New Credit Scoring System 3/16/2006
Called the: Vantage-Score

The credit reporting companies — Equifax Inc. of Atlanta, Experian Information Solutions Inc. of Costa Mesa, Calif., and TransUnion LLC of Chicago — announced Tuesday that they’re introducing “Vantage- Score” to banks, mortgage lenders and credit card companies. After the lender rollout, the new scores will be available to consumers, probably later this year.
Credit scores traditionally have been three-digit numbers that lenders use to evaluate borrowers. The scores reflect how much debt a consumer is carrying, how good they’ve been at paying back loans and how many credit applications they have outstanding.

The scores are important because lenders use them to decide if they’ll loan money to consumers and at what rate. The higher the score, the more creditworthy the consumer is considered and the lower the interest rate the consumer will be charged.

The agencies in the past each used proprietary formulas to generate their own scores, meaning that a lender dealing with a consumer’s application for a credit card or a mortgage might have to reconcile three widely different scores.
With the new system, a single methodology will be used to create the scores for all three credit bureaus, the agencies said.
There will be only minor variations in the results, based on differences in the data each bureau has accumulated in consumers files, they said.

Note: This does not address the underlying accuracy of the credit reports on which the scores are based.

In addition to the credit agency scores, some large lenders generate their own internal scores, often using credit bureau data. And many lenders — including those in the credit card and auto lending businesses — use FICO scores, which are named for the Minneapolis-based Fair, Isaac Corp. that developed them.
Fair, Isaac has done considerable outreach to educate consumers about FICO scores, which range from 300 to 850.

The new system being introduced by the credit bureaus will provide scores ranging from 501 to 990, according to Tuesday’s announcement.
You can find out today what your credit score is but the newer "Vantage-Score" will not be devloped for consumers use for several months.

CREDIT SCORES: The major consumer credit reporting agencies — Equifax, Experian and TransUnion — create a unified credit scoring system that features “a more consistent and objective approach.”

WHAT IT MEANS TO CONSUMERS: Credit scores given to lenders will be much more uniform; it should speed up the loan approval process.

• As reported on CNN, NBC, ABC, CBS, and Fox News, .........a recent study showed 79% of all credit reports have some incorrect information.
• Incorrect information can cause you to pay more in interest, make it difficult to get a home or even rent an apartment and much more! 
• To order your credit report and get it instantly online: Click here
• Be sure to get the one with all 3 credit bureaus reports as you will need all three.

Have your creditors been hassling you? 
Here Are Your Rights!
(This article re-printed because of popular demand)

You can put a stop to it! Here's how to stop them cold!
Under Federal Laws:
1. A debt collector may not call you before 8 a.m., after 9 p.m.
2. They many not call you at work if the collector knows that your employer
doesn't approve of the calls. You must tell them.
3. Collectors may not harass you, make false statements, or use unfair
practices when they try to collect a debt.
4. Debt collectors must honor a written request from you to cease further
contact.
5. A debt repayment plan does not erase your credit history. Under the Fair
Credit Reporting Act, accurate information about your accounts can stay on
your credit report for up to seven years.
6. Don't be afraid to tell these collectors that you are aware of the laws
and will report them to the Federal Trade Commission.
7. Set up a recorder and record any threats made against you. Check your
local laws first, you may have to reveal beforehand that you are recording.

Free Article:
How to Negotiate a Settlement with Creditors

About Credit Bureaus and Credit Reports: 
Here's How to get your credit report direct from the Credit Bureaus

Here are the addresses, phone numbers and url for the three major credit bureaus.
Contact them for your credit reports which may be free, see below.

Trans Union - PO Box 390 - Springfield, PA 19064-0390 - (800)916-8800 -
www.tuc.com

Equifax - PO Box 740241 - Atlanta, GA 30374-0241 - (800)685-1111 -
www.equifax.com

Experian - PO Box 949 - Allen, TX 75013 - (888)397-3742
www.experian.com/product/consumer/online.html

Depending on your state, there may be a charge of up to $8.00 or more. If
you have been denied credit, insurance, or employment because of your credit
rating within the past 60 days, you can get a report at no charge.
What your credit file says about you.
Almost everyone with a few exceptions is surprised to find out what is and
isn't in their report and how incomplete they usually are. There is also a
different picture in each of the Big Three that has a credit file on you.
Some credit-offering companies tend not to report regularly to credit
bureaus, small department stores, auto dealers, mortgage companies, utility
companies and medical providers fall into this group. The ones that do tend
to report regularly are bankcards, large department stores and federally
guaranteed student loans.

What we think:

It is Wrong:
1. That you get penalized for 7 to 10 years after a 
credit issue has been resolved.
2. That your zip code helps determine your credit score.
3. That stall tactics are used to keep you from resolving your credit report disputes.

 Warning - Alert!   
Do not do business with any loan company 
that asks for "insurance money"! This is a huge scam, one of our members told us that she lost $2500!
You will never get it back, often they say they are a Canadian Company but they change their name 
and location often! 
Before you do business check the local BBB from where they tell you they are located, get their name and address. 
Never send money upfront in a situation like this!
______________________________

Newest Articles: 

• Are you struggling with personal debt?

• Found yourself in a sea of debt?

• Are credit cards your enemy?

• Glossary of Lending and Financing Terms

Free Credit Empowerment Zone
The more you know the better off you are!

Bad credit personal loans are one of the most requested loans in the world. Although you might think home loans or auto loans would be requested more often, the truth is that personal loans, especially bad credit personal loans are high on the list. Because of this, there are many disreputable ways to lose money if you are looking for that type of loan, personal loan with bad credit. If your credit is good, you are less likely to get taken in......this is because there are so many reputable companies that offer personal loans for people with good credit. 

We offer credit cards, personal loans, unsecured loans, high risk loans, loans to people with bad credit, signature loans, home loans, car loans and automobile refinance loans, pay day loans, cash advance loans,
debt consolidation loans and alternative loans specializing in bad credit.

Bad Credit     Good Credit     Horrible Credit

Personal Loans      Guaranteed VISA    Refinance Loan    Mortgage Loan    Auto Loan   Credit Repair    

  Quick $500-$1000    Debt Consolidation Plan


Glossary of Lending and Financing Terms

Questions? 

Contact:  Support - go to our help desk:  Click Here
Because we receive so many emails a day, and have so many different services, 
we may need additional information to find your records and/or to respond properly. 
When you send in your comment, please be specific and if you are an existing member, 
send your member receipt number.  
If we get an a message that reads something like this: "How long will it take?" 
It is hard for us to know who sent it, what it pertains to and how to reply.
Be specific as possible. We get questions about many different services. 
The more information you send the faster everything goes.

__________________________________

Our Privacy Policy  

We will never sell your information. We do not share ANY information with outside parties. To prevent unauthorized access, and ensure the appropriate use of information, we have appropriate physical, electronic, and managerial procedures to safeguard and secure the information we collect online. We use return email addresses to answer the email we receive and you have the option to "opt out" of our contact with you in the future. Such addresses are not used for any other purpose, are not shared with outside parties, and are never sold. Your information will not be kept on file after 6 months. It will be destroyed at that time.