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CreditSources.org Ranks the Top Three Must-Know Credit Facts

San Diego, CA (PRWEB) March 22, 2013

Today, CreditSources.org, a website dedicated to cash advance options for people with poor and no credit, released the most important facts about credit scores. Consumers often turn a blind eye to their credit scores and reports, so Credit Source has offered some simple information on credit to help consumers gather a better understanding of their personal finances.

1. Bad Credit Can Have Negative Implications
Lenders consider consumers with bad credit to be risky applicants. Bad credit is like a red flag, alerting the lender that there has been some inconsistency in the consumer’s credit history. Sometimes lenders will refuse those with poor credit history the opportunity to borrow money, fearing that they won’t make payments in a timely manner.

Other times lenders won’t accept the applicant at all. In this case, consumers with low credit scores who are denied from traditional lenders may look into bad credit loan options. While such loans do offer those with poor credit an outlet during an emergency financial situation, unsecured personal loans usually will have high interest rates tacked on. Because of this, the consumer should only check out this option after learning and understanding all of the terms and conditions of the loan.

2. Credit Reports Can Contain Errors
The Federal Trade Commission recently published a study that revealed five percent of consumers had errors on at least one of their three major credit reports. Any incorrect information on a credit report could potentially bump down a consumer’s score resulting in a lower score. And just because it is an error doesn’t mean the consumer will be free from those negative effects of bad credit.

To prevent those negative effects, consumers should request their free credit reports from all three of the top credit bureaus once a year and check for any errors. If there are mistakes, they should immediately contact the credit bureau to report the problem.

3. There’s Always Room for Credit Repair
There is always an opportunity for a consumer to build credit. Although debt and missed payments can stick around on a credit report for eight to ten years, a consumer can still increase credit by making timely payments and using credit.

Because payment history makes up roughly 35% of a credit report with the FICO scoring method, paying bills on time can help improve a score. And even though it may be difficult to apply for a traditional credit card with poor or no credit, a consumer can receive access to similar options such as in store credit cards, secured credit cards, and credit cards with co-signers, all of which can help rebuild credit.

About CreditSources.org
CreditSources.org is a prima authority located on credit related consumer services, personal finance, unbarred personal loans for people with poor and bad credit, credit sources, credit cards, and all things credit.

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Question by koalabay52: Why does high fico score lower car insurance?
Suze Orman just said pay off store credit cards and do not close them -this will lower your car insurance. Should my son open store credit cards and pay off the balance right away just so maybe his car insurance be lowered? And why does car insurance companies care about your credit card fico score anyways? He’ll be 21 in a couple months ; hoping the insurance will decrease.

Best answer:

Answer by ☼AstrologerJuliAnne☼
I highly doubt a 21 year old boy is going to have his car insurance reduced by plenty to trot out and try to get a store card. Does he have tickets/points on his record? Insurance for young men in his age range until they are 25 is usually pretty high. Talk to your insurance agent perhaps and ask him if he knows about this. Also, maybe market around and see if rates have come down for him? The reason FICO scores may be used to determine rates is because if someone is negligent in paying their bills, they may not pay their premiums on time or they may be negligent in other areas of life. That is why a lot of employers also run your credit report and if it’s a professional cheat it may hurt you if you have been careless.

What do you think? Answer below!

Rentec Announces the Third Major Version of Their Popular Tenant Credit and Criminal Background Verification Service

Criminal Report

Grants Pass, OR (PRWEB) March 19, 2013

Rentec Direct announces the release of the third major version of their popular tenant credit and criminal background verification service. This release incorporates years worth of thoughtful client suggestions and best practices from the industry to make screening a tenant prior to placement easier than ever. In just seconds, a property manager knows the complete criminal, credit, and eviction history of any prospective tenant and is then able to make a fully informed decision on whether that tenant is going to meet their criteria for the property.

Version 3.0 of the tenant credit and screening service now needs even less data from the property manager to obtain a full historical view of the prospective tenant. Rentec only requires the absolute minimum information about a tenant, which is easily procured on the rental application form, and is able to use that information to search hundreds of millions of potential records and provide the matches back to the manager.

A very useful feature, incorporated into many of Rentec’s popular background products, is an address history match. When a SSN is provided, any time that tenant has had any utility or credit in their name it is logged. Those addresses are matched with potential criminal database hits to provide the most accurate list of valid matches back to the manager in record time. Other services may not filter the results and often provide dozens or even hundreds of false positives, which can in some cases take hours to wade through. Version 3.0 of Rentec eliminates all the hassle of screening tenants by making it the easiest option available.

The most popular reports have become even better, and are returned even faster. With exclusive arrangements with credit services and key nationwide criminal database vendors, Rentec provides instant real-time access to the most popular and widely used data. Credit reports provided by Rentec include the FICO score as well as the credit history of the tenant. Criminal reports provide the most comprehensive nationwide coverage, and eviction results are also instant and provide data from all 50 states.

The latest version of Rentec’s tenant screening software is available at http://www.rentecdirect.com/screening/

About Rentec Direct
Rentec Direct provides cloud based property management software solutions for property managers and landlords. Other popular solutions offered by Rentec Direct include tenant ACH payment processing, tenant criminal searches, tenant credit check, and online syndication of vacancies to more than 20 popular websites.

Attachments

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Boomerang Buyers: Foreclosure Victims Return to Housing Market in 2013

Boomerang Buyers are venturing back away into the housing market as many jilt their rented homes to purchase again.

Orange, CA (PRWEB) March 19, 2013

Broadview Mortgage has received an increase in applications from “Boomerang Buyers”, individuals who have lost their home to foreclosure and are nowadays back to purchase another home. The concluded attributed to a marked accrued, compared to February 2012, is the amount of households that are emerging from the three year FHA waiting period post foreclosure.

This guideline reads “The three-year waiting period to regain eligibility for another FHA insured mortgage begins when FHA pays the initial claim to the lender; this includes deeds-in-lieu of foreclosure, as good as judicial and other forms of foreclosures.”

“We’re helping people check the transfer of title on their foreclosed homes, making sure they are eligible to buy a home again. More often than not, people don’t understand how to determine if they’re eligible.” says Scott Schang, Branch Manager for Broadview Mortgage.

The three year countdown can be gaged by researching when title was transferred out of the foreclosed owner’s name and into the bank’s. “A common mistake is to go off when the foreclosure was reported on your credit report” says Schang, “this is usually not accurate. Always check with the county to see when the title was transferred out of your name.”

There are other requirements besides waiting three years. The FHA guidelines also require that potential buyers be creditworthy, which means having: a middle FICO score of 640, continuous 2 year work history, likelihood of continued employment, and a 3.5% down payment.

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Question by rmark: Can I still refinance if I declare chapter 13 bankruptcy ?
I have a 420 fico credit score, but I am hoping that after the bankruptcy my score will go up and possibly then I tin get a betterrate. Does this healthy reasonable?

Best answer:

Answer by Five Stars Mortgage
Bankruptcy should be a LAST resort. If you are dead set on bankruptcy…make sure you restablish AS SOON as possible. Get secured credit cards or anything else you can get. Do this barred and make sure you have at least three open tradelines. Lenders will loan one day out of bankruptcy but if your goal is to get reefing rates your going to have to re-establish your credit swiftly and responsibly.Get those trades open compensated after your discharged BK and you’ll be alright in 12 months clock and probably get lower rates.

Add your own answer in the comments!

UpgradeUSA Brings Services to Mortgage Lenders to Help Their Customers Build Credit

UpgradeUSA is an e-business that helps people construct credit through laptop payment plans.

Austin, TX (PRWEB) March 18, 2013

UpgradeUSA, a leading online company focused on helping populate build credit through laptop payment planned, announced today the availability of its services to the clients of mortgage lenders. Many of these consumers may be looking to purchase a home this spring, but lack the required credit history to do so.

UpgradeUSA reports each customer’s laptop payment to all three credit bureaus, every month, which help customers build a history of making payments over time.

“When shopping for a home, people should take their credit history very seriously,” said Jon Weisblatt, Founder & CEO of UpgradeUSA. “The best way to demonstrate commitment to potential lenders is to have a consistent on-time payment history, and have those payments reported to all three bureaus. That’s one of the benefits we offer at UpgradeUSA, and that’s one big reason why customers love doing business with us.”

According to reports from the US Department of Housing and Urban Development, the average FICO composite score for FHA loan recipients in fiscal year 2012, for single-family homes, was 697.

Whether purchasing a home for the first time or refinancing an existing mortgage, having a good credit history is necessary to qualify for reasonable mortgage rates. The FHA, while not a mortgage lender themselves, provides the opportunity for many U.S. individuals and families to achieve ownership of a home through the FHA mortgage insurance program. The FHA requires a minimum of two active trade lines on a credit report, and individual lenders have their own requirements.

The UpgradeUSA program offers some important benefits for consumers interested in building credit before purchasing a home:

     We report every laptop payment to all three credit bureaus, every month. We work with customers to rebuild from a variety of situations, including divorce, bankruptcy, medical conditions – and people with no credit history at all.      Our consumer lease/payment plans allow customers to build a payment history that can last as long as 17 monthly payments.      UpgradeUSA offers a flexible cancellation policy – depending on the state of residence, there is a brief minimum lease term after which customers may cancel the lease and send the laptop back, but still retain the good credit history for the months they were active.      Prices at UpgradeUSA.com don’t change based on a credit score; the price on the site is the monthly price customers pay (plus tax and optional loss-damage waiver).

“Not everyone will qualify for our program, but if they are ready to make an electropositive step transport, we may be able to assisting them along the path towards getting the mortgage of their dreams,” said Weisblatt.

UpgradeUSA gives certified consumers a chance to build a good credit history, which often follows a variety of personal financial situations that cause them to be turned down for traditional financing. The company’s innovative online-only payment program allows approved customers to choose a brand-new computer without having to wait for months to receive it like layaway, or be coerced into richly priced for low-quality used products typically associated with the rent-to-own industry.

Consumers who visit UpgradeUSA.com will find a variety of new and factory-refurbished computers made by the world’s leading technology companies, and many models come with Windows 8, the newest operating system from Microsoft.

Everyone Can Use Better Credit
A number of good people in the United States are starting to build a positive credit history thanks to the UpgradeUSA laptop payment program. A variety of people — including entrepreneurs, legal US immigrants, students, individuals with a bankruptcy in their history, and many others — are taking this important step. The UpgradeUSA program is online-only to preserve customer privacy and discretion.

UpgradeUSA’s Prices and Products
UpgradeUSA’s laptop payment plans are available online only, at a variety of prices designed to fit a range of budgeted. Unlike other companies, monthly prices at UpgradeUSA do not change based on a customer’s credit score. This makes for a more affordable, quality alternative to traditional lease-to-own, financing, and layaway.

How People Can Apply
To participate in the program, people should visit UpgradeUSA.com where they can click on the “Apply Now” button and complete a short, 2-minute application on a secure site. Email responses are sent within one business day. UpgradeUSA ships the laptop after the first customer payment. Customers can make and schedule all payments securely online via debit or credit cards.

Availability by State
UpgradeUSA’s online-only laptop payment plan services are available for qualified customers in the following states: Arizona, California, Colorado, Delaware, Florida, Illinois, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nevada, New Mexico, New York, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Vermont, Virginia, Washington, and Wyoming.

About UpgradeUSA
UpgradeUSA addresses the needs of millions of U.S. consumers who want access to quality products but need an affordable payment plan that will help them build credit. The online-only company currently offers new and refurbished mobile computers, with each monthly customer payment reported to all three major U.S. credit bureaus. The UpgradeUSA program is available in a growing number of states. UpgradeUSA is privately held and is headquartered in Austin, Texas.

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Premier Public Record Research Firm Launches AccuRental Tenant Screening

Washington, DC (PRWEB) March 12, 2013

With nearly 20 years of public record research expertise, The Public Record Source LLC has launched its innovative new tenant screening platform, AccuRental.

AccuRental marks a significant departure from the existing and stagnant tenant screening industry. AccuRental was specifically built to address the problems that have plagued property owners for the past several years and led many to forego tenant screening entirely. In particular, in the past landlords and property management companies had to submit to lengthy onsite inspections, expensive sign up fees, monthly minimum fees, and exorbitantly high search fees. AccuRental, however, has changed the tenant screening landscape by removing all of these obstacles. By adopting a FCRA complaint applicant-initiated screening platform, AccuRental is able to provide an applicant’s full credit report, FICO credit score, nationwide criminal search, and nationwide eviction history review without an onsite inspection, setup fees, or monthly minimums. Instead, for a flat fee of $ 18 per search, landlords and property managers can finally perform instant tenant screening without breaking the bank.

AccuRental also employs XML technology to integrate with many of the most popular property management and applicant tracking software platforms on the market today. With just the click of a button, large-scale property management companies can now have all of their tenant screening processed through their existing property management software.

Built to radically change the tenant screening landscape, AccuRental is expected to have an immediate impact on the rental property industry. Appealing to both the private landlord and the large-scale property manager due to its ease and flat fee system, AccuRental’s comprehensive tenant screening services allows property owners to cut down on their own liability while reducing the likelihood of late payments or eviction.

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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The Perfect Pricing Paradigm: How to Avoid Mistakes When Presenting Pricing to a Prospect

Minneapolis, MN (PRWEB) April 18, 2013

With the housing market stabilization across the country, many builders are seeing their best sales activity in the last six years. At the same time the National Association of Home Builders/Wells Fargo Index of Builder Confidence dropped to 42, the lowest in 6 months.

Many builders cite continued difficulty in obtaining construction credit, continued low appraisals and rising construction costs as the reason for the drop in confidence.

“Most builders are still fight to maintain steady sales and the regulatory challenges are only part of it. Today’s new housing and remodeling buyers are more advanced and wary than ever,” said Rick Storlie of New Home Sales Coach, a new home sales training firm that specializing in helping home builders and remodelers reach their sales goals.

Storlie sees today’s buyers using an array of tools to find and choose a builder. These include real estate websites, blogs, social media and third party review sites. All of the information available online, he contends, forces buyers to focus on price to differentiate the various offerings available.

“Buyers come to builders immediately asking price questions because they’ve commoditized all the offerings. If everything looks the same, go with the lowest price,” Storlie said. “Builders consistently make the same mistakes when it comes to presenting pricing, making it harder to sell their services at decent margins.”

Storlie’s 5 pricing mistakes are:
1.    Not understanding the relationship between the lead source and how soon to present pricing
2.    Lack of a systematized value creation process
3.    Wasting time bidding/pricing for the wrong prospects
4.    Making the wrong assumptions when preparing a price
5.    Pricing or bidding for free

On April 25th, 2013 Storlie will be revealing a detailing 5 step process he’s seeing builders use to dramatically increase their sales and margins.

What: The Perfect Pricing Paradigm: How to Avoid the 5 Most Common Mistakes When Presenting Pricing to a Prospect (webinar)
When:     Thursday, April 25th, 2013 at 11 PDT, 12 MDT, 1 CDT, 2 EDT
Register:    https://www2.gotomeeting.com/register/172264762
Cost:     $ 0 but limited to 100 attendees

Storlie has make a sales and marketing Scorecard that will tell any housing builder or remodeler how well they’re doing today. The Scorecard takes 2 minutes; builders will get an immediate score and see how they analogize to their builder peering. Home builders can get their Home Builder Marketing Scorecard here: http://www.nhsalescoach.com/housing-builder-scorecard. Remodelers can get their Remodeler Marketing Scorecard here: http://www.nhsalescoach.com/remodeler-scorecard.

About Rick Storlie:

Rick Storlie of New Home Sales Coach has been helping home builders and remodelers reach their sales goals since 1992. Visit NHSalesCoach.com to access Rick’s complimentary Sales and Marketing Library full of tips from generating new leads, Realtor strategies, sales techniques and sales management secrets. Storlie can be reached at 952-895-5566.

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Sunovis Financial Notes Weak Small Business Lending as Reported in the Thomson Reuters/Paynet Small Business Lending Index: Micro Loans Could Help Turn This Around

San Francisco, California (PRWEB) March 11, 2013

Despite economic reports that the recovering is continuing satisfactorily in the U.S., small business owners are not returning to lenders in droves. This is the crux of the message delivered by the Thomson Reuters and PayNet Small Business Lending Index, which shows a drop in the number of leases and loans taken by small businesses in the month of January. The index dropped from a value of 115 in December to a value of 113 in January. It is virtually unchanged from levels of a year ago.

Even though much of the political uncertainty of the past several months has been resolved, the survey shows that America’s small business owners remain uncertain and cautious regarding the future economic conditions in the U.S. One of the lingering uncertainties in many small business owners minds concerns the effects of the healthcare law that will take effect in 2014.

“By all accounts, small business lending should be increasing as the economy recovers, but that hasn’t been the case. In this recovery, unlike others, small businesses are remaining unsure and cautious, causing them to remain on the sidelines. Despite the best efforts of the administration to encourage small business lending, owners are waiting until the economic recovery appears to be more stable,” said Terry Robinson, president of Sunovis Financial.

One other issue weighing on the minds of small business owners is what effect sequestration will have once the March 1st deadline has passed. Some economists have forecasted a drop of 0.5% in U.S. GDP if the automatic federal calculated cuts are allowed to go through. Others predict the loss of hundreds of thousands of jobs across the nation, many of them at small businesses, as a result of sequestration.

Many small business owners have spent the by several years paying popping their debt and cleaning up balance sheets. Since they are now operating with very low levels of debt and are still maintaining profits, many are unwilling to burden their business with new debt when the future looks so uncertain.

The Thomson Reuters/Paynet study data was compiled from commercial loan and lease data in Paynet’s own database. Paynet is a credit rating provider for small businesses.

Employment and hiring data from ADP and the U.S. government will give another perspective on whether or not small businesses are uncoerced to take risking in the current economy. If hiring is shown to be increasing it is probable that an increase in small business lending won’t be far behind.

About Sunovis Financial
Every small business is important to local communities and even more important in rebuilding the American economy. Today more than ever, small businesses need capital and assistance to thrive, and that is what Sunovis is focused on.

Sunovis is a SBA expert, and also offers Short-Term Micro Loans for small businesses, not weighted on FICO scores or collateral but on business health and cash flow.

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Banking Insider Explains Two Alternatives to Foreclosure

Orange, California (PRWEB) April 11, 2013

Scott Schang of Broadview Mortgage Corporation has challenged and warned homeowners about walking away from their underwater homes.

“I understand the discouragement that some homeowners feel. All I can say is it’s normal to be disillusioned, but there’s definitely a wrong way to lose your home. The worst thing you can do is just walk away because you’re giving up control of the situation,” says Schang.

According to Schang, there are alternatives to foreclosure that will lessen the damage done to an individual’s credit. “With a short sale or deed in lieu of foreclosure you’re no longer a bystander, you have some say in how things happen. The most important thing is to not be silent, you can be scared and nervous, but never be silent.”

Current Fannie Mae mortgage guidelines state that someone must wait seven years before purchasing again after a foreclosure. If an individual goes through a short sale or a deed in lieu of foreclosure, that time period is reduced to two years so long as they have a credit score of 680.

“A family that decided to do a short sale in 2009 would have been eligible to purchase again and take advantage of today’s low interest rates. Those that just let their home go to foreclosure will have to wait until 2016 to use a conventional loan,” says Schang.

The countdown to when someone can buy again, according to current lending guidelines, begins when the title of the property is transferred to the bank. This can be difficult to define using a credit report or online methods. Schang recommends contacting a title representative or pulling a copy of the title from county records. “Title representatives will not usually charge to provide a free property report, including a copy of the grant deed [title]. If you have questions you can always call your former lender, or any lender for that matter, to get more information on where you are in the timeline.”

Broadview Mortgage is a California direct lender that promotes consumer education. For further information regarding this article or other topics, you can contact the author directly using the information below.

©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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