Credit911

Gulf Coast Financial Solutions

Help! How Do I Know More About Credit?

The Fair Credit Reporting Act or FCRA:

   * Designed to promote and establish accuracy as well as ensure privacy of the information used in   consumer reports.
    * Credit Reports are used to evaluate a person's application for employment, credit, insurance and leases.
    * FCRA, provides a mechanism or method to contact the credit bureaus if your credit contains inaccurate information.
    * Under the FCRA, you have the right to get a free copy of your credit report once a year or if denied for credit or employment.
    * FCRA is a "federal umbrella" that protects the privacy, rights and accuracy of every American Consumer.

More Information by the Federal Trade Commission or FTC

Many credit counseling organizations are nonprofit and work with you to solve your financial problems, but doesn't guarantee free or affordable or even legitimate services.
Before considering Bankruptcy, be aware that bankruptcy laws require that you get credit counseling from a government approved organization within 6 months before you file for bankruptcy relief.
Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops but, not do the work for you. They can however, develop a plan with you to solve your money problems. Sessions last about an hour with follow up sessions.
The FTC (Federal Trade Commission), works to prevent fraudulent, deceptive and unfair business practices in the marketplace and provide information to help consumers spot, stop and avoid them. www.ftc.gov for more information.

FICO 08's New Scoring May Affect Your Credit Scores

The Fair Isaac Corporation, which develops the most widely used formula for preparing a credit score, unveiled a new scoring system this year. Its called the FICO 08' due to the fact, it was supposed to be out last year. This new scoring system will be doing a better job of distinguishing people who have stumbled once or twice with their credit repayment from people who have or are still continuously not paying on time or at all.

Key Points To Remember:

* Don't max out on credit cards - This will hurt more than before. Stay below 30% of what your credit limit is.

* Little mistakes won't hurt as much- Now, your total credit history counts more than late payments.

* Small debt collections hurt less- Anything under $100 in medical collections will be ignored completely.

* Piggybacking (Authorized User) is back- Being an "authorized user" (this mainly applies to spouses or children) on someone else's account with better credit will only be available to spouses and children to prevent fraud.

Despite all of these changes, the basic rules for having a good credit score still applies or remains the same. Pay your bills on time, keep your credit card balances below 30% of what your credit limit is, build up your credit with simple steps such as having a master budget plan, savings and checking account, and small in store credit such as Fingerhut, Jewelry Store or clothining store and pay them on a timely manner.

Prevent Credit Bureaus from Selling Your Name to Mailing Lists

www.optoutprescreen.com

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