Jan
31
Free Triple Credit Reports
Filed Under Finance | Comments Off
Bill Pratt asked:
Freecreditreport offers online credit reporting resources to consumers worldwide and belongs to the ConsumerInfo family. The company is a leading provider of online consumer credit reports, credit information and monitoring services as well as credit scores.
The company has served 3.1 members thus far and delivered more than 20 million credit reports. The indispensable services and befits offered by Freecreditreport has taken the company to newer heights as the membership count continues to rise.
Consumers can now wield control over their credit by taking advantages of the services offered by this company. The first step involves getting access to their free credit report and credit score. Customers can try these services completely free of cost with the 7 day free trial offer.
The features and benefits also include:
Daily monitoring of Experian, Equifax and TransUnion credit reports
Email reports of any kind of changes and risks of identity thefts to any of the three credit reports
$50,000 Triple Advantage Guarantee feature offered the company
The paid membership comes with access to unlimited Experian credit reports and credit scores.
Monitoring and analyzing the customer’s credit score can result in substantial savings as these credit scores are taken into consideration by lenders for the “credit worthiness” of customers in order to facilitate processing of loan application, credit card application and other lines of credit. This credit score in turn helps in determining whether the applicant qualifies for a credit or not as well as the interest rate applicable on the given credit.
These credit scores are extracted from the credit reports which have a propensity to change on a daily basis. It therefore becomes imperative to monitor your credit reports as this could directly affect the credit scores.
Freecreditreport takes care of all these intricacies for its customers/members while obviating the any associated risks in terms of unauthorized activity or potential discrepancies. Customers also get to guard their identity, as Freecreditreport monitors the customer’s Experian, Equifax and TransUnion credit report on a daily basis.
It is important for the customer to note here that higher credit scores equate to lower interest rates on new loans, thereby resulting in substantial savings.
Alexander
Freecreditreport offers online credit reporting resources to consumers worldwide and belongs to the ConsumerInfo family. The company is a leading provider of online consumer credit reports, credit information and monitoring services as well as credit scores.
The company has served 3.1 members thus far and delivered more than 20 million credit reports. The indispensable services and befits offered by Freecreditreport has taken the company to newer heights as the membership count continues to rise.
Consumers can now wield control over their credit by taking advantages of the services offered by this company. The first step involves getting access to their free credit report and credit score. Customers can try these services completely free of cost with the 7 day free trial offer.
The features and benefits also include:
Daily monitoring of Experian, Equifax and TransUnion credit reports
Email reports of any kind of changes and risks of identity thefts to any of the three credit reports
$50,000 Triple Advantage Guarantee feature offered the company
The paid membership comes with access to unlimited Experian credit reports and credit scores.
Monitoring and analyzing the customer’s credit score can result in substantial savings as these credit scores are taken into consideration by lenders for the “credit worthiness” of customers in order to facilitate processing of loan application, credit card application and other lines of credit. This credit score in turn helps in determining whether the applicant qualifies for a credit or not as well as the interest rate applicable on the given credit.
These credit scores are extracted from the credit reports which have a propensity to change on a daily basis. It therefore becomes imperative to monitor your credit reports as this could directly affect the credit scores.
Freecreditreport takes care of all these intricacies for its customers/members while obviating the any associated risks in terms of unauthorized activity or potential discrepancies. Customers also get to guard their identity, as Freecreditreport monitors the customer’s Experian, Equifax and TransUnion credit report on a daily basis.
It is important for the customer to note here that higher credit scores equate to lower interest rates on new loans, thereby resulting in substantial savings.
Alexander
Jan
30
How Does Consolidation Affect Your Credit Report?
Filed Under Finance | Comments Off
Zara Colby asked:
Truth is that these processes consist of a cluster of measures that include byzantine negotiations with creditors and implementation of budgeting techniques that need some time to start showing results. But in the meantime consequences on your credit score and history are simply unavoidable. Let’s analyze what they are and why they happen:
Current Delinquent Accounts
While you start a debt consolidation or management program, your accounts and balances being negotiated may be considered delinquent accounts because the repayment is suspended. After negotiations, lenders tend to exclude these accounts from their delinquent reports for credit bureaus. And though this isn’t necessary the rule, it is a fact that can be negotiated among other things. And it can be imposed as a condition for creditors by negotiators to retake the repayment of debt.
The time frame that will determine when your creditors start reporting your accounts as clear and to account for your timely monthly payments is variable and it really depends on the lender and your agent’s negotiation ability. The reasons for this to happen are varied but they basically have to do with the delays associated to any negotiation process that involves borrowers and creditors even when there are intermediaries on a particular field.
What Should I Expect?
Even the accounts that are current once you start the consolidation program should be expected to run late for at least a month or two. Depending on your creditors the situation may be even worse. This is due to the fact that some of them require at least three periods of payments through the agency to reconsider the account state. This implies that your account will show late or missed for at least four months.
All this should be taken into account upon joining a debt consolidation program Especially if you think you’ll need finance in the near future. During this period, which can last up to 6 months but usually lasts 4 months top, your credit score will drop due to the missed payments and you’ll find it very difficult to obtain finance. So, don’t forget to mention this fact to the agent that guides you through the consolidation process. If you are going to need finance, it might be a good idea to postpone consolidation for a couple of months.
Also, even if you do not need finance, you shouldn’t be surprised if your credit score drops dramatically at the beginning and you shouldn’t judge the results of the consolidation process till it finally is completed. Or, at least, you shouldn’t worry about your score till after the first six months of the consolidation process have ended.
Corey
Truth is that these processes consist of a cluster of measures that include byzantine negotiations with creditors and implementation of budgeting techniques that need some time to start showing results. But in the meantime consequences on your credit score and history are simply unavoidable. Let’s analyze what they are and why they happen:
Current Delinquent Accounts
While you start a debt consolidation or management program, your accounts and balances being negotiated may be considered delinquent accounts because the repayment is suspended. After negotiations, lenders tend to exclude these accounts from their delinquent reports for credit bureaus. And though this isn’t necessary the rule, it is a fact that can be negotiated among other things. And it can be imposed as a condition for creditors by negotiators to retake the repayment of debt.
The time frame that will determine when your creditors start reporting your accounts as clear and to account for your timely monthly payments is variable and it really depends on the lender and your agent’s negotiation ability. The reasons for this to happen are varied but they basically have to do with the delays associated to any negotiation process that involves borrowers and creditors even when there are intermediaries on a particular field.
What Should I Expect?
Even the accounts that are current once you start the consolidation program should be expected to run late for at least a month or two. Depending on your creditors the situation may be even worse. This is due to the fact that some of them require at least three periods of payments through the agency to reconsider the account state. This implies that your account will show late or missed for at least four months.
All this should be taken into account upon joining a debt consolidation program Especially if you think you’ll need finance in the near future. During this period, which can last up to 6 months but usually lasts 4 months top, your credit score will drop due to the missed payments and you’ll find it very difficult to obtain finance. So, don’t forget to mention this fact to the agent that guides you through the consolidation process. If you are going to need finance, it might be a good idea to postpone consolidation for a couple of months.
Also, even if you do not need finance, you shouldn’t be surprised if your credit score drops dramatically at the beginning and you shouldn’t judge the results of the consolidation process till it finally is completed. Or, at least, you shouldn’t worry about your score till after the first six months of the consolidation process have ended.
Corey
Jan
28
Credit Card Companies Going Bankrupt?
Filed Under News And Society | Comments Off
Bob Youngtwo asked:
All reports show that there are major defaults in home loans. Reports now are also trickling in about credit card payments delinquency at an all time high. If most people stop making their payments then it could happen that credit card companies may go bankrupt. It is a scary thought but something maybe we should prepare.
It should not surprise any one of us. Credit card companies, like their home loan counterparts have been selling a pipe dream ‘You deserve everything – and get it NOW – you should not have to wait to earn it”. This is the mantra under which credit card companies have been pushing the concept of ‘charge it’, ‘charge it’ and then charge some more. In their short sighted view they just want to get everyone to be in debt to them so they can make hefty finance charges anywhere from 10-32%. And if you default, they make even more money in fees. So they have got everyone living large. Spending beyond their means. Buying things they should not be and in most cases don’t need it. They buy so much that when their closets fill up then they rent a storage place to keep their stuff. And the whole spiral downwards begins.
What credit card companies forget is that the person taking the debt does not in reality have the capacity to own all this extra stuff. Doesn’t deserve these items in the first place. Let me explain. Whenever you take a loan you are in fact saying ‘I am willing to sacrifice my future earnings to buy right now’. But most people never budget the ‘sacrifice’. They never save to pay the debt. In fact, some even think it is ‘free money’.
Credit card companies love such thinking but credit card companies do not realize that they have raised a culture of spend and forget. Once there is a slight correction in the market and the person loses their job, then he cannot pay anyone and the first to suffer are credit card companies.
America as a nation has become a ‘nation of debtors’. Our government is in debt to their eyeballs but tells us only a ‘rosy picture’ to keep us from panicking. The fact is the ‘emperor has no clothes’. As a society in general we Americans have become excessive spenders, living it large, no regard to future. Credit card companies for their own good should stop easy credit. Otherwise they will see huge defaults and may take the company down.
If you have to have a credit card, get the lowest cost card at ‘Look up credit cards dot com’. Please use credit cards responsibly. It is your future at stake!
Karl
All reports show that there are major defaults in home loans. Reports now are also trickling in about credit card payments delinquency at an all time high. If most people stop making their payments then it could happen that credit card companies may go bankrupt. It is a scary thought but something maybe we should prepare.
It should not surprise any one of us. Credit card companies, like their home loan counterparts have been selling a pipe dream ‘You deserve everything – and get it NOW – you should not have to wait to earn it”. This is the mantra under which credit card companies have been pushing the concept of ‘charge it’, ‘charge it’ and then charge some more. In their short sighted view they just want to get everyone to be in debt to them so they can make hefty finance charges anywhere from 10-32%. And if you default, they make even more money in fees. So they have got everyone living large. Spending beyond their means. Buying things they should not be and in most cases don’t need it. They buy so much that when their closets fill up then they rent a storage place to keep their stuff. And the whole spiral downwards begins.
What credit card companies forget is that the person taking the debt does not in reality have the capacity to own all this extra stuff. Doesn’t deserve these items in the first place. Let me explain. Whenever you take a loan you are in fact saying ‘I am willing to sacrifice my future earnings to buy right now’. But most people never budget the ‘sacrifice’. They never save to pay the debt. In fact, some even think it is ‘free money’.
Credit card companies love such thinking but credit card companies do not realize that they have raised a culture of spend and forget. Once there is a slight correction in the market and the person loses their job, then he cannot pay anyone and the first to suffer are credit card companies.
America as a nation has become a ‘nation of debtors’. Our government is in debt to their eyeballs but tells us only a ‘rosy picture’ to keep us from panicking. The fact is the ‘emperor has no clothes’. As a society in general we Americans have become excessive spenders, living it large, no regard to future. Credit card companies for their own good should stop easy credit. Otherwise they will see huge defaults and may take the company down.
If you have to have a credit card, get the lowest cost card at ‘Look up credit cards dot com’. Please use credit cards responsibly. It is your future at stake!
Karl
Jan
27
Commercial Collections And Credit Granting
Filed Under Finance | Comments Off
Steve Austin asked:
It is estimated that billions of dollars in delinquent commercial credit is currently being carried on the books of both American and international businesses. This figure changes as our economy grows or contracts. Increased competition, diversification of product lines seem to indicate that these figures will continue to move upward. Regardless of the state of either the national or international economy, the necessity to grant credit and to collect commercial receivables using professional methods remains vital to all businesses.
Credit Sales Volumes Are Important
The average commercial business sell between two to five percent of their products for cash. The credit department is responsible for the other 95 to 98 percent of the goods and/or services sold. Businesses have varying percentages of their financial resources tied up in receivables. Actual losses might range from one-half of one percent to five percent of sales without serious results. This depends on profit margin and other factors. Losses can explode to significant sums very fast if not restricted by the credit manager.
Good Customer Relations Are Paramount
The credit department must also be in tune with customer relations. This quality is absolutely necessary in order for the company to prosper when selling on credit. It is very, very easy to say “no” to prospective customers, and it is also very easy to firmly demand payment at the time of the sale. If this attitude reduces sales, then the credit department is not performing its complete function, which is to create a balance between sales and collection of money.
When extending credit to a new customer, the following basic information should be harvested for your credit evaluation and kept on file:
Is the firm individually owned, a partnership or a corporation?
You must obtain full names of owners, partners or officers and all business addresses. This is a must. A follow-up form letter to the hastily approved customer may supply this information and the local city directory may be helpful with details of ownership or tenancy. You should, however, get the information before delivery of the merchandise.
How long has the applicant been in business?
Statistics show that 50 percent of business failures are firms less than one year old, 75 percent are less than five years old.
At what bank does the applicant do business?
What is the average size of his bank balance and are there any loans outstanding? The customer may have a financial statement which will reveal this, and certainly a phone call to their bank manager is in order. They might only confirm the existence of an account, unless your customer pre-approves release of the details. A carefully worded and signed application will gain you the most information.
What do the records show?
Are financing agreements kept, or have legal suits been filed? If the amount of credit requested is substantial, additional financial information may be secured from an outside credit information source such as another supplier trade association or business reference. n What are some of the business firms with which the applicant is currently dealing? You will want to check with at least three companies to determine how much credit has been extended and the creditors’ payment experience with the applicant company. This procedure may help you and other businesses in exposing customers who exploit their suppliers.
Search for Patterns of Problems
It is a constructive idea to analyze those customers who have become collection problems and to note reasons for their delinquency. A pattern will probably be revealed.
It may be found that some collection problems involve businesses which were in operation less than a year at the time credit was originally granted. This is a “red flag.” It does not mean that a new business should be denied credit, but it does mean that additional information should be obtained to ensure that the business is potentially a good credit risk.
Sometimes the credit manager will have to deal with a sales person who is overanxious or under-trained. In the desire to sell, they may make promises that lead to collection problems. When such a pattern develops in an area, it would then be wise to advise the sales manager about the problem. It is often expedient with large orders to send the potential customer a letter spelling out credit terms.
Some Delinquencies Are Unavoidable
It is inevitable in granting credit that certain conditions cannot be foreseen and that there will be unavoidable delinquencies.
It is usually acceptable company policy that credit losses within certain percentage limits can be sustained, as growth can only be achieved by reasonable risk taking. Reserves for bad debts and collection costs are an acceptable and recognized expense for business. A too-tight credit policy can dry up potential growth. A too-loose credit policy can be a great expense.
By granting credit intelligently and by following good billing and collection procedures, it is possible to hold risk to an acceptable figure–to a balance between company growth and losses due to bad debts.
Joann
It is estimated that billions of dollars in delinquent commercial credit is currently being carried on the books of both American and international businesses. This figure changes as our economy grows or contracts. Increased competition, diversification of product lines seem to indicate that these figures will continue to move upward. Regardless of the state of either the national or international economy, the necessity to grant credit and to collect commercial receivables using professional methods remains vital to all businesses.
Credit Sales Volumes Are Important
The average commercial business sell between two to five percent of their products for cash. The credit department is responsible for the other 95 to 98 percent of the goods and/or services sold. Businesses have varying percentages of their financial resources tied up in receivables. Actual losses might range from one-half of one percent to five percent of sales without serious results. This depends on profit margin and other factors. Losses can explode to significant sums very fast if not restricted by the credit manager.
Good Customer Relations Are Paramount
The credit department must also be in tune with customer relations. This quality is absolutely necessary in order for the company to prosper when selling on credit. It is very, very easy to say “no” to prospective customers, and it is also very easy to firmly demand payment at the time of the sale. If this attitude reduces sales, then the credit department is not performing its complete function, which is to create a balance between sales and collection of money.
When extending credit to a new customer, the following basic information should be harvested for your credit evaluation and kept on file:
Is the firm individually owned, a partnership or a corporation?
You must obtain full names of owners, partners or officers and all business addresses. This is a must. A follow-up form letter to the hastily approved customer may supply this information and the local city directory may be helpful with details of ownership or tenancy. You should, however, get the information before delivery of the merchandise.
How long has the applicant been in business?
Statistics show that 50 percent of business failures are firms less than one year old, 75 percent are less than five years old.
At what bank does the applicant do business?
What is the average size of his bank balance and are there any loans outstanding? The customer may have a financial statement which will reveal this, and certainly a phone call to their bank manager is in order. They might only confirm the existence of an account, unless your customer pre-approves release of the details. A carefully worded and signed application will gain you the most information.
What do the records show?
Are financing agreements kept, or have legal suits been filed? If the amount of credit requested is substantial, additional financial information may be secured from an outside credit information source such as another supplier trade association or business reference. n What are some of the business firms with which the applicant is currently dealing? You will want to check with at least three companies to determine how much credit has been extended and the creditors’ payment experience with the applicant company. This procedure may help you and other businesses in exposing customers who exploit their suppliers.
Search for Patterns of Problems
It is a constructive idea to analyze those customers who have become collection problems and to note reasons for their delinquency. A pattern will probably be revealed.
It may be found that some collection problems involve businesses which were in operation less than a year at the time credit was originally granted. This is a “red flag.” It does not mean that a new business should be denied credit, but it does mean that additional information should be obtained to ensure that the business is potentially a good credit risk.
Sometimes the credit manager will have to deal with a sales person who is overanxious or under-trained. In the desire to sell, they may make promises that lead to collection problems. When such a pattern develops in an area, it would then be wise to advise the sales manager about the problem. It is often expedient with large orders to send the potential customer a letter spelling out credit terms.
Some Delinquencies Are Unavoidable
It is inevitable in granting credit that certain conditions cannot be foreseen and that there will be unavoidable delinquencies.
It is usually acceptable company policy that credit losses within certain percentage limits can be sustained, as growth can only be achieved by reasonable risk taking. Reserves for bad debts and collection costs are an acceptable and recognized expense for business. A too-tight credit policy can dry up potential growth. A too-loose credit policy can be a great expense.
By granting credit intelligently and by following good billing and collection procedures, it is possible to hold risk to an acceptable figure–to a balance between company growth and losses due to bad debts.
Joann