Realistic Home Based Businesses You Can Do

Forget licking envelopes or giving out fliers on behalf of a business. Thanks to the web, there are many more opportunities for you to make a living at-home. The Internet isn’t the only source for jobs, but it has provided the most growth for people who prefer or need to work at home.

What You Should Know

Some jobs, such as writing, have transitioned quite well from the corporate world to the ranch down the street, while others may require you to do some “face time” at a place of business or other location.

• read more about home based businesses
• running a business means having good credit

You've decided to go ahead with an important consumer purchase, perhaps that new car you always wanted even a vacation home and you receive a nasty piece of information -- your credit is awful. "This can't be!," you think but according to at least one of the credit reporting services you aren't even fit to buy a new shirt, let alone a high ticket consumer item.

Some consumers have bad credit because of action they took which caused accurate negative information to be added to their record. But, for many other consumers inaccurate even false information could have found its way into their reports.

How To Fix Your Credit Report

Your credit report won't fix itself, but with your pro-active work you can take care of each mistake one by one.

To get started you should:

• Retrieve copies of each of the three major credit reports. These are available for free from AnnualCreditReport.Com, a service of the Big Three credit reporting services: Trans Union, Equifax, and Experian. By law, the companies must allow you to access your reports once annually for free.
• Examine the report closely to make sure that your name, social security number, address and other personal information is correct.
• Check your individual accounts as they should each be in good standing. If not, find out the reason why an account isn't in good standing. If it is due to something you did, then you cannot correct this problem other than making future payments on time. If there is an error with the account, contact the appropriate credit reporting service and explain to them what information you found is incorrect.

Notifying the Credit Reporting Service

If you discover an error, make a copy of the credit report and circle in red what you believe to be wrong information. Then, visit the Federal Trade Commission's site and copy their sample dispute letter and change it accordingly. You'll be sending the letter and your credit report to the service.

The credit reporting service must launch an investigation within thirty days, contacting the creditor on your behalf. Please note that the credit reporting service can come to any number of conclusions based on their investigation:

• Information that you dispute which cannot be verified will be deleted from your file.
• Erroneous information must be corrected.
• Incomplete information must be completed.
• Information belonging to another consumer must be removed from your file.

Not all investigations will be ruled in your favor. Perhaps you overlooked an account or after correcting certain information you could still have negative, but accurate details on your report. You do have the right to attach a letter of explanation to your credit file which can help explain your position. Send a copy to the business in question too so that they have your dispute on file.

Wrong information on a credit report isn't the end of the world, but not responding can be a problem -- take control of your credit today and order your credit reports and obtain your credit score (which is an extra charge).

2008/04/02 credit report

Over the past several months you may have noticed that the number of credit card offers peppering your mailbox has dropped. That is because credit card companies have tightened their lending restrictions and in some case are axing customers.

New Offers On The Way?

However, don't be surprised if the number of offers begins to increase, something I've taken note of personally these past few weeks. With quite a few banks now taking federal taxpayer money, they're in the mood to lend again, but they really haven't eased up on their restrictions. This means that if you have very good credit, you should see additional offers. Not so with the credit challenged consumer.

5 Flags When Considering A New Credit Card

Not every credit card offer received is worth the paper that it is printed on. As a matter of fact, some offers are a sheer horror. With scores of offers out there, why would anyone choose anything less than the best plan? Let's take a look at some of the credit card offers you'll really want to avoid.

Annual Fee – With so many cards out there not charging an annual fee, why would anyone choose one that does? For business cards or consumer cards offering a lot of perks, a reasonable annual fee is okay. All the same, if you are being charged $50 annually for a card with a credit line of $500 or $1000 then you are being ripped off.

Application Fee – Paying an application fee is pathetic. The only cards requiring such a precondition are those for people with awful credit. If you have bad credit, the last thing you need is another credit card. Expect to pay a high interest rate for the “advantage” of shopping with one of these cards.

Low Interest Rate, Low Credit Line – If you are offered a low interest rate credit card what good is it if the credit line is too low? How very nice of them to offer to you a 2% opening APR, but with a credit line of $500 or less you’ll have a hard time making good use of the card.

Penalty APRs – Be on the look out for that credit card offer broadcasting a low rate. It could double or triple if you have just one late payment. Do you think that 3.9% is an appealing rate? You'll quickly rethink that if your rate resets to 21.9% or more!

Bad Deal Convenience Checks – If you idled your credit card a few months ago, do not be surprised if you receive a heavier than normal envelope offering you “convenience checks” to pay off expenses. These checks are not just convenient, but costly. Be careful, you could be hit up with the cash advance rate to borrow money and/or get slapped with a fee to use each check. Stay with those deals where fees are not assessed and borrowing rates are reasonable; familiarize yourself with your user's agreement.

For certain, most credit card offers are sufficient but you need to know what you are getting before agreeing to a card that just may not be advantageous to you. Consider obtaining copies of your credit report too before applying for a new card.

2008/10/03 CREDIT CARDS SE

Here's a silly question -- do you enjoy being in debt? Well that answer should be obvious: of course not. However, getting out of debt can be a long, drawn out process. It may have taken you just a few months to a year to get into debt, but the solution to your debt problems can take many years to resolve.

Fortunately, you have some options to help you get out of debt, four of which we'll discuss here. One or more solutions could provide the help you seek, so take care to understand what each choice means:

Home Refinancing. Interest rates are near historic low levels making the refinancing of your mortgage an attractive option, perhaps netting you hundreds of dollars per month via lowered mortgage payments. You can take the monies saved and use those funds to pay off your other debt.

Consumer Counseling. Consumer credit counseling companies want your business. This might be an attractive option for you, but you'll need to shop around to find the best plan out there. Some credit counseling companies charge outlandish fees, doing work for you that you can do for yourself. As an alternative, some government entities and non-profit organizations offer credit counseling too. A middle ground is to find someone who can provide assistance to you, but at a fixed rate.

Loan Or Debt Consolidation. Those high interest credit cards can sap your wallet, therefore replacing them with one, low interest rate credit card is one way to consolidate debt. If eligible, you may also want to visit your local bank or credit union to see if you qualify for a debt consolidation loan. Be careful: some banks will charge you an application fee, but your credit card issuer will usually not levy this fee.

Cash Out Your Equity. An alternative to home refinancing, you may have enough equity in your home to cash out and pay off all or some of your debt. Importantly, though credit card debt is not tax deductible, a home equity loan is. In most cases, you can reduce your debt as well as reduce your tax obligation by cashing out. Check with your financial adviser to confirm the best option for you.

No Quick Solutions

Reducing your debt won't happen quickly and involves a lot of work on your part. Once you begin to take control of your finances, you'll soon be able to measure progress and be one step closer to overcoming your money problems.

2008/08/04 debt management

Are you feeling financially pinched? Are you getting sticker shock every time that you grocery shop? You're not alone! Higher fuel prices and a flat economy are conspiring together to make many consumers feel ill at ease. Thankfully, there are some steps you can take to manage your finances during these slow times. Let's take a look at some money saving tips to help you keep more of your money.

Shop Elsewhere -- It could be time for you to ditch your favorite grocer or at least take the bulk of your shopping elsewhere. Speaking of bulk, warehouse stores such as BJs and Costco sell just about everything in larger quantities saving you 10-30% on your weekly shopping bill.

Eat Out Less -- Mostly everyone enjoys eating out on a regular basis. You don't have to stop this practice completely, but if you are in the habit of dining out two or more nights per week, then cut back to one night and pocket the savings.

Work From Home, Carpool, or Public Transportation -- Will gasoline well above $3 per gallon and the average commute taking a half hour or longer, the hit your pocketbook takes every time you start up your car quickly adds up. You may not be able to convince your boss to allow you to work from home, but you could show her that once a week makes sense. Otherwise, carpool to work or consider public transportation.

Stop The Plastic -- Using credit cards can be an expensive habit. Using them and keeping monthly balances will cost you plenty. That 25% discount you got when you bought your new wardrobe at Macy's disappears if you don't pay off your credit card balance immediately.

Cut Out The Excess -- If you have cable television, do you need HBO or cinema options? Dump what you don't use and save $10- $15 monthly. For your phone bill, combine your phone, long and local calling, cable, and internet access to one service provider -- save $30 to $50 monthly. Cancel whatever magazine or newspaper subscriptions you do not need, buy your lattes from McDonald's instead of Starbucks, and use coupons when food shopping.

Pay Off Your Debts -- Wherever possible, pay off a car loan, a credit card, or other debt to free yourself of a financial burden. Use the savings to stay ahead of rising costs and always shop around before making any major purchase.

Saving money comes simply if you are determined to find ways to curtail your spending. Saving a little bit here and a little bit there will add up, keeping you ahead of the game and removing much stress from your life.

2008/04/10 credit report

What was the chief complaint received by the Federal Trade Commission (FTC) in 2007? If you guessed "identity theft" then you answered correctly. Last year, the FTC tallied more than 800,000 complaints from consumers with almost one-third that number naming I.D. theft in their complaint.

Credit Card Fraud Leads The Pack

According to an FTC Report released on February 13, credit card fraud was the most common form of reported identity theft at 23 percent, followed by utilities fraud at 18 percent, employment fraud at 14 percent, and bank fraud at 13 percent.

Consumers said that they lost $1.2 billion due to identity theft, averaging $349 per complaint.

Consumers Aren't Always Sure When Theft Happens

Although identity theft happens, many consumers aren't sure how it happens or happened to them. Oftentimes a problem surfaces well after the thief has gained access to confidential information, when the most damage has been done. Errors on a credit report, unsubstantiated charges on a credit card statement as well as dunning letters from creditors often tip consumers off, but by then the worst has taken place.

FTC Recommendations For Consumers

For identity-theft victims, the FTC recommends taking these steps:

• Place a fraud alert on credit reports and review credit reports. Contact any of the three consumer reporting companies to place the fraud alert.
• Close accounts believed or known to have been tampered with. Follow up in writing, and include copies, rather than originals, of documents.
• File a complaint with the FTC, which can refer complaints to other agencies and companies for further action, and investigate companies for violations.
• File a report with local police or law enforcement in the area where the identity theft took place.

You may not be able to stop i.d. theft completely, but you can have a hand in stemming the tide. Make sure that you obtain copies of your credit reports on a regular basis, examine them, and notify the credit bureaus when errors are found.

2008/02/20 credit report