An area that is often overlooked until it is too late is our credit reports and FICO scores. Here's a suggestion that could head off any potential problems in being approved for a mortgage, refinance or any other type of loan. At least once per year (every six months if possible) click on the link below to be able to arrange a viewing of your combined credit report from the three major Credit Bureaus. Look for reported late items that need to be dealt with as well as whether closed accounts and paid off, auto leases have been removed, etc…. These items lower your FICO scores, which is what lenders look at to determine your credit worthiness.
Order your credit report - http://www.equifax.com/home/
Find out more about Credit Reports and FICO scores - http://www.fool.com/ccc/check/check01.htm
How to Handle Disputes with Credit Bureaus
If you have been denied credit, insurance or employment because of information supplied by a Credit Reporting Agency, the FCRA says the company you applied to must give you the Credit Reporting Agency's name, address and telephone number. If you contact the agency within 60 days of receiving a denial notice, the report is free.
The three major national credit bureaus are:
Equifax
P.O Box 740241
Atlanta, GA 30374
(800) 685-1111
Experian
P.O Box 2002
Allen, Texas 75013
(888) 397-3742
Trans Union
P.O. Box 1000
Chester, PA 19022
(800) 916-8800
If an error shows up on your credit report, both the Credit Reporting Agency and the organization that provided the information to the agency, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. Your job is to tell the Credit Reporting Agency in writing what information you believe to be inaccurate. Include copies (NOT originals) of documents that support your position.
In addition to including your name and address, your letter should clearly identify each item in your report that you are disputing. State the facts and explain why you dispute the information, and request a deletion or a correction. You may want to enclose a copy of the report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document what the Credit Reporting Agency received. Keep copies of your dispute letter and enclosures.
The Credit Reporting Agency must reinvestigate the items in question within 30 days.
If the creditor finds the disputed information to be inaccurate, it must notify all nationwide Credit Reporting Agencies so they can correct the information in your file.
When the reinvestigation is complete, the Credit Reporting Agency must give you the written results as well as a free copy of your report if the dispute results in a change. Also if you request, the Credit Reporting Agency must send notices of correction to anyone who received your report in the past six months.
Below is a sample letter – feel free to use it.
Date
Your Full Name
Address
City, State ZIP
Date of Birth January 1, 2000
Telephone (000) 000-0000
Name of Credit Reporting Agency
Address
City, State ZIP
Dear Sir or Madam:
I am writing to dispute an item in my credit report. The following account status should be updated. My credit report indicates that I have made late payments or that the account is in default. I have never missed payments or made late payments on this account.
Company Name: ABC
Account Number: 123
Account Status shown on credit report: Status (paid as agreed, 30 days late, etc )
I have enclosed a copy of my credit report with this item circled.
Please investigate this error immediately, and update my credit report accordingly. Please send me a copy of your investigation results and an updated copy of my credit report.
Sincerely,
Your Signature
Your Name
Saturday, May 2, 2009
Monday, March 16, 2009
Inspirational Outcome of a Recession
Recession: 2 choices
(1) Either decide to be part of the Economy, (2) or become a victim of it.
I listen to people all day long say....."Due to recent economic crises, the stock market declining daily, budget cuts, unemployment increasing, global market conditions unstable, cost of insurance-- driving without it, electricity & gas bill sky rocketing this winter, taxes of all kinds increasing...... we regret to advise you that the Light at the End of the Tunnel has been turned off. We apologize for the inconvenience."
SOMEONE PLEASE TELL THEM TO TURN ON THERE HEAD LIGHTS, IF YOUR WALKING USE A FLASH LIGHT. OR BEST CASE OF ACTION, DO NOT ENTER THE TUNNEL.... Then you will enjoy 100% of the sunshine. The sun comes out everyday, some days are just brighter than others.
What makes me cranky is that millions of people believe it. Through no fault of their own, they believe their lives are now intolerable and their futures are doomed to failure while they sit paralyzed in a dark tunnel. These are the people that are becoming victims of The Recession. Get on your feet and do something.
(1) Either decide to be part of the Economy, (2) or become a victim of it.
I listen to people all day long say....."Due to recent economic crises, the stock market declining daily, budget cuts, unemployment increasing, global market conditions unstable, cost of insurance-- driving without it, electricity & gas bill sky rocketing this winter, taxes of all kinds increasing...... we regret to advise you that the Light at the End of the Tunnel has been turned off. We apologize for the inconvenience."
SOMEONE PLEASE TELL THEM TO TURN ON THERE HEAD LIGHTS, IF YOUR WALKING USE A FLASH LIGHT. OR BEST CASE OF ACTION, DO NOT ENTER THE TUNNEL.... Then you will enjoy 100% of the sunshine. The sun comes out everyday, some days are just brighter than others.
What makes me cranky is that millions of people believe it. Through no fault of their own, they believe their lives are now intolerable and their futures are doomed to failure while they sit paralyzed in a dark tunnel. These are the people that are becoming victims of The Recession. Get on your feet and do something.
Wednesday, March 11, 2009
Personal finance - how to survive a job loss
PREPARE, PLAN, & EXECUTE YOUR PLAN --- That's how you survive.
The dreaded “R” word – recession – has been dominating business headlines for months now. More and more economists are predicting bleak economic conditions and weak job growth in the coming months.
Even if you feel secure in your job at this moment in time, here’s a sobering thought: Because of forces beyond your control, you could be hit with an unexpected layoff at almost any moment.
For this reason, it’s always a good idea to plan ahead for potential financial emergencies before they strike. The following tips can help.
1. Establish an emergency fund. Set aside enough money to cover your basic living expenses for three to six months. This should give you the ability to pay your rent or mortgage, buy food and repay debts. Consider socking this money away in an high-yield money market account or a short-term fixed deposit.
2. Live within your means. Try hard not to spend excessively on items and services you don’t truly need. This will make it even easier to build up that emergency fund once and for all.
3. Use credit cards with great caution. Especially if you have a hunch that a layoff might be looming, be extra careful with credit. A credit card can keep you in denial about your true financial situation. Accumulating debt will only add to your stress – and you don’t need any more stress, whether you lose your job or not.
4. Talk about money with your partner. Even when things are going well, it’s common for one partner to be completely unaware that the other partner has different financial priorities and goals. A layoff – or the specter of a layoff – can put the spotlight on such differences and lead to terrible fights. To avoid this, talk honestly and set goals together about how to cope in the coming weeks and months.
5. Tackle high-interest debt. Before a layoff ever strikes, make sure you’re not letting debt hang around for months on a high-interest credit card. Transfer that debt to cards with lower interest rates, or consider paying it off with money from a personal loan from your bank. Then, as soon as you get another job, you can concentrate on paying back that lower-interest loan.
6. Network, network, network. Always make a point of getting to know as many people as you can in your line of work. By having plenty of friends and contacts in your industry, you’ll stand a better chance of finding work quickly if you lose your job.
7. Line up a line of credit while you’re still employed. If you own a home and you can see that a job loss might be coming, consider opening a Overdraft against property and keeping it open. Don’t tap into the Overdraft at all; just know that it’s there in case a real emergency hits. Some lenders – but not all – may charge a processing fee in 1%-1.5% range for opening the overdraft limit, but that can be worth it for the peace-of-mind factor.
8. Investigate your health insurance policy. Be clear on what your health plan covers and also whether it covers all members of your family. In case of a layoff, you sure do not want to have an additional expense on account of unforeseen illnesses. If you do not have a health insurance, GET ONE.
Find more on this and other finance topics at themoneybees.blogspot.com
The dreaded “R” word – recession – has been dominating business headlines for months now. More and more economists are predicting bleak economic conditions and weak job growth in the coming months.
Even if you feel secure in your job at this moment in time, here’s a sobering thought: Because of forces beyond your control, you could be hit with an unexpected layoff at almost any moment.
For this reason, it’s always a good idea to plan ahead for potential financial emergencies before they strike. The following tips can help.
1. Establish an emergency fund. Set aside enough money to cover your basic living expenses for three to six months. This should give you the ability to pay your rent or mortgage, buy food and repay debts. Consider socking this money away in an high-yield money market account or a short-term fixed deposit.
2. Live within your means. Try hard not to spend excessively on items and services you don’t truly need. This will make it even easier to build up that emergency fund once and for all.
3. Use credit cards with great caution. Especially if you have a hunch that a layoff might be looming, be extra careful with credit. A credit card can keep you in denial about your true financial situation. Accumulating debt will only add to your stress – and you don’t need any more stress, whether you lose your job or not.
4. Talk about money with your partner. Even when things are going well, it’s common for one partner to be completely unaware that the other partner has different financial priorities and goals. A layoff – or the specter of a layoff – can put the spotlight on such differences and lead to terrible fights. To avoid this, talk honestly and set goals together about how to cope in the coming weeks and months.
5. Tackle high-interest debt. Before a layoff ever strikes, make sure you’re not letting debt hang around for months on a high-interest credit card. Transfer that debt to cards with lower interest rates, or consider paying it off with money from a personal loan from your bank. Then, as soon as you get another job, you can concentrate on paying back that lower-interest loan.
6. Network, network, network. Always make a point of getting to know as many people as you can in your line of work. By having plenty of friends and contacts in your industry, you’ll stand a better chance of finding work quickly if you lose your job.
7. Line up a line of credit while you’re still employed. If you own a home and you can see that a job loss might be coming, consider opening a Overdraft against property and keeping it open. Don’t tap into the Overdraft at all; just know that it’s there in case a real emergency hits. Some lenders – but not all – may charge a processing fee in 1%-1.5% range for opening the overdraft limit, but that can be worth it for the peace-of-mind factor.
8. Investigate your health insurance policy. Be clear on what your health plan covers and also whether it covers all members of your family. In case of a layoff, you sure do not want to have an additional expense on account of unforeseen illnesses. If you do not have a health insurance, GET ONE.
Find more on this and other finance topics at themoneybees.blogspot.com
Saturday, January 31, 2009
Finances in the 21st Century
Will it be the 1920-30's all over again, NO! But, Lifestyles based on financial leverage is going to disappear for a while. What I mean is consumers will need to save up money and have a down payment when making a large purchase, for example, a house, a car, etc...
More individuals will probably start taking the bus. Driving can be expensive, you have to put gas in your car weekly, change the oil every 3 months, pay for insurance, buy new tires when appropriate. O' I almost forgot the monthly CAR Payment. Look at the cost of owning and operating an automobile over 12 months and you will be shocked.
When it comes to business & consumer lending, you may hear C-Level Exec's say "Do they have skin in the game" meaning do they have a down payment to help offset our risk. That's right RISK, you will be hearing that word a lot more in the future. My belief is needing a downpayment will deter most from just worrying about the monthly payment, and consider the over all cost of the purchase. This will put a staggering stop to impulse purchases. No more 100% financing or sign and drive events.
Conclusion, innovation or risky businesses along with "mom & pop" business will most likely stop or come to a slow. Dry Cleaners- beware, Dog Walkers- beware, Small Coffee Shops- beware, Non Profits- beware, and the list goes on.
The good news is the amount individuals have in there savings account will/ should increase. If you did know, the national savings average has been negative over the past 2 years.
More individuals will probably start taking the bus. Driving can be expensive, you have to put gas in your car weekly, change the oil every 3 months, pay for insurance, buy new tires when appropriate. O' I almost forgot the monthly CAR Payment. Look at the cost of owning and operating an automobile over 12 months and you will be shocked.
When it comes to business & consumer lending, you may hear C-Level Exec's say "Do they have skin in the game" meaning do they have a down payment to help offset our risk. That's right RISK, you will be hearing that word a lot more in the future. My belief is needing a downpayment will deter most from just worrying about the monthly payment, and consider the over all cost of the purchase. This will put a staggering stop to impulse purchases. No more 100% financing or sign and drive events.
Conclusion, innovation or risky businesses along with "mom & pop" business will most likely stop or come to a slow. Dry Cleaners- beware, Dog Walkers- beware, Small Coffee Shops- beware, Non Profits- beware, and the list goes on.
The good news is the amount individuals have in there savings account will/ should increase. If you did know, the national savings average has been negative over the past 2 years.
Tuesday, January 27, 2009
Just finished reading, GOD is a Salesman
The book was well written, and the author Mark Stevens makes valid points throughout. I read the book because of the title and the fact I had lunch with Mark in a group setting.
If you didn't know, please note, GOD is not a salesman. GOD created an idea and his followers deliver the idea.
There were a few take aways which I will summarize; Communicate to the Masses-- don't call one prospect at a time, Always Control the Agenda, Know that most people buy on Heart, Faith, Trust, and Respect. Don't become a seller of stuff-- Hold out an idea, paint a picture, and make a promise, and always view selling as a way of building and maintaining faith in one another.
If you didn't know, please note, GOD is not a salesman. GOD created an idea and his followers deliver the idea.
There were a few take aways which I will summarize; Communicate to the Masses-- don't call one prospect at a time, Always Control the Agenda, Know that most people buy on Heart, Faith, Trust, and Respect. Don't become a seller of stuff-- Hold out an idea, paint a picture, and make a promise, and always view selling as a way of building and maintaining faith in one another.
Monday, January 19, 2009
Do you manage your debt?, or does your debt manage you?
Do you manage your debt?, or does your debt manage you?
The country's saving rate has been negative for the past 2 years, yet we Americans keep borrowing. And then we struggle to find ways to pay for the mountain of debt we've built. Some are losing homes, automobiles, boats, atv.... any asset that has a payment associated with it. So if your debt is managing you or if you want to get out of debt asap, keep reading to learn how to take control.
Recently, my wife and I were able to buy a beaitful home for $40,000 less than the previous owners built the home for in late 2003. Not to mention the previous owners also finished the basement in 2006. You might be wondering how I was able to pull this off. The answer is easy. The previous owners lost the home and were foreclosed on. The house was sold on the court house steps and my wife & I became the new owners. I want to mention, we lucked out and were able to sell our previous house 15 days prior.
In addition to purchasing our new home at a discounted price, we had another encounter in 2008 that has changed our families life immensely. I'm talking about a state of the art financial dashboard software called the Money Merge Account. I had 2 meetings with a man named Ken Hodge, and by the second meeting a free analysis of my families finances uncovered we could be debt free in 9 1/2 years if we just followed the program step by step. The best part.... there was little or no change to our existing life style. Since that day in September 2008, I have encouraged all my friends and family to take a look a the software package. You can learn more at:
www.payitfaster.com/plugintofreedom
The country's saving rate has been negative for the past 2 years, yet we Americans keep borrowing. And then we struggle to find ways to pay for the mountain of debt we've built. Some are losing homes, automobiles, boats, atv.... any asset that has a payment associated with it. So if your debt is managing you or if you want to get out of debt asap, keep reading to learn how to take control.
Recently, my wife and I were able to buy a beaitful home for $40,000 less than the previous owners built the home for in late 2003. Not to mention the previous owners also finished the basement in 2006. You might be wondering how I was able to pull this off. The answer is easy. The previous owners lost the home and were foreclosed on. The house was sold on the court house steps and my wife & I became the new owners. I want to mention, we lucked out and were able to sell our previous house 15 days prior.
In addition to purchasing our new home at a discounted price, we had another encounter in 2008 that has changed our families life immensely. I'm talking about a state of the art financial dashboard software called the Money Merge Account. I had 2 meetings with a man named Ken Hodge, and by the second meeting a free analysis of my families finances uncovered we could be debt free in 9 1/2 years if we just followed the program step by step. The best part.... there was little or no change to our existing life style. Since that day in September 2008, I have encouraged all my friends and family to take a look a the software package. You can learn more at:
www.payitfaster.com/plugintofreedom
Sunday, January 18, 2009
Thursday, January 15, 2009
Weak Sales? Get inspired by J. Gitomer
I read articles by J. Gitomer weekly. The reason?, he's a sales genius and I'm in B2B sales. This weeks article touched on never giving up, and in this current economic time, that is exactly what "us", sales people need to be hearing. Here is paragraph from the article, as Jeffery compares Sales to a popular signer.
"Ever think about what is took for a rock star to become one? To achieve in the face of doubting people or naysayers? To face rejection after rejection? To spend countless hours practicing and rehearsing? To hone their skills and craft - and THEN to achieve the acceptance of others? Make some sales, and some more sales, and finally a number one song, and a sellout concert. WOW - no wonder so few people make it."
"Ever think about what is took for a rock star to become one? To achieve in the face of doubting people or naysayers? To face rejection after rejection? To spend countless hours practicing and rehearsing? To hone their skills and craft - and THEN to achieve the acceptance of others? Make some sales, and some more sales, and finally a number one song, and a sellout concert. WOW - no wonder so few people make it."
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