10 Ways of Reducing the Risk of Identity Theft
February 28, 2010
1- Check your credit report regularly
2- Secure personal information in your home, especially if you have roommates, employ outside help, or are having work done in your home.
3- minimize the amount of information someone can steal, do not carry extra credit cards, your Social Security card, birth certificate or passport in your wallet or purse, except when needed. Always store your wallet in a safe place.
4- Make sure you have a locked mailbox, post office box or commercial mailbox service. When you are away from home for an extended time, have your mail held at the Post Office, or ask someone you trust to pick it up.
5- Pickup new checks at the bank. Do not have them mailed to your home.
6- Reduce the number of credit cards you actively use to a minimum.
7- Cancel unused bank or credit accounts.
8- Keep a photocopy of all your credit cards, bank accounts, and investments.
9- Never give out your SSN, credit card number or other personal information unless you are sure the source is secure.
10- Do not throw out your credit card receipts in public places always take receipts with you.
Mortgage Sales Hit Problems
February 28, 2010
The housing market has been buoyant over the past few years, but mortgage providers and first-time buyers are both now facing a tough time. Following announcements from the Bank of England that there has been an overall decline in the total number of UK home-buyers, and a declaration from the Financial Ombudsman Service (FOS) that the number of disputes concerning mis-sold mortgage endowments has now hit record levels, it seems that mortgage lenders are facing a bleak time. Add to this the results of a new survey, by the Edinburgh Solicitors Property Centre, which shows potential first-time buyers fear that they may never get onto the property market, and you start to see a worrying picture of the housing market emerge.
The problem with the mis-selling of endowment mortgage products has recently made the headlines in the world of personal finance. The FOS admitted receiving 70,000 new complaints about endowment mortgages, the equivalent of 1,300 a week, compared to just 300 a week three years ago.
The main grounds for complaint revolve around people who believe that mis-selling had occurred regarding policies. Many consumers feel that the endowment product sold to them was unsuitable either because it would lead to financial short-falls, or because the level of risk involved had not been adequately explained to them prior to the policy commencing.
Secured Loans vs. Unsecured Loans ? Choosing Between the Two Diverse Ends
February 27, 2010
Often in our search for finance options, we are led into a crossroad where we have to make a choice between secured and unsecured loans. Both are equally alluring and put the borrower in a difficult spot. It is difficult to make up the mind regarding one particular finance option because each has their share of advantages and disadvantages. What makes it more difficult to decide upon the finance option is that both secured and unsecured loans have a conflicting set of features, and the disadvantages of one are countered by the other.
Secured loans vs. Unsecured loans
Secured loans are the most conventional method of financing large sums of money. Even in older times people used to take loans to use in agriculture or other such needs by keeping their lands as security. Unsecured loans, on the other hand are of a recent origin. Since secured loans required the borrower to keep his home as collateral, many people who were without homes or who did not prefer attaching homes to obligations were left without finance. This also hampered the lending business of the lenders because the group was sizable. Thus, unsecured loans were launched as an alternative to the secured loans.
How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage
February 26, 2010
When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.
Let’s start on a positive note, you could do what most borrowers do and opt for the reverse mortgage line of credit. Just think about how you would then be able to draw on the loan whenever money is required for daily living expenses, medical bills, prescription costs, home repairs, etc. This could really enhance your retirement years including in-home care expenses in later years.
Furthermore, your new found income does not affect regular Social Security payments or Medicare benefits. And lenders cannot foreclose on the loan for the life of the borrower.
Okay, that’s all well and good but how do you turn the major disadvantages of a reverse mortgage into a positive one? It’s all in the perspective. For every negative there is a positive to obtaining this loan.
It’s true a reverse mortgage loan may affect your eligibility for state and federal government assistance programs such as Medicaid but it also gives you an important financial cushion and does not (as mentioned above) affect your regular Social Security payments or Medicare benefits.
Watch Out For Credit Repairs
February 25, 2010
It is very easy to find a site that is neat, professional-looking, and one that offers a free three-agency credit report and free credit report without a credit card.
This scam is too good to be true. Usually the only catch is an upfront charge to the consumer of $7.95 or something similar for each disputed item on your report. I was on the verge of signing up, but got a sneaking suspicion that something wasn’t right.
Every other site I’d seen offered an Equifax report for free, and a three-agency report for around $35. How could they offer it for free, and How could anyone get a free credit report without a credit card?
Skeptical, I researched the company and found multiple complaints. One of the prominent ones was a claim that they disputed every negative entry on your credit report without your approval, and then charged you $7.95 for each one.
I requested an explanation of the above link to give them a chance to share their side of the story. While I awaited their response I continued my research.
What?s All the Hype about Omni Military Loans?
February 24, 2010
The average person some time in their adult lives will come across a time where they will need to take out a loan. However, if you’re in the military you aren’t just the average person. Omni military loans are specially designed for the ease and convenience of military personnel. This is not to say that your regular bank loan isn’t going to cut it, but Omni military loans have the “home court advantage.” Most of Omni’s offices are conveniently located close to military establishments and also in Europe.
Omni military loans are more convenient by a large margin when compared to your run of the mill loan. Not only do you have close offices to the base but, if you want to conduct the whole thing from the comfort of your home you have that option too. Omni’s website is open 365 days a year 24 hrs a day. Omni military loans also work in conjunction with DFAS, this allows you to set up monthly allotments. Talk about no hassle! Not only do you have prompt monthly payments but you can monitor it with DFAS online! If you set up monthly allotments, you have zero paperwork and less fuss.
Using a Calculator to Assess Your Loan
February 23, 2010
Buying a house is a very important step in your life. Every family dreams of having their own home and whether you are looking into your first, or are moving or upgrading your home, you know your mortgage is important. And when it comes to getting a mortgage, there is a lot of data to be calculated. This is where a mortgage calculator can really help you out.
These calculators are very convenient for people who are in the beginning stages of trying to figure out what kind of home they want to buy and working out what kind of home they can afford, taking into account government charges, bank fees and the deposit they have saved. A mortgage calculator will give you a very good idea of the maximum size of a loan that you can apply for. It will also help you to see what kind of monthly payments you can expect to pay once you have purchased the home.
So if you are going to use a mortgage calculator to find out information about your qualifications, you should get some information together first. You need to know information like the gross income of the family and what kind of monthly expenses the household has. You should include credit cards, utilities, personal loans and other expenses. This will help calculate what you can afford.
Free Yourself Of Debt and Worry with Debt Consolidation
February 23, 2010
Debt consolidation programs can help you lift the burden of excessive debt and potentially save you hundreds of dollars a month. Debt consolidation professionals will work with you and your creditors to design a plan to help you lower your payments and reduce your debts quickly. You can become debt free sooner than you imagined and begin living a new, better life. Debt consolidation plans can be customized to fit your individual needs and getting started is easy.
With a simple call or online inquiry, you can begin the process of eliminating your debts and saving money each and every month. Debt consolidation is not a new loan - it is a way to dramatically reduce the amount of money you pay each month and decrease the amount of interest you pay on your debts. All your bills can be combined into a single payment, saving you time and money. You can end the harassing phone calls from your creditors and stop receiving threatening letters. You can reduce the stress you currently feel and be on the road to financial freedom.
Fast Track Out of Debt
February 22, 2010
You go to the mail box and scan - a couple fliers (nah), your magazine subscription (yes!) and bills (groan). Every month the bills show up and as you sigh and take out your check book you wonder if you will ever be free.
Each month you pay the minimums and although you KNOW you’ve got a handle on it - you are not charging your credit card or accumulating new debts anymore - it seems that you will be paying the minimum fees forever.
Did you know that HOW you pay your debts can affect how soon you will finishing paying them off - even if you keep paying the same amount for debt every month? Of course you might be able to get a consolidation loan, but if you’re not eligible or are not interested then there are several other things you can do.
It’s not always the easiest to figure out the mathematics, but there are three steps to quicker debt relief - guaranteed.
STEP ONE - Create a list.
List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes).
How To Protect Yourself Against Credit Card Fraud
February 21, 2010
In the high tech world of today, credit card fraud is an ever increasing problem.
By 2005 it is estimated that the online payment industry will capture $12.5 Billion in revenue. This is up over 20% from 2004.
In the United Kindom alone, credit card fraud cost companies £504.8 Million in 2004.
With so many people shopping and paying online it is no wonder that credit card fraud is on every online consumer’s mind.
There is no way to guarantee credit or credit card fraud will never happen to you. But there are a few steps you can take to make it more difficult for someone to capture your card or card numbers and minimize the possibility.
Sign your cards as soon as they arrive.
Carry your cards separately from your wallet, in a zippered compartment.
Keep a record of your account numbers, their expiration dates, and the phone number and address of each company in a secure place.
Keep an eye on your card during the transaction, and get it back as quickly as possible.
Void incorrect receipts.
Destroy carbon copies.
Save receipts to compare with billing statements.
