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Are we smarter than credit rating agencies? :Dorian Crede at TEDxVienna



Dorian Credé is founder and chairman of Wikirating, the first non-profit community platform for credit ratings. He studied physics and mathematics and has a Master of Science from the Swiss Federal Institute of Technology (ETH Zurich), Switzerland. Since more than 12 years he is working in the IT and financial services industry.

About TEDx

In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
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How More Than Eighty-Three Percent of Credit Bureau Disputes Really Operate!

Numerous studies display that 1 out 4 consumer credit reports include errors that will result in the consumer being rejected for credit. While this is a serious fact, what is more critical is what genuinely happens when these consumers actually dispute these errors on their report with the Credit Bureaus.

Many “Consumer Protection” and “Consumer Rights” organizations try to make consumers feel assured by explaining that any errors on their credit report have to be…”Investigated” by the credit bureaus and…any details which the bureaus are UNABLE to verify within 30 days, must be DELETED from the consumers report.

All that is required to make this happen is the consumer must mail a letter (or go online) in order to “initiate” the investigation procedure. When most Americans hear the word…”INVESTIGATION” in regards to an item on their credit report they’re challenging, they normally picture some variation of the following three step process:

An employee at the Credit Bureau receives their dispute and personally reviews it. During this review they gather information and documents in regards to the disputed account by contacting the original creditor or collection agency etc. (a.k.a. the Data “Furnisher”).

The Credit Bureau employee then reviews copies of original paperwork like the credit application, billing statements, billing and payment statements or notes in the account looking for any mistakes in reporting. If anything is in question they will ask for proof from the “Data Furnisher.”

Once a “complete and thorough” study has been completed, the Credit Bureau employee will then update the consumers account according to the outcome of the investigation.

Now, let’s talk about how it truly works. Here’s how more than 83% of credit bureau disputes really work:

FIRST: A credit bureau disputes letter is developed by either you, an attorney, or a credit repair company. And it’s then mailed to the credit bureaus. It doesn’t actually matter who mails the letter due to the fact that…

SECOND: When the letter is received by the Credit Bureau it’s electronically scanned with “Optical Character Recognition” and…matched against a DATABASE of…Boiler Plate Dispute Letters normally used by Credit Repair Companies or discovered in Software Programs and Credit Repair Books…

If your letter “matches” one of these letters in their database your dispute will most likely be…Flagged as FRIVALOUS, Marked as SUSPICIOUS or entirely IGNORED. If you’ve used a Credit Repair Company or Dispute Letters out of Credit Repair Books you might have firsthand experience with this.

THIRD: No matter who writes your dispute letter or how threatening it may sound…if the SCANNED version of it does NOT match that of a “Boiler Plate” Dispute Letter employed thousands of times, the scanned version will then be sent electronically overseas for processing in a nation like: India, Jamaica, Philippines or Costa Rica.

There, an outsource employee who doesn’t even speak English as their native vocabulary will look at your scanned dispute and turn it into nothing but a TWO or THREE Digit Code. Yes, you observed that correctly. They will take your dispute (even if it has ten pages of in depth documentation supporting your claim) and convert it into nothing but a…TWO or THREE Digit Code

And, to make your blood boil even a lot more, they do this with a highly automatic system the Credit Bureaus designed termed e-Oscar which (get this) stands for…E-lectronic: O-nline S-olution (for) C-omplete (and) A-ccurate R-eporting.

The e-OSCAR system takes your dispute and commonly makes use of a pull down “Pick List” to transform the dispute into just 1 of 26 different dispute codes. Even worse, of these 26 Dispute Codes, 85% of disputes will fall under the identical 5 codes. For instance, according to testimony from congressional hearings, credit bureaus utilized the following codes in these percentages with the e-Oscar system:

31% of Disputes “NOT MINE”
21% of Disputes “ACCOUNT STATUS”
9% of Disputes “ACCOUNT AMOUNTS”
7% of Disputes “ACCOUNT CLOSED”

85% of Disputes fall under the exact same 5 Codes. Once your dispute is transformed to one of the “Standardized Dispute Codes” inside of the e-Oscar system, the code is sent to the Data Furnisher (a.k.a. the Original Creditor or Collection Agency) making use of a standardized form known as an “Automated Consumer Dispute Verification Form” (or ACDV for short).

This request is sent to the Data Furnisher through the e-Oscar System. An ACDV simply consists of a few items of identifying data about the consumer, the Dispute Code and in some cases, additional notes. Any supporting info like…Account Applications, Cancelled Checks, Billing Statements or Pay Off Letters or Confirmations etc…

…are NOT integrated in these electronic communications between Data Furnishers and the e-Oscar System. Your dispute is fundamentally transformed into nothing but a “Dispute Code”. In fact, there is NO MECHANISM IN PLACE for the Credit Bureaus to send your Supporting Documents and Proof of your claim to the Data Furnishers! So, what happens when a furnisher receives an “Automated Consumer Dispute Verification” (ACDV) from the e-Oscar System?

Do they begin an “in-depth” study? If the furnisher is a Collection Agency do they get in touch with the primary collector for actual documentation on the account? Hardly… keep in mind, the data furnisher will never even acquire nor see all the documentation in your dispute (even if you sent 60 pages of proof).

In fact, there’s a new piece of technology to even further automate the e-Oscar System for Data Furnishers and it’s called…BATCH INTERFACE. Data Furnishers like large banks and collection agencies can get thousands of disputes a month. Dealing with all these disputes by hand by way of the e-Oscar System quickly becomes…A LOT OF WORK.

The e-Oscars answer to the problem is to send the Data Furnisher all these disputes in one large file, all at one time. This is what the BATCH INTERFACE function was developed for. Now, when the data furnisher receives this huge file there are various alternatives for processing the data. One such possibility is something called…REPLY ALL

REPLY ALL enables the data furnisher to choose a response like…”Account Verified”… And apply this reaction to dozens or even hundreds of records in the file with a single push of a button. But if this doesn’t have fuming enough, then possibly another feature will. And, that function is one named…AUTO POPULATE

The “Auto-Populate” function permits the data furnisher to Auto Populate responses of Automated Consumer Dispute Requests before submitting them back to the credit bureau via the e-Oscar System. Of course, we all know the Fair Credit Reporting Act (FCRA) says that all Data Furnishers MUST perform a…fair study. Then again, possibly it all depends on what one calls a “reasonable” investigation and how fair it can be when automated.

Jay Peters owns Zodiac Publishing, which developed the “Credit Repair Intelligence System”, offering you the answers to help you with your need to understand the credit bureaus. For extra free reports and videos with distribution rights please go to see their website and learn about credit bureau disputes .

What Credit Bureaus DON'T Want You to Know!

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REALIST NEWS – Subprime Auto Loans Crushed Worse than in 2009

Today’s Playlist: https://www.youtube.com/watch?v=tl78_W8P7J0&list=PLKLDGZDpj8C1dR_yGAQHupAUYfNzyi9st

Article: http://wolfstreet.com/2017/03/24/subprime-auto-loans-crushed-worse-than-2009-auto-industry-bleeds-knock-on-effects-commence/

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Warning: Is Your Annual Fee Costing You More Than Your Credit Card Rewards?

Many Australians enjoy the benefits associated with credit card rewards programs. Simply by using your card you can generate flights, merchandise or gift cards through your rewards program.

However, with annual fees on rewards credit cards ranging from $ 30 up to over $ 200, you need to be sure that you are getting good value with your credit card rewards program.

Annual Card Fee

The annual card fee for a card linked to a credit card rewards program varies from provider to provider, from $ 30 to over $ 100. Typically, you can expect to pay an annual fee of between $ 40 and $ 75 for a standard rewards credit card.

You should compare the annual fees for reward cards with the fees for standard credit cards. Many providers that don’t offer a credit card rewards program charge lower annual fees for their credit cards, and some don’t charge any fee at all.

Reward points

Reward points are generally awarded based on the amount of money you spend on your credit card. Most cards will award between one and two credit card rewards points for every dollar that you append on your card.

Even if you pay off your balance in full every month (which is the recommended course of action with any rewards credit card) you will still earn points for every dollar that you spend.

Gold and Platinum cards

Many card companies link a gold and/or platinum card to their credit card rewards program. Gold and platinum cards often offer enhanced points collection; for example you may earn twice the number of points per dollar spent on a platinum card than on a standard card.

However, gold and platinum cards typically charge higher annual fees. It is not unusual for the annual fee on a platinum card linked to a credit card rewards program to be in excess of $ 200.

Balancing fees and rewards

It is therefore vitally important to balance the annual fee you pay against the value of the rewards that you are receiving.

For example, if you were to pay a $ 50 annual fee, you would have to be spending around $ 10,000 annually just to accumulate enough rewards to get that fee back.

In a recent survey across sixty-three rewards credit cards, one website found that unless you’re spending more than $ 1,000 a month, you are probably paying more in reward scheme fees over the year than you are receiving back in rewards.

Choose carefully

If you use your credit card regularly and are spending a considerable sum every year (whilst paying your balance off on a monthly basis) then you may find that the credit card rewards you receive vastly outweigh the costs associated with the card. This may be also true of a gold or platinum card.

However, if you are spending under $ 1,000 a month on your card, you may find that you’re not even earning enough credit card rewards to negate the annual fee that you are paying. Is a rewards card therefore really the right choice?

Aaron Zaias recommends you visit Credit Card for more free information, advice and tips on how to select the best HSBC Credit Card currently available.

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Chip and pin bank card fraud is easier than the banks admit

Click here to get the full story and how you could be affected http://whi.ch/chipandpinvideo?utm_campaign=video_money&utm_medium=video&utm_source=youtube_channel&utm_content=chipandpinbankcardfraud&utm_term=description

Which? has seen evidence that criminals can use a stolen debit or credit card to pay for items without the cardholder divulging the correct Pin, by using technology that hoodwinks the card reader into believing a legitimate code has been entered. This leaves the cardholder liable for the loss as banks will often not refund the money if the PIN has been entered.
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Fixing Negative Credit Is Easier Than You Think

At the moment, it is difficult getting loans private finance. Even lenders tend to be placing limitations on what much loan you can easily request. In such cases, for those who have bad fico scores, getting loan private finance becomes even more complicated. However, there are methods to repair your credit scores so that you can leave an excellent effect with lenders from that you might seek loans.

There are two quick methods fix your credit rating. The very first involves hiring a company to correct your credit. The next, more prevalent means is a do-it-yourself solution that do not only saves money but enables a more permanent solution.

how will you fix credit? For beginners, you will need to get a duplicate of your latest credit history from top companies like Equifax or Trans Union. After that, you will need to go through your report with a fine-tooth comp discover any mistakes within the account record and condition industries. Emphasize areas being either incorrect or have actually a negative effect on your score, paying certain attention to the areas that pose the best problems for your rating. If you have one or more section of issue, focus on them with regards to best threat to least risk. Focus on the greatest concerns and register a dispute utilizing the agency by sending them a letter. This page will specify the mistake as well as your reason behind disagreeing aided by the record.

prior to the Fair credit scoring Act, you can easily file a dispute for each bad and incorrect account or item as well as the credit reporting agency needs to review your bank account and answer you within thirty day period. The credit scoring company has actually an extra five days to respond to your dispute. If they don’t do so, or if they’re struggling to offer a response that proves you may be undoubtedly accountable for what sort of account was reported, then the disputed item may be cleared from your own record. This may have the impact of enhancing your FICO score quickly.

Not all derogatory credit will likely to be erased from your credit report, but even though you remove some main priority issues, you need to expect to see an improvement to your rating. So what now you have to do is truly fix your credit for lasting, personal finance factors. What this means is that after seeing a marked improvement to your credit file, you ought to concentrate on handling the present condition of personal funds properly. This will including planning a realistic budget and managing your credit precisely.

When you seek to fix your credit, you really need to focus on the most unfavorable files initially if you are paying and clearing those debts. Additionally, spot increased exposure of any delinquent revolving or installment credit. As your FICO score is heavily predicated on present account condition, spending delinquent accounts needs to be a high concern. Whenever you fix your credit you not only enhance your FICO, however you ready your credit for the future borrowing from the bank requirements.

Chris Blanchet is the writer of Help Fix My Finances, an e-book about accurately and effortlessly enhancing your individual finances, the foundation for the Members just program of the identical title. You can visit his debt-free weblog, How Exactly To Repay Debt.

Is Auto Financing a Better Option Than Outright Purchase?

auto financing
by Net Archive Publication Images

If you are intending on getting a vehicle for yourself or your household, you have a number of options like purchasing the lorry outright, or acquiring a lorry on lease, or obtain some Automobile Funding business to provide you with Vehicle Financings. There are several Banks, Auto Financing as well as Auto loan Business, and banks that provide fundings promptly.

Obtaining ones own vehicle is a stature issue with some people, while with others it could be a need and a way of easier traveling. While the abundant and well off can manage to purchase automobiles of their choice with cash money, the middle course as well as working course need to consider their economic circumstance and also plan accordingly. This does not indicate that automobiles are only for the rich, normal employed employees as well as tiny business people as well could pay for automobiles. If they can not pay for to acquire the lorry outright with cash money, they could always choose for Automobile Financing and also Auto loan.

< br/ > A couple of years ago it was harder to obtain Auto loan or method a financial institution for Car Financing, but times have actually transformed. Cars and truck firms have actually developed up significant production facilities as well as make numerous hundreds of vehicles every month. They should offer these cars and also decrease stock monthly. Automobile companies understand that not everybody could purchase a car with outright cash money and this is where Banks, Car Financing Companies step in. Financial institutions as well as Vehicle Financing Business team up with Car Dealerships to supply Car loans at an economical price to allow the employed employee and middle course individual to have a vehicle.

The past few decades has seen the appearance of new cars and truck firms with newer models as well as newest as well as progressed modern technology as well as fuel performance. Every body wishes to own a brand-new model and also fuel-efficient vehicle and Automobile Funding as well as Cars and truck Funding Firms are ever before requiring and quickly supply the needed money for new lorries. Need to obtain brand-new consumers as well as raise sales has additionally seen a battle of sorts in between various Automobile Financing Firms as well as a number of them provide superb interest rates along with other benefits to tempt a new client.

Auto Financing Firms additionally understand that it is not only valuable to obtain brand-new clients regularly, but it is also important to retain existing consumers with exceptional solution. A pleased as well as completely satisfied consumer will constantly return if they require an additional automobile and will certainly additionally recommend their family and friends to take care of a certain Car Financing Business. Thus they aim to minimize not only the paper work called for, however they additionally hand out gifts and motivations to lure the new client to handle their firm.

< br/ > Opting for Vehicle Financing is not a poor deal as rate of interest are low and also it likewise makes sense not to purchase a car with complete cash money settlement and also therefore decrease your financial institution equilibrium. The money in your financial institution, which has actually been conserved by choosing Auto Financings, could be much better used somewhere else, and also regardless could serve as a safeguard in poor times and economic emergencies. When you have actually picked Vehicle Funding your automobile, you ought to initially select the car and also then browse for a great Car Funding company. Numerous car dealerships have tie-ups with Auto loan business as well as Banks as well as will certainly supply assistance in choosing a Car Funding company.

< br/ > But you should still weigh the benefits as well as incentives used by the various financing companies. A few of these firms also supply a Second possibility at Vehicle Funding even if the client has a previous bad debt document. Obviously this will call for even more paper job and also may also cost a bit more. However a Second credit score possibility at an Auto loan also with higher interest rate is far better compared to no Vehicle loan.

For even more details on Vehicle Funding – Vehicle loan (English) – http://www.creditgo.ca/ or
financement auto -financement auto (French) – https://www.creditgo.ca/index.php?updateLang=fr – in Quebec – Canada, please do visit our site or create to us.

< div course="biography"> I am a Microsoft Licensed Expert (MCP, MCSD, MCAD.Net, MCSD.Net, MCP-. Internet 2.0). I have been carrying out Training and also Accreditation Assistance for Microsoft Certifications.I also very own and manage a Search Engine Optimization Business. Discover More Auto Funding Articles

American Express Blue Cash Credit Card: More Than Just Cash Rewards

american express

Smithsonian Institution There are lots of money back charge card on the market today. Practically every large provider has at the very least one of these debt cards in their ever expanding item choices. Distinguishing between these apparently similar offers could be a challenging affair till you start scraping under the surface.

When you do, you will certainly discover that some deal a lot more than others. An excellent example of this is the American Express Blue Cash money credit card.

American Express Blue Cash money Financial Tools

American Express has deliberately developed an on-line financial monitoring atmosphere to simplify this often laborious task for owners of their credit score cards.

< br/ > * Account management: you could pay your American Express Blue Money costs, monitor your account as well as all the deals made against your account using the internet. This sort of control is especially helpful if you have issued member of the family or pals with American Express Blue Cash debt cards connected to your account. If you wish to remain in contact on the fly, you might likewise make use yourself of the cost-free American Express TEXT alert solution, which notifies you of any type of deal made on your credit report cards as well as gives you with a prompt tip of account settlements falling due.

< br/ > * Bill Repayments: American Express Blue Cash money charge card are qualified for the online Expense Pay service. This solution allows you to settle your bills with more than 100 companies – either as once-off or as automated repayments. To cover it all, payments made this way with your American Express Blue Cash charge card, gain you pay back benefits.

< br/ > * Year-End Summary: The year-end summary device is extremely valuable – both from a tax prep work as well as budgeting perspective. It can be downloaded and also printed, provides you a full year’s history as well as allows you to sort your expenses by group.

American Express Blue Money Security
American Express has a selection of measures in location to secure their American Express Blue Money debt card owners in terms of:

< br/ > * Merchants: Sellers whose items are not to spec as well as those that contradict returns.

< br/ > * Product: Extra guarantees along with security versus damage as well as theft.

< br/ > * Scams: American Express Blue Cash bank card are shielded versus deceptive usage, no matter whether you go shopping online or in-store.

< br/ > * Traveling: When you take a trip, American Express offers you accessibility to their Global Help Hotline (in order to help with any kind of emergency situations that could come your way), as well as travel insurance as well as car rental mishap and damage waiver protection.

American Express Blue Money Smart Features
In enhancement to the economic tools as well as the safety steps provided by American Express to holders of their charge card, they additionally provide a set of secondary benefits that they call ‘Smart Quality’. A few of the Smart Features you delight in with American Express Blue Money charge card include:

< br/ > * Store Smart: Store Smart provides savings and also price cuts on a wide array of brand – from electronic devices right via to developer garments.

< br/ > * Travel: This Smart function supplies guaranteed bookings, discounts, special deals and also low rates to those holders of American Express Blue Cash credit report cards that make their appointments via American Express online. When you travel and also you require support, you could either hire at any among their 2,200 traveling services counters in even more compared to 130 countries or call the Worldwide Help hotline.