Learn 5 Credit Repair Tips to Avoid Being Scammed

By David Wada

1) The latest figures show that an average American has a credit score of 677. The difference on monthly or yearly payments with a credit score of 677 and 720, for instance, is an average savings of $421 per month or $5,052 per year (i.e. house payments, car payments, credit cards, etc.).

2) Many people often wonder if credit repair really works, and the short answer is , "Yes, definitely." The U.S. Public Interest Research Group released a report in June 2004 saying that 79% of the consumer credit reports surveyed contained some kind of error or mistake. Even today, million of erroneous items have been removed from credit reports, and tens of thousands get deleted daily, including collections, late payments, bankruptcies, and foreclosures.

3) The Fair Credit Reporting Act guarantees the credit repair process to you. Although there are many credit repair companies out there, be cautious, however, to avoid being scammed.

4) Be sure to ask for a written contract that spells out your rights and obligations. The Credit Repair Organizations Act guarantees that credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign anything.

5) Read all documents, and before signing anything, know that a credit repair company cannot:

* Mislead you with false claims about their services

* Charge you unless their promised services is completed

* Perform any services, and even after your signature is on a written contract, they must complete a three-day waiting period

During this time, you can cancel the contract without paying any fees.

Be sure the contract specifies:

* The payment terms for services, including the total cost

* The services the company will perform with colorful details and easy-to-understand description

* How many days, hours and minutes to achieve their promised results...okay maybe not that specific, but really drill them on when the services will be completed

* Any guarantees the company offer

* Company name and address

About the Author:

About The Author: David Wada, who has been repairing credit in Northern California for thirty years, has written a very practical guide to de-mystify Credit Repair Companies. For a limited period, you can access a free copy by going to his Credit Repair Companies

Finding Good Online Loans

By Dave Davis

Do you need cash fast and you don't have the time to gather a lot of paperwork and take it to a lending institution only to wait your turn to meet with someone? Online loans are a quick and convenient way to get money for unexpected expenses. They can help bridge the gap between pay checks or give you some extra cash for holiday spending. You can get the money you need, without ever leaving the comfort of your own home.

Online loans usually work just how you would think. You apply online through a secure service, and provide the lender with all of your personal information. They will usually ask if you have a job and you will need to provide your social security number for identity verification. While some lenders can provide instant approval, most services will take a few hours to make a decision.

Most lending sources will notify you online, and then even deposit the loan amount in full directly to your savings or checking account. In most cases, you will have the money within 24 hours and without ever having to go to the lending source.

Before you apply for a loan on the internet, you will want to make sure that you're using a reputable site. Search for reviews on the service you're considering and you might save yourself a lot of heart ache. To get a loan online, you will probably have to provide your social security number and this can get you in trouble unless the lender is a trusted company.

Make sure you that look for plenty of information online before you fill out an application. You don't want to be giving your social security number out to just anyone. People should say good things about the company you're considering and if they aren't you should find someone else. If there isn't any documentation about that company you're considering, you should also find someone else.

They should also state on their website what type of security or encryption is used to make sure the information you provide is not captured anywhere else on the web. As long as the lending source is using a secure website, you shouldn't have any problems and will have your hands on the needed cash in no time.

About the Author:

Dave helps people everywhere to find online loans and has helped hundreds to learn more about personal loans with bad credit.

Reverse Mortage and Power of Attorney - Bad Combo

By Krevi Vanrock

We all know that everyone hears things differently. That being said, one person may understand a concept that another does not.

Youre probably thinking, Wow! Glad I made it to this article. This character is the master of obvious statements!

A Power of Attorney (in real estate) is not an easy thing. The typical power of attorney is a general power of attorney. What happens in regards to real estate is the escrow company alters the POA to be specific to the real estate in the transaction.

Typically, the escrow company requirements are just an inconvenience. They dont normally stop the deal.

A new customer of mine, actually a married couple and mother, needed a reverse mortgage recently. It was the brother of the wife who had power of attorney for mother. Mom is mentally incapacitated and cannot sign legally.

On the title are the husband and wife, and of course, mom. The reason for the reverse mortgage was to fix the homes foundation, and to bring in a part time nurse for mom.

From the outside looking in it seemed like a done deal. Not so. The Texas Department of Insurance does not recognize a power of attorney for the purpose of a mortgage.

It almost begs the question, what is the heck is the purpose does a power of attorney? Afterall, without it, what is the choice for someone like my borrower above? They cant sign legally, so what do they do?

But does it make sense to insurance companies issuing title insurance on real estate? Apparently the answer is no. At least not in Texas.

Texas Department of Insurance hasnt given me any explanation, but Im smarter than the average bear. The problem is legal action amid families and the insurance companies; the guys with money are tired of it.

A power of attorney with a legal guardianship wont even make them happy.

This issue creates a grim problem for my current and future customers as there does not seem to be a viable answer in the foreseeable future. Wish me luck.

About the Author:

View mountains of information pertaining to the Texas reverse mortage by letting your index finger do the walking. Also, you can have your many questions about the Texas Reverse mortgage answered here.

Subprime Credit Card

By Dan Moskel

A sub prime card was designed for those with a low credit score. It was created to give people a second chance with their credit history.

Used responsibly these cards will create a positive payment history and improve your ratio of available credit to debt. Frequently these cards are used to repair a damaged score.

These two factors are very important when your score is being calculated. If these two factors are good then you can create a good credit score even with negative items on your credit report.

These cards will report to the major credit bureaus. They will come with an APR around 19% and will have an annual fee. However the benefit of improving your score will offset the high price of a low credit score.

Your credit limit will be approximately $300 and you will be eligible for periodic credit limit increases. However some cards like the Tribute Gold MasterCard do offer a card with a limit of $70 for those with very bad credit.

These cards will help to improve your score more than a secured card. This is because secured cards are reported as a secured account to the bureaus and this will be weighted less than an unsecured account.

It is still important to remove negative marks from your credit history. However it has been learned that after a negative mark ages for four years it has much less impact on your score.

To get the most benefit from your card on your credit we suggest you keep the balance at roughly 20%. This will show the bureau that you do in fact use your credit and that you are using it responsibly.

These cards were designed for those with; collections, judgments, repossessions, bankruptcies, and charge offs on their credit report. Every card does have different approval requirements but will give you an instant decision when you apply.

In sum we do suggest a sub prime credit card for individuals with a damaged credit history. It can be used to help you build positive credit and rebuild your score.

About the Author:

For more about bad credit credit cards or for a review of the prepaid Rush Card visit us.

Home Equity and the Reverse Mortgage

By Mortrev Vanrock

The reverse mortgage can be a fabulous tool to solve a financial issue and not be obligated monthly to repay the lender. The borrower simply needs to understand that it is a negative equity mortgage.

At the end of the mortgage is when the lender recoups the investment and makes a profit. Interest simply compounds on to the principal loaned to the borrower.

As a potential borrower one thing to be naturally concerned about is the interest accruing to such an extent that all of the equity in the home vanishes.

What people need to remember is multiple forces are at work; ones that eat away at equity and others that add to equity. Ill cover the two main forces.

Accruing interest against homes equity can be severe, however, home appreciation has tendency to slow this progression and even reverse it.

In most cases normal real estate appreciation adds to the homes equity, even with the accrual of interest against the home from the reverse mortgage.

Most people qualify for a certain amount of money based upon the value of the home. Most dont take all of this money. Most let a good deal sit in a line of credit where it isnt accruing interest against the homes equity.

As an example, we will have the borrower decide to use all of the money right away. His house is worth $200,000, and the borrower qualifies for $130,000.

The one hundred and thirty thousand dollars will immediately begin to build interest. In this example, you can see how that interest will compound rapidly, taking away from the equity.

With a 6.125% fixed rate (very close to the current rate) accruing interest against the home, and 4% national average house appreciation, it takes over twenty years for the loan to accrue enough interest to eat away at all of the homes equity.

Continuing the example above, lets say the borrower only used one hundred thousand dollars right away. Twenty years from now, there would still be equity of over $100,000.

Most people dont take into consideration how powerful home appreciation can be, especially when looking at the negative side of the reverse mortgage.

About the Author:

Thinking about a HECM or studying the California reverse mortgage goGet educated by clicking that link or this one leading to an excellent informational source for the California reverse mortgage.

Finding Fast Cash Personal Loans

By Dave Davis

If you are in need of money fast, consider a fast cash personal loan. Perhaps you need some extra holiday money to get the kids the presents they really want. Or maybe youve had some unexpected medical expenses. Whatever the reason may be, you can borrow money, and get your hands on some cash quickly to be able to pay for your needs.

There are actually a few different ways you can secure fast cash. The first is by getting an unsecured personal loan, otherwise known as a signature loan. With this type of loan, you are basically putting your credit on the line, but you don't need collateral.

Another type of loan you could get is a cash advance loan, otherwise known as a payday loan. However, payday loans usually carry interest that's quite high so make sure that you pay the loan off on time. Additionally, never use a payday loan unless it's an emergency. Usually it's smarter to spend on a credit card than it is to get this very expensive type of loan.

If neither of those loan types works for you, you can consider taking out a collateral loan. People often take out loans on cars and homes and if you have such assets, getting a loan will be quite easy for you. These loans usually carry the best interest rates because the bank isn't taking on as much risk.

Some people don't like to use loans with collateral because they are afraid of losing their home and/or car. If you can't repay the loan, the bank can take your assets. Never take out a loan unless you're absolutely sure that you can repay it.

If you need a longer term for your loan, providing the bank with collateral will really reduce your interest and payments. Since the bank has less risk, they will give you a better deal. If you can pay the loan off quickly it would be better to not tie up your assets.

If you need the loan within 24 hours, the best method for you will be to get a payday loan. You can then get a real bank loan that you can use to pay back the payday loan. The bank loan will take a few days and the payday loan can secure your funds now.

About the Author:

Dave helps people to learn about different personal loans that can be used to secure funds. guaranteed high risk personal loans are easy to get and are available for different levels of credit.