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Posts Tagged With 'Credit'

Credit Repair- Tips to Rebuild Your Credit History

You have probably experienced some financial misfortunes that left you with major credit trouble or have just discovered that you have a debt problem. These situations present some of the most common credit problems. Fortunately, there are techniques you can employ to repair and rebuild your credit history. Firstly you should understand that it is important to build a good credit score and maintain it once you have repaired it.

Below are some vital tips that can help you carry out successful credit repair:

The first step in your credit repair efforts should be to check and correct any errors in your credit report. About 70% of credit reports have various errors and there is therefore a good chance that yours may have some errors too. Request for a free copy of your credit report and review it for any inaccurate information.

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Credit Bureaus Rumored To Have A V.I.P. List

The New York Times has posted an article that discusses how the credit bureau system- whose reports influence everything from your mortgage approval to a potential job offer- actually has two different systems in place: one for the rich people with connections and another for everybody else.

TransUnion, Equifax, and Experian, three of the major credit bureaus, all keep a “V.I.P. list of sorts” that includes judges, celebrities, politicians, and other people who have influence. The people on this list get special help when it comes to fixing problems with their credit reports. The error is usually corrected immediately, and the person will probably never realize they are on a special V.I.P list.

When asked about a V.I.P. list, a representative from TransUnion said that all consumers ???have the ability to speak to a live representative.??? Equifax said that all consumers who received a copy of their credit report were given a number to contact customer service.

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Business Should Accept Credit Cards

Most people today are expected to pay by credit card, in a position whether in the local gas station or work with independent service industry people who are the business from home.

If you own a company that has been slow to accept credit cards in the past, you have to understand how important it is to your credit card is acceptable and how to help your business.

First, people tend to think that companies that do not accept credit cards are not professional. It???s quiet message to your customers or clients that you must not take your business seriously enough to pay registration fees and other costs with payment by credit card.

Customers can also by the fact that you do not accept credit cards are not disturbed. Most people do not carry more cash, and they can not always have a checkbook with them, but you can bet they always have a credit card, debit card or a card to check in your wallet.

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How Bad Credit Affects You

MyCreditGroup.com has posted a very helpful article that discusses how having bad credit has a negative impact on your financial well being and credit report. Having bad credit can send you into serious debt in the long and short terms unless you look into some options for credit repair.

Here is a list of just a few of the negative effects caused from bad credit:

- Your loan application could be denied. If your credit score is lower than the average, lenders will see you as too risky to lend money to. Your credit score will make it look like you won’t be as likely to pay back the loan as someone with an average credit score. Some lenders might not offer you any line of credit at all.

- Creditors and lenders, specifically the ones behind credit cards, view your bad credit with skepticism and will slap you with high interest rates.

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Other Credit Card Options to Repair Your Credit

If you???ve discovered you no longer qualify for traditional credit cards due to a low credit score, there are some other credit card options you might want to consider to start rebuilding your credit:

Prepaid Credit Option

Some companies issue prepaid credit cards and report your payments to the credit bureaus. The prepaid nature of the cards makes it possible for people with poor or bad credit scores to qualify; and the fact that some will report to the credit bureaus means you have the opportunity to begin rebuilding your credit again. Since you???ve prepaid, there are no interest charges on purchases and no billing statements to worry about. Most prepaid cards have fees, however.

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