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21
Apr

Learn How To Identify A Credit Repair Scam

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scam Learn How To Identify A Credit Repair Scam

Photograph Courtesy Of Anecdoteak

During the recent financial crisis, many people found it difficult to pay all of their bills on time, usually due to a job loss or a reduction in their working hours. As a result, their credit score took a significant hit, increasing their cost for many financial products like insurance and car loans. Desperate to raise their credit score back to its previous heights, these consumers often turn to companies that claim to help them increase their credit score in a short amount of time. Unfortunately, there are a number of unscrupulous companies out there that prey on these consumer’s desperation by offering credit repair services that are a scam at best or criminal on the part of the consumer at worst. Here are some ways to identify whether a credit repair service is a scam.

Offering To Create A New Credit File

One prevalent type of credit repair scam has the scammers offering to create a new credit file for the consumer, divorced of their previous credit problems. While offered as a chance for the consumer to make a new start and rebuild their credit, it often leads to criminal charges against the consumer that paid for the service. That is because the new credit file is often associated with an employee identification number obtained from the IRS that is used in place of the individual’s social security number. In essence, the consumer is creating a new, fraudulent identity, which is against the law across the country. Thousands of people become victims of this type of credit repair scam every year.

Offering To Remove Negative Information In Your Credit History

In most cases, a company that tells a consumer that they can remove negative information from their credit history to increase their credit score is lying. Factual negative information on a credit report cannot be removed by a call from a random company. The only thing that can remove factual information from your credit report is the passage of time, typically in 7 or 10 years depending on the type of negative information reported. At most, these companies can challenge the negative information with the credit bureaus and force your creditors to provide documentation of the default, but if that documentation is provided, the negative information will remain.

Challenging negative information on a credit report is something that you can do yourself without paying a company to do it for you. Obtain free copies of your credit reports from www.annualcreditreport.com and review the information on them to ensure that everything is correct. If you notice anything on them that is wrong, notify the credit monitoring company that issued the credit report with the error in writing to inform them of the incorrect information. They will open an inquiry and if you are found to be correct, the negative information will be removed from your credit report.

17
Apr

Save Money On Your Next Car By Assuming Someone’s Car Lease

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assume car lease 300x209 Save Money On Your Next Car By Assuming Someone’s Car Lease

Photograph Courtesy Of Justin Hyde

Because of the ways our cities and suburbs are designed, many people need a car to commute from place to place in their local area. Cars are very expensive and renting a car every time that you need one is rarely a feasible solution. Some people have found that they are able to save money on the cost of having a car by assuming someone else’s car lease, which allows them to obtain a car with low monthly payments without a down payment. Here are some things that you need to know if you consider assuming an existing car lease to reduce the cost of owning a car.

Why People Give Up Their Car Leases

There are many reasons why someone may decide to let someone else assume their car lease. They may not like the car or the way it handles and want to get something else. They may have lost their job and can no longer afford the lease payments and other costs of owning a car. Another reason may be that they will be unable to drive the car for an extended period of time and see no reason to pay for the car if they cannot use it. Having someone else assume their car lease allows them to correct their situation without incurring significant penalties.

How The Process Works

You can only assume the car lease of another person if the financing company that extended the original lease allows it. Once the lease has be transferred into your name, you are responsible for making the lease payments for the remainder of the lease term. When the lease term is up, you have the option of purchasing the car under the terms of the original lease or releasing the car and obtaining some other form of transportation. Make sure that you do not violate any of the provisions of the lease, such as going over the allotted number of miles or damaging the car, or you will find yourself making a hefty payment to the company holding the lease if you decide not to buy the car.

Where To Find An Available Car Lease

If you do not know anyone that has a car lease available for you to assume, you are not out of luck. There are companies available that match up people that want to get out of their lease with people that are interested in assuming someone else’s car lease, such as LeaseTrader.com and SwapALease.com. In most cases, the warranty that is available for the car through the manufacturer or the dealership is still valid even after the lease is transferred. The company will display a picture of the vehicle available along with the monthly cost of the lease and the number of months remaining in the lease term to make it easy for interested consumers to find the vehicle that is right for them.

17
Apr

Interested In Investing In Precious Metals?

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6775487268 b0a359b654 z 300x225 Interested In Investing In Precious Metals?Are you interested in investing in precious metals? Many people are for a variety of reasons. Some people choose to invest in precious metals because they view them as a safer investment than investing in company stocks on the stock market. Other people like to buy precious metals so they have a physical item that they know the worth of and can easily sell nearly anywhere in the world if they need to.

Investing in precious metals should not be taken lightly because there can be significant risks involved, just like with any investment. Here are some things you need to know about investing in precious metals.

Why Invest In Precious Metals

There are a number of reasons why it may be smart to invest in precious metals. Precious metals are a good investment because they offer a unique protection against inflation as well as insurance against financial or political disasters. Unlike currencies, you cannot just make more of the precious metals, allowing them to retain value through periods of turmoil. There is a wealth of information available about specific types of precious metals and the best ways to invest in each one. A great resource for people interested in investing in gold is this Gold Investment Guide by goldprice.com.

Ways To Invest

There are multiple ways to invest in precious metals and your chosen investment method will depend largely on which method you are the most comfortable with. Some people are comfortable with owning a vehicle that represents a unit of value on paper while some others prefer to take physical possession of the metal itself. If you are the type that wants to be able to hold the precious metals in your hand or store them in a place where you can access them at need, then you will want to purchase bullion in coins and bars. Other investors can choose between Exchange Traded Funds; Mining Stocks and Mutual Funds; Futures and Options; and Certificates.

Investing in precious metals is a great way to diversify your portfolio, as even a small percentage of precious metals in a portfolio reduces both volatility and risk. However, it is important for you to know what your goals are and the risks involved before you make your decision. Do your research and weigh all of your investment options carefully to raise your chances of increasing your wealth and reduce the risk of losing your investment.

Photo by John Louis

15
Apr

Ways to Save Money and Time Around the Home

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8709909994 bb8c805dc6 z 300x199 Ways to Save Money and Time Around the Home

Photograph Courtesy Of Ruocaled via Flickr

In this age of constantly shrinking budgets and added workloads, the need to free up every dollar and minute is vital to maintaining a healthy home and budget. Here are three ways the smart home keeper can save both time and money.  You can find more general ways to save money on your monthly expenses here.

Fill Up the Dish Washer

One of the biggest money and time wasters in the kitchen comes when it is time to clean up. Doing dishes only takes ten minutes per meal, but that time adds up over the course of a month. Instead of doing the dishes twice a day, fill up the dishwasher and turn it on every other day.

This will reduce your water and dish detergent bill by seventy-five percent. In addition, you will save around ten minutes per day. Over a month, this translates to an additional five hours you will have to spend with the family.

Cut the Cord

Cable television has rapidly become one of the largest bills in a family’s entertainment budget. In addition, watching television is a good way of distracting family members from making the most of their time together.

Instead, utilize other the air transmissions to get local weather and news, and use the extra time and cash to take the family out on a nice trip to the museum. Every moment counts – repurpose time that would have been wasted and make it full of cherished memories.

Make Monthly Meals

One of the greatest money sinks a family can run across is found not in the home, but down the street at a fast food joint. The reason for this is simple, few people have enough time to make a meal from scratch every day.

Sadly, this means that the average family will be spending a great deal of money on things that are not food – for instance the advertising used to convince family members to stop at that particular restaurant.

Instead, make large meals and separate them into small containers. It is possible to make ten meals in the time it takes to make one, so create frozen packets of instant dinners. A home maker can use these to save money and time, when in a pinch for both.

Conclusion

Look at the family budget – there are almost always items on the list that only serve to drive up costs and take time away from genuine bonding moments. Identify and eliminate them to obtain the best of both.