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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!
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Newest Articles:

Identity Theft Becomes #1 Crime!

AP (CBS)
Identity theft led the list of fraud complaints filed with the U.S. government, becoming the fastest-growing crime in the nation.

That's according to Consumer Sentinel, the federal government's Web site focusing on the fight against fraud.

Reports of stolen Social Security numbers or credit-card accounts made up 23 percent of the 80,000 fraud complaints that were filed last year.

Other common complaints included problems with Internet service accounts or computer purchases, sweepstakes and lottery promotions, and Internet-based auctions.

Fraudulent investments were the most damaging financially, costing U.S. consumers at least $38 million in 2000. Business opportunities cost consumers another $34.5 million.

Criminals are increasingly using the Social Security numbers or credit-card accounts of others to make purchases or set up new accounts, a practice known as identity theft.

Misuse of credit cards accounted for 50 percent of all identity theft complaints the FTC said. Criminals also used fake identities to set up false phone or utility bills, banking accounts and loans, and to create fake drivers' licenses, tax returns, and Social Security accounts.

Identity theft can be a high-tech crime, but it doesn't have to be, according to FTC spokesman Hugh Stevens.

"You can be a victim of identity theft from putting out information on the Net, or from putting it out in your trash can," says Stevens, in an interview with CBS News.com.

One thing you can do, says Stevens, is to check bills carefully, to make sure there are no charges you don't recognize. Another trouble sign is bills that don't arrive: Your mail could have been diverted to someone else's address by a scammer who called in a change of address, eager to get a look at the personal information in your mail.

"If you are a victim," advises Stevens, "one of the first things you need to do is contact the major credit bureaus and ask them to put a fraud alert on your file."

You'll also want to contact the authorities, who thanks to a law passed in 1998, now have a national clearinghouse to coordinate difficult investigations of identity theft crimes in which the scam artist and the victim are often geographically far apart.

Tips from the FTC on ways to avoid becoming a victim of identity theft:
Whenever you are asked to reveal personally identifying information, find out how it will be used, whether it will be shared with others, and if you have the option of having the information kept confidential.
Know when your bills are supposed to arrive and call your creditors to find out what's going on when a bill doesn't show up. Stealing your mail and the personal information it contains is a popular trick of identity thieves.

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Unsecured Personal Loans at AnyCreditHistory
Options for no payment for 6 months!
Or interest only payments for first six months.
Bad credit welcome and always approved!
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_____________________________

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When you send in your comment, please be specific and if you are an existing member,
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Be specific as possible. We get questions about many different services.
The more information you send the faster everything goes.

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.

__________________________________

Here's all the links you need to review all of the offers on this page.
Find the one that most suits you and apply right away.

Personal Loans
Quickly qualify for a personal loan and get the money you
need fast. Loans up to $25,000 are available for a wide range
of purposes, including debt consolidation, auto down payment,
wedding, small business, etc.

Debt Consolidation Loan
Cash to consolidate credit card debt or other expenses into
one lower monthly payment.
•Unsecured loans up to $25,000
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Moving Loan
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•First month, last month, and
your security deposit
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Get cash for home repairs, remodeling projects and more without using
equity in your home. •Unsecured loans up to $25,000 available
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Identity Lookout
Experian®Credit Report. Credit,
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Unsecured Personal Loans
at AnyCreditHistory They say:
Options for no payment for 6 months!
Or interest only payments for first six months.
Bad credit welcome and always approved!

Instant Loans
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Need a checking acct.
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Student Loans
Loans specifically designed for students

Credit Report
Find out what's holding you back

Cyber Begging
Remarkable! Latest Technology!
Now Available!
CNN says this is the new way to get out of debt.
Get Donations from around the world that you never pay back!
If you really need the money.
One woman got over $20,000 in just over 20 weeks!
DonateMoney2me.com

Special Note:
Please read this! -- This is very dangerous to your credit!
Avoid the credit check pitfall!

Before you start applying everywhere, realize this:
2 or more recent credit checks (inquiries) will negatively affect your credit score. Your credit score can be seriously damaged!
But, you can avoid this pitfall and still be able to apply at several companies if you are turned down, you can go to the next lender and apply without worry about your credit being damaged.
Here is how it works:
If you purchase a copy of your credit report in advance,
a lender can pre-approve you with a faxed current copy of your credit report. If they decide to reject the loan, you can continue to apply at different lenders until you find one that accepts you.
Before completion of the loan process your actual lender will probably need to do a final check on their own, but now you have only one inquiry on your records instead of two or three or more!
Note: when you purchase your credit report, it does not show up as an inquiry!
It is a good idea to know in advance what your credit score is and if there is any incorrect information on your reports. You really need to bite the bullet and find out what's on your credit record!
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.

The Top Web Sites
For unsecured loans and ways to raise money for good or bad credit:
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