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Wednesday, October 27, 2010

Quick Tip #1 for Business Credit

Dun and Bradstreet operate on a 'fiscal year' as far as their reporting.  It doesn't matter if a company incorporates in September or December - come January 1st it's one year old! 

Tuesday, October 26, 2010

The Four Tiers of Business Credit and the Personal Guarantee

Building business credit is more than obtaining a DUNS number and filling out business credit applications. For business owners of new businesses knowing the different types of business credit available to small business owners and when to apply is even more essential to its financial success.

Read more at Suite101: The Four Tiers of Business Credit and the Personal Guarantee

Monday, October 25, 2010

Federal Home Energy Efficient Mortgage Program

An Energy Efficient Mortgage is a mortgage loan that is funded by a traditional lending institution and is insured by the Federal Housing Administration. Borrowers do not have to qualify for the additional funds and no additional down payment is required. The thinking behind this is that the money saved on the consumer’s utility bills will offset any increase in the monthly mortgage payments.

Read more at Suite101: Energy Efficient Mortgage Program (EEM): Federal Home Improvement Loan for Purchase or Refinancing

Business Credit and Business Credit Scores

Building business credit is similar to personal credit, the only difference are the players. There are three business credit reporting agencies, Dunn & Bradstreet, Experian for Business and Equifax for Business. Business credit reports contain the business address, EIN number, creditor information, public records and a record of the inquiries. New business owners will want to ensure each of the bureaus open a file on their company and the information contained in it is accurate and complete.

Read more at Suite101: Business Credit and Business Credit Scores

Organizing a Business to Establish Business Credit

Business credit, much like personal credit, takes time, patience and diligence to build. Although, timely payments are key to maintaining an excellent credit score, the first steps to building new small business credit are much more important and can be done prior to opening day.

Read more at Suite101: Organizing a Business to Establish Business Credit

Friday, October 15, 2010

State of Texas Statute of Limitations

Texas Credit and Collection Laws

Texas Interest Rate Limitations*
  • Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due 
  • Judgment: 18% or the rate in the contract, whichever is less. 
*Always consult counsel to charge interest - Texas has very onerous usury laws and penalties.

Texas Collection Statue of Limitations
  • Open Acct.: 4 years
  • Written Contract: 4 years
  • Domestic Judgment: 10 years (Renewable)
  • Foreign Judgment: 10 years (Renewable)

Texas Bad Check Laws (Civil Penalty)
  • N/A

General Garnishment Exemptions in Texas

  • 100% of Wages

Texas Collection Agency Bond and License Requirements
  • Bond: Yes
  • License: No
  • Fee: No

Usury Laws

Usury laws: State laws which establish a ceiling on the interest rate that lenders may impose on different types of loans, such as payday loans.

Tuesday, October 12, 2010

What is the difference between your FICO Score and FICA Score?

Often consumer credit scores are called “FICO scores.” Occasionally the term "FICA Score" is used, but this terminology is incorrect. FICA refers to a federal income tax and FICO is the term used regarding an individuals personal credit score.

Read more at Suite101: Credit Score, FICO Score, and FICA Score: What is the Difference Between these Credit Rating Terms?

Sunday, October 10, 2010

What is the Federal Truth in Lending Act

Truth in Lending Act (TILA): Federal law which aims at protecting the public against unfair and erroneous credit card practices and credit billing. TILA requires creditors to disclose loan terms, such as interest rates, outstanding loan payments and their due dates, and the total loan amount

What is the Uniform Consumer Credit Code

Uniform Consumer Credit Code (UCCC): This law sets guidelines for credit transactions, limits wage garnishment, and protects consumers from predatory lenders. The UCCC requires lenders to disclose loan terms to borrowers and oversees some debt collectors. It establishes the maximum amount that borrowers may be charged for credit and makes it unlawful for lenders to discriminate on the basis of marital status or gender when extending credit.

Which are 23 states where courts have jurisdiction over foreclosure?

Three major mortgage lenders — Bank of America, GMAC Mortgage and JPMorgan Chase — have said they are suspending foreclosures in the 23 states where they first need a judge’s approval. They are also waving off Fannie Mae from selling any of the foreclosed homes whose loans they sold to Fannie.
  •  Connecticut
  • Delaware
  • Florida
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • New Jersey
  • New Mexico
  • New York
  • North Dakota
  • Ohio
  • Oklahoma
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Vermont
  • Wisconsin
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The Federal Trade Commission requires that I disclose any relationship I may have between a product manufacturer or service provider when I write about a product or service.

My intention for this blog is to provide consumers with the knowledge to improve their current personal credit situation. It is the readers responsibility to do additional research and to make responsible decisions based on their own personal financial situations.

My promise to my readers is as follows:

  • I am never paid to do a review of a product or service. I do not accept money to review credit cards, credit repair companies etc... When reviewing a product or service, I invest my own time and money to review and test credit products and credit services listed on this site.
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I feel the rules and practices listed above are just good business in today’s digital world. It is important for you the reader to understand the relationship between the person reviewing a product and the manufacturer or service provider.

If you don’t see a disclosure policy on a blog, that reviewer may be violating the law or at the very least the Code of Ethics.