CCPA

The Consumer Credit Protection Act has nothing to do with your credit. It does have to do with the garnishment of employment wages. It is also knows as the federal wage garnishment law. Basically this Act states that an employer is not allowed to fire an employee who is having their wages garnished. This Act was passed in 1968.

So how do wages become garnished?
If an individual owes money to a credit card company, the IRS, Child Support and lenders, money will be automatically deducted from their paycheck. If a debtor is not working their banks accounts will be frozen and money removed. This Act also limits the amount of money that can be removed from one's check.

Innovative Credit Consultants has posted a detailed article about this Act on-
http://www.icreditinc.com/knowledge/articles/consumer-credit-protection-act

Read it in full to get all the facts about the CCPA.

The Equal Credit Opportunity Act

Do you know that there are laws in place so that all consumers are allowed to apply for lines of credit equally?

Do you know what personal information is listed on your credit report?
Name
Birth date
Marital status
Social Security Number
Previous Jobs
Previous Addresses
Current Jobs
Current Address


There are many laws in place that have been established for the sake of the consumer. One important law is the Equal Credit Opportunity Act passed in 1974. This act was established to prevent credit rejection due to discrimination. While all consumers can apply for lines of credit, not all consumers are approved for credit lines!

Creditors and lenders can reject an application for a line of credit if a credit report does not meet their requirements. Valid reasons for rejecting a credit line application can be: a low credit score, no income, delinquent accounts, too much debt, poor credit history, too many credit cards and more.

The purpose of the Equal Credit Opportunity Act is to enforce that consumers are not rejected for their:: race, color, religion, sex, national origin, marital status, or age.

Everyone can apply for a line of credit. Anyone can be rejected because of strict requirements due to a challenging economy. Anyone can also boost their credit and establish better credit so that they may get approved in the future.

Innovative Credit Consultants is standing by, ready to provide you with a free credit report evaluation. Find out what is really turning lenders off and why you are not getting approved. More importantly find out how ICC can make your credit count.

Consumer Credit Laws/Acts

Federal Laws and State Laws are in place to protect consumers from credit reporting errors. Basically they govern the actions of creditors and lenders. These laws were issued for the sake of the consumer. You already are aware that ICC incorporates the Fair Credit Reporting Act during our dispute process. But did you know there are MANY other Acts/Laws that exist to help you!

Your credit report affects everything! If you have experienced hardship due to inaccurate credit reporting and believe there is nothing you can do about it- you are wrong.

Look - the following laws have been established for you! These laws are supposed to prevent inaccurate credit reporting and provide a solution to consumers who discovered inaccuracies on their credit report.

Here are the Federal Laws you should be familiar with.

The Federal Consumer Credit Protection Act.

Truth in Lending Act

Fair Credit Reporting Act

Equal Credit Opportunity Act

Fair Credit Billing Act

Right to Financial Privacy Act

Consumer Leasing Act

Fair Debt Collection Practices Act

The Bankruptcy Reform Act

Here are State Laws that you should understand.

The Uniform Consumer Credit Code

Consumer Loan Acts

Mortgage Lending Acts

Mortgage Banker and Broker Acts

Secondary Mortgage Acts

Seller and Lender Credit Car Acts

Rental Purchase Agreement Acts

Check out our website icreditinc.com - our Knowledge Center will explain each law in full. Check in with us each day as we take one Act/Law at a time as we study and interpret the function of each!

Credit Card Changes 2

You may have heard about the fee changes for credit cards as influenced by the Credit Card Accountability, Responsibility and Disclosure Act, back in February. Check out our introductory article about this Act by visiting: our February 24 post.
Recent revisions to this act went into effect August 22, 2010. Now the Feds are focused on regulating penalty fees and increased interest rates. The Credit Card Act explains that fees should be “reasonable and proportional.”

What does this mean?

For the most part these fees will now be regulated to benefit the consumer. Hopefully this will prevent credit card companies from raising fees as a solution to their own financial problems and help the average credit card holder manage better. Fees should not be more than 25 dollars (give or take) unless an issuer can prove to a regulator that a higher amount is fair in order to cover operation costs. For example: a 25 dollar late fee could rise to 35 dollars only if a holder is late a second time during the next 6 billing cycles. Also, credit card issuers are prohibited from charging a fee larger then the amount owed. If your minimum payment required is 25 dollars and you are late you cannot be charged a penalty fee of more than 25 dollars. If you are 10 dollars short when making the minimum payment they cannot charge you an additional fee for more than 10 dollars.
It is required by law that fees are explained up front and any fee increase be announced to customers 45 days in advance. Issuers are no longer allowed to charge penalty fees on inactive cards, but they can close the credit card if it is not being used.

Also rate increases issued between Jan. 1, 2009, and Feb. 21, 2010 be re-evaluated and reduced appropriately. However it doesn’t stipulate an exact amount that the actual rate should be decreased but it does say that any increases between must be re-evaluated. It does say holders should be given a lower rate in accordance with the new Credit Card Act unless their customer history makes it appropriate for them be charged more. This Act also stipulates that bad credit would be an acceptable reason for Credit Card issuers to charge higher fees, but the holder must be aware of the fees and why.

If your credit has been affected by too many credit cards, missing payments or you want to be approved for a good credit card, contact ICC for superior credit repair and a credit education that will make your credit count.

Identity Theft and Medical Inaccuracies On Your Credit Report

Innovative Credit Consultants provides ethical and intelligent credit repair solutions to consumers nationwide. ICC has deleted/repaired thousands of items off credit reports caused by Identity Theft. ICC will get you an accurate credit report and teach you how to protect your credit. Identity theft continues to plague our society as technology makes it easier for thieves to steal personal information. Identity Theft is a tool for obtaining credit cards, bank accounts, driver’s licenses and more. To make matters worse, Identity Theft has become more than just a financial threat.

Did you know the numbers of reported Identity Theft cases related to medical treatment grows every day? Identity Theft has created a forum for thieves to receive treatment, obtain health insurance and not pay!

Signs your personal information has been used to obtain medical services.
Have your received a medical bills for a service you never received?

Are debt collectors trying to collect money from you for a medical treatment you never had?

Does your credit report show medical collection notices you don’t recognize?

Have you tried to process a legitimate insurance claim and your health plan claims you are maxed out?

Have you been denied insurance because of a medical history that is not yours?

If you have answered yes to any of these questions, your identity security may have been compromised. Not only is your financial safety at risk but you may be paying medical bills you don't owe, you may not be able to get health insurance at all. You may end up having a huge mess on your hands to clean up!
Innovative Credit Consultants can help clean up the burden of identity theft.

Innovative Credit Consultants is the only performance based credit repair company that seeks to be of service to the public. If you suspect your credit has been impaired due to identity theft, you are entitled to receive help and the right kind of help is ICC.

Contact us today- here is a brief description of how ICC works.

Free Credit Report Evaluation. A credit repair professional will analyze your current credit report.

Free Credit Repair Consult. Your credit repair expert will conduct a consultation about why your score remains and what it could be.

Free Customized Credit Repair Plan. ICC will strategize a credit repair method for your specific needs. You will be able to see our plan of action-obligation free.

Keep in mind ICC doesn't take money up-front; we do not charge monthly fees or a sign up fee.

ICC charges per deleted/repaired item only. If we do not delete an item- you don't pay anything at all!

ICC will dispute your items legally and effectively. You can obtain accurate credit and move on from the trauma of identity theft, ICC understands.

Protecting & Informing Consumers About Scams

On July 22, 2010 The Federal Trade Commission processed warnings against 18 websites for misleading consumers. 18 websites advertised that they provide consumers with a free copy of their credit report. However, after multiple complaints, the FTC realized that these sites falsely advertise. These websites claim to provide a free credit report in attempt to sell credit monitoring services. Individuals will discover the site because they want a free copy of their credit report. Usually, upon sign-up individuals end up paying for some service which actually includes a charge for the copy of the credit report. Whatever the gimmick is, the FTC has stated that consumers do have the right to receive a free copy of their credit report yearly but only from AnnualCreditReport.com.

Apparently AnunalCreditReport.com is the only source authorized by federal law to provide consumers with their annual free copy. The FTC has concluded that these 18 websites are in violation of the law and have issued these companies warnings. To see a list of the companies/websites that were issued the warnings, visit http://www.ftc.gov/opa/2010/07/freecredit.shtm

These 18 websites and any other websites offering a copy of a free credit report must obey the following:
They must state that consumers have the legal right to receive a free copy of their credit report once a year at annualcreditreport.com.

What does this really mean? The FTC and its laws exist to protect consumers from inaccurate and unverifiable credit reporting. The FTC credit reporting laws are being reformed between now and September. Those in violation of the laws could be charged a penalty of 3500 dollars.

Innovative Credit Consultants has created a performance based credit repair program that is consumer friendly. We are the only ethical credit repair company that supports and appreciates the effort of the FTC. ICC works for the sake of the consumer and it is our business to contribute to preserving the rights of the consumer. ICC specializes in providing consumers with accurate, useful credit. Our passion for credit repair was founded with the intention to be of service to consumers nationwide. We understand that consumers need to be educated about credit repair. We also understand that credit repair scams riddle the internet because we are challenged by them also. Most of our clients send us a copy of their credit report but we have been explaining to consumers for years through our website and through articles that they have the legal right to receive a free credit report and where to get it.

If you have been affected by inaccurate credit reporting or items on your report are unfamiliar, an ICC credit repair professional can help. Your personal credit repair consultant will analyze your credit report for free and then conduct an obligation-free credit repair consult. During your free credit report consult, you will learn what your current score is and why and what your options are for boosting your score ethically and successfully. Every credit report is different but everyone deserves a chance to establishing a better credit future. Contact us today 888-967-2673 or visit www.icreditinc.com and sign up. You pay nothing up-front. Get the right information about your credit the first time for free.

Preventing Identity Theft

Keeping Safe from ID Thieves

Despite your unique life experiences and personalities, the government and many businesses define your existence and identity through numbers, statistics and other non-relevant data.

With internet allowing private information to travel more freely, identity thieves are finding creative ways to steal your information. There are ways to protect yourself against identity theft.

Keep your social security number and financial info safe. This is the most basic step to guarding yourself against ID thieves. Don't give out your bank information unless you are paying for something and you are one hundred percent sure you know what you are paying for. Though many companies use your social security number for verifying your identification, always try to explore an alternative. If you must verify your information, use a password, security question or your date of birth, date of last deposit, etc. Some insurance companies and state DMVs use your driver’s license number to locate your social security number to identify you.

Beware of lists. Your information is passed via credit bureaus and other data collecting companies. As a result, you are bombarded with preapproved credit card offers, phone calls and tempting, yet pesky promotional checks. If you are receiving phone calls to verify the information the company should already have, be on guard. Before, verifying private information, contact the company directly, to confirm. If you are tired of getting promotional checks and preapproved credit cards, call the credit reporting industry opt in and out program at 1.888.567.8688.

Keep up with your credit reports. You are entitled to one free credit report per credit bureau, per year. Check your credit report annually for any unrecognizable or unauthorized accounts. Checking your own credit report via sites like annualcreditreport.com does not affect your credit score.

Properly dispose of your information. Banks shred their paper garbage and occasionally they may have a community shred day. Ask your local bank to see if they have a community shred day. Cut up all closed credit and debit cards, even un-activated promotional cards. Don’t forget to shred all of your promotional checks. Dumpster divers can activate a credit card account or find and cash a promotional check and while they get the cash from the check your checking account is hit with a monthly charge for activating a service.

If you have had your Identity stolen, contact www.icreditinc.com. Credit Repair Professionals will get you an accurate credit report or you pay nothing!

Evaluating A Credit Repair Companies Integrity

You may have heard on the news that credit repair scams are poisoning consumer faith. The press decided that if a credit repair company asks for money up-front they are automatically a scam. While Innovative Credit Consultants does not take any money up-front, this kind of generalization is misleading.

A business offering any service has a plan of operation, a way of doing things. All businesses provide a product for profit. This is how industry operates. While there are professional credit repair companies that are not considerate and collect a sign up fee, recognizing a credit repair scam is more involved.

The press doesn't seem to understand that changes in our economy and technology demand a resource for credit repair that is ethical and useful. The press would rather highlight the bad instead of the good. The truth is, consumer credit is a stressful topic and everyone wants better credit but doesn't believe it is possible. So how do you know if a credit repair company is worth it?

Right now leading credit repair companies are taking money up front and worse. Consumers need to be informed that there are other signs to look for when determining a credit repair company's integrity. For example: You will notice "top credit repair company's" offer credit repair packages. You can choose one of three packages and each costs a little more then the other. Wouldn't a reputable credit repair company have one plan of action, one flat rate, one formula for credit repair? While they may have a staff that can repair your credit the company manipulates consumer ignorance to make more money. They basically say: "You want your credit repaired- do you want small, medium or large?" Shouldn't there only be one way to repair your credit, the right way? Shouldn't this one method be ethical, effective and cost one price? Yes- Innovative Credit Consultants thinks so.

Another sign that a company doesn't care about you or your credit is: they drag out the process to make more money by charging a monthly fee. These companies take their time on purpose. They trick consumers with a small dollar amount, say under 40 dollars, so people think they aren't being charged a lot. Then 8 months later and 8 months of charges later, the disputing process is still occurring and your credit remains unchanged.

Also, credit repair companies use fancy talk and try to impress people with this empty promise that lawyers work the file. This is not true. Read between the lines, a lawyer is not needed to accurately dispute a credit report and you better believe, you are getting a paralegal at best. Innovative Credit Consultants gives each client one credit repair professional to work with. Clients are not bounced around from person to person or forced to re-tell their story every time they call. ICC is not run like a factory or trying to come off as this larger then life legal house. Personalized credit repair consulting is available at ICC. Real people work here who understand what is happening in our economy and who have been working as credit repair professionals for years.

We have noticed that our competitors ask, "what's the first thing you are going to buy or get when your credit is fixed?" This question represents a clever company looking to make money. Why is this a problem, what if the company
can fix your credit? This kind of question proves that their motive is to rope you in, not lead you to credit safety. Questions like this show a company is in it for themselves and most likely will give you bad advice as you continue.

Well guess what?
There is a credit repair company that is concerned for your well being who can actually help. There is a credit repair company that puts clients needs first. We could go on and on about the greed that has interrupted our forum for ethical credit repair.

More importantly lets recap how ICC works!

Innovative Credit Consultants is the only performance based credit repair company out there!
No money up-front!
Free Credit Report Evaluation!
Free Credit Repair Consultation!
Free Customized Credit Repair Plan!
No Monthly Fees!
We do not charge for our time!
Pay per deleted/repaired item only and only after the item is removed.
If we do not get the item deleted you do not pay!

Anyone can receive a credit report evaluation----obligation free.
Get the right information, the first time and make your credit count.

Exceptional Customer Service & Ethical, Smart Credit Repair Solutions = ICC!
Visit www.icreditinc.com to benefit!

Recent Unemployment Stats

Innovative Credit Consultants dives into the biggest issue facing consumers- unemployment. While you can read the following consumer report at www.dol.gov in full, we wanted to highlight important facts to make it easier for you.

The United States Department of Labor reported no improvement for the month of July. Americans are still suffering job loss. The unemployment rate has not gotten better this summer. With 2011 not too far away, we are all wondering-how much longer? When will it get better?

The Department of Labor evaluates unemployment in this country as a whole. In July, 14.6 million Americans were unemployed.

The 14.6 million into these categories:
Adult Men 9.7 %
Adult Women 7.9%
Teenagers 26.1%
Whites 8.6%
Blacks 15.6%
Hispanics 12.1%
Asians 8.2%
6.6 million people have been unemployed for more than 6 months.
8.5 million people have been working part time only.

The U.S. Department of Labor will release August statistics on September 3. You can read these facts on their website or check back with us for a brief re-cap of their monthly report.

This is just one area that Innovative Credit Consultants studies. In order to help consumers deal with credit issues, we must understand what is going on in our nation. We know what people are going through! We want to help.

Contact us today if your credit has been hurt by job loss. You need the right information and you need it for free. Visit www.icreditinc.com for a free credit report evaluation. Innovative Credit Consultants can help you face your credit and move on with your life.

"R0-R" What Do These Notes Mean On Your Credit Report?

The Credit Industry Rating Standard

A rating scale is applied to each item on an individuals credit report. This rating scale starts at 0 and ends at 9. This rating indicates the status of each item for the creditor and responsible party for the debt. These "notes" are placed by the creditors and can be seen by anyone who pulls your credit report.

Have you seen the ratings and notes on your credit report?
Review the below chart so you can know what it all means.

R0 An item is too new to rate, it is approved but not fully in use.
R1 No more than one late payment, met the commitment to make payment within 30 days.
R2 No more than two payments past due and payments have been made within 30 days of due date.
R3 No more than three late payments, payments made within 60-90 days of due date.
R4 Four payments are past due but paid within 90 days to due date.
R5 Account is 120 days or more past due.
R7 Regular payments are being made through a special arrangement to settle your debts.
R8 Repossession of merchandise including voluntary/involuntary.
R9 The lowest of rating indicated bad debt and placed into collections.

Not all creditors review these ratings, however anything higher than an R1 shows there is a problem with the account. Innovative Credit Consultants can help you understand your current credit score and credit history. Every little detail counts. Consumers deserve a chance to learn about what their individual credit report really means- item by item. ICC provides personal attention and credit education to consumers nationwide. Contact us today for a no-charge credit report evaluation.

A credit repair professional will conduct a credit repair consult -obligation free- for your benefit. Let's take a closer look at your credit and figure out what you need! Your credit future needs ICC.

Visit: www.icreditinc.com

Deleting vs. Repairing vs. Correcting vs. Updating Items on Your Credit Report.

You have heard of removing, deleting, repairing, updating, and correcting information on your credit report.

What is the difference between each?

It is important to become familiar with this jargon especially if you find yourself communicating with a debt collector or your lender.

When an individual ends up in collections, a collection company will call and demand a payment. Most people will make the payment without negotiating in a way that will help their credit score simply because they do not know what these words really mean for their credit.

Picture this: a debt collector takes a payment and states, "your account has been updated." You are relieved, you made the payment, you think the issue is behind you. But really the evidence you were late is still on your report. This does not help your score or your credibility in the eyes of a potential lender. Negotiating with the debt collector that you will pay- if the item is deleted from your report is ideal. You want it in writing that they will remove the item from your credit report once it is paid- before you pay.

This is just one example of how communicating with certain words will make the difference in your credit score. Once you make the payment, settle the account and get off the phone with the collector it is almost a done deal. Your options to get the evidence of late payments removed is very slim. It is beneficial to dispute these items delicately, professionally and ethically so that it works for your credit.

You can not avoid paying back money you legally owe, unless you file for bankruptcy. But if you want to boost your score then your credit repair goals should be to get negative items removed. Innovative Credit Consultants embodies a team of credit repair professionals who can dispute items for you successfully and make your credit count. Still you should be knowledgeable with the following terms especially if you end up on the phone with a collector demanding money.

Deleting/Removing Items: the result of a credit repair process the removes derogatory information off your credit report. This is the only term that means an item is not visible on your credit report, as if it never happened. When an item is deleted, your score is raised.

Repairing items: the act of disputing negative items in a way that will improve your credit score. Credit repair also includes paying off debts and developing better habits to build better credit.

Correcting items: When your personal information or information about an item is incorrect and changed to be correct. This does not boost your score, this just makes your report read accurately.

Updating items: When an individual holds a delinquent status for a debt it shows on a credit report. When the account is paid and settled, the information on his/her credit report is updated. The item is not removed and your credit score does not all the sudden improve. Your credit report is updated to reflect your current status on accounts.


Credit repair is very confusing. talk about reading the fine print! You can receive professional attention about your specific credit report and credit score, right now-for free.

Don't forget, when communicating to a lender or collection agency the difference between updating, deleting and correcting your report will impact your credit score. Innovative Credit Consultants can help you figure out the best way to handle your current credit score and show you what your score could be. Get a free credit report evaluation and a free credit repair consult today. Visit www.icreditinc.com

Re-aging Accounts Will Help Your Credit Score

You may have heard of the term, "re-aging accounts." What does this mean for your credit score?


Re-aging your credit accounts can help your credit report and credit score. Re-aging describes when a creditor removes negative information surrounding late payments from your credit report. Basically the credit bureaus will be told by your lender, to remove any indication of late payments and make your account current. This will change a delinquent status to good standing. This will automatically change your credit score for the better.


It is not guaranteed that a lender will agree to remove the negative items. If you entered into an agreement with a lender and made late payments, you did not meet your agreement. The reality is, a lender is not obligated to be courteous, but you are obligated to pay. The truth is money is difficult to come by in this economy. Just because a person has debt and is responsible for a payment doesn't mean bad luck or life challenges won't ever interfere. A person may end up in a situation where they had a car accident, medical emergency, job loss, death in the family, or anything else extreme that may interrupt their progress with making payments. While lenders are real people who also experience these emergencies, they still want their money!


So how can you approach your creditor and get them to re-age your account?


First communicate to them the reason you fell behind and make sure it is a good one. Then explain that everything is back to normal and you are able to resume making payments. In order for this to work you must have money in your hand and be able to make a payment while communicating all of this. You may also negotiate the fees and penalties you incurred being late. Perhaps the fees will be lifted. You may also be able to pay them off with partial payments added to the monthly payment you will start to make again. If you have an actual believable excuse for being late but can start making payments and will be on time, your lender will probably help you.


Take the time to prepare a statement before you call your lender. Create a payment schedule you can follow and explain to them you are committed to the agreement and will abide by it from now on.


While re-aging your accounts is a process to be handled between you and your lender, there are many ways to boost the other areas of your credit report. To learn about what your current credit score is and why, contact ICC today. We will explain to you what your score could be after credit repair. Innovative Credit Consultants will tell you everything you need to know for free-no obligation necessary. Get in touch with us today and make your credit count! www.icreditinc.com

Understanding Good Debt and Bad Debt.

Not all debt is bad, in fact debt can be valuable if handled properly. Credit lines and loans can help individuals build credit and get ahead in life.

Debt can work for you, if you work out your debt.

Your debt payment history will determine your credibility to lenders and if you have been responsible, you will qualify for even more!
But what debt agreements are good and what are bad?
Generally, any debt that has a low interest rate is good debt. Any debt that has a high interest rate is considered bad debt.

Debt that creates opportunity or growth is good debt!
For example: a student loan would be considered a good debt.  Some would even suggest a student loan with a high interest rate, though not ideal, is useful debt. The purpose of student loans is to become educated and achieve job opportunities.  A student loan represents a positive goal that will bring an individual financial gain.

A store credit card, even with a low interest rate is not necessarily good debt. Though it would be considered a good deal on a credit card. A department store credit card can help you establish credit. However, the purpose of the card, to get clothes or things, does not carry the same positivity as say a student loan.
The best advice we can give you when it comes to "bad debt" is to pay it off. In other words, picture this, John Doe has two credit cards. One has a high interest rate, one has a lower interest rate.  Paying off the high interest rate credit card is smart and will help him get rid of bad debt.

Find out about your specific debt and credit history. ICC can evaluate your credit report and show you what is good debt, what is bad debt and how to boost your credit score.

Innovative Credit Consultants offers everyone a chance to receive a free credit report analysis, a free credit repair consults and a free customary credit repair plan, visit www.icreditinc.com

Save Money, Save Energy

The United States Department of Energy reported that Americans spend 22 billion dollars a year on electricity for air conditioning.

The U.S. Department of Energy has started an energy blog. You can learn about ways to conserve energy for the environment and  for your pocket at http://www.energy.gov/.  Feel free to check back with ICC, since we bring the news to you!

Did you know using a ceiling fan costs less than a penny per hour?

Have you charged your electric bill this summer to keep your home cool?

Are you past due and watching your electric bill rise while concerned about how to cover the cost?

Watts- Comparison Chart

Window AC Unit  uses 500-1400 watts

2.5-ton central Air System  uses  3500 watts

Ceiling Fans use 15-95 watts                         

Innovative Credit Consultants specializes in ethical, intelligent credit repair solutions for consumers nationwide. While credit repair has been riddled with scams, consumers still need a valuable resource for credit repair. ICC is committed to educating consumers about how to make their lives better by establishing better credit and better spending habits.

Think about your utility spending. Are there changes you could make to lower your monthly spending?

With so many Americans out of work, maybe investing in a ceiling fan and toughing out the heat is smarter then creating bills/debt for hundreds of dollars each month. People will find a way to pay their electric bill because no one wants to have their
electricity turned off! To pay your electric bill you may put off paying something else. With August already here, see if you can change your air conditioning usage and track if you save! Then come next summer you will be able to
manage your usage and cost of cooling your home.

In order to build credit you must manage your spending and create an opportunity to save and pay your bills on time. In order to accomplish this, you have to evaluate your needs, your spending and your goals. We understand this is stressful and some people need the right start, contact us today for an obligation free credit repair education.

Get the information you need about functioning productively at www.icreditinc.com

Renting and Owning

On July 26, the Census Bureau reported home ownership rates fell 66.9% in the second quarter. The first quarter indicated a 67.1% home ownership rate. This is the lowest home ownership rate to be reported in eleven years.  Vacancy Rates for owners fell 2.5% in the second quarter and vacancy rates in rental homes remained at 10.6%.

What does this mean? People can not make payments or get loan approval.  Home ownership is difficult due to job loss, debt and high credit standards for loans. Renting is becoming more common as people simply can not get approved for mortgages.  Home ownership creates other expenses: property tax, insurance, school tax, water bills, sewage removal and more.   The pressure of home ownership is too much in an economy where people are barely making the money they need to survive. Homes often need  maintenance and home repairs are expensive.

Renting is becoming necessary as the American dream, defined as home ownership becomes impossible for most regular Americans. 

Whether you rent or own, you will have bills and need a way to pay them. Everyone needs a paycheck and a place to live. Everyone needs useful credit so that they can qualify for a rental agreement or mortgage.

Have you been effected by this economy or job loss?
Do you need to restore your credit so that you can get approval for a place to live?
You can get the information you need- for free.
It is important that every consumer has a chance to understand their current credit score and credit potential. 
Innovative Credit Consultants provides each individual with one on one attention and a free credit report evaluation and credit repair consult.

Consumer News

According to the United States Department of Labor, bureau of labor statistics, data is collected monthly to determine national employment statistics.  You can become familiar with these stats and review routine reports at http://www.bls.gov/home.htm   Here, it is explained, “a program surveys about 140,000 businesses and government agencies, representing approximately 410,000 individual worksites.”   This survey communicates information about a single business’s employment rate, hours and payroll.  This survey is conducted monthly in all 50 States, the District of Columbia, Puerto Rico and the Virgin Islands

It sure doesn’t feel like the job market has gotten better or that the unemployment rate has gone down. So what are the most recent statistics?

Recently on July 2, the U.S. Department of Labor posted: "Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent."

On June 30, 2010, United States Department of Labor posted:
"Unemployment rates were higher in May than a year earlier in 222 of the 372 metropolitan areas, lower in 141 areas, and unchanged in 9 areas."

On June 24, 2010, the United States Department of Labor posted:
"In May, 37 states and the District of Columbia registered over-the-month unemployment rate decreases, 6 states recorded rate increases, and 7 states had no rate change."

Become familiar with what is going on in our economy by reading these reports directly. Sometimes watching the news and reading all the confusing information on the internet is stressful. You can follow up with Innovative Credit Consultants, if it is easier, as we bring out information that matters to consumers.  Get the facts about consumer credit at Innovative Credit Consultants.

The Difference Between a Credit Freeze and Fraud Alert.

Identity theft is an unfortunate reality for consumers. What can consumers do if suspicious their personal identification is being used fraudulently?

What is a Fraud Alert?

A fraud alert is attached to your credit report and initiates creditors to directly contact you during an application process.  The alert indicates your personal information is at risk.  A creditor then must verify you are truly applying for the line of credit.

While a fraud alert makes creditors verify your application, it is not nearly as effective as a credit freeze.

How does a credit freeze work?

Credit bureaus cannot access your credit report when a security freeze is placed on your report. You must contact all three credit bureaus to place the freeze.  When a security freeze is placed on your report, thieves will not be able to achieve any lines of credit simply because creditors won’t be able to access a credit report to approve the application. When you want to legitimately apply for a line of credit, you would use a personal pin code in order to release your credit report to the creditor-temporarily. A security freeze will last as long as you want it to, you place it and you lift it.

Innovative Credit Consultants gets back to basics to bring consumers important information and news. Get the right information at icreditinc.com 

Stealing Information for Credit Cards...Wirelessly?

With the improvement of technology comes the an onslaught of new criminals finding innovative ways to take advantage of consumers. In the case of credit cards, passports and other methods of identification, convenience comes at a price. The latest identification technology is found in Radio-frequency identification (RFID)-enabled credit cards. RFID chips transmit information through radio frequencies to data receivers. American Express' ExpressPay or Chase's Blink card use RFID technology to make purchases quicker and more convenient via a simple hover over a RFID receiver.

Unfortunately, the recent technology has presented a new opportunity for ID thieves. While certain companies claim that their chips are built with a strong encryption and send one-time temporary codes that do not match the card number, researches from University of Massachusetts say otherwise. After building a scanner, researches were easily able to "skim" the cardholder name, number and expiration in plain in English, with no problem. Originally, those who wished to steal credit card information could only do so, visually, after one took their card out of your wallet. Now in exchange for the convenience of the consumer, thieves can steal your information conveniently via scanner or suped up laptop. Not only credit cards are targeted but ePassports, IDs and security cards.

Fortunately, to counter the "skimmers", many wallet companies have come out with a line of nickel-impregnated RFID blocking wallets. Some brands like DataSafe charge $50 to $180. Others can go with the cheaper alternative and line their wallets with aluminum foil.

Families and Identity Theft

When we imagine an identity thief, we tend to imagine a complete stranger. According to an MSN article, "the Federal Trade Commission, which broke the news earlier this year that nearly 10 million Americans were victims of identity theft in the last year, found that 9% of victims identified the thief as a family member or other relative." Though still a small percentage, family identity theft is increasing on parental end and the children's end.

Some teens, not only steal credit cards, one 18 year old was arrested for stealing 28 checks from one of his friends' father. He forged his signature, stealing over $10,000. Though it is typical to imagine a teen running off with mommy and daddy's credit card, some parents have chosen a life of crime by stealing their own child's identity. Some parents have chosen to use their child's social security number to open accounts and commit fraud. Other parents raid trust funds and custodial accounts or sell saving bonds given as gifts. Many young people don’t find out until they apply for their first credit card or loan, years later. When they find out why they are rejected, it isn't due to lack of credit history; it's due to a bad credit history of unpaid accounts.

In order to prove that someone's identity is stolen, credit bureaus will require a police report, resulting in the offender's conviction and arrest. While parents find it in their hearts to justify stealing from their children, some sons and daughters can not find it in their heart to turn in their parents. Consequently, the child suffers with bad credit. They may also be forced into paying off loans and credit cards they never used a day in their life.

If someone you know or trust is using your information, consider:

Filing a police report. If your parent or friend is willing set your financial and emotional life ablaze and not turn themselves in, it is likely, they no longer care about your well being.

Keep monitoring your credit. Make sure that your parent is no longer trying to steal your identity and do everything you can to restore your credit.

Credit After Bankruptcy

Bankruptcy is somewhat of a taboo word for consumers and businesses. With bankruptcy, not only comes ruined reputations, but destroyed credit. Nevertheless, there’s always hope. With the right guidance, self control and patience, your credit can be repaired, even after an event as extreme as bankruptcy. Know the basics of repairing your credit.

Check out this article by MSN for some advice on how to financially bounce back after bankruptcy.

Innovative Credit Consultants are here with the latest news and credit tips. Check out icreditinc.com for a free credit consultation and more information on credit repair.

Customer Credit Cards

As a small business owner, you will likely never have to worry about providing a customer credit card for patrons of your business. However, in addition to a small business credit card that you take out from a bank, you may want to consider taking out credit cards from businesses that your company relies on. If you frequently use Home Depot, Target, or other major retailers, you may be eligible for a business account with them.

Opening up a credit line with retailers and getting a customer credit card as a business can be a smart step for improving your credit line. When you maintain a good business relationship with other companies and promptly pay your company's bills, it is reflected in your credit score. Good credit is attainable if you use the right tools, and taking out a customer credit card under your business profile may be a smart move for you.

Visit http://www.icreditinc.com for more information on credit.

Man Uses Credit Card Points to Survive

How would you use your credit card reward points? Lavish hotels? Broadway shows? One man uses them to keep a roof over his head.

Thomas James converted his United Airline points in order to stay at Holiday Inn after being laid off from his six-figure corporate development job over a year ago. He now records his journey on Twitter as HomelessThomOC. Currently, living between hotels and his BMW, James keeps his possessions in storage and lives in a $5 a day, food budget. "I lived off of savings and unemployment for a while," he says, "but that all ran through, and I lost the house about two months ago,” he said in a CNN article. After his journey was picked up by Orange County Register, his story was posted in CNN, MSN and Walletpop. He now has over 2,000 followers, going strong.

Recessions have proved a valuable test of discipline, wits and creativity during the past year. What measures have you taken to survive during these hard times? We want to hear from you!

Advice for College Grads and Credit

As you or your child, take the next glorious step towards the “real world”, there are several things that you must know. The world of money and finances can not only be terrifying, but life-altering. Getting the right information, early, is detrimental to the success of a smart consumer.

Credit is complicated. The concept is often misconstrued by those who do not take the time to understand its purpose. Many young people who receive their first credit card tend to look at it as the golden goose that, an infinite source of currency. Unfortunately, it is not. It is essentially a loan that must be paid back. If you don’t pay it back, more and more fees and interest will be incurred until you essentially pay more for what you bought, in the first place.

With the new credit card laws in effect, the credit card application age has changed from 18 to 21 years of age. This allows for students to gather more maturity and learn about budgeting before they apply for a credit card. Though some are not happy with the new limits, it may save millions of people from incurring so much debt before they can afford to pay it off.
Check out this article from MSN to find out more about what college students need to know about credit, loans and other financial needs.

Parents, though college is a time full of education and knowledge, most college students will not have an opportunity to learn about finances from anything other than experience. Don’t let your child fall into debt. Sit down and have a talk about budgeting and credit. Remember, when you cosign a loan, your child’s debt, is your debt.

Do you have questions about credit or your credit report? Visit http://www.icreditinc.com for FREE information and a FREE credit consultation.

Face Off: Banks vs. Families

Faceoff: Banks vs. Families

As banks run around like chickens with their heads cut off, homeowners are seeking to take matters into their own hands.

According to a recent housingwatch.com article, homeowners can negotiate a 20 percent reduction on their mortgage. The problem? As of late, banks have consistently blocked such requests due to the potential of significant loss from borrower debt reduction. To make matters worse, the Treasury is turning a blind eye.

As a result, livid consumers like Nobel Prize-winning economist, Joseph Stiglitz, and TARP watchdog Elizabeth Warren are taking center stage in the battle against the banks.

Unfortunately, as the saying goes, there are three sides to every story. The Treasury is letting banks get away with blocking such a high percentage of debt reduction for one main reason: so many consumers have taken out second mortgages that banks are already losing money. If the banks allowed for such a reduction on a mass scale, they will be quick to need another bailout. Due to the trillions of dollars in national debt, they are likely to seek help from TARP with no avail.

Consequently, the economy has left consumers in a mindset of rugged individualism. People are abandoning the economic structure with an “every man for himself" mindset. Josh Rosner, a financial analyst specializing in mortgage-backed securities, suggests that borrowers fight and walk away from their mortgages. He believes that if enough people do it (15,000 to be precise), banks will be forced to respond.

Unfortunately, many consumers don't experience the ideal financial unity that Rosner, as well as other analysts, hope to accomplish. One lesson many consumers have already learned is that walking away from credit doesn't make things better. In fact, by walking away, you risk increasing interest rates and late penalties. If you have a second lien, you can face defaulting on your loan, causing critical damage to your credit in a time where good credit is vital. It all depends on whether or not consumers are willing to take the gamble, walk away, cross their fingers and hope the other 14,999 will follow.

How to Read your Credit Report...

So you finally got around to ordering your credit report. Congratulations, you have taken the first step to improving your credit. Upon receiving your credit report, you excitedly –or hesitantly- open the computer file or envelope. Once laying your eyes upon the report, you are overcome with shock and horror as you are bombarded with numbers, “X’s”, addresses and unrecognizable companies. “How do I read this thing?” you think to yourself. Credit reports contain a myriad of information that can be quite confusing; but don’t go gray yet. Check out this article by MSN Money on how to read your credit report.

Don’t let credit become a foreign language to you. When you take control of your credit, you become a smarter consumer, saving you thousands on interest rates, insurance premiums and other unwanted costs. Innovative Credit Consultants can help you break away from the needless hassle of credit repair research and dispute paperwork. Take control of your credit. Visit http://www.icreditinc.com for more information.

REPO and the Great Recession

REPO and the Great Recession

The current recession –now dubbed the Great Recession- was caused by several factors. While many have sought to point fingers at various industries, Robert X. Cringley of housingwatch.com says it is not entirely the fault of subprime mortgage securitization. According to Cringley, “it was just a plain old bank panic.”

According to Cringley, though the whole securitization was in disarray, the size of subprime was not at a size that could put the whole financial system at risk. Instead, Cringley places most of the blame on the Renew Sale and Repurchase (REPO) market. Take a look at this article to find out one of the many contributing factors to the Great Recession.
As a home owner, are you feeling the effects of poor credit in the form of your monthly interest payments? Those with poor credit can pay up to twice the amount in interest as those with good credit. Learn how to lower your mortgage payments. Visit http://www.icreditinc.com for a FREE credit consultation.

Why ICC is Different

Experience the difference at icreditinc.com

In a digital age where unmoderated information is shared over the internet, it is easy to run into inaccurate information and ecommerce scams. At Innovative Credit Consultants, we are dedicated to efficient, reliable credit repair. We stand out from the rest because we provide unique services to help you repair your credit and delete erroneous charges.

After speaking with one of our trained credit professionals, we analyze your credit report and let you know what items are deletable and what items aren’t deletable. Neither do we charge an upfront free nor do we require monthly payments. Our competitors charge monthly and take their time on purpose because to make more money.

Go ahead and call these “leading credit repair companies” and see how much effort they put into collecting a payment from you without even giving you information that is helpful to you.

Find out that the first phone call you make is all about them trying to get your money. We do not charge until we remove an inaccuracy. Our clients are put first, our clients needs are met before we charge. We are a credit repair company that truly serves our client.

Each credit report is as unique as its owner and we believe each item should be treated that way. We are here to fulfill your credit needs in accordance with the Credit Repair Organizing Act and we will always be dedicated to giving you the credit repair and care you need.

Visit http://www.icreditinc.com for more information and a free credit consultation.

Even the execs mess up

Even the execs mess up

The financial future can be very risky. If you do not know the ins and outs of credit, it can be tricky. According to Reuters, even financial guru, Warren Buffett “goofed” when he made the decision to push a Geico credit card in an attempt to hold on to Geico’s “cream of the crop” customers.

After flexing his age and wisdom he managed to successfully push the Geico credit card resulting in a loss of “$6.3 million pretax on cards…$44 million more when it sold a $98 million portfolio of card receivables, at 55 cents on the dollar.” Though Buffett has admitted to his mistakes and has closed that chapter in Geico history, he could have very well contributed to the downfall of the third largest car insurance company.

When it comes to money, everyone is uncertain, at times. Ease that uncertainty by becoming a smarter consumer. Visit http://www.icreditinc.com for a FREE consultation and additional information on how to improve your credit.

Business Basics: Types of Business Structures

About business ownership.
Choosing the right type of business structure for your needs is essential to maintaining a high business credit score. There are several different options to choose from, and each has its own pros and cons when it comes to your personal finances. It is wise to consult an accountant for advice on which is the best option for your small business.

Sole proprietorship’s are the easiest and cheapest business type to set up, maintain and dissolve. There is only one owner of the company, and that person assumes all legal and financial responsibility for the company. If the company defaults on loans or is sued, the owner’s personal assets may be at risk. The business credit of this type of company will be determined by the credit of the individual owner. All profits are considered income to the owner for taxation purposes.

Partnerships are similar to sole proprietorship’s in that all legal and financial responsibilities fall on the owners. For this type of business, there is simply more than one owner. When setting up this type of business, a contract should be drawn up to determine what contributions each partner is to make, how decisions will be made in cases of disagreement, how profits are to be distributed and how a business dissolution will be handled. The credit for this type of company will be determined by the credit of all partners. Each partner is taxed individually for their share of the profits.

Corporations are formed because the owners choose to have the business be considered a separate entity by state and federal government. Owners of a corporation are considered shareholders, and distributed profits are considered dividends. The owners of a corporation are not legally responsible for debts and obligations of the company, but are held responsible for their own personal actions. Because a corporation is considered a separate entity, it has its own credit rating, and will generally not affect the credit of the shareholders. The corporation is responsible for paying its own taxes, and the dividends to shareholders are also taxed individually, resulting in double taxation. Regular corporations are also known as C-corporations.

S-corporations are a different type of corporation, and there are several restrictions on companies that wish to be designated as such. S-corps enjoy the same benefits as C-corps in terms of the limited liability of the shareholders, and is a separate entity for credit purposes. This type of company passes profits to the shareholders as distributions, or wages, as if the shareholders work for the company. Doing this avoids the double taxation that C-corps experience.

The last common business structure is the Limited Liability Corporation (LLC), which has the limited liability aspects of a corporation, but is treated as a sole proprietorship or partnership in terms of how the business is run and profits distributed. There are restrictions on the types of businesses that can form an (LLC), in that they can only have 2 of the 4 aspects that define a corporation. An (LLC) is not a taxable designation, and taxes must be filed as sole proprietorship/partnership or as a corporation.

Because your personal financial situation can be affected by owning a business, it is important to choose the right company structure to maximize potential gain while minimizing potential losses. The main issues to consider are liability and taxation implications of each option.

For more information visit http://www.icreditinc.com or keep reading.

Credit Repair and Your Auto Insurance

Credit Repair and Your Auto Insurance

Your credit score can be the modern equivalent of a scarlet letter. If you have missed payments, defaulted on loans or otherwise sabotaged your credit report, obtaining a new credit card or loan will be Herculean in difficulty; did you know that this can extend to your car insurance as well? Yes: even if you have a spotless driving record, your pockmarked credit report can mean that you have to pay more on auto insurance. Insurers see it two ways: if you have a bad credit score, you may be more likely to pay them late or not at all; you may also be seen as driving as irresponsibly as they think you have used your credit.

If you have a credit score below what FICO considers a good score (higher than 650, with a 700 being in the upper reaches of attainable credit), you may have to pay much more for your auto insurance or even risk being rejected for coverage. Even though some legislators are pushing to have the credit component removed from auto insurance formulas on the basis that your credit does not indicate your likelihood of being in an accident, these proposed laws keep getting shot down.

What can you do if you are one of the many Americans in this position? Repairing your credit is the first step you can take. Late payments are one of the nastiest culprits of bad credit, so budget yourself carefully to ensure you pay all bills on time from this point forward. Pay off your worst debts first to keep from accumulating interest, but don't close those accounts down, since keeping accounts for a long time will boost your creditworthiness.

Once you've done all you can on your own, order your credit report (you are entitled to one free one from each major credit bureau through http://www.annualcreditreport.com, or you could order them for a fee more than once per year). If you find inaccurate information or debts you did not make, notify the credit bureaus about the problems. They have thirty days to either find proof or erase the offending item. You may need assistance in this project, from advice to someone on your side contacting the bureaus. The Innovative Credit Consultants are dedicated to helping you achieve the success you deserve, starting with improved credit and ending with you having your financial dreams realized.

Citibank's Crime and Consequences

Citibank's Crime and Consequences

JEOPARDY! time: shredding your mail, only giving out your personal information to trusted and reputable sources, canceling cards in the event that you lose or have your wallet stolen from you. If you immediately thought "what are ways to prevent identity theft," you are correct. Even if you go through all the right motions to keep your personal information for your use only, once you have entrusted an entity with your Social Security number and other bits and pieces, you have to factor in their potential unreliability.
In January 2010, Citibank made a "processing earror," as they called it, where they accidentally released 600,000 Social Security numbers belonging to their account holders. The nine digits were not explicitly stated as Social Security numbers (they were included in a string of numbers and letters that appeared to be a mail routing number), but they were released nonetheless. Citibank owned up to their mistake and mailed all of the customers whose information was leaked out, apologizing and offering a free 180-day credit monitoring service to ensure that they would not be victims of identity theft.
This incident highlights two key things about credit and identity security. You must never be complacent about the safety of your identity; even if you have done all you can to keep your private information private, a mistake or attack on an institution that uses your information for legitimate uses can expose you to the threat of identity theft. It is more important than ever to guard your information closely.
The other major topic this flub has resurrected is the usefulness of credit monitoring tools. Whenever you are unsure about the security of your information, particularly if you have been affected by Citibank's accidental actions or something similar, a credit monitoring service may be right for you. Ordering your credit report annually is generally all you need to do if you are careful with your information, but sometimes circumstances may make you think about extra measures you can take. You can have a freeze put on the opening of new credit lines without a face-to-face meeting proving your identity and see if you can track any claims that you catch.
Put in this situation, would you take advantage of the credit monitoring? If you wouldn't, what steps would you take to make sure your information won't be misused?

Are consumers going back to old habits?

According to economists, one of the reasons the wildly predictable recession occurred was because of the irresponsible spending of lenders. Lenders continued to supply credit for mortgages, loans and credit cards while the consumer continued to bite off more than they could chew. Despite these factors, it seems that consumers have yet to learn their lesson.

According to a recent CNN article, despite income raising 0.1% in January, spending has risen 0.5%. Ironically, saving rates have fallen from over 4.0% to 3.3%. The increase has raised a red flag for wary economists. The raise in spending has not occurred from excessive credit because lenders have cut down on how they provide credit. The increased spending has occurred as a result of those dipping into their savings. Consumers continue to be present-minded as they cash in on their savings and hope for the best, in the future. Many economists believe if spending continues at this rate, the near future won’t look too bright. With the continuous job losses and less people providing credit, for those who mess up, next time around will be harder to find help. Fortunately, as long as the spending does not become excessive, economists believe that this subtle increase in spending shows that consumers still have hope for the country.

Avoid the effects of the national credit crunch. Lenders are still willing to lend to those with good credit. Give us a call and visit http://www.icreditinc.com for FREE information on how to repair your credit.

Sallie Mae Offers Online Banking

CNN Money announced on Tuesday that the Sallie Mae, the largest U.S. student loan company, began taking steps into retail banking. Not only will students be able to pay loans with the company but they will be able to save with their new online banking program.

The new online bank will offer competitive, high-yield savings accounts that will one-up the national average of about 0.27%. Savings accounts will have an interest rate of 1.35%. The company will also offer certificates of deposit with rates of 1.50% for 12 months to 3.00% for a 60 month CD.

Innovative Credit Consultants continue to provide up-to-date information on the lending and financial world. Stay informed, get the credit information you need to become a more educated consumer. Visit http://www.icreditinc.com for FREE credit repair information.

Changes with your credit cards

Innovative Credit Consultants keeps up with the news so that consumers can be up to date in all areas related to credit repair. Headlining the news this week is new information about credit cards. CNNMoney.com explained there are “big changes” in effect for credit card users. Innovative Credit Consultants understands you need to know about this.

The Credit CARD Act of 2009 went into effect February 22, 2010. The public will get relief from predatory practices like "double-cycle billing.” However, large credit card companies are more determined than ever to find ways to sneak away your money. They sense they may be headed for some economic downtime, so consumers are looking at less rewards, higher fees, rising rates, and less cards being handed out.

Many companies will slow down, or stop giving rewards altogether. For decades, it has been common for consumers to build a cache of points towards rewards. Rewards can include: a free plane ticket, cash back or bonus money to a store. (This was also a trick on their part, as grocery stores and the gas pump tend to be where people use credit cards the least, preferring debit cards, cash, or even a personal check.) American Express is the first to announce to their customers that they would no longer earn points on purchases if a payment was late. An extra fee of $29 would be the only way to gain those points back.

It's time to go over your new Terms and Conditions with a fine-toothed comb. Card companies and even banks have been applying new fees and finding ways to raise pre-existing fees to counteract any potential lost revenue. Last year, for instance, Discover announced that any transactions made outside the U.S. would be subject to a 2% fee, while JPMorgan Chase began charging a 5% fee to roll balances to a new card, instead of the industry-standard 3%. This new law sets no restrictions on the types of fees a creditor can charge. You better know your terms and conditions otherwise you could be in for a nasty surprise when your bill arrives.

While consumers are relieved the credit CARD Act incorporates "how and when" rate restrictions, there are a few loopholes you need to watch out for. Banks and credit card companies can no longer randomly raise your interest rates, they must give you a 45-day notice; however, there is no cap on the interest rates banks and credit card companies can charge consumers who have been late in payment by two months. The days of unreasonable rate hikes are not over, especially for consumers who are still overwhelmed by debt.

The tough days of obtaining a card even with poor credit will not be even tougher. The amount of credit made available to consumers after Phase One of the CARD Act went into effect last year nosedived by $252 billion between March and September. That's a full 7% decrease in just six months. If the trend continues as predicted, we could be looking at another 3-7% decrease after Phase Two is implemented. If your credit is in good standing, this should not affect you overmuch, but college students will certainly be feeling the pinch.

As a consumer, your overall knowledge level should remain the same. Don't forget to do your research, and don't let your credit cards take advantage of you. Be extra-wary with bank-issued cards, as they may now come with extra fees attached that were not previously there.

If your credit report has been affected by your credit card use, call Innovative Credit Consultants today for a free credit report evaluation and credit repair consultation. Top credit repair experts are available and will help you gain knowledge about credit cards and credit repair.

How to read your credit report

So you finally got around to ordering your credit report.

Congratulations, you have taken the first step to improving your credit. Upon receiving your credit report, you excitedly –or hesitantly- open the computer file or envelope. Once laying your eyes upon the report, you are overcome with shock and horror as you are bombarded with numbers, “X’s”, addresses and unrecognizable companies. “How do I read this thing?” you think to yourself. Credit reports contain a myriad of information that can be quite confusing; but don’t go grey yet. Check out this article by MSN Money on how to read your credit report.

Don’t let credit become a foreign language to you. When you take control of your credit, you become a smarter consumer, saving you thousands on interest rates, insurance premiums and other unwanted costs. Innovative Credit Consultants can help you break away from the needless hassle of credit repair research and dispute paperwork. Take control of your credit. Visit http://www.icreditinc.com for more information.

WHY ICC IS DIFFERENT

Experience the difference at icreditinc.com

In a digital age where unmoderated information is shared over the internet, it is easy to run into inaccurate information and ecommerce scams. At Innovative Credit Consultants, we are dedicated to efficient, reliable credit repair. We stand out from the rest because we provide unique services to help you repair your credit and delete erroneous charges.

After speaking with one of our trained credit professionals, we analyze your credit report and let you know what items are deletable and what items aren't deletable. Neither do we charge an upfront free nor do we require monthly payments. Our competitors charge monthly and take their time on purpose because to make more money.

Go ahead and call these "leading credit repair companies" and see how much effort they put into collecting a payment from you without even giving you information that is helpful to you.

Find out that the first phone call you make is all about them trying to get your money. We do not charge until we remove an inaccuracy. Our clients are put first, our clients needs are met before we charge. We are a credit repair company that truly serves our client.

Each credit report is as unique as its owner and we believe each item should be treated that way.

We are here to fulfill your credit needs in accordance with the Credit Repair Organizing Act and we will always be dedicated to giving you the credit repair and care you need.

Visit http://www.icreditinc.com for more information and a free credit
consultation.

In the News: Foreclosure

Foreclosure has been a repeated headline in the News.
Innovative Credit Consultants stays informed.

Read this interesting link about a foreclosure situation.
http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0

Innovative Credit Consultants is a credit repair company offering legal credit repair.  Our team consists of credit repair professionals experienced and able to evaluate credit reports effected by foreclosure. Top credit repair specialist are knowledgeable and under Get the right information you need about your credit report and your credit report future. Visit http://www.icreditinc.com for a free credit repair consultation.

Business Basics

About business ownership.
Choosing the right type of business structure for your needs is essential to maintaining a high business credit score. There are several different options to choose from, and each has its own pros and cons when it comes to your personal finances. It is wise to consult an accountant for advice on which is the best option for your small business.

Sole proprietorship's are the easiest and cheapest business type to set up, maintain and dissolve. There is only one owner of the company, and that person assumes all legal and financial responsibility for the company. If the company defaults on loans or is sued, the owner's personal assets may be at risk. The business credit of this type of company will be determined by the credit of the individual owner. All profits are considered income to the owner for taxation purposes.

Partnerships are similar to sole proprietorship's in that all legal and financial responsibilities fall on the owners. For this type of business, there is simply more than one owner. When setting up this type of business, a contract should be drawn up to determine what contributions each partner is to make, how decisions will be made in cases of disagreement, how profits are to be distributed and how a business dissolution will be handled. The credit for this type of company will be determined by the credit of all partners. Each partner is taxed individually for their share of the profits.

Corporations are formed because the owners choose to have the business be considered a separate entity by state and federal government. Owners of a corporation are considered shareholders, and distributed profits are considered dividends. The owners of a corporation are not legally responsible for debts and obligations of the company, but are held responsible for their own personal actions. Because a corporation is considered a separate entity, it has its own credit rating, and will generally not affect the credit of the shareholders. The corporation is responsible for paying its own taxes, and the dividends to shareholders are also taxed individually, resulting in double taxation. Regular corporations are also known as C-corporations.

S-corporations are a different type of corporation, and there are several restrictions on companies that wish to be designated as such. S-corps enjoy the same benefits as C-corps in terms of the limited liability of the shareholders, and is a separate entity for credit purposes. This type of company passes profits to the shareholders as distributions, or wages, as if the shareholders work for the company. Doing this avoids the double taxation that C-corps experience.

The last common business structure is the Limited Liability Corporation (LLC), which has the limited liability aspects of a corporation, but is treated as a sole proprietorship or partnership in terms of how the business is run and profits distributed. There are restrictions on the types of businesses that can form an (LLC), in that they can only have 2 of the 4 aspects that define a corporation. An (LLC) is not a taxable designation, and taxes must be filed as sole proprietorship/partnership or as a corporation.

Because your personal financial situation can be affected by owning a business, it is important to choose the right company structure to maximize potential gain while minimizing potential losses. The main issues to consider are liability and taxation implications of each option.

Obama Connects to Small Businesses

Innovative Credit Consultants is inspired by President Obama’s State of the Union Address.

President Obama proposed, “30 billion dollars of the Bank recovery money to help small businesses get the credit they need to stay afloat.”

With all this talk about the economy, banks, lenders and real estate, it is only natural for credit to be a topic of conversation too.  The economy hit small business owners hard who will be forced to close their businesses if they do not get the loans they need to persevere.

While we are proud of our success rate and have helped countless individuals improve their credit, we are eager to help small business owners too.  We provide valuable information for business owners in our Business Basics blog.  Keep watch for our excerpt, "Defining Business Credit".

Innovative Credit Consultants offers a free consultation to small business owners who are in need of personal credit repair or the tools to achieve better credit for optimal business ownership success. Visit icreditinc.com and speak to a credit repair professional today.

State of the Union Address Inspires ICC

Innovative Credit Consultants is inspired by President Obama’s State of the Union Address.

President Obama said, "If we don't take meaningful steps to take care of our debt it could damage our future."

Innovative Credit Consultants agrees that what you do or what you do not do impacts your future.

It costs more to do nothing about bad credit then to improve it.  It takes guts to face the debt you owe, but if Obama can do it, so can you. Innovative Credit Consultants is here for you, you do not have to face your credit alone.  If your credit report is inaccurate or if you need help understanding your report, you will benefit from the free consultation offered by Innovative Credit Consultants.

Take meaningful steps towards credit repair today with Innovative Credit Consultants. Don't wait any longer, your future is waiting for you and so it your credit report.  Innovative Credit Consultants is here to help you, visit icreditinc.com for more information.  Take the very important first step towards better credit and a better future and contact us today!

ICC Responds to the State of the Union Address

Innovative Credit Consultants is inspired by President Obama’s State of the Union Address.
President Obama said, “Let’s get it done!”

Innovative Credit Consultant likes this motto after all we are one of the few companies that do not charge for our time.

Reputable credit repair companies are charging up-front fees before they accomplish anything.  They also drag out the time it takes to repair your credit report because they will make more money monthly.  These so called top of the line credit repair companies take advantage of their clients.  Many people really do not understand the credit system, so big companies can make it seem intimidating and complex to get more money out of their clients. Innovative Credit Consultants gets it done and gets it done right.

We do not charge for our time because we respect yours.  Innovative Credit Consultants is productive and efficient and while we consider our service to be fast and easy we do not rush through our consultations.  We give you all the time you need and offer continued support throughout your credit repair process.

Let’s get it done together and boost your credit report.  Visit icreditinc.com today!

ICC Hopes to Contribute to a "Hopeful Future for America"

Innovative Credit Consultants is inspired by President Obama’s State of the Union Address.

President Obama said we must, “forge a more hopeful future for America."

Innovative Credit Consultants agrees with the president and wants to contribute to the hopeful future America needs.

Innovative Credit Consultants offers professional credit repair services and stands with you in this challenging economy.  Now more than ever, people need the right information.  Innovative Credit Consultants provides America with the tools to understand the credit system.

Innovative Credit Consultants wants to help you persevere through this difficult time and ultimately get what you want.  Our goal is to provide clients with tools to: boost credit scores, establish advantageous credit and maintain healthy credit.  The current state of the economy has affected everyone! Homeownership, loan approval, even getting a credit card seems impossible.

Many Americans actually have errors on their credit report that they are not even aware of.  Innovative Credit Consultants is experienced and can get your inaccurate or unverifiable information removed from your credit report.  More importantly, is the information and guidance towards better credit that we offer.

Innovative Credit Consultants offers free consultations and free credit report evaluations while covering everything about credit and the role it plays in your life.

Innovative Credit Consultants is grabbing onto hope with the president and with America.

Let us work together to get the credit score you need to make your dreams come true.

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What is VantageScore?

The three major credit bureaus, Experian, TransUnion and Equifax are using a new credit report scoring system.  Each bureau follows the same formula to determine the new VantageScore.  But this does not mean your credit report would be the same from each bureau.  The information each bureau has about you may vary.  The purpose of the VantageScore is to help Lenders identify a borrowers credibility however some think this new system is consumer friendly.

The new VantageScore is sort of challenging FICO which uses a number system to determine your credit score. The three bureaus are treating this as a test period.

The new VantageScore uses numbers and letters to determine your final credit score. Your report would list a letter score and a number score.


The VantageScore System

901 - 990: A    
801 - 900: B
701 - 800: C
601 - 700: D
501 - 600: F

It is not yet clear if this new scoring system will have a positive or adverse effect on a lenders’ decision. There are many variations of credit scores because of the licensing cost to use FICO. This cost tends to be rather steep for lenders. Banks and other companies typically have a high volume request for scores which is why they are more willing to opt for a more cost effective solution. These other scores are typically referred to as non-Fico or even “FAKO” scores. However, the VantageScore system and is not a FAKO.

What is the difference between FICO and VantageScore?

 The FICO score ranges from 300 to 850 while the VantageScore ranges from 501 to 990. It is based on five variables, while the VantageScore is based on six variables.

The following chart compares VantageScore to FICO and shows the percentage of a variable and its role in the total credit score. Click the image below.

Innovative Credit Consultants will be following the new scoring system and will keep you updated on consumer progress.  Extra tip: Never assume a lender uses FICO. The VantageScore method could change your credit score by almost 50 points. Always ask your lender what scoring system they use

For more information about credit, visit icreditinc.com.  You can also talk to a credit repair consultant who can help you  boost your credit score.

Don't Let Bad Credit Haunt You

A poor credit report doesn’t have to haunt you your whole life. The best part about credit reports is that they can change. Your scoring slowly changes as you change your credit habits. Take a moment to organize your finances and get things in line. If it all seems too overwhelming, you can go to icreditinc.com for free tools and resources that will allow you to get a fresh start on your credit.