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.
Credit education starts with ICC! Innovative Credit Consultants presents must read information for consumers nationwide. ICC is devoted to making credit count! Get the right information about your credit report today www.icreditinc.com.
Wednesday, February 24, 2010
Friday, February 19, 2010
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.
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.
Wednesday, February 10, 2010
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 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.
Thursday, February 4, 2010
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.
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.
Tuesday, February 2, 2010
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.
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.
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