigate within 30 days and notify you as well as other credit bureaus of the correction and you will be given a free copy of the credit report.
When you are sure that your credit is in order you can reapply to the loan again.
Where to get loans
There are many lenders out there but you have to try as many as possible until you find the best and you can always find many of them on the internet.
Here is what to do when you loan application failed, remember your credit history will be checked when you apply for a loan, you might be wondering why lenders ask for a credit report before granting a loan, it is because they want to know if you have a bad credit history and once they know that your credit history is poor, consider the loan application over but when your credit history is seen to be good, your loan application will be consider, therefore before applying for a loan make sure you have put your credit history in order. Do you know that there are credit report bureau that collects transactions of everybody, the information that this credit reporting bureau keep are sold to banks, credit card companies, insurance companies and potential employers.
Credit Report Information
Your credit report will work either for or against you, since lender will use it to decide if they would loan you money or if employers will hire you. Since your credit report contains your name, address, date of birth, social security number as well as name of your employers, the credit report will reveal the various debts you are linked too and reveal how fast you paid, it also states an overdue account and if it has been sent to collection agency. Also other information that is included in your credit report includes, foreclosure, tax lieu and bankruptcies
What to do with Credit Report
It is advisable that you request for your credit report once a year, it is your right, look at it properly if you are planning to make a major purchase, such car, home or any valuables, in order to correct any abnormality. A negative credit report will stand between you and the loan, therefore look at it now before approaching the lender in order to avoid embarrassment. How would you feel when you hear that you have been denied the loan?
Where to start
Go through your local yellow pages and look for credit reporting agencies or credit rating, your file may be available in more than one agency, therefore contact all the reporting agencies listed to find out if they have a file in your name and social security number, and request a copy of your credit report, though most of these reporting agencies request a small fee to before issuing the credit report, but if you have already been denied a loan, you can request for a free credit report within 60 days of loan denial and also when you are unemployed.
Correcting Your Credit report
After going through your credit report, you might come across mistake and inaccuracies, there are credit bureaus that can help you investigate and correct any mistake found on the report.
You have to contact this credit bureau in writing explaining the information that you think is wrong but make sure your name, address and social security number is included and state clearly the items that is being disputed in the credit report with sufficient evidence to back up, include copies of documents that support your claim.
Send the letter through reputable courier and request for delivery receipt, as this will show that the credit bureau received your mail also keep copies of your correspondence. The credit bureau company will investigate within 30 days and notify you as well as other credit bureaus of the correction and you will be given a free copy of the credit report.
When you are sure that your credit is in order you can reapply to the loan again.
Where to get loans
There are many lenders out there but you have to try as many as possible until you find the best and you can always find many of them on the internet.
Thursday, October 2, 2008
How to create a good business loan proposal
Getting your loan proposal right is critical to its being approved, therefore what is required of you to do is to put a good loan proposal forward, once your loan proposal is right, then you will be increasing your chances of been approved. We would be taking a look at what a good loan proposal should contain
Business name and address: State your business name and address in your loan proposal as this will add some value to your request also the social security numbers principals should be included
Purpose: State the purpose of the loan and it should be clearly written out, what you intend doing with the loan; write out all the things you want to do with the money
Amount required. Make your that the amount of money you are asking for is not too low and it should not be ridiculously high.
Business details: Describe what your business is all about.
Organization Structure: State the ownership structure of the business
Management profile: Outline your business experience as well as accomplishments since your business experience will make lenders know you can repay the loan
Remember writing a good loan proposal is not complete without outlining a good business plan, lenders are also interested in your business plan as it will help in decision making. Your business plan should also contain company financial statement, because most lenders want to see this, make sure your business plan is solid, it should contain market information, financial information and business goals.
Market details should state the product and services that you provide and state why your business is unique. Also present a competitive market analysis that shows you have researched the market.
Financial information should reveals to lenders your company balance and income statement in the last three years as this will assist the lender to determine how stable your business is financially. Lenders are mainly interested in your cash flow statement, ensure that it is included and list all your business collateral; also your personal financial statement may be included.
Business Objectives: State your market strategies and how you go about them, since lender are only concerned about how you are going to repay the money, they want to be sure that you can meet up with payment, also lenders want to build a long time relationship with you.
Points to note
Your financial details might not be up to the requirement of the lender, but a loan could still be possible depending on your commitment to the project. Lenders want to be sure that you are investing your own money into the project as they will not provide you with 100% of the project cost.
When you put your own money into the business it shows commitment and when lender sees this in your proposal, they might take the risk and grant the loan to you.
Business name and address: State your business name and address in your loan proposal as this will add some value to your request also the social security numbers principals should be included
Purpose: State the purpose of the loan and it should be clearly written out, what you intend doing with the loan; write out all the things you want to do with the money
Amount required. Make your that the amount of money you are asking for is not too low and it should not be ridiculously high.
Business details: Describe what your business is all about.
Organization Structure: State the ownership structure of the business
Management profile: Outline your business experience as well as accomplishments since your business experience will make lenders know you can repay the loan
Remember writing a good loan proposal is not complete without outlining a good business plan, lenders are also interested in your business plan as it will help in decision making. Your business plan should also contain company financial statement, because most lenders want to see this, make sure your business plan is solid, it should contain market information, financial information and business goals.
Market details should state the product and services that you provide and state why your business is unique. Also present a competitive market analysis that shows you have researched the market.
Financial information should reveals to lenders your company balance and income statement in the last three years as this will assist the lender to determine how stable your business is financially. Lenders are mainly interested in your cash flow statement, ensure that it is included and list all your business collateral; also your personal financial statement may be included.
Business Objectives: State your market strategies and how you go about them, since lender are only concerned about how you are going to repay the money, they want to be sure that you can meet up with payment, also lenders want to build a long time relationship with you.
Points to note
Your financial details might not be up to the requirement of the lender, but a loan could still be possible depending on your commitment to the project. Lenders want to be sure that you are investing your own money into the project as they will not provide you with 100% of the project cost.
When you put your own money into the business it shows commitment and when lender sees this in your proposal, they might take the risk and grant the loan to you.
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