Discover® Business Miles Card
Overall Rating 3/5
Benefit Rating 3.5/5
Special Offer: 0% for 12 months and is applied to Purchases.
APR (Purch): 13.24% Variable*
Annual Fee: $0
Category: Business
Review
The Discover® Business Miles Card, issued by Discover, is designed for those with very good credit who plan to take advantage of the travel reward program. Through the reward program, cardholders earn double miles on up to $5,000 in travel and gas purchases, and up to one mile for every dollar spent on general purchases. Earned miles can be redeemed for airfare or reduced airfare on most major U.S. based airlines with no blackout dates. Miles can also be redeemed for gift cards from 50 brand-name partners.
There is no limit to the amount of points that can be earned and points do not expire.The card has no annual fee and an attractive 0% introductory rate on card purchases for twelve months. There is also a 5.99% introductory rate available on balance transfers until the last day of the billing period ending during January 2008.
The APR for this card is average for those who qualify.Aside from the reward program, the card also provides several benefits including various fraud and security protection services as well as access to PurchaseChecks. Cardholders will also receive discounts on products and services at participating merchants and retailers.Therefore, those who plan to take advantage of the introductory rate and the reward program will benefit most from what the Discover® Business Miles Card has to offer.
Most Attractive Feature(s): No annual fee; 0% introductory rate; reward program.
Least Attractive Feature(s): No extraordinary benefits or discounts offered to cardholders aside from the reward program.
Thursday, June 7, 2007
Discover® Business Miles Card
Monday, June 4, 2007
Credit Repair, The Cure
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:
“Credit problems? No problem!”
“We can erase your bad credit - 100% guaranteed.”
“Create a new credit identity - legally.”
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
Don’t believe these statements. A conscious effort, time, and a personal debt repayment plan will improve your credit report.
This post will explain how you can improve your creditworthiness and gives legitimate resources for low or no-cost help.
The Scam
Companies nationwide everyday appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can’t deliver. After you pay them hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money.
The Warning Signs
If you decide to respond to a credit repair offer, look for these tell-tale signs of a scam:
companies that want you to pay for credit repair services before they provide any services.
companies that do not tell you your legal rights and what you can do for yourself for free.
companies that recommend that you not contact a credit reporting company directly.
companies that suggest that you try to invent a “new” credit identity - and then, a new credit report - by applying for an Employer Identification Number to use instead of your Social Security number. Companies that advise you to dispute all information in your credit report or take any action that seems illegal, like creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution. Following such order could cause you to be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised.
The Truth
No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA): You’re entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - is required to provide you with a free copy of your credit report, at your request, once every 12 months. The three companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.
Your Right
You can dispute mistakes or outdated items for free. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report.
STEP ONE
Tell the consumer reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected.
Consumer reporting companies must investigate the items in question - usually within 30 days - unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.
If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
STEP TWO
Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes.
Reporting Accurate Negative Information
When negative information in your report is accurate, only the passage of time can assure its removal. A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. There is no time limit on reporting: information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance.
The Credit Repair Organizations Act
By law, credit repair organizations must give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before you sign anything.
Need Help? Don’t Despair
Just because you have a poor credit report doesn’t mean you won’t be able to get credit. Creditors set their own credit-granting standards and not all of them look at your credit history the same way. Some may look only at more recent years to evaluate you for credit, and they may grant credit if your bill-paying history has improved. It may be worthwhile to contact creditors informally to discuss their credit standards.
Do-It-Yourself Check-Up
Even if you don’t have a poor credit history, some financial advisors and consumer advocates suggest you review your credit report periodically because the information it contains affects whether you can get a loan or insurance and how much you will have to pay for it. To make sure the information is accurate, complete, and up to date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job. To help guard against identity theft. That’s when someone uses your personal information - like your name, your Social Security number, or your credit card number - to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
Sunday, June 3, 2007
Credit Laws, Be Aware
Some of the basic credit laws you should be aware of!
Source : http://www.mycreditapply.com/content/CreditLaws.pdf
Credit Protection Laws
The Consumer Credit Reporting Act and its various amendments was created to give the
consumer protection from the inappropriate conduct rampant amongst credit reporting
agencies. It was written to force credit reporting agencies to listen to your complaints and
perform specific steps to correct any inaccuracies. Without this law, your complaints
were often ignored.
Your Rights And The Law
Basically, the Consumer Credit Reporting Act (found below) and a few other
amendments not included here grant you, the consumer of credit, many rights. These are:
Right 1: The right to view your credit report - This portion of the law requires that the
credit reporting agencies supply you with a full report on your credit transactions at any
time you request one. This report will contain every item recorded in their files about
you. It may not include every credit item you have but it will include every credit item
that they have in their files about you. Additionally, the credit reporting agencies are
allowed to charge a reasonable fee for this service if it is being performed at your sole
request. However, if you have recently been rejected for credit by a creditor, they will by
law send you a copy of your credit report for free if you request it.
Right 2: The right to know who has inquired into your credit rile - The law allows you to
know every bank, credit card company, employer, etc. who has requested a copy of your
credit report. This even includes all the times the credit reporting agency has pulled your
file. Every time the credit reporting agency pulls your credit report to fix an error or
examine some information, this action is recorded. This information is very valuable in
doweling fraud. If your credit report has many inquiries that you don't recognize,
someone is probably trying to commit fraud using your social security number.
Right 3: The right to request verification of information you believe is incorrect - This
portion of the law allows you to have a negative entry checked multiple times. This
guarantees that every time you tell a credit reporting agency an item is incorrect, they will
investigate that item. Without this portion of the law, they could refuse to investigate
your claims mom than one time whether or not your request was legitimate.
Right 4: The right to insert missing data into your credit rile - Often you will have credit
granted to you that never makes its way into your credit report. This happens for a variety
of reasons. You may have been granted credit at a local department store which doesn't
report information to a credit reporting agency. Or perhaps you moved to another part of
the country and you have credit information that didn't follow you from your old address
to your new address. This portion of the law allows you to report all this good credit
information to the credit reporting agencies and have it entered into your credit report.
The following are examples of the types of information you may want to have added to
your credit reports:
* Details on loans, both current and paid off, when you have a good payment history.
* Credit cards with good payment histories that do not appear on your credit report.
* Salary increases at your current job or when you switch jobs.
* Any active accounts which have good payment histories that do not appear on your
credit reports.
* Information related to your mortgage, especially if it is not being reported on your
credit report.
* Settlements on any judgments, tax and IRS liens, disputed bills, etc.
your credit reports:
* Details on loans, both current and paid off, when you have a good payment history.
* Credit cards with good payment histories that do not appear on your credit report.
* Salary increases at your current job or when you switch jobs.
* Any active accounts which have good payment histories that do not appear on your
credit reports.
* Information related to your mortgage, especially if it is not being reported on your
credit report.
* Settlements on any judgments, tax and IRS liens, disputed bills, etc.
Right 5: The right to automatically remove all detrimental information from your credit
report after seven years; 10 years for bankruptcy - This portion of the law guarantees that
past financial indiscretions do not follow you for the rest of your life. This process is
automatic and is handled by the credit reporting agencies. If you ever find a negative
credit item on your credit report over seven yews old (10 for bankruptcy), a simple letter
reminding the credit reporting agency of this law will get that item instantly removed.
Right 6: The right to place your own personal statement in your credit report - Some of
you will have some negative credit due to an extraordinary event such as the loss of a job,
sickness, divorce, etc. And, after trying to clean it from your credit report, will find that
you were unsuccessful. This portion of the law was written for you. It allows you to have
a written statement of 100 words or less placed in your credit report. This can be used to
explain to future creditors what caused the bad credit and why it was a one time
occurrence.
Right 7: The guarantee of privacy of the information in your credit report from anyone
other than legitimate members of the credit reporting agency - This portion of the law
states that no one can look at your credit report without your permission. That is why
creditors have you sign a form allowing them to examine your credit report. The only
exception to this rate is the credit reporting agencies. They are allowed to look at your
credit report without your permission only for legitimate business purposes such as
updating the information in your file.
Right 8: The right to have your credit report transferred from one area to another any time
you move - This provision of the law guarantees that your credit history follows you
wherever you go. This allows your hard earned good credit to follow you all over the
United States. Unfortunately, it also means that any bad credit you have also follows you
across the country.
Right 9: The right to use the small claims court system to resolve any disputes with the
credit bureaus about incorrect or inaccurate information in your credit report - This
portion of the law gives you the right to your day in court. If something on your credit
report is inaccurate and you can't get it repaired through the credit repair process, you
have the right to present your evidence in a court of law to resolve the dispute. If the
court finds in your favor, the item will be corrected. If not, the item will stay in your
credit report.
Right 10: The right to know exactly why you were refused credit - This portion of the law
requires that my creditor who refuses you credit must inform you of exactly why you
were turned down. This request must be made by you to the creditor within 10 days of
your being turned down for credit.
Right 11: The right to remain silent about bad credit information that does not currently
appear in your credit report This prevision of the law simply states that you do not have
to correct my omissions you find in your credit report, whether positive or negative.
These 11 points pretty much summarize your fights under the Consumer Credit Reporting
Act. Certain points are actively used to repair your credit and others are used to make
sum you me treated fairly by the credit system
CONSUMER CREDIT REPORTING
A copy of the main body of the Consumer Credit Reporting Act as it relates to credit
repair is presented below. It is included so you know exactly how the law is written.
Section 601. Short title
This title may be cited as the Fair Credit Reporting Act
Section 602. Findings and purpose
(a) The Congress makes the following findings:
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate
credit reports directly impair the efficiency of the banking system, and unfair credit
reporting methods undermine the public confidence which is essential to the continued
functioning of the banking system. (2) An elaborate mechanism has been developed for
investigating and evaluating creditworthiness, credit standing, credit capacity, character,
and general reputation of consumers. (3) Consumer reporting agencies have assumed a
vital role in assembling and evaluating consumer credit and other information on
consumers. (4) There is a need to insure that consumer reporting agencies exercise their
grave responsibilities with fairness, impartiality, and a respect for a consumer's right to
privacy.
(b) It is the purpose of this title to require that consumer reporting agencies adopt
reasonable procedures for meeting the needs of commerce for consumer credit,
personnel, insurance, and other information in a manner which is fair and equitable to the
consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization
of such information in accordance with the requirements of this title.
Section 603. Definitions and rules of construction
(a) Definitions and rules of construction set forth in this section are applicable for the
purposes of this title
(b) The term 'person' means any individual, partnership, corporation, trust, estate,
cooperative, association, government or governments] subdivision or agency, or other
entity.
(c) The term 'consumer' means an individual.
(d) The term 'consumer report' means any written, oral, or other communication of any
information by a consumer reporting agency hewing on a consumer's credit worthiness,
credit standing, credit capacity, character, general reputation, personal characteristics, or
mode of living which is used or expected to be used or collected in whole or in pan for
the purpose of serving as a factor in establishing the consumer's eligibility for (1) credit
or insurance to be used primarily for personal, family, or household purposes, or (2)
employment purposes, or (3) other purposes authorized under section 604. The term does
not include (A) my report containing information solely as to transactions or experiences
between the consumer and the person making the report; (B) any authorization or
approval of a specific extension of credit directly or indirectly by the issuer of a credit
card or similar device; or (C) any report in which a person who has been requested by a
third party to make a specific extension of credit directly or indirectly to a consumer
conveys his decision with respect to such request, if the third party advises the consumer
of the name and address of the person to whom the request was made and such person
makes the disclosures to the consumer required under section 615
(e) The term 'investigative consumer report' means a consumer report or portion thereof
in which information on a consumer's character, general reputation, personal
characteristics, or mode of living is obtained through personal interviews with neighbors,
friends, or associates of the consumer reported on or with others with whom he is
acquainted or who may have knowledge concerning any such items of information.
However, such information shall not include specific factual information on a consumer's
credit record obtained directly from a creditor of the consumer or from a consumer
reporting agency when such information was obtained directly from a creditor of the
consumer or from the consumer.
(f) The term 'consumer reporting agency' means any person which, for monetary fees,
does, or on a cooperative nonprofit basis, regularly engages in whole or in part in the
practice of assembling or evaluating consumer credit information or other information on
consumers for the purpose of furnishing consumer reports to third parties, and which uses
any means or facility of interstate commerce for the purpose of preparing or furnishing
consumer reports.
Section 604. Permissible purposes of reports
A consumer reporting agency may furnish a consumer report under the following
circumstances and no other
(I ) In response to the order of a court having jurisdiction to issue such an order.
(2) In accordance with the written instructions of the consumer to whom it relates.
(3) To a person which it has reason to believe--
(A) intends to use the information in connection with a credit transaction involving the
consumer on whom the information is to be furnished and involving the extension of
credit to, or review or collection of an account of the consumer; or
(B) intends to use the information for emplo yment purposes; or
(C) intends to use the information in connection with the underwriting of insurance
involving the consumer; or
(D) intends to use the information in connection with a determination of the consumer's
eligibility for a license or other benefit granted by a governmental instrumentality
required by law to consider an applicant's financial responsibility or status; or
(E) otherwise has a legitimate business need for the information in connection with a
business transaction involving the consumer.
Section 605. Obsolete information
(a) Except as authorized under subsection (b), no consumer reporting agency may make
any consumer report containing any of the following items of information
( 1) Cases under title II of the United States Code or under the Bankruptcy Act that, from
the date of entry of the order for relief or the date of adjudication, as the cause may be,
antedate, the report by more than 10 years.
(2) Suits and judgments which, from date of entry, antedate the report by more than seven
years or until the governing statute of limitations has expired, whichever is the longer
period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven
years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report
by more than seven years.
(5) Records of arrest, indictment, or conviction of come, which, from date of disposition,
release, or parole, antedate the report by more than seven years.
(6) Any other adverse item of information which antedates the report by more than seven
years.
(b) The provisions of subsection (a) are not applicable in the case of any consumer credit
report to be used in connection with--
(1) a credit transaction involving, or which may reasonably be expected to involve, a
principal amount of $50,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be expected to
involve, a face amount of $50,000 or more; or (3) the employment of any individual at an
annual salary which equals, or which may reasonably be expected to equal $20,000, or
more.
Section 606. Disclosure of investigative consumer reports
(a) A person may not procure or cause to be prepared an investigative consumer report on
any consumer unless--
(1 ) it is clearly and accurately disclosed to the consumer than an investigative consumer
report including information as to his character, general reputation, personal
characteristics, and mode of living, whichever are applicable, may be made, and such
disclosure (A) is made in a writing mailed, or otherwise delivered, to the consumer, not
later than three days after the date on which the report was first requested, and (B)
includes a statement informing the consumer of his fight to request the additional
disclosures provided for under subsection (b) of this section; or
(2) the report is to be used for employment purposes for which the Consumer has no
specifically applied.
(b) Any person who procures or causes to be prepared an investigative consumer report
on any consumer shall, upon written request made by the consumer within a reasonable
period of time after the receipt by him of the disclosure required by subsection (a)(1),
shall make a complete and accurate disclosure of the nature and scope of the investigation
requested. This disclosure shall be made in a writing mailed, or otherwise delivered, to
the consumer not later than five days after the date on which the request for such
disclosure was received from the consumer or such report was first requested, whichever
is the later.
(c) No person may be held liable for any violation of subsection (a) or (b) of this section
if he shows by a preponderance of the evidence that at the time of the violation he
maintained reasonable procedures to assure compliance with subsection (a) or (b),
Section 607. Compliance procedures
(a) Every consumer reporting agency shall maintain reasonable procedures designed to
avoid violations of section 605 and to limit the furnishing of consumer reports to the
purposes listed under section 604. These procedures shall require that prospective users
of the information identify themselves, certify the purposes for which the information is
sought, and certify that the information will be used for no other purpose. Every
consumer reporting agency shall make a reasonable effort to verify the identity of a new
prospective user and the uses certified by such prospective user prior to furnishing such
user a consumer report. No consumer reporting agency may furnish a consumer report to
any person if it has reasonable grounds for believing that the consumer report will not be
used for a purpose listed in section 604.
(b) Whenever a consumer reporting agency prepares a consumer report it shall follow
reasonable procedures to assure maximum possible accuracy of the information
concerning the individual about whom the report relates.
Section 608. Disclosures to governmental agencies
Notwithstanding the provisions of section 604, a Consumer reporting agency may furnish
identifying information respecting any consumer, limited to his name, address, former
address, places of employment, or former places of employment, to a governmental
agency.
Section 609. Disclosures to consumers
(a) Every consumer reporting agency shall, upon request and proper identification of any
consumer, clearly and accurately disclose to the consumer
(1) The nature and substance of all information (except medical information in its files on
the consumer at the time of the request.
(2) The sources of the information; except that the sources of information acquired solely
for use in preparing an investigative consumer report and actually used for no other
purpose need not he disclosed: Provided, That in the event an action is brought under this
title, such sources shall be available to the plaintiff under appropriate discovery
procedures in the coot( in which the action is brought.
(3) The recipients of my consumer report on the consumer which it has furnished- -
(A) for employment purposes within a two-year period preceding the request, and
(B) for my other purpose within the six- month period preceding the request.
(b) The requirements of subsection (a) respecting the disclosure of sources if information
and the recipients of consumer reports do not apply to information received or consumer
reports furnished prior to the effective date of this title except to the extent that the matter
involved is contained in the files of the consumer reporting agency on that date.
Section 610. Conditions of disclosure to consumers
(a) A consumer reporting agency shall make the disclosures required under section 609
during normal business hours and on reasonable notice.
(b) The disclosures required under section 609 shall be made to the consumer--
(1) in person if he appears in person and furnishes proper identification; or
(2) by telephone if he has made a written request, with proper identification, for
telephone disclosure and the toll charge, if any, for the telephone call is prepaid by or
charged directly to the consumer.
(c) Any consumer reporting agency shall provide trained personnel to explain to the
consumer my information furnished to him pursuant to section 609.
(d) The consumer shall be permitted to be accompanied by one other person of his
choosing, who shall furnish reasonable identification. A consumer reporting agency may
require the consumer to furnish a written statement granting permission to the consumer
reporting agency to discuss the consumer's file in such person's presence.
(e) Except as provided in sections 616 and 617, no consumer my bring my action or
proceeding in the nature of defamation, invasion of privacy, or negligence with respect to
the reporting of information against any consumer reporting agency, any user of
information, or any person who furnishes information to a consumer reporting agency,
based on information disclosed pursuant to section 609, 610, or 615, except as to false
information furnished with malice or willful intent to injure such consumer.
Section 611. Procedure in case of disputed accuracy
(a) If the completeness or accuracy of any item of information contained in his file is
disputed by a consumer, and such dispute is directly conveyed to the consumer reporting
agency by the consumer, the consumer reporting agency shall within a reasonable period
of time re investigate and record the current status of that information unless it has
reasonable grounds to believe that the dispute by the consumer is frivolous or irrelevant.
If after such reinvestigation such information is found to be inaccurate or can no longer
be verified, the consumer reporting agency shall promptly delete such information. The
presence of contradictory information in the consumer's file does not in and of itself
constitute reasonable grounds for believing the dispute is frivolous or irrelevant.
(b) If the reinvestigation does not resolve the dispute, the consumer may file a brief
statement setting forth the nature of the dispute. The consumer reporting agency may
limit such statements to not mom than one hundred words if it provides the consumer
with assistance in writing a clear summary of the dispute.
(c) Whenever a statement of a dispute is filed, unless there is reasonable grounds to
believe that it is frivolous or irrelevant, the consumer reporting agency shall, in my
subsequent consumer report containing the information in question, clearly note that it is
disputed by the consumer and provide either the consumers statement or a clear and
accurate codification or summary thereof.
(d) Following any deletion of information which is found to be inaccurate or whose
accuracy can no longer be verified or any notation as to disputed information, the
consumer reporting agency shall, at the request of the consumer, furnish notification that
the item has been deleted or the statement. codification or summary pursuant to
subsection (b) or (c) to any person specifically designated by the consumer who has
within two years prior thereto received a consumer report for employment purposes, or
within six months prior thereto received a consumer report for any other purpose, which
contained the deleted or disputed information, The consumer reporting agency shall
clearly and conspicuously disclose to the consumer his rights to make such a request.
Such disclosure shall be made at or prior to the time the information is deleted or the
consumer's statement regarding the disputed information is received.
Section 612. Charges for certain disclosures
A consumer reporting agency shall make all disclosures pursuant to section 609 and
furnish all consumer reports pursuant to section 61 1 (d) without charge to the customer
if, within thirty days after receipt by such consumer of a notification pursuant to section
615 or notification from a debt collection agency affiliated with such consumer reporting
agency stating that the consumer's credit rating may be or has been adversely affected,
the consumer makes a request under section 609 or 611 (d). Otherwise, the consumer
reporting agency may impose a reasonable charge on the consumer for making disclosure
to such consumer pursuant to section 609, the charge for which shall be indicated to the
consumer prior to making disclosure; and for furnishing notifications, statements,
summaries, or codifications to person designated by the consumer pursuant to section 61
1 (d), the charge for which shall be indicated to the consumer prior to furnishing such
information and shall not exceed the charge that the consumer reporting agency would
impose on each designated recipient for a consumer report except that no charge may be
made for notifying such persons of the deletion of information which is found to be
inaccurate or which can no longer be verified.
Section 613. Public record information for employment purposes
A consumer reporting agency which furnishes a consumer report for employment
purposes and which for that purpose compiles and reports items of information on
consumers which are matters of public record and are likely to have an adverse effect
upon a consumer's ability to obtain employment shall--
(1) at the time such public record information is reported to the user of such consumer
report, notify the consumer of the fact that public record information is being reported by
the consumer reporting agency, together with the name and address of the person to
whom such information is being reported; or
(2) maintain strict procedures designed to insure that whenever public record information
which is likely to have an adverse effect on a consumer's ability to obtain employment is
reported it is complete and up to date. For purposes of this paragraph, items of public
record relating to arrests, indictments, convictions, suits, tax liens, and outstanding
judgments shall be considered up to date if the current public record status of the item at
the time of the report is reported.
Section 614. Restrictions on investigative consumer reports
Whenever a consumer reporting agency prepares an investigative consumer report, no
adverse information in the consumer report (other than information which is a matter of
public record) may be included in a subsequent cons umer report unless such adverse
information has been verified in the process of making such subsequent consumer report,
or the adverse information was received within the three- month period preceding the date
the subsequent report is furnished,
Section 615. Requirements on users of consumer reports
(a) Whenever credit or insurance for personal, family, or household purposes, or
employment involving a consumer is denied or the charge for such credit or insurance is
increased either wholly or partly because of information contained in a consumer report
from a consumer reporting agency, the user of the consumer report shall so advise the
consumer against whom such adverse action has been taken and supply the name and
address of the consumer reporting agency making the report.
(b) Whenever credit for personal, family, or household purposes involving a consumer is
denied or the charge for such credit is increased wither wholly or partly because of
information obtained from a person other than a consumer reporting agency bearing upon
the consumer's credit worthiness, credit standing, credit capacity, character, general
reputation, personal characteristics, or mode of living, the user of such information shall,
within a reasonable period of time, upon the consumer's written request for the reasons
for such adverse action received within sixty days after learning of such adverse action,
disclose the nature of the information to the consumer. The user of such information shall
clearly and accurately disclose to the consumer his right to make such written request at
the time such adverse action is communicated to the consumer.
(c) No person shall be held liable for any violations of this section if he shows by a
preponderance of the evidence that at the time of the alleged violation, he maintained
reasonable procedures to assure compliance with the provisions of subsections (a) and
(b).
Section 616. Civil liability for willful noncompliance
Any consumer reporting agency or user of information which willfully fails to comply
with any requirement imposed under this title with respect to any consumer is liable to
that consumer in an amount equal to the sum of--
(1) any actual damages sustained by the consumer as a result of the failure;
(2) such amount of punitive damages as the court may allow; and
(3) in the case of any successful action to enforce any liability
under this section, the costs of the action together with reasonable attorneys fees as
determined by the court.
Section 617. Civil liability for negligent noncompliance
Any consumer reporting agency or user of information which is negligent in failing to
comply with any requirement imposed under this title with respect to my consumer is
liable to that consumer in an amount equal to the sum of--
(] ) any actual damages sustained by the consumer as a result of the failure;
(2)in the case of any successful action to enforce any liability under this section, the costs
of the action together with reasonable attorney's fees as determined by the court.
Section 618. Jurisdiction of courts; limitation of actions
An action to enforce any liability created under this title may be brought in any
appropriate United States district court without regard to the amount in controversy, or in
my other court of competent jurisdiction, within two years from the date on which the
liability arises, except that where a defendant has materially and willfully misrepresented
any information required under this title to be disclosed to an individual and the
information so misrepresented is material to the establishment of the defendants liability
to that individual under this title, the action may be brought at any time within two years
after the discovery by the ind ividual of the misrepresentation.
Section 619. Obtaining information under false pretenses
Any person who knowingly and willfully obtains information on a consumer from a
consumer reporting agency under false pretenses shall be fined not mom than $5,000 or
imprisoned not mom than one year, or both.
Section 620. Unauthorized disclosures by officers or employees
Any officer or employee of a consumer reporting agency who knowingly and willfully
provides information concerning an individual from the agency's files to a person not
authorized to receive that information shall be fined not mom than $5,000 or imprisoned
not more than one year, or both.
Kill your credit score
1. Be a big spender at the wrong time
The bigger your total balance as a percent of your total credit limit across all your credit cards, the lower your score will be. Scores range from 300 to 850 - the higher the better, with anything above 760 being the most desirable. You may lose 1 point for every percent of your credit limit that you use. So if you have a total credit limit of $10,000 and have an outstanding balance of $4,000 (40%), your score would be 40 points lower than if you had a $0 balance. Ideally, credit experts say, you never want your balance to exceed 30 percent of your credit limit. It's always good to pay off your balances every month. But creditors may take a few weeks or even a couple of months to report your payment to the credit bureaus.
Boost your credit score: Don't charge anything for at least 60 days before applying for a loan. That way it's likely that all the payments you've made to date will be reflected in your credit score by the time a lender requests it. If you can't pay off your total balance in full, at least keep it under 30 percent of your total credit limit.
2. Be a payment-slacker
When you're 30 days past due and your balance is still unpaid, your score could take a 60-point hit. That kind of drop could mean a much higher interest rate on loans you take out (see table at right).Late payments from your past that you have since paid off will have less and less of a negative effect on your score as time goes on. Johnson estimates that on average past delinquencies that have since been resolved might cost you 15 to 20 points.
Boost your credit score: Pay your bill in full and mail it as soon as it arrives, or at the very least the minimum due. Set up automatic online bill payments so you'll never be late. Or, if you are late one month, be sure to pay off what you owe as soon as possible.
3. Be too thin
When it comes to your credit record, fat is good, emaciated bad.Even if you're the most responsible, on-time, in-full bill payer on the planet, your credit score won't be as high as it could be if you have just one credit account.The reason: Your credit profile is too thin and lenders ideally like to see a potential borrower responsibly managing a mix of revolving debt (such as credit cards, where you can reuse the credit after paying it back) and installment debt (such as a car loan or most mortgages, where you pay the same amount every month for a certain period).
Boost your credit score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.
4. Be too thin
When it comes to your credit record, fat is good, emaciated bad.Even if you're the most responsible, on-time, in-full bill payer on the planet, your credit score won't be as high as it could be if you have just one credit account.The reason: Your credit profile is too thin and lenders ideally like to see a potential borrower responsibly managing a mix of revolving debt (such as credit cards, where you can reuse the credit after paying it back) and installment debt (such as a car loan or most mortgages, where you pay the same amount every month for a certain period).
Boost your credit score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.
5. Be too tidy
The bigger your balance relative to your credit limit, the lower your score. But while it may be tempting to close out a credit card account when you transfer the balance to a lower-rate card, you may inadvertently hurt your score. That's because your total balance stays the same but your credit limit goes down when you close an account. Example, let's say you have three credit cards with a combined credit limit of $24,000 ($8,000 each) and you owe $6,000 total. Your balance represents 25% of your credit limit. If you then close out one of your accounts, your credit limit goes down to $16,000 but your debt is still $6,000, which now represents 37.5% of your credit limit.
Boost your credit score: Don't close unused accounts when you transfer debt.
6. Be too nonchalant
You may be a great credit risk, but your score won't reflect that if there are errors in your credit report. The last thing you need is to have someone else's delinquencies wrongly assigned to you. Or you may think you've got great credit, but don't realize that your spouse has been hiding debt from you, and killing your score in the meanwhile. Unless you make yourself aware of what's in your credit report a few months before applying for a loan, you'll have no idea how a lender will perceive you, rightly or wrongly. And you won't give yourself the opportunity to improve your score.
Boost your credit score: Order a free credit report once a year from each of the three major credit bureaus, and make sure they're accurate. Two annoying but true facts: Credit scores aren't free, and the credit bureaus don't share information on you, so your credit reports and the scores based on them may vary.
Saturday, June 2, 2007
Credit Card Offers
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Credit, A Financial Burden
The truth, it is not okay. Having poor credit WILL ruin your future. Your credit has a large part of your life, it is how you are viewed and judged by others.
If you are trying to buy a home, refinance a home, apply for a credit card, cell phone, jobs. It is necessary to have good or okay credit. Did you know there are many many companies willing to assist you in rebuilding your credit? Did you know that working with many of these companies is going to be even worse of a financial burden, then you were having before. Having poor credit allows many companies to take advantage of the opportunity to tell you, they can help you.
A financial burden is spending money that is not needed. Buying a coffee a day is worth $730 in your pocket, that soda drink you purchase a day is worth another $730 a year. Buying lunch out even once a month could be worth $240 and that is for a $20 meal. What if spending money on these items helped rebuild your credit. What if you were to get a prepaid credit card, have a credit limit of $500 and only use this card to make these purchases? Pay it off in the same day or week? That would mean for 1 full year, you have not only paid your owing amount on this credit card, now, you have rebuilt your credit in only one year and not paid 1 cent to interest or a company.
This option will save your credit, and help you learn to manage your financial situations.
All you really have to think with each prepaid credit card purchase, I can get a house in a year. Many Poor Credit Credit Cards are also available to anyone with poor credit.
Credit Card Forum - Get Your Answers About Credit Cards before applying for them.
There is nothing a credit repair agency can do to repair your credit, that you can't do yourself.
A few basic steps to repairing your credit:
* 1. Order a of your credit report. You can obtain a copy of your credit report, by contacting the three major credit bureaus:
Experian Credit Information
P.O. Box 9532
Allen, TX 75013
1-888 397 3742
http://www.experian.com
Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
1-800-685-1111
http://www.equifax.com
TransUnion
P.O. Box 2000
Chester, PA 19022
1-800-916-8800
http://www.transunion.com
* 2. Check your credit report for inaccurate information; such as: Collections or debts which have been paid and never updated.
* 3. Avoid more debt. Your debt should not exceed 45% of your income.
Repairing your credit will take time and effort. Rebuild your credit, and own a home, car, cell phone, or any other item revolving around credit.
Credit Laws
Credit Reporting Act
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