WHENEVER YOU GET DENIED, THE CREDIT BUREAUS WILL OFFER YOU A GENERIC ANSWER:

We here at BANCO, will give you the answer to the question when you ask it: Under the Fair Credit Reporting Act, as modified by the Fair and Accurate Credit Transactions Act, consumers are entitled to a free copy of their credit report under a narrow set of circumstances. If you have been denied credit, goods, benefits, services, insurance, and/or employment, the credit reporting agencies of Equifax, Experian and Trans Union are statutorily mandated to provide a copy free of charge. Call our office and have a Credit education session... Its a blessing! Call 18004421591 - Gaining Financial Stability with Intelligence and Integrity! Cash is King and Knowledge is Power!

3 Ways the New Tax Bill Impacts Small Businesses

If you're one of many small business owners confused about the new tax bill, log onto the irs site and read the breakdown of the 3 major impacts. Depending on your business type, you could see changes to qualified business income, and individual income and corporate tax rates. Knowledge is Power and Credit is King! Gaining Financial Stability with Intelligence and Integrity!

WHAT BANCO CAPITAL CORPORATION PROVIDES: A reputable Credit Restoration Organization should have a provable track record of results as well as the ability to modify and/or remove erroneous or inaccurate judgments, liens, foreclosures, bankruptcies, short-sales, student loans, inquiries, derogatory tradelines, personal identifiers and other transient data from a consumer's credit report. Although the credit restoration process can take anywhere from 30 business days to six months, most individuals should see some results within the first 14 to 30 business days. Those RESULTS come directly from the Credit Bureaus or can be seen on your Credit Monitoring site. If you're on a payment plan with our office, know that the faster you pay, the faster we finish. Call 1-800-442-1591 - Gaining Financial Stability with Intelligence and Integrity! Cash is King and Knowledge is Power!

3 Sneaky Things Hurting Your Credit

When it comes to understanding your credit, it can feel as complicated as trying to solve a Rubik's cube. Frustrated by this confusion, many consumers neglect their credit, which can have a devastating impact on their financial futures. A Consumer Action study recently revealed that 27 percent of Americans have never checked their credit report. That's alarming, because it's estimated that a large numbers of consumers have errors on their credit reports that could damage their credit. 1. Wrong Information The wrong personal information on your credit report could hurt your credit. This could be things like your name, your home address, where you've worked in the past or even your Social Security number. How does a wrong address hurt your credit? Your information may be mixed up with someone else's, especially if you have a common name, or are a "Jr." or "Sr." Or it could indicate identity theft -- and that could really wreak havoc with your credit. By reviewing your credit report, you'll be able to quickly see if there's any information that needs to be updated or changed. 2. High Balances Compared to Limits Another sneaky thing that could hurt you is your credit card balances -- even those you pay in full. How can a credit card that you pay off hurt your credit? Issuers typically report your balances as of the statement closing date. But then those cards aren't due until about a month later. So in the meantime the balance on your reports may look high in comparison to your credit limits. Generally you want the balance on each card to stay below 20 percent to 25 percent of your available credit. If you have a retail card with a small limit or a reward card that you use to pay for everything to earn lots of points, then this factor could come back to bite you. So you need to either pay your charges off before the statement closing date or ask for a higher credit limit. Of course, a higher credit limit should not be an invitation to overspend. You won't improve your credit scores if you get in over your head with debt. 3. Outstanding or Delinquent Bills The third sneaky thing that could hurt your credit score could be outstanding or delinquent bills. I canceled a gym membership when I moved, and it wasn't until I checked my credit report several years later that I found out the gym was marking me as being delinquent, which was hurting my credit. You'll want to check your credit report to make sure that you have no outstanding bills or any delinquent bills that you need to get addressed. For my delinquent gym membership, I contacted its home office and explained that I had moved and their closest location was more than hours away. After that short and painless phone conversation, it removed the delinquency, and my credit was repaired. Review your credit report and make sure you're not being marked for anything delinquent that could be damaging your credit. This could be old gym memberships like mine, credit cards or medical bills. "I've seen numerous situations where consumers were shocked to learn that medical bills they thought their insurance had taken care of were on their credit reports as collection accounts, " warns Gerri Detweiler, director of consumer education with Credit.com. "It doesn't matter if the amount is small. Any collection account can drop your credit score 25, 50, even 75 points or more."

Why is tax season the best time to repair credit?

As important as credit repair is, this process repeatedly slips to the bottom of many people's to-do lists. They make excuses, telling themselves that it's not quite the right time to get around to addressing credit issues. If this situation sounds familiar, there's good news. Tax season is a great time to take strides toward resolving your credit issues and improving your FICO score. Take a look at why you should seize this opportunity to improve your financial future. Financial Issues Are Already On Your Mind Whether you're doing your taxes yourself, hiring a tax professional or using tax preparation software, the tax filing process requires you to evaluate your overall financial picture. Many people with credit issues find that this first step toward credit repair can be the most difficult part of the process. Because you're already taking stock of items such as your earnings, loan interest, charitable donations and expenses when you do your taxes, this is the perfect time to continue that process and delve deeper into your financial picture. While you're researching and calculating, add up your total debt, take stock of your debt payment history, order copies of your credit reports and review them. Create an organization system for all of this information so you'll have an easier time keeping track of your progress as you work toward improving your credit. Daunted by the idea of tackling it yourself? Gathering all your records can also be the first step you take before turning to a professional credit repair company that can put you on a better financial path. You Can Get a Head Start at Paying Down Debt If things go well, tax season means you should receive a tax refund. While it may be tempting to spend that money on a new purchase, a few nice dinners or a vacation, it's a better idea to put the cash toward improving your credit score. If unpaid debt is one of the issues that has contributed to your less than ideal credit score, putting your tax refund toward one of those outstanding balances can be a significant step in the right direction. Don't fall into the trap of getting discouraged if your tax refund is only a small portion of your total debt. Every little bit helps and puts you closer to your financial goal of having less - or no - debt weighing you down. Using your tax refund to pay down debt can also inspire you to use future lump payments to cut back on debt. This small effort could be the first of many tax refunds and bonuses that go toward chipping away at your debt and making a big impact over the long term. You'll Eliminate a Common Barrier with an Emergency Fund Maybe you've tried to repair your credit in the past, but you were thrown off track by an unexpected car repair bill or health expense. One of the main reasons people continue to damage their credit score is because they aren't prepared to handle emergencies like these. If this situation sounds familiar, you can use your tax refund to create an emergency fund. This will give you more security and flexibility to improve your FICO score without your having to worry about getting sidetracked by unexpected expenses and financial setbacks. You Can Invest in Professional Credit Repair If you're not sure where to start when it comes to fixing your credit - or if you feel that you simply don't have the time to research credit repair strategies - consider using your refund to invest in credit repair services. Credit repair professionals offer services that include disputing erroneous items appearing in your credit history, providing personalized advice for your particular situation, closely tracking your progress and ensuring that you stay on the right track even after you've achieved a good credit score. If you have a large enough tax refund, you may have enough money to invest in affordable professional credit repair and still have money left over to put toward other uses. Even if you feel confident in your ability to repair your credit on your own, using a credit repair company gives you access to resources that can significantly speed up the process. Now is Always the Best Time Perhaps the best reason to address your credit during tax season is that putting off this important financial step can have several negative consequences. For one thing, it takes time to fix poor credit, so when you put off addressing the problem, you're delaying that positive outcome. Regardless of what your finish line goals are - purchasing a home or freeing yourself of bad debt - you'll reach that finish line sooner if you take the first step as soon as possible. There's another major problem with procrastinating when it comes to fixing your credit. Bad credit costs you money. Individuals with poor credit are charged more in fees, interest rates and deposits. The longer you wait to repair your credit, the more unnecessary expenses you'll incur. Hold on to your hard-earned cash by starting to build a better credit picture today and paying less in unnecessary charges and fees. Tax season can be a pain for many people, but it can also provide a timely opportunity to evaluate and improve your credit situation. No matter what stage of the tax-filing process you're in, take the time to carry out these extra steps so you can embark on a rewarding journey toward better credit and a better financial life.

10 tips for managing credit cards in 2019 Read

1. Be proactive about card security Issuers will be rolling out EMV (Europay, MasterCard and Visa) chip cards -- which are much harder to counterfeit than traditional magnetic stripe credit cards -- over the course of 2018 as the deadline for new network rules on changing fraud liability approaches. But you can play a part in cutting down on card fraud by monitoring financial statements regularly and setting up alerts to readily spot suspicious charges. You also can change any behaviors, like throwing paper statements in the trash, leaving smartphones unlocked and responding to unsolicited requests for bank information, that make you more susceptible to fraud. 2. Pull your credit report Mysterious line items are a good indication that identity theft is occurring. Federal law entitles everyone to one free credit report from each credit bureau every year. You can obtain three reports -- one from each credit bureau -- all at once or you can spread out the requests across the year to keep an eye on your affairs. 3. Assess whether that annual fee card is worth it Some annual fee credit cards are worth it; others are not. Often, the value of these products hinges on your lifestyle and your spending habits. For instance, if you travel often, you're more apt to appreciate a credit card co branded by your favorite airline that offers free checked bags, lounge access and complimentary upgrades. Do a little number crunching to figure out if you're benefiting from the fee. This Bankrate calculator can help you determine if you're losing points or miles to interest. If you are, it may be time to switch to a more cost-effective payment method. 4. Don't be afraid to ask If you do decide an annual fee card isn't worth it, don't be afraid to call your issuer to see if they will waive the fee. They alternately may be able to move you to a fee-free version of the card that will preclude you from closing the account, which will preclude the closure from affecting your credit score. 5. Learn what ancillary benefits your card may offer In addition to rewards, many credit cards offer ancillary benefits, including extended warranties, price protection, purchase protection, trip cancellation insurance and even car rental insurance. These benefits can come in handy when you're out shopping or planning a vacation. Figure out what perks your credit card entitles you to by reading through its terms and conditions. If the answer is "none" (and your credit score is in good shape), it may be time to shop around for a superior piece of plastic. 6. Read your credit card contract cover to cover Now may be the perfect time to read through all the fine print of your current credit card contract. It's great to know about the perks, but you also should know about any lesser-known fees attached to the product. You'll want to check whether your issuer has included in the terms and conditions an arbitration clause, which requires customers to settle disputes with the bank through an arbitrator rather than the courts. Plus, determine if your issuer is permitted to share any of your data with third parties as part of the card's privacy agreement. 7. Make a dent in your credit card debt One of the best ways to trim your credit card debt is by prioritizing credit card payments. For instance, make larger payments on the card with the highest annual percentage rate first and minimum payments on cards with lower interest rates to curb costs. You also should consider opening up a balance transfer credit card, which lets you move expensive debt over to a new card that features a limited-time, interest-free period on the balance and even on new purchases. Just make sure to read offers carefully. There could be caveats that prematurely render the interest-free period null and void. 8. Talk to your millennial about building credit A recent Bankrate survey found 63 percent of millennials (ages 18 to 29) are foregoing credit cards completely, largely to avoid the debts that plagued many of their parents during the Great Recession. While a generation of debt-averse consumers isn't the worst thing in the world, it could cause problems for your millennial down the road. Namely, they could have a tougher time buying an affordable home or getting an auto or personal loan later in life. Other data suggest the demographic may not be aware of these ramifications, so you might want to sit your college student down this year and go over the finer points of credit reports and credit scores. 9. Pay your credit card bill more than once per month If you're deep in debt, it's a good idea to keep that credit card on ice for a while. But if you're simply worried about unconsciously running up a big bill you can't pay off at the end of the month, try a different strategy. Link your credit card to your debit card account and pay down the balance as often as every day, once a week or even twice per month. This tactic keeps you on top of how much money is actually in your bank account and lets you take advantage of the benefits a credit card affords that other payment methods do not, including better fraud protections and rewards. 10. Figure out what type of credit card is best for you Contrary to popular belief, there is no singular best credit card in the marketplace. Instead, the best product varies from person to person. For instance, if you need to make a big purchase, you should look for a low-interest credit card. On the other hand, if you pay your balances off in full every month, you'll want to look into a rewards card. This Bankrate quiz can help you figure out what piece of plastic best fits your lifestyle. Compare credit card rates to get the best deal.

Tips on How to Fix a Credit Score & Maintain Good Credit

Payment History Tips Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed. Pay your bills on time. Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO Scores. If you have missed payments, get current and stay current. The longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven to ten years. This won't rebuild your credit score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO Scores.

Lenders Who Confuse Credit Rescoring and Credit Repair Could be Violating Consumer Rights Under FCRA

Looking at the situation from another perspective is that the lender is “gaming” the consumer, trying to deny their access to accurate data and force them into higher interest rates than they would otherwise qualify for if their report was accurate. It appears that an entity is indeed being gamed and it is the system itself; however, it is not the consumer doing the “gaming” and there should be no surprise when a legal action is filed regarding it. Call 1-800-442-1591 we can and will get those negative items removed from your Credit Report

REBUILDING YOUR CREDIT

Whether you’re just coming out of a divorce, filed for bankruptcy recently, or are considering bankruptcy because of your poor credit history, you’ll need a solid credit repair plan to help you get your finances back on track. Rebuilding credit can take several months or years, depending on how bad your track record is and how much debt you’re carrying. The good news is you can rebuild your credit with a secured credit card. Unlike prepaid and debit cards, a secured credit card is reported to the credit bureaus just like your typical credit card and gives you a chance to improve activities on a fresh new line of credit. Call 1-800-442-1591 - Gaining Financial Stability with Intelligence and Integrity!

43 Million Americans Have Unpaid Medical Debt on Their Credit Reports

Americans' credit reports contain unpaid medical debts far more than any other kind of unpaid bills, the Consumer Financial Protection Bureau has found in a study. A "staggering" 52% of all unpaid debt entries listed on credit reports is from medical expenses, the bureau says. And some 43 million Americans — or about one in five adults — have an unpaid medical debt on their records, dragging down their credit scores. Many of those derogatory entries on credit reports are the result of America's confusing medical billing and insurance payment system, the CFPB says. Some 15 million Americans have only unpaid medical debt on the derogatory side of their credit reports, suggesting those consumers don't have trouble paying other bills. Also, most unpaid medical bills are small — the median amount is $200, far lower than the median unpaid bill for credit cards or auto loans. View photo . CFPB "Today's study found that many consumers are affected by medical debt, that medical debt dominates collections trade lines in the credit reporting system, and that the appearance of medical debt information on credit reports can reflect the complexity, confusion, and delays that characterize medical billing and insurance reimbursement rather than the consumer's ability or willingness to pay their debts," said CFPB director Richard Cordray in a statement about the research. "If a credit score is supposed to be a predictor of a consumer's likelihood of paying back a debt, these findings raise serious questions about how medical debt collections items affect a consumer's credit score." The report highlights efforts already under way in the credit reporting system intended to reduce the impact that unpaid medical bills can have on a consumer's credit score. Earlier this year, the CFPB released a report showing that consumers with unpaid-medical-debt-only credit reports paid their bills at the rate of other consumers with higher credit scores, suggesting current scoring formulas inaccurately reflected those consumers' credit-worthiness. In August, Fair Isaac, keepers of the FICO credit scoring formula, said it was changing its formula, and the penalty for unpaid medical debt would be reduced. It will take time for lenders to adopt the new formula, however. This study further found that unpaid-medical-debt-only consumers owe less, have more available credit which they could use to repay their debt, and are more reliable payers than consumers with non-medical collections tradelines. The problem, the report suggests, is that many consumers don't know who to pay, or what they owe, after medical procedures. "Lack of price transparency and the complex system of insurance coverage and cost sharing means many consumers, including those who have health coverage, receive medical bills that are a source of confusion," it says. The report also highlights the hundreds of firms that might ultimately report a patient as late on a medical bill. Their "indirect affiliation with the debt introduces potential sources of error in collections reporting," the CFPB said. Medical debts also draw a larger percentage of disputes than other kinds of debt, the CFPB said. As part of a larger initiative, the CFPB announced Thursday that it was now requiring large credit reporting agencies to provide regular reports about the accuracy of their data, including new details on creditors who attract the most disputes. "These reports will specify the number of times consumers dispute information on their credit reports during that period," the CFPB said. "It will also list furnishers with the most disputes, industries with the most disputes, and furnishers with particularly high dispute rates relative to their peers. We will also see how those disputes get resolved." If you are worried a medical bill could be hurting your credit, you should pull your credit reports, which are available to you for free once a year under federal law. You can also check your credit scores regularly to spot a medical bill that may have gone to collections. CALL BANCO FINANCIAL SERVICES TODAY AT 248-286-5100 FOR ALL OF YOUR CREDIT RESTORATION NEEDS!

Another type of information that determines your credit score is your revolving debt ratio. This calculation determines 30% of your credit score. What is revolving debt? http://www.bancoservices.org gives a great explanation: Definition: Revolving debt is debt that typically has a variable interest rate, an open-ended term and payments that are based on a percentage of the balance. Revolving debt has a pre-determined limit, agreed upon by the lender and borrower. Credit cards are the most common type of revolving debt that consumers use. The interest rate changes, there is no deadline to pay them off and the amount of the payments is determined by the balance on the card. Call 1-800-442-1591

The holidays are prime time for ID theft

Be Smart About Your Smartphone If you use a smartphone, make sure you have a passcode or other lock on it “so thieves cannot access apps you use to make purchases if you lose your phone,” Reese says. And don’t save receipts on your phone or on public computer hard drives; if they get into the wrong hands, thieves can steal personal information from them. If you use your smartphone or tablet to pay bills, conduct banking, or shop online, refrain from doing so unless you’re home, at your office, or in another place with a secure Wi-Fi connection. Avoid entering private information when using an unsecured, or public, Wi-Fi network, such as those available in coffee shops or hotels, says Lynn Ballou, managing partner of Ballou Plum Wealth Advisors in Lafayette, Calif. “It's so easy to forget this when we have time between flights to a holiday destination and want to do a little online retail therapy or pay some bills while at the airport. You never know who's lurking.”

One of The Behaviors That May Hurt A Young Person's Credit Score

Canceling a Gym Membership. If you decide you can actually do without that gym membership but fail to follow the gym’s membership cancellation procedures, you could end up seeing a drop in your credit score. Most gyms list exactly what you need to do to cancel in their membership agreement, so be sure to read the fine print and follow their procedures. If you end up canceling before a certain date or stop payments from your automatic withdrawal setup, the gym could take action and report you to the credit bureau. Call 1-800-442-1591;

One of The Behaviors That May Hurt A Young Person's Credit Score

Renting a Car. Not all rental car companies do this, but you may find that your rental car company runs a credit inquiry even when you use your debit card to secure the vehicle. Read the fine print of the terms and agreement paperwork carefully or just ask the rental specialist what the policy is for new customers. Remember that any type of hard inquiry—even if it’s not for more credit—will drop your credit score by a few points. Call 1-800-442-1591 to get a CREDIT EDUCATION CD for $99.00

QUESTIONS? CALL OUR OFFICE FOR THE ANSWER:

1. The Fears of a Pay After Deletion Credit Repair Customer, Is this you? 2. Scared about investing thousands of dollars upfront with a credit repair company without really knowing if they will be able to help you? 3. Worried about having to pay monthly fees that can drag on for years without knowing if you will get actual results? 4. Wondering if the money you are about to give to that nice stranger will grow legs and disappear? 5. Tired of wasting your valuable time waiting for items to be removed from your credit report? 6. Nervous about running into a professional scammer who will take you money and just disappear? 7. Curious as to whether the company you are about to pay a fortune to actually has a clue about credit repair? BANCO Capital Corp has been around since 1997! We start your credit restoration the day your application fee is paid. Our clients start seeing results within 14 business days and it's directly from the Credit Bureaus. We are an A+ with the BBB! Call today! 1-800-442-1591 - Gaining Financial Stability with Intelligence and Integrity!

4 Ways to Raise Your Credit Score in 2018

1. Payoff past due accounts. The bulk of your credit score – about 35 percent – comes from your payment history. The more often you make payments on time, the better your score will be. So start by checking your credit report for past due accounts. If you have several past due accounts, it's time to triage. Accounts that are 90 days late will have a bigger negative impact on your score than those that are 60 or 30 days late. So pay off the most past-due accounts first, and gradually catch up on all your payments. 2. Ask for good faith adjustments. When you look at your credit report you may see just one or two late payments. Maybe these payments were late because of an oversight or because of a one-time financial problem that has since been resolved. In this situation, you might get an automatic boost to your credit score by asking for a "good faith adjustment." Call or write to the creditor, and ask for a courtesy adjustment. If you've been a good customer and only have one or two late payments on your account, many creditors will remove the late payment from your credit report. 3. Deal with collection accounts, charge-offs and liens. Accounts that have been charged off or sent to collections have a negative impact on your credit score, and you need to be careful how you deal with them. Paying charge-offs or liens that are older than 24 months won't boost your credit score. Address charge-off accounts that are less than 24 months old first, then pay the others when you have the funds to do so. Pay off collections accounts as well, but be aware that paying off collections accounts can, at first, cause your credit score to drop. That's because when you make a payment, the last activity on the account becomes more recent, making it weigh more negatively in your credit file. The best way to avoid this problem is to ask the collector to erase the account from your credit file when you pay it off. Many collections agencies will delete reporting when you've paid off the account. If the agency agrees to this, be sure to ask for a letter stating that the agency agreed to delete the account upon receipt of your payment. 4. Improve your debt-to-credit ratio. Another factor used to calculate your credit score is amounts owed. Amounts owed isn't about the actual dollar amount you owe but your debt-to-credit ratio – how much money you owe versus how much credit you have available. There are several ways to improve your debt-to-credit ratio, which is probably the fastest way to improve your credit score. Here are a few to try: Ask for a credit increase. This improves your debt-to-credit ratio without paying an extra dime on your outstanding debt. Move credit card balances. Keep your debt at or below 30 percent of your credit limit on each credit card. One way to do this is to simply move balances between cards, even if it means opening a new card. (Plus, you might be able to take advantage of balance transfer promotions.) Pay down revolving debt first. Your credit score will reward you somewhat for paying down installment loans, but you'll get the most bang for your buck when you pay down revolving debt like credit cards and lines of credit. Transfer debt to a personal installment loan. Consolidate all your credit card debt under a personal installment loan.

Can I Consolidate Federal & Private Student Loans Together?

If you have student loans, chances are you're dealing with multiple interest rates, multiple loan servicers and multiple monthly payments – a surefire recipe for multiple headaches. The idea of consolidating all your loans together sounds like a great way to simplify, but is that even possible when you have both private and federal loans? More importantly, is it advisable? The short answer to the first question is yes, it is possible. But in order to decide whether it makes sense for your situation, there are some considerations to take into account. Here's what you need to know: The Term "Consolidation" Can Have Different Meanings Consolidating student loans simply means combining them together, but there's a difference between consolidating through the government's Direct Loan Consolidation Program and consolidating through a bank or alternative lender. When you consolidate student loans through the Direct Loan Consolidation Program: •Most (but not all) federal loans are eligible, and private loans are not allowed. •The resulting interest rate is a weighted average of the original loans' interest rates, which means no money is saved. •You may be able to select a new, longer term, which can reduce your monthly payments; however, a longer term can also end up costing you more money in total interest. When you consolidate student loans through a private lender: •In most cases, only private loans are eligible (although a handful of lenders accept both private and federal student loans). •You're offered a new interest rate based on your current financial situation, including your credit score (which means those loans are being refinanced as well as being consolidated). •If you qualify for a lower interest rate, you may be able to reduce your monthly payments or shorten payment term, and you can save a significant amount of money on total interest. Okay, so we've established that certain lenders will allow you to consolidate your private and federal loans together. Now let's talk about whether that option is right for you.

Develop a plan that works if you are in need of credit improvement. You must be dedicated to making some significant changes in the way you spend your money. Be sure to buy only the things that you need. Consider if a purchase is both essential and affordable, and only purchase it if you can answer “yes” on both counts. Reduce the amount of your debt. Creditors take note of your debt versus your income. If your debt levels are unusually high for your income, your credit score will suffer. Since it will likely take a while to get rid of your debts, write a plan for decreasing your debt gradually, and follow it. Call BANCO to get a FREE Credit Consultation. Gaining Financial Stability with Intelligence and Integrity! Call 1.800.442.1591 - We are ONE of the best in the business.

CREDIT TIP!

Make sure that you keep records of everything when interacting with credit bureaus. Make note of every call or letter you send or receive. Call 1-800-442-1591; unless you contact a credit professional that can take care of everything for you - Gaining Financial Stability with Intelligence and Integrity!

Credit Scores

The exact formula varies, but credit scores are based on complex algorithms that include factors such as the length of your credit history, the amount of available credit, outstanding debt and negative marks such as bankruptcies, collections or late payments. Of all the different types of scores the FICO is the most widely used by lenders and range from 300 to 950. Let our office assist you in understanding your Credit Report; 1.800.442.1591 - Gaining Financial Stability with Intelligence and Integrity!

IRS Warns Taxpayers To Be Diligent As Identity Thieves Add New Twist To Phone Scam

For the past several years, the Internal Revenue Service (IRS) has been encouraging taxpayers to file their returns electronically. That’s why it came as a shock to John* (not his real name) when he received a phone call (allegedly) from the IRS advising him that he needed to file his federal income tax return by mail. The reason? He was (allegedly) the victim of identity theft and as a result, he was not eligible to file electronically: the return and the payment were to be filed by regular mail. That was the first of a series of communications (allegedly) from the IRS. A subsequent phone call purported to be from IRS Criminal Investigations (IRS-CI) and asked that John return the call to discuss the identity theft. He was also advised that he would be served with a summons at his home if he ignored these communications. The efforts to reach John were pretty persistent: at least once, IRS Criminal Investigations (allegedly) left a voice mail for John and asked that he call back immediately. John saved the message and played the call for me at his office. Despite the official sounding lingo, John figured out pretty easily that this was a scam. But it sure sounded real.

How to Get a Secured Credit Card

If your credit is damaged, or if you never established credit at all, a secured credit card might be the thing for you. With a secured card, you put down a deposit, usually $200 to $500, which becomes your collateral. Manage the card responsibly and you’ll get the deposit back. First: Learn Your Options Before you shop for a secured card, find out your credit score to learn what you qualify for. Why? Well, rejection stings, for one thing. But more importantly, knowing your credit score helps you determine which cards you’re more likely to qualify for. The better your credit, the more options you’ll have, including money-saving choices not available to those with credit scores lower than yours. Not sure if your credit is good, bad or fair? That’s not unusual. Here are some tools to help you find out: Subscribe. Numerous banks and other companies sell credit scores as part of a subscription to a monitoring service sold to help guard against identity theft. Or you can shop for a credit monitoring service. This may be helpful if you want to monitor your progress with more than one credit reporting agency. Compare Secured Cards Just as if you’re buying a car, compare the features and costs of each card. Look at the fine print on each card, including: Credit reporting. Get a card that builds your credit by reporting to not one or two but all three of the major credit reporting agencies – Experian, Equifax and TransUnion. Graduation features. Will the card let you raise your credit limit over time, either by increasing the size of your down payment or by earning a higher limit through responsible use of the card? Annual fees. Unfortunately, you may not be able to avoid annual fees. Make sure you do your research and compare annual fees across cards to find the best deal. APR. The annual percentage rate shows the card’s interest rate on your unpaid balance. APR can vary for different services – cash vs. purchases, for example. It may change, too. You might, say, get a low introductory rate that bumps up after six months. Be aware of any potential changes so they don’t take you by surprise. Other fees. Avoid application fees, if possible. Some cards have them, others don’t. Watch for and compare the host of other possible fees, including fees for balance transfers, over-limit charges, late payments, cash advances and other costs. Rules. Do the tedious but important due diligence: Read and compare the detailed rules accompanying each card so you don’t get tripped up by incurring surprise fees and possibly further damaging your credit.

What Sets Top Credit Scores Apart From the Rest?

Bottom Line A whole range of different factors contribute to your credit score, and there's no magic formula to a perfect credit score. Still, there's plenty to learn from the experiences of others. Beyond simply having the patience to build a credit file complete with a high number of active accounts and a lengthy credit history, managing your credit file also requires diligence, active concern and measured caution. As you work to improve your credit health, seek out educational resources that can help you make the best decisions for your personal situation. *Data collected in September 2014 based on the most recently available reports of 2,079,070 Credit Karma members with scores above 750 and 3,720,570 members with scores between 650 and 700. **We've defined scores over 750 as "excellent" and scores between 650 and 700 as "fair" for the purposes of this article. What constitutes an "excellent" or "fair" credit score can vary based on the specific scoring model, economic conditions, what the score is being considered for and many other factors.

More Tips on How to Fix a Credit Score & Maintain Good Credit

Payment History Tips Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed. Pay your bills on time. Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO Scores. If you have missed payments, get current and stay current. The longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years. If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor. This won't rebuild your credit score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO Scores. Amounts Owed Tips This category contributes 30% to a FICO Score's calculation and can be easier to clean up than payment history, but that requires financial discipline and understanding the tips below. Keep balances low on credit cards and other "revolving credit". High outstanding debt can affect a credit score. Pay off debt rather than moving it around. The most effective way to improve your credit scores in this area is by paying down your revolving (credit cards) debt. In fact, owing the same amount but having fewer open accounts may lower your scores. Don't close unused credit cards as a short-term strategy to raise your scores. Don't open a number of new credit cards that you don't need, just to increase your available credit. This approach could backfire and actually lower your credit scores. Length of Credit History Tips If you have been managing credit for a short time, don't open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your scores if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user. New Credit Tips Do your rate shopping for a given loan within a focused period of time. FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. Re-establish your credit history if you have had problems. Opening new accounts responsibly and paying them off on time will raise your credit score in the long term. Note that it's OK to request and check your own credit report. This won't affect a score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers. Types of Credit Use Tips Apply for and open new credit accounts only as needed. Don't open accounts just to have a better credit mix – it probably won't raise your credit score. Have credit cards – but manage them responsibly. In general, having credit cards and installment loans (and paying timely payments) will rebuild your credit scores. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly. Note that closing an account doesn't make it go away. A closed account will still show up on your credit report, and may be considered by a score.

Why You Shouldn't Neglect Your Credit Score

With all the things you have to be concerned about in life, you’d think by the time you hit your 50s or 60s, you could stop worrying about having a good credit score. You may have bought and sold homes, paid off credit cards, successfully negotiated lease agreements, and paid off brand new cars in your day. You are a good credit risk — heck, I’d loan money to you. So why should you care about your credit score at this stage of the game? You might not even have plans to move and apply for a new mortgage. You might intend to drive your car for 250,000 miles, or until your wheels make their last turn. But sometimes life has other plans for us. Benjamin Franklin once said, “The only two certainties in life are death and taxes.” I would add “change when you least expect it” to his list. A change may involve taking out a loan or some other kind of credit check, so you need to be vigilant about keeping a very good or excellent score. According to Banco Capital Corp, a “good” score is generally 720 or higher. Here are some times a great credit history and score could come in handy as you approach your golden years:

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Why You Shouldn't Neglect Your Credit Score

With all the things you have to be concerned about in life, you’d think by the time you hit your 50s or 60s, you could stop worrying about having a good credit score. You may have bought and sold homes, paid off credit cards, successfully negotiated lease agreements, and paid off brand new cars in your day. You are a good credit risk — heck, I’d loan money to you. So why should you care about your credit score at this stage of the game? You might not even have plans to move and apply for a new mortgage. You might intend to drive your car for 250,000 miles, or until your wheels make their last turn. But sometimes life has other plans for us.Benjamin Franklin once said, “The only two certainties in life are death and taxes.” I would add “change when you least expect it” to his list. A change may involve taking out a loan or some other kind of credit check, so you need to be vigilant about keeping a very good or excellent score. According to BANCO FINANCIAL a “good” score is generally 720 or higher. Here are some times a great credit history and score could come in handy as you approach your golden years: 1800.442.1591

Frequently Asked Questions (FAQ)

How does my credit score affect me? Your credit score is an important indicator of your financial health. Lenders use your credit score as a major tool to determine: •Whether or not you are a good candidate for a loan. •What type of interest rate you will pay. While your credit score is a key determinant of your creditworthiness, lenders also examine the information on your credit report and your loan application. Regularly checking your credit report enables you to: •Be informed of the most up-to-date information in your credit history. •Correct any inaccuracies, thus ensuring that your credit data is a true depiction of your credit record and increasing your chances of receiving credit under the best possible terms. Why do I need all three credit scores? There are three national credit bureaus that collect information about you, and they obtain credit data independently. So while you might assume that your three credit reports and credit scores look exactly alike, they can actually differ significantly. When you upgrade to all three credit scores, you can easily evaluate and compare the differences.

ll Credit Repair Companies Are Not Created Equal

With thousands of credit repair companies conducting business opposite the country, anticipation the correct way may be tough and intimidating but it is needed that you take the time compulsory to not usually find a creditable, but moreover find that the knowledge, experience an skill ti give the time of service you designed the optimal results you deserve. Your preference should not be impulsive. Choosing a bad credit repair firm will leave you exposed and increase the luck that serve damage will be caused to your personal credit record but on the other hand, selecting a great credit repair firm has the prospective to be of the most appropriate financial decision of your life by dramatically cleaning up your personal credit record and enhancing your credit score.

Can You Buy a Car With a Credit Card? Are Times Changing?

Many dealers are coming around to a compromise on plastic, though: accepting a credit card for a down payment, often with a maximum of between $2,000 and $5,000, is more common. If you have the money in the bank and can immediately repay it to avoid interest charges (which are often high on reward cards), a credit card down payment could put a few dollars back in your pocket. You can use a cash-back credit card, or add miles or points to your account balance. American Express partners with TrueCar in a car-buying program that allows customers to put at least $2,000 of the car price on an American Express card, and there are programs for new and used cars. Mike Rabkin, owner of From Car to Finish, a new-vehicle negotiating service, said that’s what he did. “I charged $5,000 on my last car (the limit they allowed), and got 2% back in cash – so (I) earned $100 for doing it this way rather than with a check,” he said in an email. A possible caveat: If a charge of this size would bring your credit usage up to more than 30% of your credit limit, it could hurt your credit score. A solution? Pay off the purchase online immediately.

Parents: Think Hard Before Borrowing for, With Your Student

Finding the right balance of access to college and manageable debt is an exercise that many families practice right around this time of year -- when the tuition bill shows up. Even a great financial aid package can fall significantly short of the total bill, which means it's time for some tough decisions. Earlier this month, the Department of Education issued new, draft rules that, if adopted, will change the eligibility criteria for both graduate and Parent Direct PLUS loans. The Student Loan Ranger attended the meetings where the department worked with members of the financial aid and consumer advocate communities to develop a policy that both maintains access to higher education and helps protect borrowers from taking on more than they can handle.

FACTORS THAT AFFECT CREDIT SCORES

The 5 factors weighed to calculate your score are: 35% payment history; 30% amounts owed; 15% length of credit history; 10% new credit; 10% types of credit. An individual's age is not a factor, but length of credit is therefore young people are at a disadvantage. A few accounts of 5 years with no late payments score higher than 15 new accounts of no late payments.

Ways to boost your credit score

Focus on your score — not your income As a credit expert, I encounter hundreds of high-net-worth individuals who assume they have a great credit score because of their wealth. But your income has nothing to do with your credit score. If you have $7 million in the bank but are late on your credit card payments, your credit score will still be poor. Missing a payment will affect anyone’s credit score. So make all payments on time, no matter what. Keep a good balance-to-credit-limit ratio When you want your credit scores to be as high as possible — for example, when you are applying for a mortgage — keep your outstanding balance on each card below 10% of the credit limit for a few months prior. So, if your credit card has a charge limit of $1,500, keep your outstanding balance below $150. It’s also helpful to have a limited number of credit cards with outstanding balances. Do not close credit cards; just pay off the balances. Become an authorized user If done correctly, being added as an authorized user on someone else’s older credit card account can boost your credit score. Since the average age of credit accounts has an impact on scores, being placed on an old card can age your credit and add points. But you have to be careful. The individual should have a strong payment history and low credit card balances. In addition, some card issuers reward cardholders with extra cash, points or miles for adding an authorized user.

Building credit after paying off old debts

You have already done exactly the right thing in paying off your debt. Now you need to demonstrate that you have learned from your mistakes and can manage new debt. Getting a pre-paid card will not help rebuild credit because pre-paid cards are not reported to credit reporting companies and, therefore, are not part of your credit report. If you can’t qualify for a standard credit card, you should consider a secured card where you deposit funds in a savings account to guarantee that your charges on the card will be paid if you fail to pay as agreed. Apply with your bank or credit union for a secured card with a small credit limit that is reported to the national credit reporting companies. Use the card sparingly and pay off the balance each month. Over time you will build a history of positive credit management. Eventually, the negative account information will be deleted, leaving only the positive account details. Remember, you didn’t get into credit trouble overnight, and you can’t restore a great credit history overnight either. But you are definitely headed in the right direction. Time and patience are now your best allies.

How to Maintain Healthier Credit

So what can you do? Before one of these bills winds up in collections, to the extent possible, try to be very proactive about your medical bills. Even if you have good health insurance, don’t assume everything will be taken care of. Review your EOBs (Explanation of Benefits) carefully and contact the provider and/or your insurance company quickly if it’s not being taken care of. If you are contacted by a collection agency about a medical bill, ask them not to report it if you pay it right away (assuming you believe you owe the bill). Some won’t report if the bill is resolved quickly. Again: Having a collection account updated as “paid” generally does not help your scores, unless a lender is using one of the newer credit score versions. So aim for removal of the item if possible. Some agencies will work with you, others won’t. If you feel the situation is highly unfair — you never got a copy of the bill, for example — you can try two things. One is to file a complaint with the Consumer Financial Protection Bureau. The other is to contact the original provider and try to get them to pull it back from collections so you can pay them directly. If they do, the account will usually no longer be reported.

Credit Advice

Reducing high credit card balances should help increase your credit scores because it shows you have better control of your debt and that you aren’t buying beyond your income. Low balances mean lower payments. That reduces the likelihood that you will miss payments or get into trouble. Low balances as compared to your credit limits also results in a low debt-to-limit ratio, which I have discussed in previous columns. A low debt-to-limit ratio is an indicator of low lending risk, which will be reflected positively in credit scores. When you can pay in full each month, you also eliminate those expensive interest costs, enhancing your financial well-being. The other important fact about reducing your balances is that you will almost certainly improve your physical well-being, too. As your balances go down, so does the pressure to meet the payment requirements, which results in reduced stress and even better physical health. Participating in a quality credit counseling program is a very good step to take. During the program you should learn how to better manage your debt, establish and live within a budget, and take control of your finances. In the long term, your credit history will improve and you will be a much happier, healthier individual.

Why Don't My Credit Reports Match

If you’ve reviewed your credit report from more than one bureau before, you may have noticed some variation from one bureau to the next. Wondering why this happens? Read on to find a few possible reasons and some suggestions on what you can do next. You got your report on different dates. This one is so simple it might seem obvious, but it's worth keeping in mind nonetheless. For example, if you checked out your TransUnion report last week and a different bureau today, the information might not match. This could be because one of your lenders has recently reported new information. Before you get too wrapped up in any minor differences between the two reports, ensure that both sets of information are from the same day so you're comparing apples to apples. Your lender hasn't reported to each bureau. Lenders aren't typically required to report your information to any particular bureau or any bureaus at all, even. If one of your accounts has appeared on one bureau's report but has yet to appear on another, it could be because that lender simply doesn't report to every bureau. Similarly, if the account is appearing but hasn't been updated on a particular bureau's report, it could be because your lender has chosen to stop reporting to that bureau. This variation also applies to hard credit inquiries. If a prospective lender checks your credit with only one bureau, then the resulting hard inquiry will only appear on that bureau's credit reports. Your lender reports to different bureaus at different times. Even for lenders who report to each of the national credit bureaus regularly, information may vary depending on when they report to each bureau. For instance, your lender could report to TransUnion on the first of the month, and the other bureaus on the fifteenth of the month. If this is the case, then your reported loan balances could differ among those credit reports for the time between the reporting dates. Similarly, if you've recently opened an account, it may take longer for that account to appear on some bureau's credit reports than others. Your reports don't match for other reasons. There are all sorts of other reasons why your information might not match up. One possibility is bureau error, so if you're sure that your situation doesn't match any of the others on this page and the information reported looks incorrect, you could consider contacting the bureau directly. If you've applied for credit under multiple names (like your maiden and married names), for instance, then one bureau could have potentially split your file or simply left off some of your information if it doesn't match what they already have on file. Another variable that could keep certain information on your reports from matching is the manner in which credit bureaus collect information about public records. As opposed to credit cards and loans, which are typically reported directly by your lender to the credit bureaus, public records aren't actually reported to credit bureaus. Rather, credit bureaus will commonly search court records to find items like bankruptcies, judgments and tax liens. The result is that sometimes one bureau might access a public record that other bureaus have not, and you could potentially have, for example, a tax lien included on one bureau's credit report that is missing from others. So what can you do? If you've noticed a disparity from one bureau to the next, your next steps are up to you. As I mentioned earlier, lenders are not legally required to report your information to any particular bureau, so if your account is missing entirely, you can't force your lender to start reporting the missing information. Still, you can choose to give your lender a call and see if they'd consider reporting your account. If an account isn't absent but instead contains outdated data, then you may be in a better position to request an update from your lender and the credit bureau. Keep in mind that your lender may simply report to that particular bureau later than they do to others so allow time for your report to be appropriately updated, but if incorrect or outdated information persists you could dispute the record to prompt an update. Bottom Line Just like your credit score, your credit reports can differ from bureau to bureau. By checking your credit reports from multiple bureaus at once, you can get a better sense of the complete range of information that's out there about you, and get a handle on any errors that you might want to address

How to Make or Break Your Credit Score

STEP 1: Keep your credit cards under 33%. Carrying a balance wont damage your score, it will if your debt utilization rate starts to climb above 50%. Pay your balance full every cycle if possible. STEP 2: Pay your bills on time. With any kind of credit obligation it's really critical to always pay on time, even if you can't pay in full. Late payments will hurt your score. STEP3: Use Different forms of credit. Holding a variety of lines:car, loan, installment loan, mortgage, store card; can improve your credit score, as long as you're mindful of the first two steps. STEP 4: Develop a history of credit. Maintaining responsible payment habits over time will increase your score. STEP 5: Don't Overburden your credit lines. Its best not to use more than half of any given credit line, and even better not to use more than one-third

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Reasons to Make use of a Credit Restoration Professional

Using a good credit score is among the most often ignored financial characteristics a person provides.If you have a favorable credit record,you can effortlessly qualify for some of the lowest interest rates on a mortgage loans,automobile loans,credit cards,as well as other kinds of debt.When you have a bad report,you'll possibly not be accepted or perhaps will pay out far more on curiosity and fees when compared to a customer with a good report. Generally speaking, for the greatest price feasible on a fresh mortgage or perhaps financial merchandise, you may need a report associated with 720 to 750 , with regards to the lender.Individuals with a six-hundred credit score or even worse will probably have a problem qualifying for just about any form of credit.If they are authorized, they'll have to pay for a lot more in curiosity and costs. For all those together with poor credit and also the want to increase their score,working with a credit restoration specialist is actually a good option.Any credit restoration specialist is someone who will be focused on supporting people who have poor credit improve their rating so they can then qualify for the majority of home loan along with other bank loan products.

REFINED CREDIT RESTORATION STRATEGIES

*Doubt in perfect shape Once you begin your repairing credit program you will have to examine your credit characteristic any particular volume of competence for the credit agencies. It is to be perhaps vaguely askew, you will find there's reporting error. Don't be scared to write letters and hang the onus for the credit reporting agencies. *Straightforwardness Pays off Anyone that could study your challenge correspondence will read approximately working day, with am allotted pace of three minutes per challenge. They would like to hear your interpretation of the reporting error. If perhaps ha been not overdue. The senior rule of credit improvement operates:

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What Is a Good Credit-Building Time frame?

Starting over or starting from scratch with your credit? Be patient. Building up a brand-new credit history or re-establishing credit after some credit missteps (such as late payments) takes time. Give yourself at least a year to see some progress with your credit. Payment history accounts for 35% of a credit score and establishing or re-establishing your credit with a solid year of on-time payments on a credit account, such as a credit card or credit builder loan, is a good way to go. Building Credit with a Credit Card A secured credit card is a good credit-building option. With a secured card, you make a deposit with a lender and your deposit is used as a credit line. Make sure to choose a secured card from a lender that reports to all three major credit reporting agencies — Equifax, Experian and TransUnion. To build credit with a secured card, make a series of on-time monthly payments and use no more than 10% of your credit line. Stick to small purchases that you can pay off with ease each month. After a year or more of on-time payments, reach out to your lender about applying for an unsecured credit card account. Credit Builder Loans Another credit building option is to apply for a credit builder loan from a credit union. These loans, which have terms of six to 18 months, are good alternatives to credit cards and good credit building tools in their own right. With a credit builder loan, the money being borrowed is placed in a savings account. And once you pay off a credit builder loan through a series of payments over the course of the six- to 18-month term, you will get access to the money in the savings account. Loan amounts for credit builder loans can be small, just $500. So there’s no need to borrow a lot of money to build a healthy credit record. For maximum credit-building, choose a credit builder loan that reports to all three credit reporting agencies. 1

5 TOP REASONS TO HAVE GOOD CREDIT

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How To Establish A Credit History

How To Establish A Credit History Building a Good Credit History Should Be Free One somewhat poor piece of advice often given to those with no credit history is to take out a small loan from the bank and pay it back on time. This is a bad idea because it is a waste of money. You'll have to pay interest on that loan, and no matter how good the interest rate is, why pay to borrow money that you don't even need? It isn't necessary to pay interest to establish good credit, and the only debt you should incur to establish credit is the very temporary kind that occurs between the time you charge a purchase to a credit card and a couple of weeks later when you pay the bill in full.

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About Checking Your Credit Report When you apply for a new credit card, loan or extension of credit, the potential lender will most likely check your credit report before making a decision. You should too. Check your credit report several weeks or even months prior to making a large credit purchase. View your credit accounts and total debt — both existing balances and available limits. Budget and plan for the future. Ensure the accuracy of the information reported about your credit. This is especially important when you’re getting ready to buy an expensive item such as a car or a new home. Correcting Errors on Your Credit Report Federal law allows consumers to challenge inaccuracies and correct their credit files, and Experian® encourages consumers to dispute any information they believe is incorrect. There is no fee. If you believe there is an error on your report, dispute it online for fast resolution. We will verify your dispute with the source of the data and receive a response within 30 days. Once we receive the response, Experian will send you the results of our investigation.

About Checking Your Credit Report When you apply for a new credit card, loan or extension of credit, the potential lender will most likely check your credit report before making a decision. You should too. Check your credit report several weeks or even months prior to making a large credit purchase. View your credit accounts and total debt — both existing balances and available limits. Budget and plan for the future. Ensure the accuracy of the information reported about your credit. This is especially important when you’re getting ready to buy an expensive item such as a car or a new home. Correcting Errors on Your Credit Report Federal law allows consumers to challenge inaccuracies and correct their credit files, and Experian® encourages consumers to dispute any information they believe is incorrect. There is no fee. If you believe there is an error on your report, dispute it online for fast resolution. We will verify your dispute with the source of the data and receive a response within 30 days. Once we receive the response, Experian will send you the results of our investigation.

Do you have a bankruptcy on your credit report? Although a bankruptcy will remain on your credit reports for 10 years, it’s impact will fade with time. You can help the process by offsetting the negative information on your credit report with something more positive. Allow Banco Financial Services to assist you! We can help get you back on the right track for the new year and the rest of your life! Please give us a call at 734-744-8690

10 Tips to Live Credit Smart

Your credit report acts as your financial references when you apply for new credit. Whether you’re trying to build credit for the first time or want to re-build your credit standing, the only way to build a strong credit history is to use credit wisely. Following are 10 tried and true tips to Live Credit Smart: 1. Get a copy of your credit report. Your personal credit report is an easy-to-read record of your credit accounts and total indebtedness. It is a good idea to review your credit report at least once a year and when you’re getting ready to make a major purchase. You can request a copy of your report directly from Experian. You also should consider reviewing your reports from the other national credit reporting companies. 2. Know your credit score. A credit score translates the information in your credit report into a number reflecting the risk of doing business with you. While there are many different types of credit scoring models, a higher score generally represents lower risk. To check your risk, request a credit score when you order your credit report. You will receive an explanation of what the score means and what from your credit report is most affecting it. 3. Provide complete, accurate and consistent identification on your credit applications. This helps set up your credit history correctly from the beginning, ensures that your new accounts will be matched to the correct report and minimizes the chance that your credit file will be incomplete . 4. Set up a budget and live within it. Credit should not be used to live beyond your means. By setting a budget and living within it, you will avoid using credit to overextend yourself. 5. Have some credit, but not too much. A credit history shows creditors how you manage your debts. Having no credit history can make it difficult to qualify for new credit because creditors have no information to help them make a lending decision. You only need a few active accounts reported to the credit reporting companies to demonstrate smart credit management. 6. Pay your bills on time. Late payments, called delinquencies, negatively impact your credit scores and affect your ability to get credit, since they indicate a stronger likelihood that you will make late payments again or will be unable to pay your debts in the future. If you fall behind on your payments, contact your lenders, which may work with you to set up a different payment schedule or interest rate . 7. Have a mixture of credit types. A mix of accounts can show that you know how to manage all types of credit. It is good to have a history of repaying an installment loan, such as a car or student loan, but a revolving account, such as a credit card, demonstrates more clearly that you can responsibly manage credit because you have to control how much you charge and pay each month. 8. Keep credit card balances low. High outstanding debt can affect your credit scores because it results in a high utilization rate, or balance-to-limit ratio, making you appear to be an increased credit risk. Keeping your balances low compared with credit limits shows that you aren’t tempted to charge more than you can pay and can handle larger amounts of available credit. 9. Use caution when closing accounts. Closing an account isn’t always a good thing because it can result in an increase to your utilization rate. However, if you want to eliminate a few cards with high interest rates or fees – and you have ample credit available to you – the impact on your credit score should be relatively minor. 10. Apply for and open new credit accounts only as needed. Apply for and open new credit accounts only as needed. Recent inquiries indicate you may have taken on new debt that isn’t yet shown on your credit report, and many inquiries in a short time might suggest you are trying to live on borrowed money.

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What is a bad credit score?

What is a bad credit score? In financial industry term, "bad credit' means a person is a high credit risk. A credit score of less than 560 is generally considered to be a bad credit score. How do you fix bad credit? The law allows people who are unfairly labeled as having bad credit to dispute any of the questionable items in their credit reports with the three credit bureaus, Equifax, Experian and TransUnion. Any negative listing you feel may be inaccurate, untimely, misleading incomplete, ambiguous , unverifiable, biased or unclear ( in other words , "questionable" ) can be disputed. How Banco Financial Services can help ? We've helped people obtain removals such as late payments, collections, charge-offs and bankruptcies, and greatly improve their credit. We leverage your consumer rights to engage your individual creditors and the credit bureaus.We work on your behalf to help ensure that your credit reports are fair ,accurate and substantiated.

Reasons to Make use of a Credit Restoration Professional

Reasons to Make use of a Credit Restoration Professional Using a good credit score is among the most often ignored financial characteristics a person provides.If you have a favorable credit record,you can effortlessly qualify for some of the lowest interest rates on a mortgage loans,automobile loans,credit cards,as well as other kinds of debt.When you have a bad report,you'll possibly not be accepted or perhaps will pay out far more on curiosity and fees when compared to a customer with a good report. Generally speaking, for the greatest price feasible on a fresh mortgage or perhaps financial merchandise, you may need a report associated with 720 to 750 , with regards to the lender.Individuals with a six-hundred credit score or even worse will probably have a problem qualifying for just about any form of credit.If they are authorized, they'll have to pay for a lot more in curiosity and costs. For all those together with poor credit and also the want to increase their score,working with a credit restoration specialist is actually a good option.Any credit restoration specialist is someone who will be focused on supporting people who have poor credit improve their rating so they can then qualify for the majority of home loan along with other bank loan products.

CALL TODAY 1734-774-8690 If you have negative credit on your credit report, such as judgments, lines, collections or late pays, contact each holder of that negative credit and work to get that line item off report. Sometimes, it is as complicated enough that you need Banco Financial Services . Most of the time, judgments,liens,collections and bankruptcies will not be taken off of your credit report for seven years. Yet, if you pay each one in full, the impact on your credit score is less than an outstanding, unpaid debt. Pay Down Your Debt One of the biggest hits to your credit score is the amount of debt versus the available limit of the debt. If you have credit cards debt, the smallest hit to your credit will occur when you have only used 35% of the available credit line. Additionally, when you first take out a loan and owe almost as much as the original balance of the loan, you will have lower score, even if you are current on your debt. The longer you have had the debt, the better the impact on your score.

How You Can Have Good Credit Again

How You Can Have Good Credit Again Getting your credit repaired is something that takes time. Doing more good things with your credit is more effective than trying to get rid of the bad things. This article will show you how to take charge of your credit and handle it properly moving forward. Even if your situation is desperate, you should avoid the “Payday Loan” companies. You may get money advanced to you quickly this way, but you will pay dearly for it. Their interest rates are very high, which means you are just increasing, not solving, your current debt problems. Contact your creditors. You should do this so you can make payment arrangements with them or work out a deal with them. This way you can get your debts taken care of or paid off. You will also let your creditors know you are trying to handle your debt with them.

If you have negative credit on your credit report, such as judgments, lines, collections or late pays, contact each holder of that negative credit and work to get that line item off report. Sometimes, it is as complicated enough that you need Banco Financial Services . Most of the time, judgments,liens,collections and bankruptcies will not be taken off of your credit report for seven years. Yet, if you pay each one in full, the impact on your credit score is less than an outstanding, unpaid debt. Pay Down Your Debt One of the biggest hits to your credit score is the amount of debt versus the available limit of the debt. If you have credit cards debt, the smallest hit to your credit will occur when you have only used 35% of the available credit line. Additionally, when you first take out a loan and owe almost as much as the original balance of the loan, you will have lower score, even if you are current on your debt. The longer you have had the debt, the better the impact on your score.

A Good Credit Rating Is Feasible for Everyone Bad credit score restoration is one of the most required solution inside Banco Services Corporation number of consumers needing credit help is absolutely astounding. The reasons why countless suffer from a destroyed credit history is actually since they haven't had work opportunities or time happen to be challenging. Its possible for everyone who has an adverse issues or numerous items to start a credit improvement campaign.It is easy to think that there isn't any way you can question items that you feel like should actually be there, nevertheless, you can leverage the system the same way that you lenders have; if you collectors cannot provide documentation of their claim against you then that item can disappear altogether into oblivion, at the time you can see your own ranking go higher and higher. The game isn't that complicated,you just have to be able to play it well and that is where a good credit repair company comes in. The truth is there are plenty of techniques to utilize besides the strategy of see whether or not the financial institution can record their assertion against you but this definitely a significant manner in which the overall game is played. Make sure you don't simplify the approach,there's an art form to timing requests from both the creditors and the bureaus that's best left up to the pros. You actually shouldn't consider buying a bad credit repair "do it yourself" kits that's pitched nowadays.Ought a cement worker start caring sculptures over night and expect to do a good job?Probably not a real brilliant idea for him. You anticipate to see the same kind of prblems if your yard guy tried to offer you an eye test by trying credit restoration on your own. So many people are misinformed how they neither of them devote or do getting some protecting when they're undertaking the credit score improvement.Credit improvement usually means not just in repay the bank notes,but also to fix your credit stories for the obtaining further more loans or methods of their form.

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What is a Good Credit Score?

Good Scores for Different Purposes For example, if you’re looking to buy a home, a score of 500 qualifies you for a FHA loan. Other statistics show that more than 97% of all FHA loans went to people with scores above 620. Just because you qualify doesn’t mean you’ll be approved, but if you exceed that 620 number, your chances are quite good. Conventional mortgages are hard to get with a score below 620 and some lenders require at least 700. This is why financial gurus advise people who want to buy a home to not miss bill payments or overextend themselves with credit cards or other loans. You’re going to need stellar credit to become a homeowner in most cases. Also remember that the better your credit score is, the lower the interest rate you'll be offered. Consider a 30-year mortgage of $200,000 at a fixed rate: According to one data set, the difference in interest rates for people with a 760 score versus a 620 could be 1.6%. That’s $68,000 difference over the life of the mortgage. Recent statistics showed that more than 70% of applicants are approved for car leases, and finding a credit card company to approve you probably won’t be difficult. In both cases, the higher your score, the better your terms – and the less you’ll pay in interest.

Reasons to Make use of a Credit Restoration Professional

Reasons to Make use of a Credit Restoration Professional Using a good credit score is among the most often ignored financial characteristics a person provides.If you have a favorable credit record,you can effortlessly qualify for some of the lowest interest rates on a mortgage loans,automobile loans,credit cards,as well as other kinds of debt.When you have a bad report,you'll possibly not be accepted or perhaps will pay out far more on curiosity and fees when compared to a customer with a good report. Generally speaking, for the greatest price feasible on a fresh mortgage or perhaps financial merchandise, you may need a report associated with 720 to 750 , with regards to the lender.Individuals with a six-hundred credit score or even worse will probably have a problem qualifying for just about any form of credit.If they are authorized, they'll have to pay for a lot more in curiosity and costs. For all those together with poor credit and also the want to increase their score,working with a credit restoration specialist is actually a good option.Any credit restoration specialist is someone who will be focused on supporting people who have poor credit improve their rating so they can then qualify for the majority of home loan along with other bank loan products.

Validation of debts (b) Disputed debtsIf the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) of this section that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or a copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector. (c) Admission of liability The failure of a consumer to dispute the validity of a debt under this section may not be construed by any court as an admission of liability by the consumer.

Credit and easy treatments tend not to mix If you are one of the 50% of credit individuals who is credit search rankings autumn under inches very good inches maybe you have tried out seeking credit restoration selections on the net.Something maybe you have recognized is always that there are tons promotions and plans that include you fast alternatives, often known as fast corrects, if you decide on their alternatives or application. However, credit restoration is actually a concrete merchandise, contrary to have faith in, and you simply in fact may perhaps have to endure your debt face to face in an effort to get started improving your credit rating and this isn't a simple task. If you're sinking indebted, there may seem like it's impossible out, as you basically do not have the dollars anyways to pay it. The credit restoration promotions may perhaps sounds appealing, and such as a great benefit for his or her dollars, but as ingenious since the offer and catch phrases could possibly be, that's only considering that the game designers of them plans have little else to concern yourself with.The truth is that practically all of these are scammer conditions, and there are many individuals persuaded just as you who is able to prove it for you. Internet fraudsters take advantage of personal most difficult tasks and most frequent worries, By way example, most people are obsessed with getting thin, as a result a multimillionaire diet sector but a growing excessive weight price. Some conditions basically would not have quick fix alternatives , and kredyt przez internet credit restoration is one. If you never imagine this, thank you for visting look at one of the many ripoffs over the internet that can

Tips

How to make or break your credit score:STEP 1: Keep your credit cards paid-off, STEP 2:Pay your bills on time, STEP 3: Use Different forms of credit, STEP 4: Develop a history of credit, STEP 5: Don't Overburden your credit lines BANCO can RAISE your credit score Call today 1 800-442-1591

Credit reporting agencies

Credit reporting agencies There are three major credit bureaus: Equifax, TransUnion and Experian. They maintain files on millions of borrowers. Lenders making credit decisions buy credit reports on their prospects, applicants and customers from the credit reporting agencies. Lenders and other businesses use the information in your credit report to evaluate your applications for credit, loans, insurance, or renting a home. Call 1.800.442.1591 for your Credit Education CD; $99.00

Take Action

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Average Investors Making Millions (See Their Secret)

Average Investors Making Millions (See Their Secret) A handful of average Americans are mysteriously making fortunes in the stock market. Vivian and Jeff Barns went on record saying they made an extra $707,046, growing their retirement account by nearly 74% in the past year alone. Aaron Klingman, a retired physician, says he made a 400% gain on one trade alone, while John Danker, a civil engineer, reports making 290% gain. Yet another investor made a gain of $109,115 and one guy reported gains of $77,150. Their secret … they have access to a Wall Street insider named Paul Mampilly. Paul is an investment legend who made $38 million during the 2008 collapse (without shorting stocks) and who managed a $6 billion hedge fund that was name by Barron’s as “one of the world’s best.” But he recently decided to help Main Street investors make the type of gains he has made for the wealthiest investor in the world. And his newest video is making waves. In it, Paul reveals his No. 1 investment for 2017 … an investment that he says will “hand you a rare once-in-a-lifetime opportunity to become incredibly rich, incredibly quickly.” And it all centers on a small device that’s just a hundredth of an inch in size. “Never before has a technology emerged at such a breakneck pace,” he says in the video. “It will ignite a second Industrial Revolution.” Paul reveals why 50 billion of these tiny devices will be in use by 2020, and how the technology behind it will surge into a $19 trillion industry in that time (an 8,000% increase). Paul says this opportunity is the result of a little-known bill called the DIGIT Act. This bill ensures that this technological breakthrough breaks through … “It’s the closest thing I’ve ever seen to government approved 8,000% growth!” Paul says. This is the type of recommendation Paul used to give to his billionaire clients. But today, Paul is giving it to Main Street Americans so they can get in on the ground floor for massive gains.

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All Credit Repair Companies are Not Created Equal

With Thousands of credit repair companies conducting business opposite the country, anticipating the correct a may be tough and intimidating but it is needed that you take the time compulsory to not usually find a creditable a but moreover find a that has the knowledge,experience and the skill to give the turn of service you design and the optimal results you deserve.Your preference should not be impulsive. choosing a bad credit repair firm will leave you exposed and increases the luck that serve damage will be caused to your personal credit record but on the other hand, selecting a great credit repair firm has the prospective to be a of the most appropriate financial decisions of your life by dramatically cleaning up your personal credit record and enhancing your credit score.

Benefits of having a Good Credit Score

*Low interest rates on credit cards and loans. *Better chance for credit card and loan approval. *More negotiating power. *Get approved for higher limits. *Easier approval for rental houses and apartments. *Better car insurance rates. *Get a cell phone on contract with no security deposit. *Avoid security deposits on utilities. *Bragging rights. 9 steps to having a Good credit score Let Banco Financial Services help You call today @ 734-744-8690

How do I get and keep a good credit score?

There are no secrets to building a strong credit score, but following these guidelines should help. *first pay your bills on time. *Don't get close to your credit limit.(You don't need to revolve on credit cards to get a good score.Paying off the balance each month helps get you the best scores *A long credit history will help your score. *Only apply for credit that you need. *Call Banco Financial Services 734-744-8690