Credit Repair Services: Do You Really Need It?

Repairing credit can be compared to losing weight, there is no quick-fix! Just as it takes time to get rid of your fat, the same goes for the negative items on your credit report. Any attempt to repair your credit quickly is more likely to backfire, than to produce any positive result. The best thing … Continue reading “Credit Repair Services: Do You Really Need It?”

Repairing credit can be compared to losing weight, there is no quick-fix! Just as it takes time to get rid of your fat, the same goes for the negative items on your credit report. Any attempt to repair your credit quickly is more likely to backfire, than to produce any positive result. The best thing that you can do in order to rebuild your credit is to be responsible in managing it over a period of six months at the least.

You need to be responsible in managing your credit, but what if there are errors and inaccuracies in your credit report that render it negative? The worst thing about such inaccuracies is that you are at a serious disadvantage, usually through no fault of yours. Unfortunately, a study by U.S Public Interest Research revealed that 70 percent of all credit reports contain serious errors.

Fixing these errors involves a detailed legal process which consists of sending dispute letters to creditors and credit bureaus, sending reminders, studying the documentary evidence provided by creditors and bureaus, and more. Like most people, you might not have the required time and expertise to follow through on all of these processes efficiently. This is where credit repair services can help you out. Now it’s important to understand that it will not be possible to improve your credit score in a few weeks. As previously stated, this is not possible even if the negative items in your credit report are due to error.

Time taken for Credit Repair
Creditors and credit bureaus are required by law to produce original documentation in order to prove the negative items that are present on your credit report. They cannot take more than 30-45 days to do so. However, drafting and sending dispute letters may take some time as well. Some people think that it is possible for any consumer to get his or her credit score corrected without any professional help, which is true but hardly practicable.

Anyone whose credit report contains errors can try to draft their own dispute letters and send them to the concerned parties, but it is time-consuming and it takes a lot of mental effort. Unless you are ready to take this duty as seriously as you take any other professional commitment, do not even try! Hiring a reliable provider for credit repair services, which would be a company that has more than a decade of experience helping thousands of customers with unfairly negative credit reports, can help you correct your credit score without too much fuss.

Credit report repair services are particularly useful when:

— The negative items on your credit report are due to accounting, reporting or any other error committed by creditors, credit bureaus or collection agencies. Genuine errors can be struck off from the reports smoothly when you go through the proper procedures.

— The credit repair service providers are good at identifying errors that cannot be verified. By law, if any item in the report cannot be backed up by documentary evidence, it needs to be removed. This loophole can be used by credit repair companies to improve your score.

— Some lenders are willing to negotiate with credit repair representatives of their consumers. If your lender allows it, this can help you raise your credit score.

Planning For Your Construction Equipment Finance

Expanding or establishing a construction business can be a daunting prospect. Not only are there building regulations and rules to consider, insurances and administration, but you will also face the prospect of purchasing expensive equipment needed to conduct your business. While there are a number of equipment finance options available, to make the best use of construction or commercial equipment finance, you need to properly plan.

Determining What You Actually Need:

The first step is to determine what you actually need to buy. Will you be considering brand new, refurbished or used equipment? Will you be using some of your capital or need the whole sum covered by finance. Australia based business owners need to consider what equipment they will need to conduct their everyday activities. You should remember that more specialised equipment, you will only need periodically, may be better sourced from an equipment rental company. However, if a piece of equipment is needed for most of your business services, it would be more economical to own or long term lease it.

You will also need to consider if you need any office based equipment such as computer systems needed to optimise your projects and make your operation more efficient. This cost may also need to be factored into your equipment finance.

Different Forms of Equipment Finance:

The specific deal will depend on your particular equipment finance needs. Most lenders offer more flexible terms for finance. This can include longer loan terms and lowered monthly payments with final balloon payments. Obviously, if you are looking for larger items of construction equipment such as plant equipment, there will be more flexibility in the equipment finance terms. Since cash flow is important, you may wish to consider keeping your monthly repayments as low as possible. This will allow you to keep your operating costs low and manageable. You will also be able to budget accurately, since you will know exactly how much you will be paying each month.

Obtain Pre-Approval:

One of the most sensible options for your equipment finance is to obtain pre-approval. This will allow you shop with confidence, making an offer as soon as you see what you need at the right price, without worrying about whether you can actually finance the purchase. Pre-approval for finance can be arranged to a set level to allow you to plan your purchases and obtain the best deals. You can also shop around for refurbished or used equipment to obtain the best possible equipment at the best possible price.

Choosing Your Equipment Finance Provider:

While the prospect of obtaining multiple quotes for your equipment finance may seem a little daunting, it is possible to make the process easier and smoother by using a reputable broker. A broker specialising in construction finance will have a network of providers and access to the best deals. The broker may even have a particular relationship with some of the lenders which allows access to exclusive deals. This allows you to compare the rates and terms available, without needing to spend days on the phone.

If you are considering equipment finance for your business, contact us. We are a specialist broker and our experienced advisors would be delighted to answer any questions you may have and assist you in finding the deal best suited to your requirements.

Valuable Car Finance Tips

The second largest investment you will have in a lifetime perhaps is getting your own car. After you have scrutinized every model and zeroed in on the best car to purchase, the next process is to determine how you are going to pay it.

The road to car ownership is paved with car finance options. The package you choose will make the difference between monthly struggles and easy payments. Will you get to keep driving your car or have to default on the loan over a certain period?

When looking at your financing options, here are valuable tips to consider:

Think about interest rates. Your interest rate will depend on a number of factors such as the type of the car, the length of the loan term, your credit rating and the lender. Generally new cars have much lower interest rates. Higher interest rate is required for longer car loans. You will get lower interest rates if you have been pretty good at keeping a good credit rating score. Focus on the interest rates as different companies provide varying options.

Choose from as many lenders as possible. Your options for car financing could be banking institutions, the automaker, credit unions, and other lending sources. Weigh the pros and cons of the different types of lenders. Going through all the interest rates and loan-terms of the different lenders will be overwhelming task. Experts not only help you make the right choice, but also offer you a number of good options. Consumers today get the right financing for their vehicles with finance consultants working exclusively on helping consumers.

Seek expert guidance. A financial consultant would point out key features you may want for your loan, allowing you to get a tailored approach, and therefore an ideal solution, to your financing. Such expert help would also come in handy for businesses looking to invest in company cars and employers who may want to offer a lease (also known as salary packaging) to high performing employees.

Ask for special deals. Special deals on certain loans are offered by some lenders in order to get fairly competitive in the market. Depending on the automaker you have chosen, you could be given zero-percent financing or offered lower rates for short-term lengths.

Companies are able to help employees on their car financing needs through a special form of lease. The lease is a three-way agreement between the employer, the employee and the finance company. As the employer though, be aware that while you should be able to finance a car after a bankruptcy, you may not be able to get the best car finance rates.

Useful Facts About Personal Loans and Online Transactions

Getting a personal loan is not really a sign of inability to manage finances. Sometimes, financial drawbacks can happen and it is not really because you are a spendthrift. Factors such as economic setbacks, delayed salaries, medical emergencies, or other emergencies, can affect one’s daily or weekly spending power. Such situation may force one to take on credit to augment the cash on hand. There is no shortage of banks where one can apply for a loan from but a few reminders might be wise to take, especially for first-timers in the loan department.

1. Always do your research.

It is not advisable to take the first offer you are given such as a pre-approved credit card. You might end up being charged with very high interest rates. It is the same thing when it comes to personal loans. If you are not well-informed of a lender’s underwriting guidelines, you might end up taking the wrong offer. The good thing is, almost all banks have websites these days that you can check out to read about their offers. You do not even have to personally visit your lender’s office; you can just check out their website and do your research online.

2. Find out the amount of loan you can actually pay for.

Now that you are armed with your research, try figuring out how much you can actually pay. Consider the interest rate and the length of time you will take to pay for the loan. If you take a payment option that is longer, you will be paying for higher interest rates. A shorter payment option might be a better choice provided you can pay for the given amount at a given time. That is, although a shorter payment period means less interest to pay for, it will also mean a higher amount to pay for each month or week, whatever your arrangement may be.

3. Know what type of interest you are taking.

Any good bank will inform you about the interest for the loan you are applying for. There are generally two types of interest rates, namely, fixed interest rate and variable interest rate. It is a fixed interest rate if it is higher compared with the actual loan you take, only that the amount you pay every month is still the same. If it is a variable interest rate, it is lower compared to the actual amount of the loan only that as the interest rate varies the loan payments adjust with it.

Your personal loan can happen wonderfully for you as long as you keep yourself informed. Contacting your prospective lender for inquiries and other concerns can also help you a lot in trying to weigh your options.

Considering A PayDay Loan? READ THIS FIRST!

Payday loans can be a lifesaver if it’s truly used for an emergency – only you can decide what’s truly an emergency. Most times something comes up; we freak out and instead of thinking things through and finding other alternatives we quickly react and put ourselves in a worst position than we initially started out; hence the existence of payday loans and car title loans and every other high interest loans available to those with less than stellar credit.

To borrow a payday loan is simple; you typically pay $20 per $100 borrowed or more. The appeal is all you need is a job, proof of employment and a check with a future date stamped on it – easy, right? No hassle, and most importantly no credit check. I’d rather you avoid them completely but if you must please choose one that is with the Community Financial Services Association; an association that provides guidelines that protect the consumer.

The most negative thing about a payday loan are the interest rates/fees! It comes to about 400% interest on a loan! That’s absurd. But if you need your car fixed; furnace repaired, water heater replaced – it suddenly doesn’t seem that bad. The key thing to remember is not to borrow more than you need. The payday loan clerk is a salesman; just because he/she states you can borrow up to $1000 does not mean you should accept it. Borrow only what you need!!! And if they offer you the monthly payment plan don’t fall for it; remember their job is to sell so that THEY can make more money. Pay if off all at once and avoid the pitfall of the monthly payments that make them more money and cause a financial strain on your budget.

So; what if you ignored everything that I’ve just said and borrow more than you can pay back by the next pay period? Well if they’re a member with the CFSA, all you need to do is tell them you can’t make the payment by the due date. As a member of the CFSA, they’ll need to stop all collection activity and give you 4 additional pay periods to pay back the loan in full. Oh, and they can’t charge you any additional fees during this period either. This must be done before the due date; or at least before close of business on the day before the loan is due; preferably in person; and it can only be done once on the same loan. It’s called an Extended Payment Plan. If they deny you or state they don’t offer this; call CFSA directly at 888-572-9329.

Now I must admit the collection activity from payday loan companies are THE WORST! They call your job; threaten automatic wage garnishments, threaten to sue you or file a police report for bank fraud to send you to jail (based on the post-dated check you wrote them); the list goes on and on – and its illegal. State laws govern the collection activities of original creditors; and fortunately most state laws closely follow the laws of the Fair Debt Collection Practices Act so all you need to do is look up your state’s laws on payday loans collection activities and rules. The list is usually found on your state’s Attorney General’s website; your state’s Consumer Affairs website will have some valuable information as well.