Tips to Correct Wrong CIBIL Report

April 24th, 2015 by admin

A negative credit report becomes a stumbling block in your quest for financing a home. But at the same time, these credentials help to protect your rights. If you have found that your credit report is the reason for disapproval of your loans, it is important to get all discrepancies removed from your wrong CIBIL report.

AS per the recent RBI mandate, each bank has to comply individuals wish to access his or her credit report. Once you have found that there are discrepancies in the report, you can complain against the bank. But before it, you have to patiently analyze all the aspects of your report and ensure you have evidences to prove such discrepancies and to seek clarifications in your credit report.

First of all, you should ask the bank that has disapproved your loan application to provide control number. A control number is unique number that helps CIBIL to track your credit report from its database. You need this number while seeking clarifications from wrong CIBIL report. You should stay in touch with Credit bureau in India by mailing at while referring your report’s control number and nature of discrepancies in it.

You can also fill dispute form provided by the bank along with your discrepancies and write a letter to both credit bureau in India as well as creditors. You should identify each error in your credit report with your dispute forms and letter and also send copies of your supporting documents. Make sure to keep copies of all forms, letters and other supporting documents that you have sent to creditors and credit bureaus. It will be helpful as evidence in court of law.

As per law, credit reporting agencies or credit bureaus have to scrutinize disputes within 30 days of receiving your complaints. Any item not verified by creditor is supposed to be eliminated. However, creditors are not obliged to provide any supporting documents but just need to mention that your credit report is accurate.

If you don’t have time to follow all such formalities, the better way is to hire credit repairing agencies. These organizations took complete responsibilities of getting all errors eliminated from your wrong CIBIL report and help you to improve your credit score so you can avail all the benefits of sound credit health.

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Top Ways To Get A Home Loan With Bad Credit

April 21st, 2015 by admin

Having good credit is vital if you looking out to purchase a house. In fact, good credit will always open doors to loan availability as well as better interest rates. However, just because you have bad credit does not necessarily mean the doors are locked up for you if you are looking for a home loan. This article has gathered together important tips to help you increase chances of getting a home loan:

Apply with a lender who does not use credit scoring

Some lenders use computer based systems called credit scoring in order to assess your home loan application. So, if the system scores you as a bad risk, chances are high your application will be declined before a real person gets the chance to look at your application or listen to your story. Apply with a lender who doesn’t use the credit scoring so that the reasons for your past credit problems as well as the application for the loan is assessed by a real person. They will evaluate your personal situation, including the present and use this information to make a wise decision on your application.

Avoid mortgage insurance

When you apply for a home loan, an approval from your lender and that from your mortgage insurer who protects your lender if you default on the loan have to be sought out. This is true especially if you borrow more than eighty percent of the value of the property in question. Get funds to cover twenty percent deposit, stamp duty and legal fees to avoid your application being assessed by the mortgage insurer. You will also have a greater chance of your loan being approved.

Demonstrate that you have improved your financial situation

Yes! You had problems in the past, but now is the time to demonstrate that you are back on track. Do this by ensuring that all current financial commitments, pay on time. This includes your credit cards, loans, rent and utilities. And evidence of regular savings can greatly strengthen your application.

Apply to a specialist lender

Sometimes, the severity of your bad credit history may see to it that mainstream lenders won’t be able to assist you. However, specialist lenders will price their products based on the element of risk. You should note that the interest rate could be higher, but people stay on these products for some time until their credit situation improves, then they can refinance to a lower rate.

Seek professional advice regarding your credit report

Today, there are many credit repair agencies that can assist you with cleaning up your credit report. Talk to them, they will assist you when it comes to checking whether it is possible for adverse entries on your credit report to be removed.

Shop around

Tell your mortgage broker the truth on your part so that they can assess which lender is likely to approve your application. Don’t apply with lots of lenders; this can further impact your credit report.

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How Will Your Kids Feel If They Know You Didnamp#039t Know This Much Concerning Credit Refinance

April 18th, 2015 by admin
It’s tough to provide exact credit refinance information and facts, specially in the form of very well written and educative content articles, nonetheless we now have gone through the difficulty of putting together as much handy related tips as possible. In case you are curious about further secrets in some manner linked to credit refinance the following content article ought to help quite a lot.

Every homeowner with a bad credit is quite aware of the difficulty involve in getting any sort of financing. What with credit card firms refusing to give credit, auto loan firms demand increased rates of interest plus department stores may simply refuse to avail credit. Is you are facing all these problems and more, your best bet is to opt for a bad credit mortgage refinance.

Do you want to begin the process of refinancing your bad credit loan? Then, it is significant you contact a dependable mortgage broker to talk about your position. Mortgage brokers are the main sources for poor credit refinance loans and an ideal mortgage broker has the expertise to see you through credit repair too.

If you are researching for a mortgage refinance provider and you happen to find the ideal one that meet your requirement; make sure you fill their application document carefully. It may interest you to know that other applicants who perhaps have better credit score than you are applying as well. Hence, you have to be thorough in your application.

Think about what you’ve read so far about credit refinance. Does it reinforce what you already know about the subject matter or such related information? Or was there something completely new? Perhaps the remaining paragraphs of this article will do the trick?

One of the best ways to avail auto loan refinance is to improve your credit rating. Hence, if your credit rating has been in good shape since you initially financed your car loan for instance, you will easily get the loan at an affordable rate. Luckily, time is the primary factor when it comes to improving one’s credit score. Some years say two, after a deplorable happening, such as foreclosure or bankruptcy, and it stops to have a crucial influence on your credit score.

Do you know that factors like cash reserves, investment and increase in earning capacity can easily enhance your credit score? With this you can have lots of invitations from brokers sites. However, get the best from this it will pay you to research various lenders before settling on any.

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Ways to improve your credit score time to take action

April 15th, 2015 by admin

Most consumers have credit scores below 760. This can only mean that many people need to improve your credit score in order to have less interest rates and better credit loan offers. You are the key to the answer of how you can improve on this. There are things you can be responsible for others and can be caused by human error. If you’re tired of dodging the problem of having a credit score is not ideal, then it is time to face the consequences of their actions.

Get a copy of your credit report and look over anything negative that can affect your score. Before you start writing a letter of dispute for the mistakes they have knowledge that you have to look over your credit reports. Be careful. Enter your full name and address in the upper left of your credit card. Below this scripture: To: Error Resolution Department. Be sure to write the Home Office to include with the address. Specify the subject of concern so that people know that the letter is for them and why it was written.

Put a reference to the errors by using markers said. Do not forget to include any evidence that may support your claim, such as canceled checks. Do not forget to be polite throughout the body of the letter and give thanks at the end of the letter. Do not forget to sign the letter and follow up by sending postal mail exchange with the card at the end of proper documentation.

Here are a few quick tips on how you can repair your credit setbacks. The first step is to show that from now on wants to be a responsible borrower.

Pay on time.

Catch up on your delinquent accounts. If you can not afford to pay all your bills you can call your creditors to negotiate lower payments.

Close accounts you do not need, but make sure there is no outstanding balances on them.Do not open new credit card accounts you do not need.

Credit scores are not just ordinary results are the basis of how lenders view it as a potential borrower. Having a high credit score can make all the difference when it comes to giving a lower interest rate and to provide more loan options that are not usually available to those who have low credit scores. Credit repair is not something that can be done in a hurry. It takes patience and dedication on your part to succeed.

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Where Is Your Money Going Tips To Help You Keep Track

April 12th, 2015 by admin

While you may be unable to reach all of your financial goals, you’ll be surprised how many are achievable. The key to making what you hope for a reality is to have a firm grasp of the basic principles of personal finance. The following tips can help you start out on the right foot.

Making items from stained glass can be a productive outlet for your creative abilities. The products you make such as window hangers, lamp shades, or larger pieces, could be sold to contribute to your own finances. Pieces could also be done by contract as you build customers.

There are a lot of things that we have become accustomed to having that are not necessary. When budgets get tight, these are the first things that need to go. Your high definition sports package, while entertaining, is not necessary for your survival. Trim the fat from your spending and reap the benefits of saving instead.

Even if you have just a little money left over after paying your monthly expenses, you should look for ways to invest it. When you invest, the interest that you earn from your investment compounds over time. So if you invest just a small amount, this can add up to a large amount.

Stay away from credit repair offers sent to you via email. They promise the world, but they could easily just be a front for identify theft. You would be sending them all of the information they would need to steal your identity. Only work with credit repair agencies, in person, to be on the safe side.

Department stores will feed on their customers purchasing items at retail price, which can drain a bank account very quick. Instead of falling for this, go into all of your favorite stores and find the sale or clearance rack. Typically, you will find great deals on quality items in this section.

You should start an emergency savings account! It is the best way to ensure that you have extra money for emergencies such as car problems, health issues, or family emergencies in which you may have to travel. Have part of your paycheck set aside to put in the account and do not touch it!

From a personal finance point of view, it is better to buy your car used. A new car depreciates immediately upon leaving the lot. If you buy used, someone else has already paid for that depreciation. Used cars can often be found with low mileage, and in great condition. Just shop around to be sure you’re getting the best deal.

Anyone who makes very little money and has trouble paying his rent should get on the waiting list for Section 8 housing as soon as possible. Due to the economy, waiting lists for Section 8 housing are very long, with average waiting times of 1-3 years. Some people, such as those with certain disabilities, can get into units somewhat faster.

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Quick Tips for Credit Protection

April 9th, 2015 by admin

The world was forever changed by credit cards. Nowadays, people do not have to carry cash to buy the things they need. With just a swipe of this plastic card, they can purchase goods, subscribe to services, pay their utility bills and even shop for other things online. People never have to carry cash anymore wherever they go as they can simply charge everything to their credit cards. Because of this, credit cards have changed how people manage their finances as well. However, despite all the benefits, owning a credit card entails a lot of risks related to information security. Today, we would always hear of reports about people with stolen identities and credit information. Most of them would be surprised seeing their bills, realizing their credit limits have already been maximized. The repercussions can get worse. Some would even find their medical insurance and tax refunds embezzled. In some cases, this may take years of legal and financial troubles for repair and recovery. The thing is, credit scams and identity theft have become prevalent already. More and more people are becoming victimized by frauds due to lack of awareness of how they can protect themselves. Hence, the following are simple but very helpful tips on how cardholders can protect their credit.

9 Tips for Effective Credit Protection

There is a multitude of ways on how to manage our credit cards effectively. However, managing it the way we all know it may not always mean protecting it from scams and fraud. The effects of credit scams can be very severe, and frauds do not consider exception. Anyone can become a victim. Thus, every cardholder must remember the following ways on how to protect themselves from frauds:

Sign the back of your credit card immediately after release. Doing this officially imprints your identity on the card, which will prevent snatchers from using it for fraudulent purposes.

Never disclose your account number to anyone on the phone or in any online communication unless you’ve made the call to a reputable company. If you’ve never done business with them before, run a background check first for reviews and complaints.

Do not place your cards in the same wallet as your cash. Though this may sound inconvenient, this minimizes your losses if someone steals you wallet or purse.

Always keep an eye on your card whenever you make a transaction. Make sure you get it back before you walk away.

Never sign a blank receipt. Always draw a line through any blank spaces above the total.

Save your receipts to compare with your account statement.

Open your bills promptly or check them online as often as you can. This way, you can reconcile them with the purchases you’ve made recently and easily identity any questionable transactions.

Report questionable charges to your card company immediately.

Notify your card company of any changes to your address in case you’re traveling.

These are only a few tips. There are many other things you can do to guarantee more effective credit protection, one of which is credit monitoring. Credit monitoring is an add-on service that will help you look after your account more stringently. Through this, you will be able to observe every transaction and know exactly when a questionable transaction comes up. However, it is important to note that these precautions do not offer a 100% guarantee against fraud and scams. It is still more important to have a sense of vigilance and accountability when it comes to our personal information. We should always be watchful and cautious of how we disclose personal information, especially over the Internet. The Internet, regardless how useful it may seem, is not always a safe place, especially for cardholders. Be aware of common frauds credit scam tactics, and know how to protect yourself from these schemes. As responsible cardholders, we cannot simply rely on information security systems in protecting our credit information. Vigilance pays, and it is always better to be extra cautious now than be sorry later.

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How to Increase Your FICO Score 4 Valuable Tips

March 9th, 2015 by admin

It is a common misconception that credit should not be checked unless you plan to buy a home, car, or take out a loan. This is far from the truth. In fact, you should check your credit regularly. Stay on top of your score so you know if improvement is needed. You will also know right away if you are the victim of identity theft, hopefully long before much damage is done.  If you start learning how to increase your FICO score now, you can save a significant amount of money later.

Balancing Act

Some people charge balances back and forth, juggling the debt but never paying it off. If you want to know how to increase your FICO score, start here. If you have balances you have not been paying off, start!  Moving them from one account to another may be a temporary fix; however, your credit score will continue to suffer.

Turn Credit Cards into a Score Raiser

Credit cards can hurt and help your score. Be responsible with your balances and pay them off quickly. An outstanding balance can cripple your score. On the other hand, timely payments will raise your score. In general, individuals who have credit cards but pay them on time have a better score than those who have no credit cards at all.

The Positive Way to Repair

Credit repair generally focuses on paying off old debts. While this is very important, it is also vital to obtain some form of good credit. Once you are able, obtain credit and make sure to make on time payments. Over a period, this will increase your score and establish a good history that potential lenders want to see.  This may take time, but it is worth the effort for lower interest rates and more options.

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Simple Tips to improve credit quickly

March 6th, 2015 by admin

Receiving a letter from a financial institution can be difficult with a bad credit rating.It is not possible for a bank or fiscal institution to make several money as a business for unpaid loans. receiving a bad credit report can cause financial institutions to be leery of you and consider you as a risk. Establishing a good credit score will allow lenders to see you as a trusted individual that can be trusted and intends to pay back loans and fees. With a bad credit score, even when lucky enough to acquire a loan, its likely interest rates will be sky high. But a bad credit report is not totally out of your control and improved credit can be achieved with a few tasks.

Paying your bills on time is the first step towards repairing your credit report.History of paying bills on time has a direct effect of current credit history.This is the first thing you must be aware of. Unpaid bills have a devastating consequence on your current fiscal reports. A credit report provides information from the last six years and will show all payment habits. Even if you decide to do it is also not possible as will still show responsibility on your financial history.

Taking the time to pay unpaid bills and reduce debts will increase a credit score. If you are viewed as someone who is trusted on a credit history, it’s likely you will not be able to receive allow. But not outstanding debts and free of income will show you are someone with access to money and able to pay bills.This is not receiving a loan easier. Substantial payments on your credit history for unpaid bills can raise credit rating quickly.When beginning to credit repair process, avoid loan applications for at least two years. maintain the utmost caution when applying for loans or two large as these could set off warning signs and increase credit rating.

This is going to take some time. You’re going to have to realize it is impossible to improved credit rating in a day. It will take time; possibly months or even years. Going bill paying habits seen by reporting agencies will help improve fiscal standing.So don’t give up if positive results are not in effect right away. Just continue to follow good financial habits and the rest will fall into place. It took time to decrease creadit ratings and repairing will also take time. With a little bit of patience and effort you will begin to see positive results.

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Credit Card Basics How and When to Use Them

March 3rd, 2015 by admin

The specter of insurmountable credit card debt keeps many people from using credit. While it is good to be aware of the dangers of misusing credit cards, one should remember that with proper forethought credit cards can greatly improve one’s resource pool. Here are a few tips on using credit cards to maximum advantage.

1. Monthly Budget. A useful purpose for credit cards is to allow multiple, small repeating purchases to be consolidated into one lump bill. Most cards have a grace period where no interest is charged, typically within the first month. If the balance is paid by this date then the loan is free. Taking advantage of this can roll many monthly expenses, such as gas, food, and bills, into one bill.

The nice thing here is that monthly budgeting can be done wholly from one balance statement. Purchases can be tracked, trends noted, and adjustments made for the next month. Additionally, many cards offer cash back, points, or some reward system to encourage this use. If the balance is paid each month one can gain the benefits without the interest charged. But be careful only to charge what you can pay off in a month!

2. Watch out for Impulse buys. Impulse buying is a serious way to overcharge your card. The credit card’s most appealing quality is the ease of use. You can buy anything with a simple swipe and signature. For many people, paying later is almost the same as never paying. This is not true!

To limit the impact of impulse buying, keep cash alongside the plastic, and try to only use cash when making purchases outside the monthly budget allowance. If you don’t have a monthly budget, then that is a good place to start managing credit card debt.

3. Take advantage of deals. When credit cards offer 0% introductory rates it can mean a welcome relief from existing debt and interest. Shift balances to these new cards and enjoy a year or more of interest free debt. This method is great if you will be able to pay off a balance before the 0% deal is over, or if you have debt in multiple places. Just remember to update your filing cabinet with the new account numbers and card names, and cancel the old, empty accounts!!

4. Don’t hold more cards than you can manage! When you get a new card or transfer balances, make sure that your total card count hasn’t overwhelmed your ability to organize the bills and pay them on their due dates. Missing payments can result in hefty late fees. Also, balance transfers take up to 6 weeks, so don’t forget to pay the ‘empty’ card by the date due. If you are unsure whether you owe a payment, call the 1-800 number on the back of the card itself.

Another good strategy is to avoid carrying more than one card. Keep the others in a filing cabinet, safely away from cash registers.

5. Be Realistic. It can be easy to fall into the trap of believing you will be able to pay off a debt quickly and easily. Holiday purchases can lead to this mentality. The urge to put all of the presents on a credit card and then pay it off over the course of the year may be tempting, but be realistic about your income. A good rule of thumb is never put more money on a credit card than you earn in a month. This will keep the debt to a manageable level, even if you hit unexpected expenses or hardship.

6. Build your Credit. Besides the obvious advantage of purchasing things you couldn’t otherwise afford, credit cards also build your credit rating. Using the tips herein to responsibly use cards will result in an overall increase in credit worthiness. The benefit? Lower rates, higher limits, and access to private bank loans otherwise unavailable to low credit consumers. Without established credit history (hopefully positive) it is almost impossible to get a good mortgage rate or car loan.

7. Know When to Ask for Help. Finally, if you get in too deep, don’t be timid about contacting professional help. Do it sooner than later! Credit debt is a rolling snowball, so be sure to get in front of it before it gets out of hand. Credit repair services can help you organize you bills, consolidate them into single payments, and eliminate invalid debt from your balance. Miami’s own Credit Repair Systems Inc is one such service, with decades of experience in credit use and guidance.

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12 Tips to Avoid Foreclosure amp Save Your Home

February 28th, 2015 by admin

If you are in danger of facing foreclosure because you have defaulted on your monthly mortgage payments, you must act quickly before it’s too late to negotiate a loan modification, and your home gets sold in a foreclosure auction. You may feel hopeless now, but there is still hope until that auction date arrives. Here are a few tips to help save your home from foreclosure.

During foreclosure proceedings, do not move out of your house so that you can still claim benefits such as, one-time FHA mortgage insurance, etc. Mark your mortgage due date in red and prioritize you’re most important financial obligations accordingly. Make a list of all your monthly payments. Your monthly mortgage payment must be on top of the list. Credit card bills, personal loans and other unsecured debts will have to suffer and go down the lists for the meantime while you catch up on your mortgage payments. Besides damaging your credit score, these debts will not bring greater consequences compared to loosing your home to foreclosure. The effects foreclosure has on your credit score are MUCH more severe anyway. Do not ignore nor wait for your banks foreclosure notice. Inform them beforehand that you are in a financial crisis because of a hardship. This act of good-faith could earn a bit of mercy from your lender. Provide necessary supporting loan modification documents for their assessment. In all likelihood, your lender might either extend the grace period or consider a forbearance agreement just as long as you make the effort to catch up with your mortgage payments. Seek the help of credit counseling and debt management program. You can repair you own credit by downloading our free credit repair kit. Take advantage of lenders and local housing agencies or extension services offering these programs especially if it’s for free. The best venue to seek free financial and foreclosure help from is the U.S. Department of Housing and Urban Development (HUD), as there are lists of credit counseling and debt management agencies approved to work with HUD loans and possibly with your lender. In cases involving promissory notes or predatory lending, contact your bank directly. Consider the options to get affordable mortgage payments. It could be by restructuring or refinancing your mortgage loan. With the new Obama loan modification programs currently available, deciding what to choose would be easy depending on your financial capacity. Keep in mind that mortgage refinancing costs can be expensive because of the processing fees, such as closing costs and points. If you’re successful in negotiating a lower monthly mortgage payment, get the resolution in writing. In fact, keep all loan modification documents that legally represent any agreement or arrangement with your lender If not, sell unnecessary assets. You can raise money by doing this and pay your mortgage until you recover from your financial hardship. It is also a good time to lower your monthly expenses. But doing both of these will not be enough in the long run if your financial situation is remains the same. You can sell your home to a third party as an alternative. This could be referred to as short sale. Sometimes creditors accept this as full settlement of the debt. Typically though, the selling value of the house cannot cover the outstanding loan balance, so some banks would rob you through foreclosure deficiency if you have too many assets. Get the help of housing counselor, real estate agent or a loan modification lawyer. You may also be able to re-purchase your property after the foreclosure auction. Negotiate a forbearance agreement. As much as you want to keep your house, is as much as the lenders want to get paid. In the case of forbearance, your lender will temporarily stop foreclosure proceedings until another payment option can be executed. Declare bankruptcy. This could put your credit record in a bad spot. Remember that you may or may not be able to keep your home with this option. If you seriously think that this is your only way out, call your attorney to discuss what to do. Turn-over your home to your lender. This is called ‘deed in lieu of foreclosure.’ This option will not affect your credit score but you will be rendered homeless. As you are making things easier for the lender, this act may just be recognized thru eliminating your loan balance even if the house sells less. Again, get the help of a mortgage attorney.

Be realistic in choosing your options because once an agreement is reached you must conform, otherwise you’ll surely face another foreclosure.

The majority of mortgages are secured or funded by government programs such as HUD, FHA, or VA. If your mortgage belongs to any of these agencies, inquire about what options they offer to save your home. But you must approach your lender first to personally negotiate openly and honestly. In doing so you’ll save paying credit counseling agencies or lawyers.

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Visit our website for How to articles, mortgage calculators, free sample hardship letters, foreclosure timelines, and dozens of informative articles on loan modifications and foreclosure. Stop by to check out our growing library of free financial kits. We currently have bankruptcy kits, credit repair, mortgage forms, and loan modification with more on their way!

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