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Text To Join July 21, 2011

Posted by CredZoo - Tame Your Credit in About CredZoo.
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It’s Never Been Easier To Start Restoring Your Credit

Sign Up For CredZoo’s Information Packed E-Newsletter By Texting Us!

 

Text RESTOREMYCREDIT to 22828

 

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Tighter Lending Hurts Housing July 7, 2011

Posted by CredZoo - Tame Your Credit in New Credit Information.
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From The WSJ

The percentage of mortgage applications rejected by the nation’s largest lenders increased last year, spotlighting how banks’ cautious lending practices are hampering the nascent housing market recovery.  In all, the nation’s 10 largest mortgage lenders denied 26.8% of loan applications in 2010, an increase from 23.5% in 2009, according to an analysis by The Wall Street
Journal of mortgage data filed with banking regulators.  Although lenders were expected to pull back from the freewheeling conditions that helped inflate the housing bubble, some economists argue they are now too conservative, and say that with the US economy still wobbly, mortgages need to be easier to obtain for qualified borrowers, not harder.  “As the noose on credit availability tightens, credit is being choked off at a time when the housing market is extremely fragile,” says Laurie Goodman, senior managing director at Amherst Securities Group LP.

Christopher Thornberg, a housing economist at Beacon Economics in Los Angeles, counters that “banks are doing what they need to do” to change lending standards in the wake of a “crazy bubble.”  He adds, “You had decades where credit standards were tougher than they are even now.”

Among the would-be borrowers having a harder time are those who have seen their incomes fall or interrupted by a period of unemployment, scenarios that have become increasingly common in recent years. Some self-employed applicants are also hitting barriers to loans—hurdles they didn’t face in the past. Lending standards are still tight in part because government entities
Fannie Mae, Freddie Mac, and the Federal Housing Administration, which collectively account for more than nine in 10 loans being made today, are under heavy pressure to avoid any losses.  Those firms don’t make loans directly but instead purchase or guarantee mortgages that meet their standards, and so have significant influence over which loans banks are willing to approve.

“It’s A Jungle Out There” May 19, 2011

Posted by CredZoo - Tame Your Credit in About CredZoo.
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Have you ever wondered why CredZoo uses the line, “It’s A Jungle Out There” when referring to the world of credit and credit repair? Well do a quick search on google and you’ll find out! People with bad credit are top targets for people and organizations looking to take advantage of someone in a tight spot, with limited (reliable) options. Search for ‘loans for people with bad credit‘ and you get over 25,000,000 results; everything from ‘bad credit daddy’ to ‘snappy money’ promising instant loan processing, no credit checks and unsecured loans with the highest approval rates. Does it sound too good to be true?

    It is! Rooting around through these 25,000,000 websites, trying to find a reputable company to help you repair and restore your credit so you can get a real, reliable loan is exactly why CredZoo says: “It’s A Jungle Out There!” If you’re serious about discussing ways you can improve your credit score, we’re here to help. Our credit specialists are experienced, friendly, and will help you determine the best course of action to achieve your goals — all at no obligation or cost to you. Call us for your free consultation at 888-881-5333.

Why Check Your Credit Report? And How? May 4, 2011

Posted by CredZoo - Tame Your Credit in About CredZoo, Tips For Good Credit.
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Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. Some financial advisers and consumer advocates, like CredZoo, suggest that you review your credit report periodically. Why?

* Because the information it contains affects whether you can get a loan — and how much you will have to pay to borrow money.

* 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.

How to Order Your Free Report

The three nationwide credit reporting companies have set up one website, toll-free telephone number, and mailing address through which you can order your free annual report. To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can use the form in this brochure, or you can print it from ftc.gov/credit. Do not contact the three nationwide credit reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

You may order your reports from each of the three nationwide credit reporting companies at the same time, or you can order from only one or two. The law allows you to order one free copy from each of the nationwide credit reporting companies every 12 months.

You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide credit reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.

Obtaining your free credit reports for CredZoo professionals to review is the first step to improving your credit score! You begin by forwarding copies of your credit reports to us from all three of the major credit bureaus. Keep in mind that a recent law which aids in resolving inaccuracies of credit reports, forces the credit bureaus to correspond only with you, not your credit repair firm. Learn more about CredZoo’s credit restoration services right now by clicking here!

(Official Information Courtesy Of The Federal Trade Commission)

How Much Does Bad Credit Cost? March 22, 2011

Posted by CredZoo - Tame Your Credit in About CredZoo.
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The cost of credit repair is small compared to the cost of living with bad credit. Below are a few examples from CredZoo.org of the cost of bad credit:

Auto Loan

If you are making vehicle payments, you are, most likely, paying between $4,000 and $10,000 more over the course of the loan just for having credit score issues. This added interest shows up every month in a higher payment.

Example: Car Loan $23,000 Vehicle Financed for 5 Years

Credit Status Rate Payment Interest Paid
High Credit Score 3% $413 $1,796
Slightly Damaged 9% $477 $5,646
Damaged 18% $584 $12,042

Home Loan

Damaged credit on a vehicle is nothing compared to the effect of damaged credit on a home loan. A typical home can cost between $180,000 and $300,000 more in interest of the 30 year loan, if you are buying the home with damaged credit.

Example: $120,000 home paid over 30 years:

Credit Status Rate Payment Interest Paid
High Credit Score 7% $798 $167,410
Slightly Damaged 9% $966 $227,596
Damaged 13% $1,327 $357,878

$190,000 home paid over 30 years:

Credit Status Rate Payment Interest Paid
High Credit Score 7% $1,264 $265,066
Slightly Damaged 9% $1,529 $360,361
Damaged 13% $2,1202 $566,640

What A Credit Repair Company Can Do For You February 1, 2011

Posted by Chance Daily in New Credit Information.
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Most people have a vague idea on what their credit scores are based: how they’ve paid their bills.  But the truth is much more complicated than that; especially when it comes to bad or incorrect information on credit reports.  Unfortunately most people have no idea that their creditors pay the credit bureaus to put bad marks in their credit file. Creditors are not held highly accountable to remove bad marks even when it’s free for them to do so!

Under the Fair Credit Reporting Act it is left up to the consumer to check and correct any incorrect entries.  This is something you can certainly do if you already know how to talk to the Credit Bureaus and what exactly to put in your dispute.  The problem is that if it isn’t done correctly the credit bureaus will simply ignore your dispute!

Credit repair companies have built their business on knowing how to dispute incorrect information on credit reports and knowing the rules which credit bureaus, creditors and state agencies follow to remove incorrect information on credit reports.

When you choose a Credit Restoration company you’re enlisting a team of industry professionals that can make sure that your credit report will reflect the proper picture of your current credit status. Items which should no longer be reported will come off and your credit picture will improve. This information can include late payments, bankruptcies and judgments.

When looking for a Credit Repair company, be sure to choose one that is a Member of the National Association of Credit Organizations. You can learn more about Credit Repair by visiting CredZoo.org and by following CredZoo’s blog, right here at credzoo.wordpress.com!