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Credit Repair Common Sense

Apr 2nd, 2011
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High Stakes in the Credit Repair Game

Your financial life depends on the content of your credit. Every time you apply for credit a lender will check your report with at least one of the three bureaus. The content of your report will determine your eligibility for a loan as well as the interest rate you will pay. The interest rate in turn will determine your monthly payment. Higher rates mean higher payments, and higher payments erode your ability to save and enjoy the security that comes from building wealth. The goal of any legitimate credit repair company should be to re-shape your credit to meet the highest lender standard and improve the quality of your financial life.

Some Amazing Numbers

Did you know that each of the three bureaus maintain credit files on over 200 million Americans? Each individual credit file contains the history and current status of credit cards, auto loans, mortgages, collections, public records, and more. Current accounts must be updated monthly and are dependant on the accurate participation of millions of creditors and other data furnishers. The shear amount of data is mind-boggling.

The Cost of Errors

Given the amount of data being managed by the credit bureaus it is not a surprise that there are errors. But what does it mean to you? According to the National Association of State PIRGs (a nonprofit, public interest advocacy organization) 79% of all credit reports contain mistakes, 54% of all credit reports contain personal information that is long outdated, belongs to a stranger, or is otherwise incorrect, 30% of all credit reports contain accounts that are closed by the consumer but continue to be reported as open, and 25% of all credit reports contain errors serious enough to result in the outright denial of credit. As a credit repair professional dealing with credit reports on a daily basis, I can attest to this widespread occurrence of errors. Is everything correct on your on your report? The odds are not in your favor.

Russian Roulette

Somewhere between the 79% of consumers with errors on their reports, and the 25% who will be denied credit due to those errors, exists a vast number who will be bumped into a lower credit class and pay a higher interest rate than they should. Many of these consumers will never be aware of the fact that lenders are quietly charging them one or two percent more on their loans. Let’s translate the statistics. 79% represents 158 million Americans with errors on their credit reports. 25% represents 50 million Americans that will be denied credit due to errors. The vast middle ground contains 108 million Americans who may be paying hundreds of extra dollars each month as a result of errors in the credit reporting system. What about you? If you are not paying attention to the content of your credit report you are playing financial Russian roulette. If you are in the majority, an intelligent credit repair effort can pay for itself a hundred times over.

A Case of Skewed Statistics

I have been in the credit repair business since 1989 and have come to the unfortunate conclusion that people with real credit issues, those whom have missed payments, fallen behind, or defaulted on a debt, are more than twice as likely to have serious errors on their reports than the statistical norm. In other words, the potential for errors becomes considerably worse for those that can afford it the least. Why does this happen? When an account slips into a derogatory status it is no longer in the mainstream; the creditor often moves the account to a different department; the creditor name may be reported slightly differently and account numbers may be modified. If the account is charged off and sent to a collector it is almost inevitable that it will eventually appear in duplicate or triplicate on your report. And over time collection accounts change hands, often shedding their statute of limitation start date and continue to report well beyond their proper expiration, sometimes appearing as if brand new.

The Credit Repair Road to Recovery

Have you had legitimate credit issues? Are you working on recovering from those issues? The good news is that a competent credit repair effort can effectively remove the errors from your report and give you the fair chance that you deserve. Do you know that you can get your three credit reports for free one time per year? Go to AnnualCreditReport.com, the only site where you can get your reports for free with no strings attached. Review your reports. Call a credit repair expert for a consultation. Take charge today. It’s your right, and there is nothing that can have more of an impact on your financial life.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Jim Kemish, a nationally recognized credit repair and restoration expert, is the president and founder of Sky Blue Credit, a leading credit repair business since 1989. Jim is also the president of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida.


Article from articlesbase.com

Answering Some Common Questions About Credit Repair

Dec 28th, 2010
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Credit repair is one of those topics that most people are not familiar with and many of those that think they are, do not have a correct understanding of what credit repair really is. To help provide an introduction to the concept, provided below are answers to three common questions people have about credit repair.

Is Credit Repair Legal?

Absolutely! All a creditor has to do is report a negative item to a credit bureau for it to be added on your credit reports. They do not have to prove that you did anything wrong and the credit bureaus are not going to contact you to get your side of the story.

By disputing the items in your credit reports, you are asking the credit bureaus to perform an investigation to determine if the negative items on your credit reports are being reported correctly. If they are not, then they must be revised or removed.

In a perfect world, credit repair would not be necessary, but because of the obvious flaws in the credit reporting system, the Fair Credit Reporting Act was enacted to protect your rights against unfair credit reporting. Because of this act, you have the right to dispute any items in your credit reports that you feel are not completely accurate.

How Do Inaccurate Items End Up On My Credit Reports?

There are a number of reasons why inaccurate items could end up on your credit reports. For example, a simple human error such as typing in your Social Security number instead of someone else’s could result in their bad credit showing up on your credit reports. Also, mistyped dollar amounts, items reported more than once, incorrect dates, and other errors could results in errors on your credit reports.

Another common reason for credit errors is mistaken identity. It is very common for your credit reports to show negative items from someone else with your same name. This could happen if you have a fairly common name or in some cases, in the case of a son who is named after their father. It has happened many times that someone gets denied for credit only to find out that a bankruptcy or some other serious negative item has been erroneously added to their credit reports because someone else with the same name was not responsible with their finances.

Finally, identity theft is a major source of credit reporting errors. Someone steals your personal information and destroys your credit all in your name.

Can I Save Money and Repair My Credit Myself?

Yes, you have every right to repair your credit yourself. As is mentioned in numerous credit repair articles, anything a credit repair company can do, you can do yourself.

Of course, this is true of almost any service. Just as you have the right to repair your own credit, you also have the right to change your own oil, cut your own hair, or even represent yourself in a court of law. But as is also the case of these services, many people find that is is easier, cheaper, and more effective to hire a professional.

When considering whether or not to repair your credit yourself, also consider what your time is worth. Depending on the severity of your credit problems and the cooperation level of your creditors, effectively repairing your credit reports could involve learning about and analyzing your credit reports, researching the Fair Credit Reporting Act, research the Fair Credit Billing Act, researching the Fair Debt Collection Practices act, writing and sending dispute letters to the credit bureaus, writing and sending dispute letters to your individual creditors, and properly responding to all of these entities.

Many people find that it is simply easier to get help with credit repair than to do it themselves. In fact, a sizable percentage of people who end up using a credit repair company to help them with their credit reports do so after already trying to repair their credit themselves.

Thousands of people looking for help in repairing their credit reports have benefitted from the services of Credit Attorney P.C.. With the experience of helping over 50,000 clients improve their credit scores, Credit Attorney has refined and perfected their proven credit repair service.


Article from articlesbase.com

Related Credit Repair Companies Articles

Credit Repair Scams – Common Scams That Credit Repair Companies Use to Rip You Off

Nov 16th, 2010
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Need Your FICO Score Fixed?

There are hundreds even thousands of companies that claim to be able to fix your credit scores. If you have considered using the services of one of these companies to help you get your FICO score increased you need to keep reading as I will talk about some of the shady practices these companies often use on unsuspecting clients.

Three Common Credit Repair Tricks To Watch Out For

Overcharging Clients- The biggest scam the is pulled by some of these companies is overcharging their clients. The way they do it is so simple and sneaky its hard to detect. First they set you up on a monthly fee, then they work at a slow pace to extend he service out. Things are getting done and you are happy. Unfortunately they could have been done much faster and you are out hundreds of dollars!

Stealing Your Money- Another scam that is pulled by the worst of the bunch is they actually steal your money. This often happens when the company asks you for a cash deposit that they can use to negotiate with your creditors. In 99% of the cases this money never reaches the creditors and the company shuts down once they have enough money from their clients. When this happens you will be out the fees you paid them and also the money they were able to steal from you.

Committing Fraud- While it will sound crazy this actually does happen alot. The credit repair company will ask you to start a new identity through the Federal Government using the EIN or TIN numbers that are supposed to be used for businesses and resident Aliens. You can then take out new loans under your new identity and basically start over. While it will work it is also very illegal and the one who get s in trouble and charged with a felony and fraud is you,even if you were following the companies advice.

How Can I Avoid These Credit Repair Scams

The best way to avoid credit repair scams and save money is to do the work yourself. This is easy with allthe good credit repair kits on the market today. For about you can buy a system online that will give you all the tools and information you need to quickly start increasing your credit scores on your own.

Where Can I Learn About Self Credit Repair Methods

If you need to fix your credit and do not want to get ripped off then do Self Credit Repair its an easy and affordable way to make sure your credit gets fixed the right way in the fastest amount of time. You can learn more about DIY credit repair for FREE at http://www.creditfix123.info/blog


Article from articlesbase.com

Four Common Tax Myths All Home Business Owners Should be Aware of

Oct 7th, 2010
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The home office deduction gets a bad wrap. There are so many rumors out about the home office deduction that you may want to avoid the whole subject. But if you have a home office and aren’t deducting it, you could be missing out on some very valuable tax savings. Let’s take a look at the truth behind the myths about the home office deduction.

Myth Number 1 – The home office deduction is a red flag for an audit.

Twenty years ago, this might have been true, simply because it was unusual. Now, the home business seems to be almost as popular as home ownership! Millions of individuals operate some kind of business activity out of their homes. Others telecommute, and deduct their home office expense as an itemized deduction. The home office deduction is no longer an automatic flag for an audit.

The key to avoiding an audit is reasonableness. The IRS uses computer analysis on all tax returns. Any deduction that is excessive on your income and the benchmarks for your industry may be questioned.

Bottom line: Deducting a portion of your home expenses as a cost to operate your home-based business is expected!

Myth Number 2 – If I take a home office deduction, I can deduct all the costs of my home.

You deduct a portion of your home expenses as a home office expense based on the square footage of your home office space. If you have a 2000 square foot home, and a 200 square foot office, you could deduct 10% of your home expenses.

Unless you operate a day care center, your home office space must be exclusively used for business. Your kitchen will not qualify as home office space simply because you use the table to complete paperwork. If you use the space for personal and business, it does not qualify.

The easiest way to keep track of this is to designate a room or rooms for home office purposes. If you don’t have a complete room to use as office space, use furniture to separate the personal part from the business space.

Of course, there is an exception to this rule. If your business is wholesale or retail and you do not have any other fixed location, you can include any space you use for storage of inventory or product samples as part of your home office. This space does not need to be used exclusively, but must be used regularly, and be suitable for storage.

Bottom line: Calculate the square footage you use exclusively for business and the square footage of your storage space for inventory to determine your home office deduction.

Myth Number 3 – I can only take the home office deduction if I work at home exclusively.

Old rule! Congress expanded the home office deduction to allow business owners without any other fixed business location to take a home office deduction regardless of the number of hours they spend at home. If you provide services to customers or clients at their location, you can still qualify for the home office deduction. You simply must use your home office for administrative and management duties.

Bottom line: You can deduct your home office as long as you don’t pay for other office space to run your business.

Myth Number 4 – The home office deduction will make me lose my tax exclusion on the sale of my home.

The rules have changed here, too. If you use 10% of your home for business purposes, you no longer have to recognize 10% of the gain on the sale that could have been excluded if you meet the requirements for the sale of your principal residence.

What you do need to do, however, is include any depreciation deduction you took in prior years as a taxable capital gain. You still benefit, because your capital gain rate is most likely lower than your ordinary income tax rate. You are able to take the original depreciation deduction at ordinary income tax rates, and bring it back into income when you sell your home at the lower capital gain rate. Your depreciation deduction can also reduce your self-employment taxes.

Bottom line: You can still save taxes overall by taking the home office depreciation deduction each year.

Operating your business from home is a very smart move financially for the new or small business owner. You can save yourself thousands of dollars in rent by operating at home rather than renting business space.

But the cost of housing your business is an expense, and should be treated that way. You would not hesitate to deduct rent expense for your business. Treat your home business expense the same way. The tax money you save can be used to grow your business, or even to fund your family vacation! Talk to your tax preparer if you have more questions, and get ready to take that home office deduction on your next tax return!

Todd Jensen, “The Profit Engineer”, has helped hundreds of business owners make their business more successful and profitable. For tips and strategies on how to boost your business success as well as increase your profits, visit
http://www.theprofitengineer.com or
http://www.freebusinessstartupinfo.com

Personal Chef Training – Common Herb and Spice Subsitutes

Sep 28th, 2010
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Personal Chef Training – Common Herb and Spice Subsitutes

When you start your personal chef training you run into situations that you are not prepared for. One of these situations is herb and spice substitutions. In fact this situation can occur anywhere even if you are just cooking at home. A common problem when performing your personal chef service is to run out of herbs and spices, or have a client run out of herbs and spices. This is never good as it can lead to bland or bad food. Nobody wants to serve this to client.

The solution? Know these common herb and spice substitutions.

Sometimes Oregano can be replaced by Basil or Thyme or vice-versa.
Another commonly replaced spice is Allspice, which can be replaced by Cinnamon, Cassia, Nutmeg, Mace, or Cloves.
Aniseed can be replaced by Fennel Seed or Anise Extract.
Cardamom something that most people don’t keep handy, can be replaced by Ginger.
Chili Powder can often be replaced by Hot Sauce plus Oregano and Cumin. This is very useful for making chili dishes and the like.
Often times you will need a replacement for Poultry Seasoning. The solution is Sage, Thyme, Marjoram, Savory, Black Pepper and Rosemary.

All of the replacements are very useful once you start your personal chef training.You never want to get in a position where you cannot create a great tasty meal for your clients.  With these simple herb and spice subsitutions you will always be ready to go. never again will you have to scramble to figure out what to do with your meals when you run out of certain herbs and spices. So get started with your personal chef training today!

Find these and other personal chef training tips at our website Personal Chef Academy. The best in personal chef training online. We have tons of tips on becoming a personal chef as well as a new ebook that guides you throught the whole process.

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