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 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.
Tuesday, August 31, 2010
Wednesday, August 25, 2010
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.
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.
Friday, August 20, 2010
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.
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.
Thursday, August 19, 2010
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.
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.
Wednesday, August 18, 2010
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!
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!
Monday, August 16, 2010
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!
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!
Thursday, August 12, 2010
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.
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.
Monday, August 9, 2010
"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
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
Friday, August 6, 2010
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
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
Thursday, August 5, 2010
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
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
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