Archive for July 30th, 2010
Follow 3 steps to clean up your credit report and raise your score
Friday, July 30th, 2010It is known to everyone that a good credit score helps in taking out a loan with favorable terms and conditions. So, you should try to build positive information on your credit reports so as to maintain a good score. However, an unsatisfactory credit score may also be due to certain inaccurate information on your reports.
Read on to know how to clean up your credit reports in order to make them free or errors, which in turn, may help increase your score to some extent.
1.Order copies of 3 major credit reports
First off all, order copies of your credit reports from 3 major credit bureaus, namely, Experian, TransUnion and Equifax. You’re entitled to get a free report from each of the credit bureaus annually and usually need to pay fee for getting reports more than once in a year. However, you can get free reports more than once under certain circumstances. For instance, you can get a free report when you’ve been denied a loan or you’ve been a victim of identity theft.
2.Examine credit reports for errors
The next step is to examine credit reports for errors. You should mark all inaccurate information along with out-of-date information (if any) in each of your 3 reports.
Inaccurate information consists of -•Late payments when you’ve paid on time •Accounts that don’t belong to you•Any closed accounts mentioned as open•Incomplete or wrong address, name, date of birth, phone number•Incorrect SSN (Social Security Number) or employment details
Out-of-date information consists of - •Any credit inquiries made prior to last 2 years of time. •Bankruptcies being reported on credit reports for more then 7 years (in case of a Chapter 13 bankruptcy) or 10 years (in case of a Chapter 7 bankruptcy). •Judgments, lawsuits and other adverse information that are more than 7 years old.
3.Dispute errors by writing to the bureaus
Disputing inaccurate information in credit reports is a major step in the credit clean up process. To dispute inaccuracies in reports, you need to file a dispute letter to the specific credit bureau that is reporting the wrong information. To do so, you should fill out a form that is provided by the credit bureaus. It is better if you make a copy of the particular credit report/reports and highlight inaccuracies in them. Attach the highlighted report along with the credit report dispute form. Make sure you also mention why the information is inaccurate. You should also provide enough documentation to support your dispute. Usually, the credit bureaus investigate the matter within 30 days time unless they consider your dispute as a frivolous act.
Once you dispute errors in your reports, you should also inform your creditors and/or other information providers by writing to them that you’ve disputed particular items. You should also attach copies of necessary documents as evidence. Make sure to send letters by certified mail with return receipt requests and keep all correspondence for future reference.
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About the Author:
Justin is a financial writer and an active participant in the Creditmagic community. He helps people in finding out ways to improve their credit scores and shares the most latest updates in the credit Industry.
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Over 750 000 Companies and Close Corporations Deregistered
Friday, July 30th, 2010CIPRO earlier in the year started to invoke the provisions of these Sections and hundreds of thousands of corporate entities were reclassified with the status “deregistration in progress”, for not having lodged the relevant returns.
In the last couple of days, what was thought to be a CIPRO threat for the delinquent corporate entities to get their returns in, has now become a reality when it is now believed that over 750 000 companies and close corporations have been finally deregistered.
The legal consequences of this action is immense, particularly for creditors and others contracting and doing business with these deregistered entities. These entities in law no longer exist and there are other consequences that flow from this, which are different for companies and close corporations.
For companies, to quote from Henochsberg on the Companies Act, “…it puts to an end the existence of the company. Its corporate personality ends in the same way that a natural person ceases to exist on death. Furthermore, all property, movable and immovable, corporeal and incorporeal, passes automatically (ie without any necessity for delivery or any order of Court) into ownership of the State as bona vacantia .” (Volume at page 139)
There is an additional consequence that is only applicable to close corporations where the provisions of Section 26(5) apply, which provides that, “If a close corporation is deregistered while having outstanding liabilities, the persons who are members of such corporation at the time of the deregistration shall be jointly liable for such liabilities.”
However there are provisions in both Acts allowing for the restoring of the registration by way of application to CIPRO, by an interested person, provided the returns have been lodged. In the case of companies this same relief can be obtained by way of court application.
The problem is for creditors and other parties doing business with such deregistered entities. These are the real innocent victims of CIPRO’s action. Contracts and debts are now unenforceable against these entities. Any debts due by a company which has been deregistered are not extinguished and are merely rendered unenforceable (and therefore deregistration does not detract from the liability of a surety for a debt of the company) .Yes in the case of close corporations you can now sue the members personally but that could result in wasted legal costs, should they later successful apply to restore the registration of the close corporation.
All creditors should immediately be checking the legal status of their debtors on the CIPRO website. In the event that they have any debtors that are deregistered they should cease all further credit and obtain immediate legal advice on the matter.
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About the Author:
Nick is the online marketing manager for www.creditmanagement.co.za
Can you use Assets to enter a Private Placement Program or Managed Buy/Sell Program?
Friday, July 30th, 2010
Most financially successful entities rarely keep their wealth in cash. And why should they? Cash can be taxed, and inflation slowly eats away at it’s worth. Many investors, however, are asset rich, meaning they have ownership of assets that may be used to draw a line of credit upon or “monetized.” These assets may be mines, diamonds, gold, other precious metals, real estate, art, etc. Attempting to place an asset into a private placement program or private placement platform may be more difficult than you think.
Let’s define these assets. Precious stones may be diamonds, rubies, gems owned or inherited by an investor. Since the value of stones vary, the precious stone should also have some form of appraisal or valuation as well as a safe keeping receipt (SKR) or equivalent. It may be difficult to draw a line of credit upon them or monetize unless you can find a person willing to purchase the item in the open market.
Precious metals may include gold, silver, copper isotope, platinum, or other. Most of these metals are difficult to monetize as well, with the exception of gold. Gold bullion bars are the most easiest form to monetize as they are basically the same as money and are easily sellable by a bank in case of a default on repayment of a line of credit.
In-ground assets, such as oil, copper mines, gold mines, are abundant, however, it is VERY difficult to obtain a line of credit against these since no bank wants to deal with selling a mine or digging up the assets in a mine to get back money they loaned out in the form of a line of credit. If the trader or high net worth individual has a non performing private placement platform, the bank will lose it’s money and not be able to easily recoup its lost liquidity with a mine or other in-ground asset. Even with geological reports stating the value of the mines in the billions, almost no one will loan against them.
Some have also attempted to place valuable art into trade. The difficulty here is that the value of art is most often undeterminable. Demand for art dictates value, and demand fluctuates widely. Furthermore, in case of a default, banks do not want to hassle with selling art.
Many have also attempted to use real estate or CMOs (collateralized mortgage obligations) to enter private placement programs. Unfortunately the real estate market is unstable and value for the most part is decreasing which makes this an unfavorable asset. The investor may want to obtain a loan against the property and use those proceeds to enter trade.
Despite all these obstacles, one can still trade in a trading platform if they meet certain criteria. The asset must be valuable and in strong demand, such as gold or possibly diamonds. The value of the asset must be identified by an appraiser or other 3rd party entity. Moreover, the bank or investor must loan out cash with a large enough loan to value (LTV) to enter the private placement program. Afterwards, the trader must obtain a line of credit from the proceeds/asset to enter trade. Finally, the asset must be unencumbered after the private placement trading has commenced.
The difficulties stated above multiplied with the difficulty of finding a real private placement platform that performs makes using hard assets for trade ALMOST impossible. More and more private placement traders are turning to liquid cash clients and refusing to deal with the headaches associated with obtaining appraisals, SKRs, geological reports, and other obstacles. If you have a hard asset, the best bet is to sell it, obtain the cash, and then move forward into trade.
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About the Author:
For more information regarding private placement program, private equity management, private placement platform and asset investment management; please visit www.crowncapitalfunding.com
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Free Credit Score: Check your credit report score easily
Friday, July 30th, 2010Credit score is extremely important for individual especially when you deal in financial products. According to current economic situation, many banks do not feel comfortable to give consumers the benefit of doubt while providing credit. Recently, many companies have started to require cash down payment for bad credit holders. Most of the people know that credit score plays important role while purchasing loan, credit card, car, or home. But they are now aware that this score can affect eligibility of employment too. It is impossible for people to spend huge money just to check out the score every year. Government of United Kingdom made a policy where every individual got a right to get free credit score once in a year.
According to experts, it is necessary for people to keep a close eye on credit score. Your credit history always reflects the true picture of past financial mistakes. If you do not want to waste time and money while visiting credit bureaus, you can get the online credit score from home. Online score is topic of disagreement for few people because they raise the questions against the accuracy of online result. But according to the credit bureaus, online result provides the true picture and online score is accurate up to 99%.
There are three reputed credit bureaus in UK; it means people can get free credit score 3 times in a year. Much to your fortune, many credit reports contain the error in it. There could be many reasons behind the different errors. Most common reason is stolen identity. It is always advisable to contact credit bureaus immediately, if you find any error in your credit report. It always takes 2-3 months to add the positive results in your report.
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About the Author:
Borton Stevens is an expert author and has more then 7 years of experience in writing finance related topics. To know more about Free Credit Score Visit: http://www.badcreditscore.org.uk/
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How To Win The Lottery
Friday, July 30th, 2010Love to play? Love to play and win? If you answered yes to both questions then the lottery is the game for you. Not only is it very easy to play, you just have to choose six numbers from one to forty nine and you are all set to go, but the prizes are just amazing. You can be an instant millionaire in just as easy ABC.
I got into playing the lotto because of my grandmother. She once told me that she had a secret that will show how to win the lottery.
The first she told me about her well kept secret I really did not mind it much since at that time I was still in High School (so it was basically like eight years ago) and could not very well make any bet anyway and was definitely not interested at any knowledge concerning “how to win the lottery”.
Just recently though, I think it was like a couple months ago she mentioned it to me again and this time I was a bit curios since, my grandma has practicality been living quite comfortably on her retirement benefit and of course her lottery winnings… Yes she often won the lottery, but not yet the whole jackpot.
The most she got so was to win with her five number combination which was not bad at all since it also meant big bucks or an instant millions. Are you now ready to also know the secret she shared with me? Are you sure? I have to warn you though that if I tell you then I have to kill you…
Just kidding, other than being an instant millionaire my other dream is to a spy. Well anyway, back to my grandma’s secret, what she told me was that the secret on how to win the lottery was in making sure you place your lottery ticket at the foot of the Virgin Mary’s picture…Yes, that is her big secret.
For most of us though sometime it really is just like that, we leave the chances of us winning the lottery in the hands of fate and yes some like my grandmother in the blessing brought by her faith. I guess, for any of us there is really no one sure way to follow in telling us how to win the lottery for most times it will I think depend on one’s personal conviction on how to go about the most perfect way… at least according to your opinion.
There are so many simple rules which can be followed and these rules are readily found in the internet if just make the extra effort of actually researching on it. But whichever way you may choose to go in honing your betting skill and improving your chances of winning in the world’s favorite past time the important thing is you are realistic in your expectations and you are aware of the odds you face in taking part in such endeavour.
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About the Author:
If only you could know how to win the lottery guaranteed. Read about how I won the lottery at my How to win the lottery blog.
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How To Pick Winning Lottery Numbers and win the jackpot tonight
Friday, July 30th, 2010I have always wondered how it will be if I suddenly won the lottery and became the richest lady in town. Thinking about the possibilities and of course daydreaming on what I would do with the money if it ever did not happen is truly an exciting…imagine being excited by just the thought? Well, that is where it all begins, right?
All great things must start somewhere and for me it begins in my mind. So, how to begin with the business of winning the lotto? A first things first thing first of course, before you begin in any lottery game one thing you should learn from the start is how to begin winning lottery numbers.
How to pick winning lottery number is a skill you must hone from the onset. Such know how is vital if you want to get far in playing and in your ambition of actually winning. If you are one of those who don’t know how to choose a most likely lottery winning number combination and you would like to figure out how it can be done or if it can be done at all, then continue reading this article.
Read on and you might just be able to pick some points in choosing your own winning number combination.
The lotto game has been played by people around the world for the past decade and it has served not only as a pass time or recreation but in most cases it has even become a source of hope and a probability of a “second chance” especially to those who have had it tough in life.
The jackpot prize in any of the lotto games are indeed motivation enough for people to start dreaming of a better life for themselves and their loved ones. This the reason why even though the odds of winning are often said to be nil, this fact never stopped lotto betters from continuously playing the game.
They keep their eyes on the very tempting price.
It cannot however be denied that it truly is quite to win in the varied lottery games. The most basic challenge any player faces is in how to pick winning lottery numbers.
How to pick the best six number combination from millions of other possible combos. The player needs to make sure that the choice he made and the set of numbers he has, have a better and higher chance than those others may have made. How to pick winning lottery numbers then become crucial, since you have to second guess what the machine will pick at any given lotto game.
It would be helpful if you have maintained set of numbers, that way you can easily monitor the numbers which already came out as well have something stable and clear to look on. The latter shows a sound way of betting, on the other hand like we said since lotto is a game of chance if you also have numbers which were randomly chosen, just to improve the odds in your favour.
Whatever way you decide to eventually play it the important thing is that you continue to hope and dream, who knows it may just come true sooner than you think.
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About the Author:
become the source of hope learn how to win the lottery guaranteed. Read about how I won the lottery at my Pick Winning Lottery Numbers blog.
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How To Predict The Lotto and make all your wish come true
Friday, July 30th, 2010Everybody wants to win the lottery. I have yet to meet a person who has not shown an interest when given the prospect being told how to predict the lotto. This game has indeed fascinated people around the world regardless of race, belief and yes even religion.
Who are we to judge with all the difficulties we face around us every day it really true bliss if you can hold on to any form of hope that can make you believe that there is indeed a way out of your dire and financially problematic situation… And that is exactly what playing the lottery offers…It gives hope to people who at times seem to have no hope at all.
The problem is winning the lottery is easier said than done, most often than not those who venture in this enterprise unprepared end up in a more difficult situation than they were before simply because they did not have the foresight to make preparations.
They tricked themselves that the manner of how to predict the lotto hence knowing the numbers to pick is mere child’s play….If you are one who think this way then better stop playing the game. If you don’t have a paradigm shift in how you view playing the lottery, then you are most definitely bound to live a long disappointed life for as long as you play the lotto.
How to predict the lotto may seem like child’s play, but in reality it actually takes a lot of research, hard work, patience and of course timing before you can actually right. It is not something that just happened without you meaning for it to happen. It occurs for those who are “smart” players because they planned it so. So you might ask, can we really possibly know how to predict the lotto?
The answer is a VERY BIG YES. You do not have to go far for the evidence…after reading this article you can browse for the life and stories of previous lottery winners. For most of them, they will attest that they did not win by just coincidence instead they came out victorious because they were able to learn a most the effective way that thought them how to predict the lotto.
To sum it up winning the lotto is no easy feat to conquer, but the good news is, it is not only an impossible one at that. It can be won and the secret is in being able to know how to predict the lotto and this does not happen just by chance, like what I already mentioned. It needs deliberate planning and an even more deliberate action plan.
How to predict the lotto may seem to entail a lot of work and it does…however if you want to really partake of the harvest… which is the prize in winning the lottery, one must also be willing to labour for it first. Nothing comes for free and a promise of a million dollars worth of prices least of all.
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About the Author:
Discover the little known secret lottery system that teaches you how to win the lottery guaranteed. Read about how I won the lottery at my Pick Winning Lottery Numbers blog.
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Raise Credit Score In 30 Days
Friday, July 30th, 2010Raise credit score and you have to write a dispute letter to do this. You simply cannot handle the major credit reporting agencies any other way. You can call, but they can’t do anything to fix reporting gaffes without written documentation of your request.
Imagine is just anybody was permitted to call Experian and receive info regarding your credit score. This would be a serious compromise in disclosure and shoppers would be up in arms about these leaks.
All beefs or challenges to your credit file must be done thru the process of a formal written dispute letter. You might think this is hard to do and a few folks have commented that drafting a dispute letter is just too hard to do, there is however nothing fancy or formal about the process. There is no form and there is not any standard letter that will get you results over another.
If you have an online credit correction software, some of these clean credit programs will write a disagreement letter for you. Not just that, you’ll have the letter addressed to the right location and to the right dep.. Occasionally working out where to send your letter is the hardest process.
In your letter ensure you specifically note the account you are disputing. Let the company know the erroneous account is being reported in your credit history and spell out the reason behind your dispute. Do not write long pages about your uncle who died and your aunt who used to live at your address.
When it comes to a clarification of what your reasons are, be short and concise. An one sentence remark, explaining the cause of your challenge will be sufficient. You need to indicate that any info corresponding to your challenge is also enclosed. If you have cancelled checks or an invoice as validation of your claim then this can hurry along your success. If though you are just bitching, expect the credit reporting bureau to analyze and more than likely reject your claim.
The Fair Credit Reporting Act allows for clients to object to their credit file. You can do this as many times as you wish, however be prepared to get a response that your claim is frivolous. This fundamentally means the bureau thinks you are wasting their time. Does this mean that you are finished? No, it does not.
Press on if you believe you are correct. Send a letter asking for not just verification, but a validation of their claim. Ask for a copy of the store invoice showing your signature. You are entitled to this as part of your dispute and they must comply or they are in violation.
ensure that each of your dispute letters goes to the appropriate credit reporting bureau. Each one of the 3 are dissimilar firms and they basically battle with one another. Do not presume that a letter to one agency will impact the other. Each has their own software and they will score your credit score differently. The explanation for this is because they don’t all get the same credit information from the lenders.
Dispute Experian, Transunion and Equifax separately. Send your request by licensed mail and include proof of identity. Let them know who you are by copies of your identification.
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About the Author:
Raise credit score-start today. It has never been more important to learn to raise credit score. Low interest loans are on their way in. Learn how to increase credit scores with a trusted and secure online software. AVAIL is now available to consumers. You do not need a credit repair service to write a series of dispute letters for you. In fact, AVAIL writes a dispute letter automatically. All you do is print and sign. Don’t be misled that credit repair is a huge mystery because it isn’t.
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How a federal tax lien hurts one's credit
Friday, July 30th, 2010Receiving a tax lien from the Internal Revenue Survey can be a scary experience – for consumers and their credit score.
While it’s obvious that these liens should not be ignored, it may be less obvious what the appropriate steps are to take. Consumers should first determine if the lien is legitimate or may have been made in error, according to a recent report by New Jersey newspaper The Record.
Taxpayers with a legitimate lien should quickly make efforts to pay the IRS the debt they are due. Waiting can prolong the negative effects tax liens have on a credit score, which may make it harder for consumers to obtain new mortgage, auto and credit card loans down to road.
“There is an alternative,” the report said. “In some cases, you may be able to have the IRS ‘withdraw’ the tax lien. Unlike a tax lien release, a withdrawn lien retroactively removes the lien as if it was never filed.”
A federal tax lien may be withdrawn in instances when it would be in the best interest of the recipient, it would help collect the tax more quickly, if the lien was filed incorrectly or too soon and when an installment agreement has already been established to pay off the debt, according to the IRS. It may also be made secondary to another lien.
People who pursue such a withdrawal may benefit from working with a tax professional, according to the report. This can help clarify and avoid some of the complications that occur in a tax lien withdrawal. Individuals who receive an erroneous tax lien will also be required to go through this process.
Like any kind of erroneous credit information, tax liens that occur in error need to be reported to credit bureaus. These are the only agencies able to change information on a credit report and ultimately shape a consumer’s borrowing ability. A certified public accountant may be able to help consumer remove incorrect information from their credit, according to the report.
Correct information, however, may not be pulled from a credit report despite its ability to damage a person’s loan eligibility. Like a late payment on bills, tax liens remain on a consumer’s credit report for seven years. Its effect weakens over time and may be overlooked if an individual takes effort to improve his or her money management skills.
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About the Author:
I am the SEO Specialist at Creditreport.com
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What consumers with great credit scores are doing right
Friday, July 30th, 2010Many consumers may know what makes up a credit score, but they may not have the knowhow to improve their score in actual practice.
The good news for consumers is that, if they know what makes up a credit score, then they’re already more knowledgeable than most about what steps to take to set themselves on the path to a score in the 800s. According to a report from CBS Moneywatch, taking a score from “good” to “great” is all about knowing how the system works.
About 13 percent of all consumers have credit scores of 800 or higher, the report said, and that’s because those people know the credit score system inside and out. They know, for example, that the combination of payment history and the amount of credit they owe versus what they have available accounts for about two-thirds of their credit score.
Payment history makes up 35 percent of a score, and something as simple as making on-time payments can provide a gigantic boost to any credit score. The report said the amount of money a consumer owes versus what they have available in credit makes up 30 percent of a score. The other 35 percent is made up of a combination of the amount of time a consumer has had credit, how much new credit they have (the less the better), and the different types of credit a consumer uses.
That 13 percent of consumers whose credit is superb all have roughly the same characteristics, the report said. When it comes to on-time payments, those people haven’t been late on one in the last seven years, and their debt levels are no higher than 35 percent of their overall limit per credit account.
As for the other third, the report said consumers with scores above 800 own four to six credit cards, and have one installment loan – like a car payment or mortgage – with an impeccable payment history. They’ve had no bankruptcies, foreclosures, charge-offs or collections at any point, and a very low number of credit inquiries in the last six months, usually fewer than three. Finally, they’ve had their credit accounts for an average of 10 years, with a small number of accounts showing 20 years of good history.
A recent Bankrate report said that “good debt” stays on a credit report longer than bad, typically an extra three years.
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