Is Your Credit Score Costing You A Fortune?

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Is Your Credit Score CostingYou A Fortune?
-by Terry Price
(C) Copyright Terry Price
All Rights Reserved
http://tinyurl.com/5qf6v2
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While some surveys show that 9 out of 10 consumers are unaware what their credit score is, I'd like to quickly share with you how your credit score could be costing you a fortune (in more ways than you can imagine).

We all know a low credit score will make everything in the world of finance more expensive because of higher interests rates from lenders due to being considered a greater credit risk (i.e. higher interest rates on cars, homes and credit cards). While this may be considered common knowledge by some, it's truly devastating effects are understood by few.

For example. If you purchase a $200,000 home on a 30 year fixed mortgage at 8% interest instead of 6% (because of your credit score); that 2% is going to end up costing you a total of $96,934.11 over the term of the loan. Now, think about how many extra years you'll haveto work to pay off $96,934.11 because of an extra 2% in interest?

The part few people talk about is all the other areas in life where a low score will increase your cost of living on an annual basis. For example. In addition to paying more for a car, home and credit cards, a low credit score will most likely have you paying more for the following as well:

1.) AUTO INSURANCE. As many as 92% of the 100 largest personal automobile insurers use credit information to underwrite newbusiness, according to a 2001 study by Conning & Co., an insurance-research and asset-management firm.

2.) HOMEOWNERS INSURANCE. It's thought many insurance companies see a correlation between low credit scores and increased property insurance claims. Therefore, a low score will result in a higher rates.

3.) LIFE and HEALTH INSURANCE. Customers who are unable to pay their monthly insurance premium there bypass along that increased cost to the insurance company whose stuck with the bill (resulting in a loss for the company). Since customers who pay without lapse are more profitable it is felt by many that a low credit score now even affects a monthly life and/or health insurance premium negatively.

One of the more shocking areas where a low credit score will you cost you is in the area of employment. It's estimated as many as 42% of employers now do credit checks on applicants before hiring them (according to a 1998 survey bythe Society for Human Resource Management).

While many employers claim they only do it to verify information on yourapplication (such as where you live and where you have worked etc.) we can both assume they are taking the liberty to have a peek at how you handle your financial affairs as well. According to the Public Research Interest Group (PIRG) as many as 79% of all credit reports contain errors, 25% of which are serious enough to cause the denial of credit (according to a 2004 report).

And that's all the more troubling in light of the increasing impact a bad credit report can have, says Ed Mierzwinski, director of PIRG's consumer program. "It's outrageous that the credit bureaus are claiming their scores are accurate enough to take people's lives and screw with them like this".

In the next segment we'll be talking about something very, very exciting. It's called...

"Insider Techniques to RaiseYour Credit Score... FAST!"

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The "CREDIT SECRETS BIBLE" has been in print since 1994 and is published by Consumer Publishing Group.For more information on the "CREDIT SECRETS BIBLE" you may visit:
http://tinyurl.com/5qf6v2
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The TRUTH About Credit Repair...

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The TRUTH About Credit Repair...
-by Terry Price
(C) Copyright Terry Price
All Rights Reserved
http://tinyurl.com/5qf6v2
=======================================
Have you ever wondered what companies send you when they claim you can erase bad credit overnight? How about those ads that say you can get any major credit card without a deposit or a credit check?

Ads abound almost every where these days (online and off) selling books, systems and secrets to help you fix your credit. Many of these programs have claims which read like the covers of supermarket tabloids:

"In 3hrs my credit score jumpedfrom 580 to 676!"...

"Erase bad credit and smash yourdebts with just 2 Magic Letters!".

Are these types of claims ALWAYS too good to be true? The answer is "Yes and... no".

While many people would love for you to believe the only thing that can fix bad credit is time; in reality... nothing could be further from the truth. The fact is, time is only one factor which can fix a credit report, but it's a far cry from being the only factor.

How can I back this up?

Easy.

Under a consumer protection law known as the Fair Credit Reporting Act (a.k.a. the FCRA) the only negative information which can remain on your credit report is not what is accurate... but what can be proved as accurate under the FCRA. What's this mean to you?

It means any negative item on your credit report can only remain there if it is accurate and CAN BE PROVED AS SUCH under the guidelines of the FCRA. This undisputable fact presents consumers with both good news and bad news.

The good news is that through the FCRA your credit score can most likely be improved dramatically in a very short period of time with only a modest amount of effort on your part.
The bad news is that while the actual "work" will take very little of your time, it is vital that you have good information on "how" to go about it. This is the bad news; 9 out of 10 courses on restoring your credit will do nothing more than lead you into snakepits because they will provide you with what the industry refers to as "Boiler Plate" dispute letters. These are nothing more than form letters and... quite frankly (more bad news) the Credit Bureaus and Creditors will laugh at you if you try to use them.

While I agree with the Federal Trade Commission (FTC) that "Anything a Credit Repair Clinic can do for you legally, you can do for yourself at little or not cost"... the key element you need for success is the latest inside techniques and procedures to get the results you want. This involves strategies such as "Proof of Contract", "Constructive Notice", "Challenge of Procedure" or "Restrictive Endorsement" and many others.

All these terms may "sound" impressive but they are really quite simple. In the end, it is nothing more than a method of communication which exercises your consumer protection rights, gets the results you want and raises your credit score. Even more impressive, once you learn how simple it can be by doing it for yourself, you will find there is a fortune to be made doing it for others! Either way, it all starts by requesting a free copy of your credit report here:
http://www.annualcreditreport.com/

In the next segment we'll talk about:
"Is Your Credit Score CostingYou A Fortune?"
=======================================
The "CREDIT SECRETS BIBLE" has been in print since 1994 and is published by Consumer Publishing Group. For more information on the "CREDIT SECRETS BIBLE" you may visit:
http://tinyurl.com/5qf6v2
=======================================
credit secrets, bad credit help, credit repair, free, free report, credit report repair, my credit score, credit report, credit score, credit card, bad credit, free credit, credit repair, credit check, credit