Your credit rating, or your credit score, is like a report card – only the subjects are your finances and your dog cannot just eat it up. It also tends to stick with you for a long time. It is basically the ‘credit worthiness’ of a person, a business, or a country. It is an assessment of whether an entity would be able to pay back a loan or not. Nowadays, some employers may also use it to consider an applicant’s eligibility for a job. Leasing deposits and adjustment of insurance premiums are also affected by it.

A person with a poor credit rating is often more likely to experience higher interest rates. It may also be one reason for denying them a loan because the high chances of their being not able to pay it back and thus, defaulting.

Credit ratings can be categorised into three types:

1. Personal or Individual Credit Ratings

2. Corporate Credit Ratings

3. Sovereign Credit Ratings

It may then be further branched into short term and long term credit rating. Short term rating involves ratings for a person who might become a defaulter within a year and long term refers to an assessment of a person’s credit over a long period of time.

Calculations for credit rating involve assessment of the financial history of the person or company in question, and also the assets and liabilities of same.

Personal credit ratings are calculated by Credit Reference Agencies, also known as Credit Rating Agencies. Usually, the three-digit credit score analysis (the FICO score) is used. FICO (Fair Isaacs Corporation) is the first company that came out with credit rating calculation software. This analysis is offered by independent financial service companies. In Canada, the aRa ratings are most commonly used. These have a range from R0 to R9, with R0 being the best credit rating and R9 the worst. The factors that might affect a person’s credit rating are debt, lifestyle, interest, amount of credit used and savings.

Corporations may require a credit rating so that investors backing their debt security can analyse the risk involved. Corporate credit ratings are also assigned by credit rating agencies.

Acountry, a sovereign body, is also a candidate for credit ratings which indicate the potential for investing in it and the risks involved with such an investment. It also reflects the country’s ability to pay back its sovereign debts. These are the Sovereign Credit Ratings. These take into account several factors like economic risk, political stability etc. As of March, 2008, Luxembourg has the best sovereign rating and is considered to be the least risk investment possibility in the whole world.

Identity Theft: They Caught Him

His hard earned money? Gone. Creditors on his back everyday. The cops knocking on his door. His family strained to the breaking point. He didn’t do anything wrong but my business partner’s life got turned upside down afew years back. He became a victim of what is now the fastest growing crime in the world. Identity theft.

According to the Federal Trade Commission, since 1999 over 27 million people in the US alone became victims of this epidemic 10 million more last year. Harris InterActive,a marketing research company, reports that between 2002 and 2003 more roughly 19,178 people per day fell victim.

Your identity can be stolen in many ways. For my partner, the thief gained access to his social security number and address then applied for a series of loans in his name. When the bills came due, guess who the creditors and law enforcement held accountable?

He and his family felt the full impact. Identity theft can cripple and even destroy a person’s life. The time loss trying to recover your identity as well as the out of pocket expense U.S.Treasury Secretary John Snow calls identity theft “the greatest threat to consumers and far more insidious and harmful to our national welfare than many people realize.”
The internet doesn’t make it any better with its almost limitless access to information but a great deal of identity theft still comes from the offline world. Wherever it comes from the goal stays the same. To get your personnal information and steal what belongs to you for as long as possible.

In many cases, this can lead to the victim filing for bankruptcy or worse. As reported by the Orlando Sentinel, one man whose identity got stolen recently spent 54 days in jail before authorities realized their mistake.

Yet even when the thief finally gets caught, victims find out all too often the worse part still lies ahead. The recovery of their identity. For my partner, that meant never ending battles with the same credit bureaus that previously gave him good ratings.

They destroyed his credit almost overnight eventhough he did everything they told him to get it restored. The agencies refused to clear his record and instead, started sharing his information with each other. His mortgage rates went thru the roof. He paid more for everything but still got declined. With all of this came the burden and fear of him not knowing if he would ever recover his identity.

Six years later he finally did. He started working with a company that within 90 days restored his credit. His mortgage rate dropped and he went back to paying full price for everything like the rest of us.

And like my partner, all of us risk becoming victims. In San Antonio Texas, television station KENS 5 spoke with a man convicted of identity theft who warned “Don’t take for granted what you have because anybody could take it away – I mean at the snap of a finger.”

He would know. The ways of stealing an identity have turned this crime from nuisance to worldwide crisis.

How To Find A Debt Consolidation Firm That Offers Low Interest

Are you searching for a low interest loan for debt consolidation? If you have bad credit, you might feel the journey is hopeless. Debt consolidation loans are loans that help a person reduce his debt payments by combining all debts into one installment. The downside is sometimes the debt consolidation programs will cause your debts to go up $500 or more per month; and it will take longer to repay your debts since the programs will deduct fees and rates of interest.

Most low interest loans for debt consolidation require collateral to approve the loan. In this event, you want to be careful as to what collateral is expected of you, since some loans may require home collateral. If you cannot repay the debt, then the lender will repossess your home and put you in the streets. However, if you have quality collateral, it might be in your best interest to take the gamble if it presents a sound way out of debt.

Most loans are attached to rates of interest. This means that you will pay the interest rates and the monthly installment toward the amount owed. The advantage of loans is that they present a way to get out of debt; therefore, you want to look for the loans that offer low interest rates and monthly repayments.

How should you go about looking for a loan?

To get started, you want to avoid advertising tricks for loans, since most of the tricks are presented to lure in candidates who are less knowledgeable of loan procedures; thus, after the loan is approved, the rates of interest will be higher than average. Therefore, instead of going online searching for a loan, you might want to check with the local banks. If the banks cannot offer you a low interest rate loan for debt consolidation, then ask for referrals.

Talbert Williams !DebtFreedom.com All rights reserved.

More info at:
sccrealestateuncensored.com/2008/repair-credit-legally-remove-negative-accounts/

micasamidinero.com/2008/reparo-credito-eliminando-legalmente-cuentas-negativas/

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