We at have received a demo of this package and reviewed it cover to cover , cd-rom contents door to door. We recommend to to you here directly! It is producted and marketed by Joe Mancuso

CLICK TO ENTER JOE'S WORLD

http://www.lumal.com/special-deals/credit-repair/credit.html

Equifax P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111. Experian (formerly TRW) P.O. Box 2104, Allen, TX 75013; (888) EXPERIAN (397-3742). Trans Union P.O. Box 1000, Chester, PA 19022; (800)916-8800.

How Do Credit Cards Work?

                    How do credit cards work exactly? Well, let's begin with the
                    basics: technology makes credit cards work. A thin plastic
                    card, usually 3-1/8 inches by 2-1/8 inches in size, contains
                    identification information such as a signature or picture, and
                    it authorizes the person named on that credit card to charge
                    purchases or services to his or her account -- charges for
                    which that person will be billed periodically. 

                    Today, what really makes the credit card work harder than
                    ever is the fact that the information on the card is read by
                    automated teller machines (ATMs), store readers, and bank
                    and Internet computers. 

                    How Long Have Credit Cards Been Used?

                    We have had credit cards working for us in the U.S. since the
                    1920s, when individual companies, such as hotel chains and
                    oil companies, began issuing them to customers for purchases
                    made at their businesses. This use increased significantly
                    after World War II. 

                    The first universal credit card worked a little differently than
                    those earlier ones -- it could be used at a variety of stores
                    and businesses. It was introduced by Diners' Club, Inc., in
                    1950. With this system, the credit card company charged card
                    holders an annual fee and billed them on a monthly or yearly
                    basis. Another major universal card -- the one with the
                    famous TV commercial ("Don't leave home without it!") -- was
                    established in 1958 by the American Express Co. 

                    Later came the bank credit card works, or system. Under this
                    plan, the bank credits the account of the merchant as sales
                    slips are received (this meant merchants were paid quickly --
                    something they loved) and assembles charges to be billed to
                    the credit card holder at the end of the billing period. The
                    credit card works for the issuer when the card holder pays the
                    bank either the entire balance or in monthly installments with
                    interest (sometimes called carrying charges). 

                    The first national bank plan was BankAmericard, which was
                    started on a statewide basis in 1959 by the Bank of America
                    in California. This system was licensed in other states
                    starting in 1966 and renamed Visa in 1976. 

                    Most other major bank credit cards work in a similar way.
                    Those early credit cards were soon followed by MasterCard,
                    formerly Master Charge. In order to offer expanded services,
                    such as meals and lodging, many smaller banks that earlier
                    offered credit cards on a local or regional basis formed
                    relationships with large national or international banks. 

                    What Do the Numbers on My Credit Card Mean?

                    Credit cards work thanks to computers and special numbering
                    systems. Although phone, gas and department stores have
                    their own numbering systems, ANSI Standard X4.13-1983 is
                    the system used by most national credit card systems. Here
                    are what some of the numbers mean and how they make
                    credit cards work so efficiently: 

                    1.) The first digit in your credit card number signifies the
                    system -- 3=travel/entertainment cards (such as American
                    Express and Diners' Club), 4=Visa, 5=MasterCard and
                    6=Discover Card. 

                    2.) The structure of the credit card number varies by system.
                    For example, American Express card numbers start with 37;
                    Carte Blanche and Diners Club with 38. 

                    3.) American Express: Digits 3-4 are type and currency, digits
                    5-11 are the account number, digits 12-14 are the card
                    number within the account, and digit 15 is a check digit. 

                    4.) Visa: Digits 2-6 are the bank number, digits 7-12 or 7-15
                    are the account number, and digit 13 or 16 is a check digit. 

                    5.) MasterCard: digits 2-3, 2-4, 2-5 or 2-6 are the bank
                    number (depending on whether digit 2 is a 1, 2, 3 or other).
                    The digits after the bank number up through digit 15 are the
                    account number, and digit 16 is a check digit. 

                    6.) So now you know a little bit more about how credit cards
                    work. To learn more, check our list of other articles. To make
                    one of our top-rated credit cards work for you, click to see our
                    credit card selector.

                    Here's to your credit! 

John Tobin AKA http://www.credit-card-debts.com/

Credit Reports: What Information Providers Need to Know The Fair Credit Reporting Act (FCRA) is designed to protect the privacy of credit report information and to guarantee that information supplied by consumer reporting agencies (CRAs) is as accurate as possible. If you provide information to a CRA, such as a credit bureau, be aware that amendments to the law spell out new legal obligations. These amendments were effective September 30, 1997.

Does the FCRA Affect Me?
If you report information about consumers to a CRA, you are considered a "furnisher" of information under the FCRA. CRAs include many types of databases -- credit bureaus, tenant screening companies, check verification services, and medical information services -- that collect information to help businesses evaluate consumers. If you provide information to a CRA regularly, the FCRA requires that the CRA send you a notice of your responsibilities.

What Are My Responsibilities?
The responsibilities of information providers are found in Section 623 of the FCRA, 15 U.S.C. §1681s-2, and are explained here. Items 2 and 5 apply only to furnishers who provide information to CRAs "regularly and in the ordinary course of their business." All information providers must comply with the other responsibilities.

1. General Prohibition on Reporting Inaccurate Information - Section 623(a)(1)(A) and Section 623(a)(1)(C).
You may not furnish information that you know -- or consciously avoid knowing -- is inaccurate. If you "clearly and conspicuously" provide consumers with an address for dispute notices, you are exempt from this obligation but subject to the duties discussed in Item 3.

What does "clear and conspicuous" mean? Reasonably easy to read and understand. For example, a notice buried in a mailing is not clear or conspicuous.

2. Correcting and Updating Information -- Section 623(a)(2).
If you discover you've supplied one or more CRAs with incomplete or inaccurate information, you must correct it, resubmit to each CRA, and report only the correct information in the future.

3. Responsibilities After Notice of a Consumer Dispute from a Consumer --Sections 623(a)(1)(B) and 623(a)(3).
If a consumer writes to the address you specify for disputes to challenge the accuracy of any information you furnished, and if the information is, in fact, inaccurate, you must report only the correct information to CRAs in the future. If you are a regular furnisher, you also will have to satisfy the duties in Item 2.

Once a consumer has given notice that he or she disputes information, you may not give that information to any CRA without also telling the CRA that the information is in dispute.

4. Responsibilities After Receiving Notice from a Consumer Reporting Agency -- Section 623(b).
If a CRA notifies you that a consumer disputes information you provided:

You must investigate the dispute and review all relevant information provided by the CRA about the dispute.
You must report your findings to the CRA.
If your investigation shows the information to be incomplete or inaccurate, you must provide corrected information to all national CRAs that received the information.
You should complete these steps within the time period that the FCRA sets out for the CRA to resolve the dispute -- normally 30 days after receipt of a dispute notice from the consumer. If the consumer provides additional relevant information during the 30-day period, the CRA has 15 days more. The CRA must give you all relevant information that it gets within five business days of receipt, and must promptly give you additional relevant information provided from the consumer. If you do not investigate and respond within the specified time periods, the CRA must delete the disputed information from its files.

5. Reporting Voluntary Account Closings -- Section 623(a)(4).
You must notify CRAs when consumers voluntarily close credit accounts. This is important because some information users may interpret a closed account as an indicator of bad credit unless it is clearly disclosed that the consumer -- not the creditor -- closed the account.

6. Reporting Delinquencies -- Section 623(a)(5).
If you report information about a delinquent account that's placed for collection, charged to profit or loss, or subject to any similar action, you must, within 90 days after you report the information, notify the CRA of the month and the year of the commencement of the delinquency that immediately preceded your action. This will ensure that CRAs use the correct date when computing how long derogatory information can be kept in a consumer's file.

How do you report accounts that you have charged off or placed for collection? For example:

A consumer becomes delinquent on March 15, 1998. The creditor places the account for collection on October 1, 1998.

In this case, the delinquency began on March 15, 1998. The date that the creditor places the account for collection has no significance for calculating how long the account can stay on the consumer's credit report. In this case, the date that must be reported to CRAs within 90 days after you first report the collection action is "March 1998."

A consumer falls behind on monthly payments in January 1998, brings the account current in June 1998, pays on time and in full every month through October 1998, and thereafter makes no payments. The creditor charges off the account in December 1999.

In this case, the most recent delinquency began when the consumer failed to make the payment due in November 1998. The earlier delinquency is irrelevant. The creditor must report the November 1998 date within 90 days of reporting the charge-off. For example, if the creditor charges off the account in December 1999, and reports this charge-off on December 31, 1999, the creditor must provide the month and year of the delinquency (i.e., "November 1998") within 90 days of December 31, 1999.

A consumer's account becomes delinquent on December 15, 1997. The account is first placed for collection on April 1, 1998. Collection is not successful. The merchant places the account with a second collection agency on June 1, 2003.

The date of the delinquency for reporting purposes is "December 1997." Repeatedly placing an account for collection does not change the date that the delinquency began.

A consumer's credit account becomes delinquent on April 15, 1998. The consumer makes partial payments for the next five months but never brings the account current. The merchant places the account for collection in May of 1999.

Since the account was never brought current during the period that partial payments were made, the delinquency that immediately preceded the collection commenced in April 1998 when the consumer first became delinquent.

For More Information

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, call toll-free, 1-877-FTC-HELP (1-877-382-4357), or use the online complaint form. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

1-877-FTC-HELPwww.ftc.gov

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http://www.bankrate.com/brm/rate/cc_home.asp

bankrate.com

Definitions of credit card terms

A | B | C | D | F | G | H | I | J | L | M | N | O | P | R | S | T | U | V | W | Z Acquiring financial institution Merchants must maintain an account with an acquiring financial institution to receive credit for credit card transactions. Daily credit card totals are deposited into the merchant's account minus any fees. Adjusted balance A method used by some card issuers in which they subtract all payments made during the month, then add the finance charges. Affinity card A card offered by two organizations, one a lending institution, the other a non-financial group. Schools, non-profit groups, pro wrestlers, popular singers and airlines are among those featured on affinity cards. Usually, use of the card entitles holders to special discounts or deals from the non-financial group. See also co-branded cards. Air miles One of the most popular rewards issued by airline-affilliated co-branded cards. Air miles are earned with every use of the card, and then transfered monthly to the card holder's account with that airline. Annual fee A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit cards come without an annual fee. Annual Percentage Rate (APR) The interest rate reflecting the total yearly cost of the interest on a loan, expressed as a percentage rate. Under the federal Truth in Lending Act, it must be calculated in a standard way to allow consumers to make 'apples to apples' comparisons of lending terms. Authorized user Any person to whom you give permission to use a credit card account. Average daily balance This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day’s balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card’s monthly periodic rate, which is calculated by dividing the annual percentage rate by 12. A card with an annual rate of 18 percent would have a monthly periodic rate of 1.5 percent. If that card had a $500 average daily balance it would yield a monthly finance charge of $7.50. See two-cycle billing. Balance transfer The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out. Balance transfer fee Fee charged customers for transferring an outstanding balance from one card to another. Bankruptcy The last resort for a borrower. If the borrower has difficulty meeting rent or mortgage payments and is completely extended beyond the credit limit, and the collection agencies are uncooperative, the borrower may need to file for protection. There are two basic ways of filing for personal bankruptcy. A Chapter 7 bankruptcy declaration gets rid of all debts (except some taxes and maybe alimony payments); Chapter 13 allows a borrower with a steady income to pay off bills over a 36- to 60-month period. It's a serious step for a borrower because it severely limits access to credit for years to come. Billing cycle The number of days between the last statement date and the current statement date. Also see average daily balance and two-cycle billing. Billing statement The monthly bill sent by a credit card issuer to the customer. It gives a summary of activity on an account, including balance, purchases, payments, credits and finance charges. Important changes to a credit card account are often included in small-print fliers that are sent with the statement. Back to top Card holder agreement The written statement that gives the terms and conditions of a credit card account. The card holder agreement is required by Federal Reserve regulations. It must include the Annual Percentage Rate, the monthly minimum payment formula, annual fee, if applicable, and the card holder's rights in billing disputes. Changes in the card holder agreement may be made, with written advance notice, at any time by the issuer. Rules for imposing changes vary from state to state, but the rules that apply are those of the home state of the issuing bank, not the home state of the card holder. See national issuers. Cash advance fee A charge by the bank for using credit cards to obtain cash. This fee can be stated in terms of a flat per-transaction fee or a percentage of the amount of the cash advance. For example, the fee may be expressed as follows: "2%/$10". This means that the cash advance fee will be the greater of 2% of the cash advance amount or $10. The banks may limit the amount that can be charged to a specific dollar amount. Depending on the bank issuing the card, the cash advance fee may be deducted directly from the cash advance at the time the money is received or it may be posted to your bill as of the day you received the advance. The cost of a cash advance is also higher because there generally is no grace period -- interest accrues from the moment the money is withdrawn. Cash Cards Cash cards, similar to pre-paid phone cards, contain a set amount of value, which can be read by a special cash card reader. Participating retailers will use the reader to debit the card in increments until the value is gone. The cards are like cash -- they have no built-in security, so if lost or stolen, they can be used by anyone. Charge card A card that requires a full payment of the charge by the due date. Unlike credit cards, which give borrowers a revolving line of credit and lets them borrow against it, carrying a balance with an agreed-to interest rate, charge cards do not allow carrying a balance and no interest is charged. American Express and Diner's Club are examples of charge cards. Classic card Brand name for the standard card issued by VISA. Closed-account fee A fee charged for shutting down an account. Sometimes charged if the account is closed before a certain time period has passed. Co-branded cards A type of affinity card issued through a partnership between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usualy, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affilliated with airlines that offer air miles -- are popular enough to command a hefty annual fee. Back to top Consumer Credit Counseling Service (CCCS) A service that offers counseling about how to work out a realistic budget and debt repayment plan and work with creditors. The goal is to ensure that debts are paid back over time. Co-signer A person who co-signs a credit card application with the primary applicant. The co-signer agrees to be liable for any balance that the primary applicant allows to go into default. Credit bureau (credit reporting agency) A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information. The three major national credit bureaus are Equifax, Experian (formerly TRW) and Trans Union. Credit card A plastic card that with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, whose size and interest rate are determined by the borrower's income and credit report. Credit cards began in the late '40s when banks began giving out paper certificates that could be used like cash in local stores. The first real credit card was issued in 1951 by Franklin National Bank in New York. Credit insurance A policy that pays off the card debt should the borrower lose his job, die or become disabled. The structure of protection for a revolving credit card debt is calculated each month to cover only the debt that existed at the last billing cycle. Credit limit The maximum amount of charges a card holder may apply to the account. The Consumer Federation of America suggests people carry credit lines no greater than 20 percent of their gross household income. For example, people with a gross income of $50,000 would cap credit lines at $10,000. Credit report The credit report often is a critical factor in credit scoring systems that lenders use to issue credit cards, mortgages or other loans. It is a good idea to check your credit report to know where you stand and correct any errors. If you’ve made mistakes in paying previous loans, bounced checks, made late payments or had other problems, you may be able to correct them -- or at least reduce the amount of damage they will do to your credit. If someone else has made a mistake that ended up on your credit, you want to get it removed. To make certain your credit reports are accurate, it is a good idea to check with the three major national credit bureaus: Equifax, Experian (formerly TRW) and Trans Union. Back to top Debit card A bank card with direct access to a card holder’s account, usually a checking or savings account. The card acts like a check with the money withdrawn from the existing account balance. The withdrawal of funds is immediate with online debit cards, delayed a day or two with offline debit cards. Debit cards that carry the logo of either MasterCard or VISA can be used at any location that displays that network's logo. Default An account on which the payments have not been made according to the terms of the card holder agreement is in default. Some card issuers now declare you in default -- enabling them to penalize you via a higher interest rate -- if you miss a payment with any creditor. F (Fixed) If the letter "F" appears after the annual percentage rate (APR) the interest rate is fixed and not subject to adjustment. Fair Credit Billing Act Passed by Congress in 1975 to help customers resolve billing disputes with card issuers. Disputes include everything from computational errors and incorrect charges to the crediting of payments. The act requires issuers to credit payments to a customer’s account the day they are received. To be protected under the law, the consumer must write to the issuer within 60 days of the mailing date on the bill with the error. The issuer is then required to investigate and either correct the mistake or explain why the bill is correct within two billing cycles. The issuer also must acknowledge a customer’s complaint in writing within 30 days. Each issuer is allowed to set specific payment guidelines. If any of the guidelines are not met, the issuer can take as many as five days to credit the payment. Finance charge The charge for using a credit card, comprised of interest costs and other fees. Foreign currency surcharge A new charge imposed by some credit card issuers that imposes a fee on purchases made in a foreign currency. Back to top Gold card A credit card that offers a bigger line of credit, generally $5,000 and up, than a standard card. Income requirements are higher, generally $35,000 at minimum. In addition, issuers provide extra perks or incentives to card holders. Grace period If the credit card user does not carry a balance, the grace period is the interest-free period of time a lender allows between the transaction date and the billing date.The standard grace period is usually between 20-30 days. If there is no grace period, finance charges will accrue the moment a purchase is made with the credit card. People who carry a balance on their credit cards have no grace period. Household income The total income of all members of a household. An important yardstick used by credit card issuers evaluating applications for joint credit. Index

A published market-based figure used by lenders to establish a lending rate. The most common indices are: the one-year Treasury Constant Maturity Yield; the Federal Home Loan Bank (FHLB) 11th District Cost of Funds; prime rate as listed in the Wall Street Journal. Indexed rate The sum of the published index plus the margin. For example, if the index is 9% and the margin 2.75%, the indexed rate is 11.75%. Interest rate The fee charged form money lent. Under the Truth in Lending Act, it must be disclosed as an APR to credit card users on the card application form. Introductory (or intro) rate The low rate charged by a lender for an initial period to entice borrowers to accept the credit terms. After the introductory period is over, the rate charged increases to the indexed rate or the stated interest rate. Often called a teaser rate. Back to top Issuing financial institution The financial institution that issues a credit card and bills the customer for purchases made against the card account. Also see national issuers. Joint credit Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt. Late payment fee Charge to customer whose monthly payment has not been received as of the due date or stated deadline for payment as shown on the billing statement. This fee can be stated in terms of a flat per-transaction fee or a percentage of the amount of the cash advance. MasterCard MasterCard, a product of MasterCard International, is distributed by issuing financial institutions around the world. Card holders borrow money against a credit line and pay it back with interest if the balance is carried over from month to month. Its products are issued by 23,000 financial institutions in 220 countries and territories. In 1998, it had almost 700 million cards in circulation, whose users spent $650 billion in more than 16.2 million locations. Minimum payment The minimum amount a card holder can pay to keep the account from going into default. Some card issuers will set a high minimum if they are uncertain of the card holder’s ability to pay. Most card issuers require a minimum payment of 2 percent of the outstanding balance. Monthly periodic rate The interest rate factor used to calculate the interest charges on a monthly basis. The factor equals the yearly rate divided by 12. See periodic rate. Back to top National Foundation for Consumer Credit (NFCC) A non-profit organization that educates consumers about using credit wisely. The NFCC is the parent group for Consumer Credit Counseling Service. National issuers The overwhelming majority of credit cards in the U.S. come from a handful of national issuers, such as First USA, MBNA America and Bank of America. They often originate from lender-friendly states such as Delaware and South Dakota that impose no limits on what card holders can be charged. Offline debit card A new development in cards that share traits of both ATM and credit cards. Offline debit cards have the VISA or MasterCard logo on them and can be issued by a bank, either instead of or in addition to an ATM card. These cards can be used at any establishment which displays the VISA or MasterCard logo, but using them doesn't access a line of credit -- it debits a customer's checking account. It is "offline" because the account isn't directly accessed -- there's a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to conclude the transaction, it was offline. In the U.S., no Personal Identification Number (PIN) is required to use an offline debit card. Online debit card An online debit card deducts funds from the bank account immediately, as soon as the card is used. It may have the VISA or MasterCard logo, or only the issuing bank's logo, like an ATM card. There is no delay for processing the transaction -- the money is immediately deducted from your account. In the U.S., if you entered a Personal Identification Number (PIN) during the transaction, it was online. Over-the-limit fee A fee charged for exceeding the credit limit on the card. Back to top Pay-down program Steps for paying down a credit card balance. First, stop charging on the card and make the normal monthly minimum payment by the due date. Then, two weeks later, send half the amount again, and two weeks later, half again. Repeat the half payments on the two-week schedule until the balance is paid. Penalty rate Several percentage points higher than a card’s current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate. Periodic rate The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day. Personal Identification Number (PIN) As a security measure, some cards require a number to be punched into a keypad before a transaction can be completed. The number can usually be changed by the card holder. Platinum card A credit card with a higher limit and additional perks than a gold card. Point of sale (POS) An increasingly popular way for consumers to avoid ATM surcharges is to get cash returned from their online debit card via a cash return at the point of sale -- such as a grocery store. Pre-approved A credit card offer with "pre-approved" only means that a potential customer has passed a preliminary credit-information screening. A credit card company can spurn the customers it invited with "pre-approved" junk mail if it doesn't like the applicant's credit rating. Previous balance A method used by some card issuers where they base their finance charges on the amount owed at the end of the previous billing cycle. Prime rate The interest rate a bank charges to its best or "prime" customers. Each bank will quote a prime lending rate. Many institutions quote prime rates established by large money center commercial banks such as Citibank or Chase Manhattan. There is also a prime rate average listed in the Wall Street Journal that is an average of the largest commercial banks. The rate given to consumers on their credit cards is often based as the prime rate plus a certain percentage, which represents the lender's assessment of the risk in lending, plus its profit margin. Private label cards A private label card is issued by a retail outlet, such as a department store or gasoline company, and contains the logo of the retailer It is accepted only by the retailer who issued it. Retailers partner with a bank or a card-issuing management company to back the cards. Rebate card This is a card that allows the customer to accumulate cash, merchandise or services based on card usage. Revolver A term credit card issuers use for card holders who roll over part of the bill to the next month, instead of paying off the balance in full each month. About seven out of 10 card holders revolve the debt. Revolving line of credit An agreement to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid. Most credit cards offer revolving credit. Secured card A credit card that a card holder secures with a savings deposit to ensure payment of the outstanding balance if the card holder defaults on payments. It is used by people new to credit, or people trying to rebuild their poor credit ratings. Smart card Smart cards, sometimes called chip cards, contain a computer chip embedded in the plastic. Where a typical credit card's magnetic stripe can hold only a few dozen characters, smart cards are now available with 16K of memory. When read by a special terminals, the cards can perform a number of functions or access data stored in the chip. These cards can be used as cash cards or as credit cards with a preset credit limit, or used as ID cards with stored-in passwords. While fairly common in Europe, the United States has been slower to embrace them -- Americans are happy with their ATMs and POS terminals, so merchants haven't seen the need to make the expensive switch to smart card terminals. Back to top Standard card The basic card offered by issuers. Customers with higher incomes and good credit reports can qualify for the higher-limit gold and platinum cards. T (tiered) If the letter T appears after the annual percentage rate (APR), the interest rate is based on tiered pricing, with different periodic rates applied to different levels of the outstanding balance. The rate shown applies to the lowest of the balance tiers. Teaser rate Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards. Titanium card A card with an even higher limit than a platinum card. Transaction date The date that goods or services were purchased or the date the cash advance was made. Truth in Lending Act A federal law that requires lenders to provide certain information so borrowers can compare one loan to another. The most important facts lenders must provide are: finance charges in dollars and as an annual percentage rate (APR); the credit issuer or company providing the credit line and the size of the credit line; length of grace period, if any, before payment must be made; minimum payment required; any annual fees; and fees for credit insurance, if any. Back to top Two-cycle billing With the two-cycle method, the average daily balance is calculated from two billing cycles rather than one and finance charges are typically higher This method, in effect, wipes out the grace period for customers who carry a balance. If the bill is not paid in full at the first billing, interest becomes retroactive back to the purchase date. Most credit card issuers use the single-cycle average daily balance method to calculate finance charges. Unsecured debt Debt that is not guaranteed by the pledge of any collateral. Most credit cards are unsecured debt, which is a main reason why their interest rate his higher than other forms of lending, such as mortgages, which employ property as collateral. V (variable) If the letter V appears after the annual percentage rate (APR) the interest rate is variable and subject to change. VISA VISA cards, a product of VISA USA, are distributed by financial institutions around the world. A VISA card holder borrows money against a credit line and repays those funds with interest if the balance is carried over from month to month in a revolving line of credit. Nearly 600 million cards carry one of the Visa brands, and more than 14 million locations accept Visa cards. Warning signs These are the signals that credit bureaus look for in credit card customers' credit reports. They include frequent late payments, over-the-limit fees, and frequent balance transfers. Zero balance What shows on a credit card customer's bill when the outstanding balance has been paid and no new charges have been incurred during the billing cycle.

usacreditrepair.com

http://www.creditrepairsecrets.com/

Cost

Where

How to get your copy

Free -- anytime

All U.S. states if:
1) you were denied credit, insurance or a job; or
2) you are on welfare or unemployed and looking for work; or
3) your report is inaccurate due to fraud

Call or Write:
Equifax: (800) 685-1111
Equifax Credit Information Services P.O. Box 74024, Atlanta, GA 30374

Experian: (800) 311-4769
The address depends on your situation. If you have been turned down for credit, insurance or employment, it's:
P.O. Box 9600, Allen, TX 75013.
If you are on welfare, unemployed but job-hunting, or believe you have been a victim of credit fraud, the address is:
P.O. Box 9532, Allen, TX 75013

Trans Union: (800) 888-4213
Trans Union LLC Consumer Disclosure Center
P.O. Box 1000, Chester, PA 19022

Free -- 1 per year

Colorado, Georgia, Massachusetts, Maryland, New Jersey, Vermont

Call:
Equifax: (800) 685-1111
Experian: (800) 311-4769
Trans Union: (800) 888-4213
$1.00

U.S. Virgin Islands

Call:
Equifax: (800) 685-1111
Experian: (800) 311-4769
Trans Union: (800) 888-4213
$2.00

Maine

Call:
Equifax: (800) 685-1111
Experian: (800) 311-4769
Trans Union: (800) 888-4213
$3.00

Minnesota

Call:
Equifax: (800) 685-1111
Experian: (800) 311-4769
Trans Union: (800) 888-4213
$5.30

Connecticut

Call:
Equifax: (800) 685-1111
Experian: (800) 311-4769
Trans Union: (800) 888-4213
$8.00

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Lot's of companies advertise that they are "non-profit" but are actually non-profit in name only. How can you tell which are legitimate? What's the difference between non-profit and for-profit debt management and when should you use one over the other? Where does bankruptcy fit into all of this?

Background Information

"Debt Management"- an umbrella name for a large group of debt-environment functions and activities such as debt reduction, consolidation, negotiation, settlement, bankruptcy, credit repair clinics, and even deciphering credit reports. When contacting an agency, find out which functions they perform.

Credit Repair Clinics- Most notable consumer groups for debt management issues advocate avoiding credit repair clinics. Many of these clinics are illegal. But the bottom line even for the legal operations is, none of them can do anything for you that you can't do for yourself... except charge you $250 to $5000 for unnecessary services.

Deciphering Credit Reports- Credit reports can be intimidating but if taken slowly with the use of materials sent with your report you will get through it. Correcting your own report is strongly recommended but to do so you are going to have to understand it. To understand it, you must simply roll your sleeves up and get intimate with it. Ask questions on this sites forum or of legitimate on-profit debt counselors.

Frequently Asked Questions

Is a debt counseling service a negative on your credit report? Counseling services rarely report to the credit bureau, however creditors sometimes indicate use of such a service which does not help your report. However, not using a debt counseling service and filing bankruptcy or even having late payments is far worse. Therefore, when in credit trouble, the net affect of using credit counseling is nil.

When is bankruptcy the best course of action? In theory, bankruptcy is to be used by people who are absolutely unable to repay their debts and a debt counselor has no means of assisting. At these times the individual should ask themselves, "is this a permanent or temporary problem?" For example, though both scenarios can be devastating, permanent disability may be far different than job loss. One may require bankruptcy and the other negotiating with creditors.

If a company is filed as non-profit, isn't that good enough? All Non-Profit groups must have a Federal 501-C3 non-profit status form on file. However the consumer should never use this filing as the only qualification to act in accordance with a true "non-profit" in this industry. Many so called "non-profit" debt managers advertise this status to the unweary consumer but are as non-profit as Donald Trump... but oh, how good it looks in advertising print.

Can you give me an example? A legitimate non-profit will not retain a first payment but rather are paid a "fair share distribution" (around 10%) by the creditors plus about $5 - $20 per debt monthly from the client. At times this contribution is negotiable. I will also add that with what a legitimate debt manager is suppose to do for it's client, it could not be done for much less and still be done correctly.

What are pitfalls to avoid in selecting a "non-profit" group? Many so called non-profit agencies in addition to a high per-debt monthly fee will also charge a one time fee equal to a first month's payment on all debts considered. The total of the debts may even be inflated because unscrupulous agents include bills which should not be included. Not only is it inflated but the lure is that this fee is a "retainer" paid back to the client when the program is successfully completed. The sad fact is, these groups know that only a small percent who go to these groups ever finish their program. Therefore these managers keep the "retainer"... a very lucrative practice for a "non-profit" business.

Which payments or creditors should not be included? Not all debts should be listed because many are non-negotiable. For example, student loans, payments to I.R.S., selected Credit Union loans, many department store accounts, foreign creditors, and many others cannot be negotiated and debt counselors should know this. A less than scrupulous agency wants non-negotiable items included because it inflates the retainer or first payment which a true non-profit would not be taking in the first place. At a later time the agency would then inform the client that the creditor has since changed policy and nothing can be done about it. Of course, the agency will keep the retainer anyway because they can't be held responsible for a "change of the creditor's policy".

Is one debt counselor better than another? In hardship cases where it is necessary to try to lower the interest rate for the client, there is no difference from what one debt manager can do versus another because all lower rates are preset by the industry and creditor and not established by debt managers. On the other hand, with so many clients on board with less scrupulous groups, agencies can't keep up with the follow up that is required. For example, when a proposal to lower an interest rate is sent out in one legitimate agency I know, it follows up in 21 days because they know that 30% of all proposals are lost by the creditors themselves. I must assume it must happen to most companies since they are all going to the same creditors.

What exactly should a debt counselor do... what steps are involved concerning my debts? Each debt proposal must be initiated with contact, followed up, often re-initiated if the creditor looses it, and followed up again. Proposals can take up to 6 months to actually get all of the accounts accepted. Most quasi "non-profits" don't mind it taking even longer because it is a greater incentive for the client to drop out and thus loose their retainer. Thus proper follow-up by many "so called" non-profit groups is minimum at best and often non-existent.

So is there a difference between a non-legitimate "non-profit" and a "for-profit"? Do not confuse a less than legitimate "non-profit" with a legitimate "for-profit" group. The former is to be avoided but the latter may well be part of what you need. Consumers that need help but want to maintain their credit worthiness is what a good "for-profit" group specializes in. A good "for-profit" agency that brings on the new client has to have extensive knowledge of what each and every creditor does and does not offer. Many so called counselors offer nothing more than heavy telemarketing at best.

Can you offer an example of someone in need of a "for-profit" agency and are their fees similar to legitimate "non-profit"? A good "for-profit" group could probably do a great deal for the 2-income family where one partner looses their job and the family begins living off of credit cards. The agency could probably get the family out of debt in 4-5 years with no damage to their credit history. On the other hand, if the family could not meet monthly payments, the agency could not accomplish this and they would recommend a non-profit group to help.

Are legitimate "for-profit" fees similar to legitimate "non-profit"? Because such a group is NOT "non-profit" it does not receive a "fair share distribution" from creditors. Therefore, it does charge a non-refundable fee equal to a one month payment but only of legitimate debts as discussed above. There is also usually a flat fee per creditor per month. But the bottom line is that these fees will be far less than those charged by many so-called "non-profit" groups as illustrated above and you can be assured that your debts will be managed by professionals. - The how-to of self debt negotiating.

National Foundation for Consumer Credit (NFCC) The parent company and source to locate local CCCS offices and assistances.

ERC Credit Analyzer - Debt consolidation rates and minimum payment requirements are established by the creditors. This page show you what those rates are and is updated as they change.

Epinion: Debt Management Groups - Before selecting your debt counseling agency, check to see if this site has it listed and what its clients and other agencies might have to say about it.

Credit Counseling Agency Checklist - On the left side of the home page is a link to Credit Facts. One of the subcategories is a basic checklist to follow as a minimum in selecting an agency.

Debt Management (Consolidation) Beware Page - When choosing a debt consolidation company, use these guidelines for your own protection.

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