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Credit Information
What are the avenues available to businesses with weak credit
profiles or to companies pursuing credit transactions that are
perceived as too risky by credit providers? Many companies apply
for credit at banks, finance companies or equipment leasing firms
and are routinely rejected due to the high degree of perceived
credit risks. When approaching a credit provider, it is helpful
to understand what can be done to reduce the risk of a credit
transaction in the eyes of the provider.
As a young student I feared getting bad grades because I didn't
want any bad marks on my "permanent record." Get an "F" in
fifth-grade science and it goes in your record.
For those of us who know how to use them properly, credit cards
can actually be quite fun and lucrative. To those who do not know
how to use them properly, I would say that you should stop
reading this column right about now, or at least I would advise
you not to try any of this stuff at home.
Q: I'm opening a gift shop and want to be able to accept credit
cards. I talked to the branch manager at my bank, but he didn't
seem to know much about how it all worked.
Someone impersonating you could be spending your hard-earned
money.Impossible! Not really, check, loan, and identity fraud are
a real problem.
By Federal law, you are entitled to one free credit report per
year directly from a credit-reporting agency only if you certify
that:1. You are unemployed and seeking employment in the next 60
days.
Under the Fair Debt Collection Practices Act, collectors are not
allowed to disclose a consumers past due debt to anyone other
than the debtor and in some cases a spouse. The Telephone
Consumer Protection Act would have required collectors to
identify the registered name of their business in any
pre-recorded messages to consumers or debtors.
Are you thinking of buying a house? Do you want to buy a new car
to replace that old wreck? Trying to get insurance on you home,
auto, or life? In each of these situations, what's on your credit
report will determine if you can get a loan or insurance and what
rates you'll have to pay.If you're trying to build or repair your
credit history, you have a daunting but not impossible task in
front of you.
To reduce or minimize the risk of becoming a victim of identity
theft or fraud, there are some basic steps you can take.The most
important one is to ask periodically for a copy of your credit
report.
The three major credit bureaus, Experian, Equifax and Trans Union
are similar and feature a "Credit Score", which is created from
credit report data submitted to them about you. Their report
includes where you live, your bill-paying habits, and bankruptcy
and arrest information.
Article excerpted from the new book, "How to Do Space Age Work
with a Stone Age Brain" TM copyright 2004, all rights reserved,
by Eve Abbott, the Organizer ExtraordinaireEach year billions of
dollars in credit fraud is perpetrated on unsuspecting citizens.
With so much personal information publicly available (or easily
available to someone with medium computing skills) it is
essential to develop good habits to prevent your information from
falling into criminal hands.
1. Buy clothes at thrift stores.
Imagine..
Your credit report is a very powerful report that essential
controls what you can and cannot do in your life. Unfortunately
many people aren't aware of what a credit report actually is and
what information is contained on the report.
As of Thursday, December 1, 2004, one-third of Americans will be
able to access their credit reports from all three main agencies
for free. Passed in late 2003, the Fair & Accurate Credit
Transactions Act creates a central source consumers can use to
obtain a free annual credit report.
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MORE RESOURCES:
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