Month: March 2017

Consumer Credit Made Easy

Building a good credit record is one step in reaching financial independence and responsibility. An achievement that has great rewards and comes with great responsibility. Learning to manage credit responsibly is something that can be passed on through the generational lines.

Purpose for Obtaining Credit

The main purpose for credit is to allow the consumer to make purchases for items in advance while making incremental payments on their balance and paying interest to the lender for allowing them to borrow. Many companies, as well as lenders, use credit history as a base line for what are considered “The 3 C’s:”

Character: In terms of how a person has handled past debt obligations: From the credit history and personal background, honesty and reliability of the borrower to pay credit debts is determined.

Capacity: This refers to how much debt a borrower can comfortably handle at any given time. Income streams are analyzed and any legal obligations are considered, which could interfere in repayment.

Capital: This refers to current available assets of the borrower, such as real estate, savings or investments that could be used to repay debt if income should be unavailable. CAMEL is a tool sometimes used for assessing credit-worthiness of a borrower. CAMEL refers to:

C: Capital
A: Assets
M: Management
E: Equity
L: Liquidity

Although, this approach can seem unfair due to circumstances that may happen which affect the consumer financially, it is the closest approximation that gives equality in borrowing. This is why becoming financially stable and planning finances for now and the future is a must. This approach will give the freedom and flexibility to fund things as well as receive other smaller forms of credit or large purchases such as a home or car.

Repairing Consumer Credit

Generally, this topic is a mystery to many, but it is actually pretty simple. Every consumer has the right and the capability to fix their credit items. Let’s look at some simple steps in doing this:

– Obtain and review credit report.
– Analyze report.
– Make a list of all the items that are considered to be questionable or negative. Clearly identify each item in report to be disputed, explain why the items are being it disputed.
– Write a dispute letter to the credit bureaus.
– Send the letter to the credit bureaus. Make sure it’s sent registered or certified mail.
– Document efforts. Record when letters are sent, and the results.
– Wait for the bureaus to investigate claims (30 days).
– Analyze the results.
– Resubmit if necessary

Obtain and Review Credit Report

Obtaining a credit report can easily be done by either visiting Annual Credit Report online for a free report or request via phone or mail;

Call 877-322-8228 or by complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

When you order, you need to provide your name, address, Social Security number and date of birth. To verify your identity, you may need to provide some information that only you would know, such as the amount of your monthly mortgage payment.

Analyze Credit Report

Look over report and notice what types of items that are listed and verify they are valid accounts. Make a list of all items considered to be questionable or negative.

Use an extra sheet of paper and take note of duplicate items with same account numbers, negative reporting that is inaccurate, accounts that have been satisfied but not reported as so, and any other questionable items located.

Write a Dispute Letter to the Credit Bureaus

What should be challenged? Anything that is invalid or falsely reported. Don’t bother challenging the information within a collection listing, charge-off, court record, repossession, foreclosure, or settled account. As the basic nature of these listings is negative, changing the information within the listing will yield no improvement. Severely negative listings, such as these, must be disputed on the basis of complete deletion or not be disputed at all.

These letters are basic in nature and are sent to all three credit bureaus at Equifax Information Services, Experian Consumer Assistance, and TransUnion.

New Positive Consumer Credit

Make sure when sending reports electronically an email copy is saved so it can tracked. Once a response is received evaluate what items came off, which stayed and whether or not it is necessary to repeat this process.

When attempting to establish new positive consumer credit, make sure all negative items get paid or paid down. Consumer credit is important to understand and to pass on down the generational lines.

5 Facets to Focus on in Order to Create a Home Based Big Money Business

The competition for online businesses is as tough as it has ever been before. However if you want to start an internet business this is no reason to get discouraged and give up without trying. There are far too many opportunities for you to pursue to just give up because of the competition. For this reason, here are five facets to focus on when trying to create a big money business from home.

1. Marketing Perhaps the most important facet to running a home based big money business is your marketing. Do whatever you can to create interest in your business over all of your competitors and remember,it is up to you. It is really very important that you network and interact with your target market as much as possible. Start a blog,network in social sites like Facebook, Twitter and MySpace and take the time to post in forums.

2. Quality content No one wants to arrive to a web site only to find the same monotonous content they have read all over the internet. For this reason it is crucial you read the news and find out what people are looking for in forums. By identifying your prospects’ questions you can create fresh and enticing content that is actually appealing to your visitors.

3. Video/audio While quality content is important, it is not enough nowadays to actually create a successful business online. Along with fresh content, you have to have video and audio to offer visitors as well. You need to have audio and video on your web site;whether it is video of you explaining the product, an overview of the service, or testimonials from previous customers.

4. You can easily get caught up in the countless responsibilities and tasks you need to take care of as a small business owner. However, keep in mind that it is the customer that says whether or not you stay in business. For this reason, it is imperative you drop everything and focus on the needs and wants of the customer. Make sure to promptly respond to all emails and answer any questions as best as you can.

5. Research! Research! Research! The last facet you need to focus on in order to create a home based big money business is research. This is something far too many entrepreneurs forget about after the first few months of running the business. It very important that you know what is hot and what is not because the Internet is constantly changing and evolving. Whether you read the news, read forum posts, or simply scroll from site to site within your niche, it is important you take the time to research your online business niche.

Dig Yourself Out Of Credit Card Debt

Many millions of British people have financed their financial future over Christmas last year. They have put hundreds or even thousands of pounds onto their credit cards in just a few weeks.

On average, around £200 each more than the same period the previous year. Many people in the UK now carry credit card balances equalling a year’s salary. On top of this, huge numbers made little attempt to pay off the balance. Opting instead to pay the minimum balance requirements of each month

This can be a slow and painful financial death by credit card payments. There is no reason why you should not get a grip of the situation and turn it around to make your credit card debt more reasonable.

The economy is slowing down, the housing market is in a bad way and unemployment is slipping ever higher. So now is the time to try to reduce your credit card debts, if not even eliminating them altogether.

There are several steps take to help yourself onto the ladder that will eventually allow you climb out of any credit card debt problems you may have.

The first rung of this debt clearing ladder is to create a budget. This sounds a little daunting, but it really isn’t that difficult. Most people who have money problems also do not have a budget; this simple tactic can change your financial situation.

You need to get all your paperwork and bills together to work out how much you actually are spending every month. And also how much of that actual inescapable expenses. And just what things that you can cut down on or eliminate.

First of all calculate your expenses that come in every month, such things as car payments, credit card payments electricity bills and so on. The next thing to do is work out exactly how much your household income is per month.

Unfortunately, you may well find like millions of people in the UK that the amount that comes is actually lower than the amount that is going out. This should not come as a surprise as this is the reason why your credit card debt is increasing each month. So, you will need to make cuts, figure out what you actually need to keep and what are the things that you can live without. This may not be big items it may only be regular small items.

For example, do you always stop at the coffee shop on the way into work every morning and pick up a cup of coffee. Just think how much that adds up too five days a week. How much is that month? How much is that year? It is not hard to figure out where a lot of your money is going. If you repeat this exercise, with everything that you spend it may give you an idea what you can cut back on.

Your grandmother probably used to have envelopes with cash in them, one for the gas bill. One for the catalogue man, one for the milkman and so on. This was a good way to budget, in her day and it still is today. It’s a simple system that helps you to know exactly how much spare money you have available.

Start using your credit cards sensibly; it is not good idea to start pulling out credit card every time you don’t have sufficient cash to pay something. Credit cards are not free they have to be repaid. Many people seem to be under the impression that if they put payments on plastic in never has to be repaid.

You should start to consider your credit card as a useful tool to help you to budget each month. Not an excuse to spend money that you don’t have, you could freeze your cards for a month or two. This is a simple exercise, take the cards out of your wallet place on them in an envelope, seal it up with a date on the outside and don’t open it up before that date.

Start paying off your cards. To do this obtain exact balance for every card find either the one of the highest rates of interest or one with the lowest balance. Concentrate on playing that card off, only pay the minimum on all your other cards until that card is paid off, and then do the same the next card, and so on.

If you have sufficient income, and you can afford to make more than the minimum payment on more than one card that will make a significant difference to the balance.

If you pay the minimum on the card each month, how long do you think it will take you to pay off the entire balance? A year? Three years? In fact, the average length of time to pay off a credit card debt by paying the minimum is 18 years. That equals a shockingly large amount of interest, so that is something you need to consider next time you think that it’s a good idea to just pay the minimum this month.

Another option is a debt consolidation loan that will pay off all of your cards leaving just one simple monthly payment spread over a number of years. This will save you a huge amount of interest and will also actually cost a lot less per month, allowing you to repair your finances.

Credit card debts and not the end of the world is possible to fight back and resolve your problems, it takes determination and hard work, but it can be done

eBook Secrets – Why the eBook Business Has Become a Big Money Business!

eBooks used to be something that only techno geeks were into. Lately however, eBooks have found their way into the mainstream. There is a lot of debate as to whether it is just a passing phase or if people really will prefer this medium in the long run. No matter what, the consensus right now is that eBook business is big business.

Amazon used to be the kings of the eBook business. However, the latest news is that Google has plans on providing them with some stiff competition. eBay is another industry giant that dabbles in eBook business by offering services that allow people with eBay accounts to easily sell and send eBooks to customers.

Writing and marketing eBooks is also a good home business opportunity for a lot of stay at home, extra curricular income seekers and online entrepreneurs. Affiliate eBooks are available everywhere making it possible for you to sell eBooks on your website without having to write an eBook.

With this new surge in popularity for eBooks, publishers too have found a new life by becoming eBook publishers. Many of these publishers still offer traditional publishing but have branched into eBook publishing as an alternative service. This is especially true of publishers specializing in print on demand publishing.

All kinds of devices and gadgets have been created to view your eBook on the go. Some of these have software that is specific to the company that sells the eBook. Software companies have also joined the game offering software and templates to format your eBook.

No matter what your opinion or feelings are on eBooks, you cannot deny that eBook business is definitely big business.