Most people do not know about the Wage Earner Plan. This federal law was passed in 1938 and it is administered by the same court branch that deals with bankruptcy claims.
Truth is that bankruptcy although tempting should be your last resort to getting out of debt. Filing bankruptcy may clean your credit immediately but the damage stays on your credit file for 10 solid years before it is removed and during this time it will be quite impossible to receive credit for anything because most creditors will not be willing to deal with you. To utilize the Wage Earner Law requires one thing, that you be a wage earner. That’s it. This is unlike bankruptcy because it does not wipe your credit.
The wage earner law only requires that when you file and are called to court, your creditors must appear and prove in a court of law that you owe them money. Most creditors do not appear because they do not have the time to follow up on your debt in person. On average about 40-45% of creditors actually appear and when they do appear and the court rules against you, then you can set up a real payment plan over 2-3 years to pay back the debt. Setting up this payment plan can also help your credit because you have made an attempt to pay back the creditor directly and not deal with a collection agency. Most of the time creditors do not appear in which case you can wipe that debt from your record as soon as you walk out of the court.
Upon filing the Wage Earner Plan you legally stop any collection agency, lawsuits negative judgment etc against you. When you go to court and the judge rules against the creditor for using deceptive tactics to solicit your business, your debt will be wiped out immediately under the Uniform Commercial Code. Most of these guerilla tactics only work if you know the law and can use it against the creditors. Information is power. Learn more about how to clean your credit at http://www.1800aaacredit.com/ .
Thursday, December 21, 2006
HOW TO OBTAIN FREE MONEY FROM THE GOVERNMENT
Free money is given away everyday to anyone thinking about going into business for themselves or trying to expand an already existing business. The Federal Government is responsible and runs grants programs for anyone willing to get it.
The United States government each year provides about $30 billion in free grants and low interest rate loans, $500 billion in procurement contracts and over $30 billion in consulting and research grants. For example take the concern of the world today which is the environment and ecologically friendly products. If you write up a good business plan and approach the government for a grant, you are likely to receive a nice lump sum grant to begin your business all of which does not have to be paid back. Many people do not go this route because they either don’t know about the programs or they do not want to deal with all the “red tape” and bureaucracy that goes with these applications. But if you really think about it, you really have nothing to loose.
There are millions of dollars available from the Federal and the state government. A list of a few programs and how to contact them are as follows, what you should know is that there is available literature over 300 pages long that fully details where and when anyone can receive a grant and the process to go about it.
1)MONEY FOR WOMEN’S ENTERPRISES: Upward of $300,000 grants awarded to business women every year. Contact the Office of Women's Business Ownership, U.S. Small Business Administration, 409 Third Street, SW, Washington, DC 20416.
2)MONEY FOR INVESTORS IN RENTAL PROPERTY: Contact the Chief, Program Support Branch, Management Operations Division, Office of Multi-Family Housing Management, Department of Housing and Development, Washington, DC 20420.
3)MONEY FOR BUSINESSES IN POOR ECONOMIC AREAS: Contact the Economic Adjustment Division, Director, Economic Development Administration, Herbert Hoover Bldg., Rm. H7217, Washington, DC 20230.
4)MONEY FOR MINORITY BUSINESS DEVELOPMENT: Contact the Minority Business Development Agency, Department of Commerce, Washington, DC 20230.
5)MONEY FOR PROPERTY INVESTORS WHO RENT TO ELDERLY OR HANDICAPPED PEOPLE: Contact the Director, Office of Multi-Family Housing Management, Dept. of Housing and Urban Development, Washington, DC 20410
These are just a few of thousands, if you are really serious about any business and you want to receive a grant to help you begin all you have to do is write a very detailed business proposal and find the right information you need, then write them a certified letter, you will get a reply within a few weeks telling you what you need to do. The most important thing is that you should never take no for an answer. If you no one is willing to help you contact your congressman and bother the office until someone pays attention. To learn more about over government programs and how to make initial contact with them log on to http://www.1800aaacredit.com/ .
The United States government each year provides about $30 billion in free grants and low interest rate loans, $500 billion in procurement contracts and over $30 billion in consulting and research grants. For example take the concern of the world today which is the environment and ecologically friendly products. If you write up a good business plan and approach the government for a grant, you are likely to receive a nice lump sum grant to begin your business all of which does not have to be paid back. Many people do not go this route because they either don’t know about the programs or they do not want to deal with all the “red tape” and bureaucracy that goes with these applications. But if you really think about it, you really have nothing to loose.
There are millions of dollars available from the Federal and the state government. A list of a few programs and how to contact them are as follows, what you should know is that there is available literature over 300 pages long that fully details where and when anyone can receive a grant and the process to go about it.
1)MONEY FOR WOMEN’S ENTERPRISES: Upward of $300,000 grants awarded to business women every year. Contact the Office of Women's Business Ownership, U.S. Small Business Administration, 409 Third Street, SW, Washington, DC 20416.
2)MONEY FOR INVESTORS IN RENTAL PROPERTY: Contact the Chief, Program Support Branch, Management Operations Division, Office of Multi-Family Housing Management, Department of Housing and Development, Washington, DC 20420.
3)MONEY FOR BUSINESSES IN POOR ECONOMIC AREAS: Contact the Economic Adjustment Division, Director, Economic Development Administration, Herbert Hoover Bldg., Rm. H7217, Washington, DC 20230.
4)MONEY FOR MINORITY BUSINESS DEVELOPMENT: Contact the Minority Business Development Agency, Department of Commerce, Washington, DC 20230.
5)MONEY FOR PROPERTY INVESTORS WHO RENT TO ELDERLY OR HANDICAPPED PEOPLE: Contact the Director, Office of Multi-Family Housing Management, Dept. of Housing and Urban Development, Washington, DC 20410
These are just a few of thousands, if you are really serious about any business and you want to receive a grant to help you begin all you have to do is write a very detailed business proposal and find the right information you need, then write them a certified letter, you will get a reply within a few weeks telling you what you need to do. The most important thing is that you should never take no for an answer. If you no one is willing to help you contact your congressman and bother the office until someone pays attention. To learn more about over government programs and how to make initial contact with them log on to http://www.1800aaacredit.com/ .
HOW TO OBTAIN A1 CREDIT USING BANK LOANS
Building credit is actually easier than you might think. It takes a little but of knowledge and the right information and you are on your way to build or acquire credit.
Bank institutions always cater to people who have very good credit and they reserve their loans for these people because they are confident that the client will pay back the loan at the specified interest rate. But if you have bad or no credit it can be difficult to get any of these loans for either a home or a car and even if you do get a loan you will be at a ballooned interest rate, sometimes paying almost twice the rate of someone who has good credit. So what the solution to this? What you should know is that to begin to clean your credit you need to start adding positives to your file, and one of the most prestigious positive lines you can get is a bank loan, even better you can have three at the same time.
To begin you will need about $1000, note that this money is not spent it will be used as collateral to acquire your bank loan. Next you need to find three top banks, consider using Bank of America, Chase bank and Wells Fargo. Once you locate the banks you have know laid the ground work. For the purpose of this article we will label the banks as A,B,C.
Go to Bank A with your $1000 and open a savings account, there should be no problem doing this because most banks will open an account for you without any credit check. Once you have received your bank account go home and wait 3 days. Return to the same bank and tell your bank officer that you want to apply for a loan using your savings account as security. Most of the time they will issue you this loan with no questions asked but be prepared to answer any questions if they might come, for example you might be asked what the purpose of the money is. You might also be subject to a credit check but you should be given the loan because your savings account will act as security. Make sure you tell your banker that you want the loan amotized for 1 year installment payments. Also your $1000 will be frozen for the loan and as you pay it back monthly the exact amount will be freed up for you.
Once you have received the loan go to Bank B open a new account depositing the loan amount. Once again you will go through the above process again, and do the same for Bank C. Once you are done, you now have 3 top bank loans which you are making payments on every month, and all this will cost you is the price of interest rates. For example
EXAMPLE
Bank Savings Balance Loan Amount Payment Amount Total Interest Paid
Bank "A" $1,000.00 $1,000.00 $29.52
Bank "B" $1,000.00 $1,000.00 $29.71 $29.71
Bank "C" $1,000.00 $1,000.00 $62.74 $29.91
The last loan you take from Bank C you will then use to service the monthly payments and as you make payments your money gets unfrozen. After you payments are finished within a year you would have probably spent less than $100 in interest payments and you get your $1000 back, but more importantly you have now lodged three top bank loans which are paid in full into your credit file. Congratulations. Learn more about credit and how to clean or build your credit at http://www.1800aaacredit.com/
Bank institutions always cater to people who have very good credit and they reserve their loans for these people because they are confident that the client will pay back the loan at the specified interest rate. But if you have bad or no credit it can be difficult to get any of these loans for either a home or a car and even if you do get a loan you will be at a ballooned interest rate, sometimes paying almost twice the rate of someone who has good credit. So what the solution to this? What you should know is that to begin to clean your credit you need to start adding positives to your file, and one of the most prestigious positive lines you can get is a bank loan, even better you can have three at the same time.
To begin you will need about $1000, note that this money is not spent it will be used as collateral to acquire your bank loan. Next you need to find three top banks, consider using Bank of America, Chase bank and Wells Fargo. Once you locate the banks you have know laid the ground work. For the purpose of this article we will label the banks as A,B,C.
Go to Bank A with your $1000 and open a savings account, there should be no problem doing this because most banks will open an account for you without any credit check. Once you have received your bank account go home and wait 3 days. Return to the same bank and tell your bank officer that you want to apply for a loan using your savings account as security. Most of the time they will issue you this loan with no questions asked but be prepared to answer any questions if they might come, for example you might be asked what the purpose of the money is. You might also be subject to a credit check but you should be given the loan because your savings account will act as security. Make sure you tell your banker that you want the loan amotized for 1 year installment payments. Also your $1000 will be frozen for the loan and as you pay it back monthly the exact amount will be freed up for you.
Once you have received the loan go to Bank B open a new account depositing the loan amount. Once again you will go through the above process again, and do the same for Bank C. Once you are done, you now have 3 top bank loans which you are making payments on every month, and all this will cost you is the price of interest rates. For example
EXAMPLE
Bank Savings Balance Loan Amount Payment Amount Total Interest Paid
Bank "A" $1,000.00 $1,000.00 $29.52
Bank "B" $1,000.00 $1,000.00 $29.71 $29.71
Bank "C" $1,000.00 $1,000.00 $62.74 $29.91
The last loan you take from Bank C you will then use to service the monthly payments and as you make payments your money gets unfrozen. After you payments are finished within a year you would have probably spent less than $100 in interest payments and you get your $1000 back, but more importantly you have now lodged three top bank loans which are paid in full into your credit file. Congratulations. Learn more about credit and how to clean or build your credit at http://www.1800aaacredit.com/
WHO IS THE CREDIT BUREAU
Many people who don’t know anything about credit have the feeling that the credit bureau is a government agency that works for Uncle Sam to ruin our lives but the real truth is that government agencies are just private companies that that have monopolized the credit industry. The industry is therefore run by three firms: Transunion, Esperian and Equifax. These three giants run the industry but there are more than 2000 smaller credit bureaus. Truth is that these companies are all private companies and are in the business of making money. Hell they are even listed in the New York Stock Exchange and for the price of a share you can own the company. Nice thought considering these companies literally own most of the individuals in the U.S who happen to have bad credit.
How do credit bureaus get their information? Various companies subscribe to the credit bureaus services and therefore send credit history of individuals to the credit bureau. Updates are also sent to the credit bureau by the creditor periodically. Creditors usually report at different times to different credit bureaus so therefore none matching dates and amounts can be shown on each credit report. There are so many instances were these reports are terribly incorrect. The companies the send reports to credit bureaus are namely banks, department stores, mortgage companies, credit card companies etc.
Credit bureaus also get their information from public record from courthouses including bankruptcies, default payments, tax liens etc. Many times the credit bureau adds these records to its files but fail to correct the information if the courthouse updates or clears the records. Here are the 3 major credit bureaus and how to contact them. Visit www.1800aaacredit.com for more information.
How do credit bureaus get their information? Various companies subscribe to the credit bureaus services and therefore send credit history of individuals to the credit bureau. Updates are also sent to the credit bureau by the creditor periodically. Creditors usually report at different times to different credit bureaus so therefore none matching dates and amounts can be shown on each credit report. There are so many instances were these reports are terribly incorrect. The companies the send reports to credit bureaus are namely banks, department stores, mortgage companies, credit card companies etc.
Credit bureaus also get their information from public record from courthouses including bankruptcies, default payments, tax liens etc. Many times the credit bureau adds these records to its files but fail to correct the information if the courthouse updates or clears the records. Here are the 3 major credit bureaus and how to contact them. Visit www.1800aaacredit.com for more information.
Friday, December 8, 2006
10 Q AND A’s ABOUT CREDIT AND CREDIT BUREAUS
1) Consumers cannot repair credit score by themselves. This is actually not true. All the information that you need to clean your credit like the pros is easily accessible at http://www.1800aaacredit.com/. And you do not have to pay thousands to achieve a good credit score.
2) If you get a bad item removed from your credit, it can easily be put back on. The truth about this misconception is that if you follow the rules of the Fair Credit Reporting Act and dispute erroneous items on your credit, it cannot be put back on your credit.
3) Paying off old debt or charge offs according to credit bureaus removes it from your credit. Paying off old debt settles the creditor but does not clear your credit report of the bad item. But it is possible with a little information, to wipe any charge-off from your credit.
4) Credit Bureaus are a government agency. Many people have the perception that this is the case, but actually all three credit bureaus are private companies. This makes them liable for damages therefore if you follow them with the law, rather than risk a law suit they will most likely settle and clean your credit.
5) Credit Bureaus are required to remove any erroneous items from your credit after 7 years. This is true but what people don’t realize that the 7 years begins from your last delinquency which therefore can extend this time even past 10 years. And that is a long time to be without good credit.
6) Information on your credit cannot be changed by disputing. The opposite is actually true. Any dispute presented to the credit bureau has to be verified and confirmed by the bureau within 30 days which after they have to remove the item from your report by law. This is quoted under the Fair Credit Reporting Act.
7) Inquiries into your credit can damage your credit. This is unfortunately true, if you have a couple of inquiries then it is not too bad, but anything more and creditors will see you as desperately seeking credit from anyone who is giving it.
Learn how to clean your credit at http://www.1800aaacredit.com/ .
2) If you get a bad item removed from your credit, it can easily be put back on. The truth about this misconception is that if you follow the rules of the Fair Credit Reporting Act and dispute erroneous items on your credit, it cannot be put back on your credit.
3) Paying off old debt or charge offs according to credit bureaus removes it from your credit. Paying off old debt settles the creditor but does not clear your credit report of the bad item. But it is possible with a little information, to wipe any charge-off from your credit.
4) Credit Bureaus are a government agency. Many people have the perception that this is the case, but actually all three credit bureaus are private companies. This makes them liable for damages therefore if you follow them with the law, rather than risk a law suit they will most likely settle and clean your credit.
5) Credit Bureaus are required to remove any erroneous items from your credit after 7 years. This is true but what people don’t realize that the 7 years begins from your last delinquency which therefore can extend this time even past 10 years. And that is a long time to be without good credit.
6) Information on your credit cannot be changed by disputing. The opposite is actually true. Any dispute presented to the credit bureau has to be verified and confirmed by the bureau within 30 days which after they have to remove the item from your report by law. This is quoted under the Fair Credit Reporting Act.
7) Inquiries into your credit can damage your credit. This is unfortunately true, if you have a couple of inquiries then it is not too bad, but anything more and creditors will see you as desperately seeking credit from anyone who is giving it.
Learn how to clean your credit at http://www.1800aaacredit.com/ .
Credit repair companies are not worth it
About 15 years ago many so called credit repair companies have sprung up out of nowhere and claim that they can fix your credit. What consumers should know is that they are taking a 50/50 chance with dealing with these firms. Some credit repair firms are legitimate and can rally make a difference to an individual credit score but most new firms that are springing up now and within the past few years are bogus. They can charge a client upwards of $1000 and then they tell you that it will take anywhere from 8months to 1 year to fix your credit and wipe it clean.
Consumers need to be very weary about such firms and perform a thorough check with the BBB to make sure that the credit repair firm is listed and also to make sure they haven’t been under investigation for fraud. Most if not all states require such firms to practice with a “credit services license” which legally enables them to request for and access personal files for the consumer. Some states even go as far as requiring all credit repair or credit services firms to maintain a $250,000 surety bond/liability for 2 years after doing business in the state. If you think about it, a client going to any of these credit repair firms produces all their details and hands them over to a total stranger. This could be a recipe for disaster and could even plummet you further into debt. If you are still in doubt about certain firms feel free to call the state attorney general and inquire about their business practices and if there has been any complaints about the particular company. To tell you the truth all the services that these firms provide can be done by yourself all it takes is the right information. These companies operate under the veil that 99% of the public are clueless about their rights as consumers. Learn more about fixing your credit by yourself at www.1800aaacredit.com.
Consumers need to be very weary about such firms and perform a thorough check with the BBB to make sure that the credit repair firm is listed and also to make sure they haven’t been under investigation for fraud. Most if not all states require such firms to practice with a “credit services license” which legally enables them to request for and access personal files for the consumer. Some states even go as far as requiring all credit repair or credit services firms to maintain a $250,000 surety bond/liability for 2 years after doing business in the state. If you think about it, a client going to any of these credit repair firms produces all their details and hands them over to a total stranger. This could be a recipe for disaster and could even plummet you further into debt. If you are still in doubt about certain firms feel free to call the state attorney general and inquire about their business practices and if there has been any complaints about the particular company. To tell you the truth all the services that these firms provide can be done by yourself all it takes is the right information. These companies operate under the veil that 99% of the public are clueless about their rights as consumers. Learn more about fixing your credit by yourself at www.1800aaacredit.com.
THE REAL TRUTH ABOUT CREDIT SCORING
Credit scoring is system that most creditors and business use to determine if to issue credit cards or loans to an individual. When you apply for credit, creditors reserve the right to administer a full credit check thereby checking your past credit history. Various factors help creditors determine if to issue you credit or not. Your income bracket, total bills, credit card balances and much more determine if your are a good candidate for credit or not.
The credit scoring system awards points are awarded for each factor toward your credit worthiness. Using this system, creditors can then offer credit to individuals with the most points. For example earning over $1,200 per month gives you 15 credit points whereas earning $800-$1000 per month gives you only 12 points. Age is also a factor 21-28 year old gives you 11 points whereas 28-35 gives you only 5 points. The age discrepancy stems from the fact that most people in their thirties and forties generally have high amounts of debt already. Also having a telephone registered in your name and also in the directory earns you more points. In this day and age many more factors contribute to credit scoring sometimes as many as 15-20 factors can contribute to this, many of these factors are also variable and can be manipulated by the consumer to earn the best credit rating possible.
Credit score cannot legally discriminate on race, sex, national origin as many people would assume but the cumulative factors can exclude many groups of people therefore creating a general trend toward certain groups. In fact some creditors will even use factors like ownership of a car title and the age of the car. The fact is if you know all the cumulative factors that go toward earning a good credit score you should be able to sort out the variable factors and let them work to your advantage. To learn more about credit scoring go to www.1800aaacredit.com .
The credit scoring system awards points are awarded for each factor toward your credit worthiness. Using this system, creditors can then offer credit to individuals with the most points. For example earning over $1,200 per month gives you 15 credit points whereas earning $800-$1000 per month gives you only 12 points. Age is also a factor 21-28 year old gives you 11 points whereas 28-35 gives you only 5 points. The age discrepancy stems from the fact that most people in their thirties and forties generally have high amounts of debt already. Also having a telephone registered in your name and also in the directory earns you more points. In this day and age many more factors contribute to credit scoring sometimes as many as 15-20 factors can contribute to this, many of these factors are also variable and can be manipulated by the consumer to earn the best credit rating possible.
Credit score cannot legally discriminate on race, sex, national origin as many people would assume but the cumulative factors can exclude many groups of people therefore creating a general trend toward certain groups. In fact some creditors will even use factors like ownership of a car title and the age of the car. The fact is if you know all the cumulative factors that go toward earning a good credit score you should be able to sort out the variable factors and let them work to your advantage. To learn more about credit scoring go to www.1800aaacredit.com .
Tuesday, December 5, 2006
HOW TO OPEN A NEW CREDIT FILE
There are different ways to open a new credit file each of which works to help one build a new credit file and utilize simultaneously while repairing ones credit or establishing credit. One can use their own name with different personal information. You can also use the same personal information with different first or last name, or use an alias with different personal information. Before you decide which way to go you must know exactly what you are trying to do.Personal information data include birthdate, social security number and address. Variations can be made easily to the address, but other variations including social security number and birthdate require you to be very keen to the inner workings of credit and how credit bureaus work. Most people don’t realize that credit bureaus are private firms that issue rankings on your credit when a credit check is done. People with bad credit are not doomed and there are ways out of the bind.
Understand that a credit bureau is a massive data base and new names are entered every second. If you call the credit bureau and give them your information they are able to pull your credit report and FICO score. All three credit bureaus work in the same way. Any variation in the way your details are presented lodges the details as a new credit file because there is no history of the person. Therefore you have essentially created a new credit file therefore a new identity. Learn more on how to establish a new credit file at www.1800aaacredit.com.
Understand that a credit bureau is a massive data base and new names are entered every second. If you call the credit bureau and give them your information they are able to pull your credit report and FICO score. All three credit bureaus work in the same way. Any variation in the way your details are presented lodges the details as a new credit file because there is no history of the person. Therefore you have essentially created a new credit file therefore a new identity. Learn more on how to establish a new credit file at www.1800aaacredit.com.
Monday, December 4, 2006
IF YOU HAVE NO CREDIT READ THIS!!!!
As many young American move from childhood to adulthood they are faced with a grim reality. They have no credit, and now they are classified and bunched with those who have bad credit. Any creditworthiness you acquire is directly linked with credit lines that you have on your file. Each credit line is gained when you apply for credit cards, buy a car, get a bank loan etc. So to gain a credit line, you must have good credit and to have good credit you must have credit lines. This has been the problem for most young Americans. One way to eliminate this problem is to acquire a collateral bank loan and once this is paid back you automatically have a credit line. Most banks are willing to offer this service to young people because the bank knows that credit is all that matters in the world today and building your credit from a young age will give you a head start among your peers. Credit card companies can be very reluctant to even offer you a low limit credit card knowing that you have no credit at all. If one is offered it is usually a secured credit card with high initial annual fees and high rates. Also it will be impossible to purchase a car or a home without any credit lines. A bank collateral loan requires a deposit into your bank of choice then the ability to request for a loan that is equal to the amount deposited. A reasonable term would be one year to pay back the loan on a monthly basis. Problem solved.Visit www.1800aaacredit.com for more information
No credit is worse than bad credit
Millions of young Americans do not realize that having no credit is just as bad as having bad credit. Credit scores determine the kind of credit that most companies are willing to give an individual. Credit card issuers look at an individuals total credit score in determining the amount to give. Depending on your creditworthiness and your total scores most credit card companies will offer you credit cards at great rates. Visit www.1800aaacredit.com for more information.
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