Monthly Archives: August 2015

Ways to boost your credit score

Having a good credit score takes a lot of work. Building a good credit score is a process and will take time especially if it is not in your favor. Fortunately, there are things that could be done to boost this important number. Of course there are cases like bankruptcy and foreclosure that is hard to get by. If you credit score is around 500, this will take time to rebuild. Sometimes it is possible to fix the small dents in your credit history so it will be easier to apply for a loan from a top San Francisco mortgage broker.

  • Correct mistakes on credit report. This is said to be the most important thing to do. Acquire copies of credit report. Stated on law, you are entitled to get a free copy every year. Take time to go through each and check for any errors related to payments or credit limits. Any inaccurate entries should be disputed. You should send them a letter along with supporting documents. This is done around 30 days.

  • Paying down large credit. Having too much debt can affect your credit and it will lower down credit score. A way to correct this is by paying down your debt. As we all know, a person incur debt because they don’t have ability to pay. However look at savings or funds that can help you pay down huge debt. This is helpful if you are applying for mortgage.
  • Divide debt on various credit cards. Even if your debt is not that big, it will hurt if you have a lot of balance in a single credit card. It is ideal if you don’t use more than 20% of credit limit. If you have a card with high balance, try using other cards. There are balance transfers program offered by credit cards. Utilize your options.
  • Beg your creditors. This can actually be done. There are some creditors who are willing to withdraw items from credit report. This is true if you have been good customer. You can request for goodwill adjustment. You can get creditors to withdraw small items which can in turn give your credit a boost.
  • Negotiate. There are cases when credit score is lowered when you have dispute with creditor. Negotiate with them a non report of your situation after settling with them the amount. They will do this because they will rather be paid than reporting to credit bureaus.

Helpful Articles:

How the Banks got into the PPI Mis-selling mess

Anyone would think that an industry as heavily regulated as the consumer finance market would not be prone to scandals as widespread as the payment protecting insurance (PPI) saga, but where there’s money there’s always greed. The truth is that lenders saw a sneaky and underhand way of getting their customer to part with more money than they needed to, and for many years this went largely unnoticed by the powers that be. However, suspicious customers eventually took action, and once an investigation was undertaken the bubble burst.

  • How did they do it?

The answer to the question is: very easily, and by taking advantage of consumer’s lack of understanding of financial products. When granting someone a mortgage or loan all they needed to do was get them to believe that, in the first instance, they needed a PPI policy and, the cherry on the cake, that they had to take the policy provided by the lender. This happened on a widespread basis, and led to many people erroneously taking out a more expensive PPI policy than was needed. In other cases, customers were sold policies that were of no use to them or were no told they were even being sold a PPI package.

  • Who Can Claim?

Anyone who has had a PPI policy in the past few years can use a PPI calculator and claim back the fees if it is deemed to have been mis-sold to them. Many thousands of people have already claimed, yet it is believed that only 10% of those who have ever held a PPI policy have so far made a claim to get back the mis-sold fees. It is telling that the collective lenders – of which some 20-odd were involved – have collectively set aside over £14bn to finance repayments, and this figure is almost certain to increase in time.

  • What Happens Next?

Assuming the banks honour the High Court instruction to pay back mis-sold PPI fees – and there have been fines levied on some that took too much time to do so – the coast is clear for claimants to get back what they are owed with relative ease. However, for many the prospect of handling such a procedure alone is too daunting, and this is why using the expertise available from a PPI Claims Company may be a wise choice. However you claim, the fact is you are entitled to your mis sold fees, as well as compensation.