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I appreciate all of you!

Shawn

Global Advantage Credit Solutions has launched it's new website

Fellow Tribers,

We have officially launched our new website and I'd like to invite you all to come and check it out @ www.gacsolutions.com. Just a reminder, I do complete credit restoration. That is the process of utilizing federal laws to dispute inaccuracies on credit reports. We are fully licensed and registered with the state. We run a 50 to 70% deletion ratio on inaccurate accounts.

I work only with a few mortgage and real estate professionals on Tribe and I would like to help more. So if you're currently dealing with a client that can't get approved due to credit challenges, I'd like to speak with you about how I can help. Please know that I here if you need me. I appreciate all of you.

Have a happy new year!

Shawn Mahdavi
General Manager
Global Advantage Credit Solutions
877.33.SCORE
www.gacsolutions.com

Get Organized

If you admit to being “organizationally challenged” when it comes to your finances, you’re not alone. Most people would agree that organizing personal finances is about as much fun as preparing your taxes.

There’s a high price to pay for those stuffed file cabinets, messy countertops, and junk drawers. Multiple bills sandwiched among the month’s junk mail can easily lead to costly late or missed payments. If you’re waiting to do last-minute shopping, then you’re paying higher prices instead of finding the bargains. Poor record-keeping habits make it nearly impossible to spot the “extras” in your expenses.

Disorganization in your paperwork also makes it easy to overlook potential budget-busters, such as the warranty expiration dates on your major purchases. It can be very depressing, not to mention, expensive to realize that the car repair you’ve put off for several months because you were so busy, is no longer covered by warranty.

Obviously, the price or disorganization can be high, adding up to hundreds and thousands of dollars every year. If this sounds like YOU, then maybe it’s time to bring a little more order into your life. Look at these tips to becoming more organized:

1. File it. Invest in a small file cabinet with labels on folders so you can put important documents away. Keep warranties in one folder with a “master list” of expiration dates in the front. When you receive a bill in the mail, immediately note the due date and then slip the bill in the appropriate “date due” slot. Make it a habit to check your bill organizer each week.

2. Designate a special space. Keep your bill sorter, checkbook, bank records, a calculator and writing materials in a particular space. Keep everything else—junk mail, school work, kids—out. Set aside a specific day and time each week to pay bills and head for your space to do that.

3. Plan shopping trips. Collect coupons. You’ll find yourself saving money every week. Take the time to find the best prices and avoid impulse purchases on everything from food to apparel.

4. Be a cost-savings guru. Health, auto and homeowners insurance can be very costly. It takes organization to find your options and make changes that can save you money. Make a commitment to yourself to include a periodic reassessment of all your insurance payments.

Paying off your debt isn’t enough

Paying off your debt is kind of like paying off a speeding ticket. Just because you pay it off doesn’t necessarily mean they have to remove it from your driving record. The same is true with your credit. The creditor or collection agency might show it as paid and zero balance but that doesn’t mean they have to remove it. They can report your payment history for up to seven years. In fact, paying off old debt could actually lower your credit score. The creditor or collection agency could update the date of last activity from the date the debt was first reported to the date that you pay the debt off.

35% of your credit score is based on how recent an account occurs. The more recent the delinquency the greater negative impact it has on your score Just paying off your debt would basically renew the date of last activity to today’s date and would now have a more recent blemish on your account. This will make your score go down.

Public Interest Research Group Survey

This is the PIRGs' sixth study on credit report accuracy and privacy issues since 1991. The PIRGs have also participated in state and federal legislative battles to improve credit reporting laws. This report is our first investigation of credit report accuracy since 1996 Congressional changes to the federal Fair Credit Reporting Act (FCRA), designed to improve the accuracy and ease of access to reports, took effect in September 1997. The findings of Mistakes Can Happen are troubling. An alarming number of credit reports contain serious errors that could cause the denial of credit, a loan, or even a job. Further, some consumers never even received their reports, even after repeated calls.
Among the major credit report accuracy findings of the survey:

Twenty-nine percent (29%) of the credit reports contained serious errors - false delinquencies or accounts that did not belong to the consumer - that could result in the denial of credit.

Forty-one percent (41%) of the credit reports contained personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect

Twenty percent (20%) of the credit reports were missing major credit, loan, mortgage, or other consumer accounts that demonstrate the creditworthiness of the consumer;
Twenty-six percent (26%) of the credit reports contained credit accounts that had been closed by the consumer but incorrectly remained listed as open

Altogether, 70% of the credit reports contained either serious errors or other mistakes of some kind. Among the survey's major access to credit report findings:
Of the consumers that did obtain their credit reports, at least 14% of them were forced to call back 3 or more times after receiving busy signals or had to write a letter in order to receive their report

And 12% of the consumers waited two weeks or longer to receive their report once they finished requesting it. It took more than a month for one California man to receive his report.

Overall, 15% of consumers who attempted to participate in the survey either made at least 3 phone calls and never got through or requested their reports but never received them.

Credit Bureaus Announce a New Credit Scoring Standard

On March 14, 2006 the nation’s three main credit bureaus sent out a press release announcing that they have adopted a new credit scoring system. This new scoring system is not a whole lot different then the old FICO scoring system, but there are differences. The FICO scoring system had a different algorithm to compute the credit score for each bureau. The FICO scoring system also had a different range of scores for each bureau.

This was what the credit bureaus were looking to standardize with the new VantageScore system. The VantageScore uses the exact same algorithm to compute the score for all three credit bureaus. Also, the score scale is exactly the same for all three bureaus.

Here is a brief explanation of the VantageScore system. The VantageScore system will be on a scale ranging from 501-990 (the lower the score the higher the risk to potential lenders). The VantageScore also has adopted the classical academic scale to make it easier for consumers and lenders alike to understand where they rank with their score. This academic scale is grouped by the following:

A- 901-990
B- 801-900
C- 701-800
D- 601-700
E- 501-600

The VantageScore just like the FICO score will be based off the information that is reported on the credit report. It will reflect how often a consumer borrows money, how responsible borrowers are at paying back their debt on time, as well as other file content. Unfortunately the credit bureaus did not divulge how these factors would be weighted in the new VantageScore. The new VantageScore will also be more accurate when rating a consumer who has a limited credit history. This is one area in which the FICO scoring system was not very accurate.

The FICO scoring system will not be done away with; in fact it will still be used by many borrowers to evaluate those who are looking to get a line of credit. It will be up to the credit industry and the individual enders to decide which score they use. In fact the rate of adoption of this new score will be set primarily by lenders themselves.

Need more Credit

Have you ever heard the saying "having no credit is better than having bad credit"? Unfortunately, if you are in either two categories you still lack one major ingredient: credit. If you’re applying for a loan, creditors aren’t just looking to see if there are any negative items on your bureau. They're also looking to see if you have any current positive items active and reporting to your bureau.

Visit the Credit Restoration & Enhancement Tribe

tribes.tribe.net/gacsolutions