CreditRepair is a popular credit improvement service that has helped erase over 900,000 negative line items from credit reports and increasing thousands of Americans' credit scores each year. Basically it works like this: you call for a free consultation, an expert takes a look at your credit report and puts together a plan that works for your individual situation, then they work to get inaccurate negative line items removed to increase your score.
As people take to the internet to leave glowing testimonials about how CreditRepair has helped them increase their credit score in just a few months, many readers are wondering whether the service is a scam. That's a great question from discerning readers, and there are many credit scams out there to be aware of. But CreditRepair isn't one of them. Here are the warning signs that you might be involved in a credit scam.
1. The Service Asks For Money Before They Give Any Expert Advice
If a service charges a fee upfront, then you're probably looking at a scam. They're taking advantage of the fact that it's very difficult to get your money back once you've paid them. CreditRepair offers free initial consultations over the phone, so you'll get an idea of how they'll work with you and what plan might best fit your individual financial situation before you pay a dime. Ultimately, they can help save you thousands of dollars every year by increasing your credit.
2. They Claim To Remove All Negative Line Items
Almost everyone has negative line items on their credit report that aren't fully accurate, or used to be accurate and aren't anymore. Chances are, you have several. This is so common that CreditRepair's experts know exactly how to frame your inaccurate line items to get them removed. But, no one can remove all negative line items. Items that are correct and up to date will stay as they are. If a service claims otherwise, they're probably a fake.
3. They Ask You To Sign Blank Paperwork
All services need some amount of personal information so that they can access the information they need to look at your credit report. But, services should never ask you to sign blank paperwork or claim to act on your behalf. This is how identity fraud is perpetrated. Credit Repair will never pretend to be you, they'll just work to get your inaccurate negative line items removed so you don't have to.
Credit scams are real and dangerous. Luckily, CreditRepair isn't one of them. They have real experts that know how to identify and get rid of the inaccurate negative line items on your report that may be lowering your score by hundreds of points. Give them a call for a free consultation to see if they can work for you, there's nothing to lose, and you'll be taking your first step towards financial independence.
Update: The folks at CreditRepair are extending a special offer to our readers. Follow this link, or call 1-833-335-7539 for a free credit consultation including your free credit report summary and score!
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.