Non-profit Cooperates With Credit Card Bureau to Help Small Business Owners Build Credit
May 25, 2008 · Print This Article
Experian, one of America’s three major credit reporting agencies, has declared that it will work together with the Credit Builders’ Alliance (CBA) to help lower-income individuals – especially lower-income entrepreneurs – work on building their credit history. This will help the lower-income small business owners borrow microloans from community organizations to qualify for bigger loans from mainstream financial institutions.
What are microloans? They are loans of much smaller-than-average sums of money to individuals who lack even the minimal resources to qualify for traditional loans, have already demonstrated their utility to lower-income individuals. Many microloan borrowers have used microloans from community lending organization to build wealth and escape from poverty.
Now, microloans promise to become more effective than ever before. CBA – a non-profit organization dedicated to collecting loan payment data from lenders servicing lower-income communities – intends to share borrowers’ microloan repayment histories with Experian. Already, over 3,000 microloans made by United States financiers, including Community Development Financial Institutions (CDFIs), have been collected in Experian’s databases.
Vikki Frank, the executive director of the non-profit Credit Builder’s Alliance is optimistic about this turn of events. Frank stated earlier today, “This partnership… is a great opportunity for micro-lenders to provide information to the credit bureaus and give small business owners a fair opportunity to build stronger credit profiles and…. access the formal banking system.”
Experian is the first of America’s credit bureaus to take this independent step towards helping lower-income individuals run their own businesses, obtain wealth, and participate more fully in the economy. Zaydoon H. Munier, the senior vice president of Marketing, Product and Data development for the Experian Group, said that Experian is “very pleased” with the decision that has been made.
Community lenders are also pleased. Emily Talley, senior director of community affairs at Capital One, reported that Capital one is “proud to support this initiative.”
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LOVE THIS!
Damn man I like the insites on the things of business credit you revel. I just had to here this again. AS soon as I get paid My wife will be joining. we have a L.L.C but my wife has been dragging here damn feet on it. I am glad she did, now that I have personally discover you here on the internet and youtube, I will be joining hot soon, Damn I just can’ wait! you will be here for me very soon, hey thank you for your great work.
Don't carry a balance. Charge stuff, pay it. It's just the smartest move.
You’re da best!!! Thank you for all your help! Very nice having someone help for free! GREAT INFO!!! THANK YOU!!!
very good
there are a couple of ways you could start building credit, you could get a small personal loan which you might need a cosigner or the best way will be getting a credit cards, you could get a credit card and use it for your every day expenses but make sure you pay in full at the end of the month that way it will show pay in full everytime the credit card company reports to the credit beuros. At the begining you will only be approved for the lower end credit cards but once you build credit in about 6-9 months you should be able to apply for a better card with better benefits such as free miles or cash back. Check out http://www.fastcreditcardapprovals.com and go under bad or no credit section and you will find a few choices. But if you are a student apply of a student credit card these cards have no annual fees and low rates
Ok, I can give you advice on your situation. I would chill out applying for credit right now. You already have a pretty good balance of revolving credit (3 credit cards) and installment credit (secured loan).Too many inquiries gives the appearance that you're desperate for credit. It's allowable to have multiple inquiries when it comes to mortgages and auto loans becuase it's considered "rate shopping" and the inquiries are considered as one, but for credit cards, that's that worst thing to try to apply a lot for. The 3 cards you have are fine, especially the secured one. One thing to boost your score would be to up the credit limit on that Citibank secured credit card. Actually, you could kill 2 birds with one stone by taking what you would've used for the down payment, invest it in the CD to secure a higher credit line and gain interest on it at the same time. Now, keep in mind that it'll take about 18 months for the Citibank secured card to convert and the CD will mature, but with those inquiries you racked up by applying for those cards it would be better to wait them out anyway. Boosting that limit on that secured card will help with your debt to available credit ratio which counts as 30% of your score. By doing this, and keeping the limits lower to more like 20-25 of your available credit will boost your score some.
So right now, I'd just chill for the next year and a ½, no more than 2, let your payment history develop a little more especially on that secured loan. It looks good on your report to have paid on an installment loan for at least a year.
lol read the damn fine print. its not there to look pretty
Article by at 2010-08-16 19:50:45
Categorized in Credit Repair,
Two big ways to improve your credit score. 1) Get rid of negative items and 2) Add new good pay history with low access to a credit line (<50%). Also the older an item is the less it affects your score (good or bad). Be very careful paying off old (> 2 yrs. old) collections. It will probably lower your score as it resets the clock. The best way to deal with collections if you want to pay them off is to contact them and request they completely remove an item (not just show as paid) if you pay it off. They will say they can't do this but they can. If they agree, get it in writing. As to consolidating your credit report, you can only consolidate debts that will show on your report. If you do that, try to get old items removed if you pay off. Also, don't forget that they will probably accept less to settle. Good luck.
Very worthwhile. Good stuff.
InquisitionNews: Law.com – Credit Report Agencies Liable if They Pass On Bad Watch List Data: Law.com – Credit Report Agencies … (IN)
Davedays sings the Bicycle one better
Article by at 2010-08-27 20:16:02
Categorized in Mortgage Refinance,
How Do I Check My Credit Score Report For Free?
: Get Started Credit Report Repair
Dave y days
So what does one do to ensure that they have a good chance of gaining a mortgage in this poor financial environment? Well the first thing to do is to get a copy of your credit report to check the condition of your credit. That means getting a credit report online for as little as [...]
This is no longer true, as of Aug 2009, PRBC changed their website, report builder is no longer an option, consumers can no longer login to their account. So people who paid to report their payments in the past did it all for nothing. They can’t access anything anymore.
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