Category Archives: Financial

How To Improve The Score on Your Credit Report

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good creditYour credit report is used for obtaining financing for a car, home or credit. It is important that you maintain a good credit report, because you will save money on interest rates. People who have a bad credit rating must pay more money for homes and cars or they are declined. Many corporations also run a credit check for employment opportunities.

Understanding Your Credit Report

It is important that you review your credit report at least once each year. There is no charge for requesting your credit report one time, but if you are turned down for credit, you can request another report free of charge. There are many things you can do to improve your credit report once you obtain it. You can request your credit report online or through the mail.

Update your accounts that have been paid in full or closed to list as many accounts with a positive rating as possible. The three major credit reporting agencies in America include Experian, Equifax and TransUnion. Visit their website to ensure everything is correct such as employment, address and account information. You can also place an alert on your credit report if you have been a victim of identity theft.

You will find in your credit report personal information about you, including your Social Security number, past and current address, past and present mortgages, credit cards, installment agreements, loans and public records, such as liens and bankruptcies. Your credit report will note if accounts are current or past due. It will also indicate whether you have moved without notifying a creditor.

How to Change Your Credit Report

If you find credit or personal information that is not accurate, you will need to dispute them with the help of a credit repair company such as Lexington Law. Some credit reporting agencies allow you to do this online, while others only accept disputes through the mail. Expect to wait a few days for online disputes and several weeks through the mail. When you challenge your credit report, the agency is required to verify the information. If the information cannot be verified, the agency must remove the information from your report.

Be prepared to submit proof of your dispute in the form of credit card receipts or copies of checks that show you paid the debt. Do not dispute more than three items per letter or online request. This will only slow the entire process down and leave you frustrated. Most credit reporting agencies must contact you within 30 days after receiving your letter. Disputing your credit report is your legal right according to the law.

Replacing Good Credit with Bad

If you are patient and persistent, then you can change your credit report from bad to good. It may take some time for bad credit to drop off your credit report, but if you start making good financial decisions, you can greatly improve your credit. If you do not have any debt, then apply for a credit card that you pay off each month. This can help improve your credit report and save you money on future purchases.

How Long Will The PPI Scandal Continue?

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Long has it been speculated as to how long the ppi claims scandal will continue for, because most people thought that it would be more of a short term issue, with people speculating that within a 18 months it would all be over, however, the scandal is going strong with more people than ever putting in claims for ppi, so how long is this likely to continue for?

Lets look at some of the facts…

  1. First of all, since 2001 there have been over 34,000,000 ppi policies sold
  2. It is speculated that only 1 in 3 people have reclaimed their ppi

Looking at these two facts alone, it becomes quite apparent that there are a lot more ppi policies to be reclaimed upon, and that this scandal will continue well into the coming years, assuming the banks do not get their deadline, which, if this article is anything to go by, the banks don’t have a chance PPI claims.

There are still a plethora of ppi claims that are yet to be reclaimed, and there has been more than £10bn paid out to the British public already, and it is thought that by the time all of the ppi policies have been repaid the total bill will be around £25bn.

So this scandal is likely to go on for some time yet, with so many people still yet to claim their compensation, not to mention the people who have not even thought about putting in a claim yet.

Further down the line, it is expected that perhaps the claims will taper off, due to some people forgetting about their miss sold policies or not taking the time to put their case into action or submit it to a claims management company (CMC), however this is likely to be about the question of awareness and exposure, as people can only act upon information on which they can make their decision, so if the advertisements continue, and people continue to talk about it to their friends, relatives and colleagues it is likely that the demand will remain constant.

If the figures above are correct, that would suggest that we are around the halfway point of the claims’ scandal, meaning that if it has gone on for 3 years so far, it is likely to go on for at least another 3 years assuming the cases are completed at the same rate as they are now, which is accurate.