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Dont Add A Scam To Your Credit Problems
there are a lot of companies that want to help you get out of your credit troubles. it can be so easy to put your faith in something, hopeful once again that you will get everything right side up again. but if you are in a bad debt situation, you should watch out for those looking to take advantage of you.
credit-related scams account for three of the top four categories of fraud, according to the federal trade commission. americans fall victim every day to credit scams. nearly 25 million adults were victims of fraud from may 2002 to may 2003. that is equal to 11.2% of the country?s population.
if you?ve been there, or you are now, you know how desperate it can feel when you have a large amount of debt. you become increasingly vulnerable.
here are the top credit scams looking for you:
1. advance-fee loan and credit card scams
this is the most frequently reported type of consumer fraud. consumers are promised a ?guaranteed? loan or credit card. their credit history doesn?t matter; bankruptcies are overlooked. the sinker is that they have to pay a large fee to get the card of the loan.
millions have paid the money only to never receive the loan or credit cards. many people have fallen for this more than once.
if you?ve watch tv or listened to the radio, you?ll notice a lot of ads that target people with tarnished credit ratings. the ads are looking for those who have been turned down by lenders and credit card issuers. most offers are scams, according to the ftc.
you should never spend money to get a guaranteed credit card. instead, go to your bank and use the money to get a secured card. the minimum deposits for a secured card range from $100 to $500. the money is kept in an account to pay your bill if you don?t.
if you pay the card on time every month, your credit report will reflect this good behavior. in time, you?ll find that you qualify for a regular credit card with a higher limit. it just takes time, and a good payment history.
2. credit card insurance
it is a scary thought that someone could steal your identity and charge up tons of credit cards in your name. if you don?t have the money or time to clear up such a situation, the idea that it could happen is even more horrifying.
there are companies out there that offer ?loss protection? insurance to credit card owners. i know that personally, i?ve had at least a dozen phone calls from such companies. the telemarketer assures you that the policy will protect you from all unauthorized use of your credit cards.
but did you know that they are already protected? federal law limits the amount you are liable for to $50. you will find that most credit card companies won?t charge you anything if your card is misused by someone you are not related to.
3. credit repair scams
your credit score dictates most of your life, from how much you pay for a mortgage to your insurance premiums. a low score can cost you thousands of dollars in higher interest rates. it may even mean that you can?t find financing when you need it.
many companies offer a way to raise your credit scores. it sounds great, but most of the time it?s pure fraud.
if the information on your credit report is true and accurate, there isn?t anything or anyone who can get it removed.
read that sentence again. it will not be removed.
there are several schemes used by so-called credit repair clinics. they may file multiple disputes with the credit reporting agencies to try and get negative items temporarily taken off your report. this rarely works, and if it does, it is only temporary.
most clinics will charge around $400. you will be much better off just using the money to pay off your bills. the best way to raise your score is to pay your bills on time.
once you start paying off your bills, don?t charge anything else. don?t open any new cards as a reward to yourself. if you simply pay your bills on time, after a year, you will see a difference in your credit score.
credit scams are looking for those who feel they have no options left. don?t fall for them. talk with someone you trust at a local bank or financial institution if you have questions. and remember- if it seems too good to be true, it is.
martin lukac, represents, #1 loans usa (http://www.freeroller.net/messageboard/mbs.cgi/mb40730), a finance web-company specializing in real estate/mortgage market. we specialize in daily mortgage news updates, rate predictions, mortgage rates and more: info@1loansusa.com
article source: http://ezinearticles.com/?expert=martin_lukac
What If Credit Were Much Easier?
what if getting credit was much easier for all people? what if minorities had equal access to credit and similar rates of interest and payment structures? what if getting credit was much easier for anyone? what if anyone could get the credit they need?
if more minorities got credit easier, some banks wonder if they would pay back the money; if they didn?t would that mean interests rates would go up for everyone else because the money would need to be made back somehow?
are minorities more likely to pay back their loans or less likely? does it matter which minority segment? which ones are more likely to pay their loans back then white males? are loan defaults more likely with folks with less education or more education?
does the percentage of employment per ethnic segment matter in the repayment of loans? are minorities more likely to pay off car, home or credit card loans? are bad debt percentages similar to white males?
since it appears that white males have previously been given better interest rates in the first place, would this mean their loan repayment percentages are skewed to favor them in the future? are the people who study these things looking a all the reality of white males in their repayment of loans and their credit worthiness?
what are all the facts of this issue; political correctness aside, what is the real truth on credit? and what if credit were equally as easy for all people in every civilization? think on this.
lance winslow - online think tank forum board. if you have innovative thoughts and unique perspectives, come think with lance; www.worldthinktank.net/wttbbs/
article source: http://ezinearticles.com/?expert=lance_winslow
Cash Advance Loans
cash advance loans, get cash until payday! . . . $100 or more . . . fast. the ads are on the radio, television, the internet, even in the mail. they refer to cash advance loans or a payday loan - which come at a very high price.
check cashers, finance companies and others are making small, short-term, high-rate loans that go by a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.
usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. the company gives the borrower the amount of the check minus the fee. fees charged for a cash advance loan are usually a percentage of the face value of the check or a fee charged per amount borrowed - say, for every $50 or $100 loaned. if you extend or roll-over the loan - say for another two weeks - you will pay the fees for each extension.
under the truth in lending act, the cost of cash advance loans - like other types of credit - must be disclosed. among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or apr (the cost of credit on a yearly basis). loans secured by a personal check - such as a payday loan - is very expensive credit. lets say you write a personal check for $115 to borrow $100 for up to 14 days. the check casher or payday lender agrees to hold the check until your next payday. at that time, depending on the particular plan, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-over the check by paying a fee to extend the loan for another two weeks.
in this example, the cost of the initial loan is a $15 finance charge and 391 percent apr. if you roll-over the loan three times, the finance charge would climb to $60 to borrow $100.where to complain if you think your lender has violated the law, you may wish to contact the lender or loan servicer to register your concerns.
for more info and online resources for cash advance loans or a payday loan visit: http://www.badcreditcreditcards.biz
article source: http://ezinearticles.com/?expert=blake_hendrickson
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