|
|
| www.1001TopWords.com |
|
|
Credit Help For Renters And Others On The Horizon
Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sue's on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union. Joe on the other hand is a renter, who wants to buy his first home in the near future. He pays his rent on time every month as well as his phone and utility bills. Joe is also a good credit consumer but his on-time payments are not reflected in his credit profiles. Why? Because the major credit reporting agencies are not set up to track this type of payment and therefore they are not reflected in Joe's credit score. Chances are good that Joe's credit score will be lower than Sue's because his on-time rent payments go untracked by the credit bureaus. As a result Joe will be quoted a higher interest rate and higher fees to his lender when he applies for his first home mortgage. Seems a bit unfair doesn't it? The good news for Joe and other renters like him is that the credit reporting system is about to change. In a recent Chicago Tribune article, reporter Kenneth R. Harney points to the creation of a new national credit bureau whose "sole mission is to track the payments that nobody else tracks." The new credit reporting agency PRBC (Pay Rent, Build Credit) wants to build credit files on as many as 10 million renters nationwide over the next 5 years. According to PRBC's founder and chief executive Michael Nathans, the new bureau will earn revenue by selling supplemental credit reports to lenders. CitiMortgage, Inc., one of the nation's major home lenders, is already a subscriber of the new service. Some other highlights of PRBC's service include:
PRBC can benefit not only renters but also young and minority borrowers who have little or no credit history with the traditional bureaus. "We think we can help create equal credit opportunities for everybody who deserves a a prime rate loan, " Nathans said. Consumers can register for free with the new bureau online at http://www.payrentbuildcredit.com. About The Author © 2003 James H. Dimmitt, www.yourfreecreditreportnow.com James is editor of "To Your Credit" a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9
|
|
|
|
RELATED ARTICLES
Bad Credit Credit Cards Chances are you've gotten your share of offers like this in the mailBad Credit Credit Card, Bad Credit Visa Cards and Credit Cards for People With Bad Credit. Re-establish your credit with a bad credit credit card, credit cards for people with bad credit or pre-approved Visa cards regardless of your bad credit history, some with low introductory rates and other perks. Many of these solicitations urge you to accept "before the offer expires." Before you accept, shop around to get the best deal. A credit card is a form of borrowing that often involves charges. Credit terms and conditions affect your overall cost. So it's wise to compare terms and fees before you agree to open a credit or charge card account. Preventing Credit Card Mess Credit card debts problem is extremely common today. It is usually the first sign of longer term financial troubles. How to manage your credit cards so that you will never fall into credit card mess? There are four pillars in preventing credit card debts problem. Free Credit Reports - How to Maintain Your Credit Profile Maintaining your Credit Profile ChexSystems: Who They Are and How it Affects You ChexSystems is a company that maintains a subscriber membership service used in the banking industry. The members consist mainly of Banks, and Credit Unions, but can include other types of Financial Institutions. Why Does Your Credit Card Rate Keep Going Up? Have your read your credit card contract through completely? Do you know when it is okay for your creditor to raise your interest rates? If you are not sure about how and when your rates can be affected over the life of your contract you should take a few minutes to read your contract thoroughly from beginning to end. How To Protect Yourself Against Credit Card Fraud In the high tech world of today, credit card fraud is an ever increasing problem. Good vs. Bad Credit Debt Do you know the difference between good and bad credit debt? Most everyone seems to think that all debt is bad, but that is not always the case. In fact, there are some instances where good debt can actually help your financial situation. How To Establish Great Credit Building a good credit history is important. If you have no reported credit history, it may take time to establish your first credit account. This problem affects young people just beginning careers as well as older people who have never used credit. It also affects divorced or widowed women who shared credit accounts that were reported only in the husband's name. How to Save Money on Your Credit Cards Credit card companies make their money on the 85% of us who fail to pay the outstanding balance each month. Even if you are not in a position to pay the balance each month you can still save some money if use your card wisely. Credit Cards for Home Business It is wise for you to have a company credit card like a VISA card. How can you find the least expensive bank card for your business? You may decide to use a VISA card from your local bank. Check the interest rate on unpaid balances. It is excessively high? Is it in line with other cards? If you are not sure, write to: Is Plastic Making You Happier? If you're like most people, you probably own at least one. Building A Credit Report Lenders Will Love You For Will lenders really love you for having a good credit report score? Love is not the right word of course; lenders are after your money, and never forget that. But the lender's representative will love dealing with your credit application if your credit report is good. If you have a high credit score and spotless credit record, then when you apply for a large loan, you stand a good chance of not only getting the loan approved, but obtaining a competitive interest rate. Dont Fall for Credit Repair Scams We've all seen the ads on television or in magazines, shouting, "Erase bad debt!" or "Remove negative entries from your credit report!" If you're a person suffering from a less-than-stellar credit rating, those headlines may seem like the answer to a prayer. What You Need to Know about Debt Negotiation on Credit Cards Debt negotiation on credit cards is often referred to as credit card debt settlement. Whenever you make a credit card payment- or even pay your utility bills- it usually gets reported to one- or all- of the three main credit agencies. This activity will influence your credit score, which will determine your future credit status. But what do you do, if you find that you can no longer make the minimum payments on your credit cards? If your accounts are behind, or about to fall behind, you can turn to a credit management company, that will help you with your debt negotiation. Maximizing Credit Card Rewards In their quest to get you to sign up for their credit card, banks and financial institutions are coming up with more and higher incentives to entice you. Frequent flyer miles gave way to gas miles which opened the door for cash rebates and reward points to be used at 'our fine member merchants'. When most other things are equal (APR, annual fees, fees for transfers et al), the style of reward points and how you can make use of them can be the deciding factor in which card you choose to put in your wallet. What Is A Credit Report? Even if you have heard of a credit report, you may not know exactly what it is. If so, this credit report article is for you. Learning about your credit report is important in any campaign to eliminate credit card debt and obtain a good credit status. So, you should at least know the credit report basics. Are You The Only One Using Your Name? Identity theft has become an epidemic. Millions and millions of purses and wallets are stolen everyday and many of them are not just taken for the money inside. Thieves can use your credit cards to buy whatever they want to and whose credit does it ruin? Yours. Now, you are probably thinking about how easy it is or you to cancel your credit card, and you have protection through your issuer, but do you realize that by using your drivers license these thieves can get a whole new credit card? One you don't even know about? If this happens to you, you will find that it is anything but easy to fix. Proving that your identity has been stolen can be extremely difficult to prove and getting your credit back up to snuff is next to impossible. Commercial Collections: Business Finance Booster Shot Commercial collections: fixture of the new B2B culture How Your Credit History Can Affect Your Life Your credit history is an important aspect of your life. Maintaining your credit rating is very important to your future and to your lifestyle. A poor credit history can mean denial of credit, high interest rates, and could possibly affect your ability to get a new job or apartment. If you are unsure of your credit score or credit history in general, it is a good idea to find out the contents of your credit report and to monitor any changes in your credit report carefully. Credit Repair Services vs. Do-It-Yourself Credit Repair Millions of Americans suffer because of bad credit these days, and almost all of these people turn to the Internet for help. In the past 5 years hundreds of 'internet-based' credit repair services have sprung up, preying on consumers in need of real help. Most of these companies have built less than desirable reputations by over-promising and under-delivering; all the while taking millions of dollars from those in need.
|
| © Athifea Distribution LLC - 2013 |