There are businesses out there that promise to improve your credit score for a price. But are they doing anything for you that you can’t do yourself?
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Even if you’re not thinking about applying for a loan or credit card in the near future, it’s always a good idea to look at your credit report and scores. You should check your personal credit report and score at least twice a year to make sure that all of your personal information is accurate.
Why It’s Important:
Identity theft is a problem that is not going away any time soon. An identity thief can steal your identity and do serious damage to your credit in less time than it takes to boil water. Checking your credit report and scores regularly ensures you notice any suspicious activity right away.
How To Do It:
The Federal Trade Commission allows consumers to obtain one free credit report annually via AnnualCreditReport.com.
Under federal law, you’re entitled to an additional free credit report if you are denied credit, insurance or employment and ask for your report within 60 days of receiving notice of your denial. The written notice you should receive should also list the name, address and phone number of the company to contact to obtain your report.
If you want to keep extra close tabs on your credit report and scores, a site you might want to consider is Quizzle. Quizzle has been mentioned in the Wall Street Journal, USA Today and CNN for being one of the best places to get a complete understanding of your credit. They offer a free Experian credit report, credit score and more.
How They Work:
While your credit report and scores never really “expire,” your credit profile could change based on the financial decisions you make on a daily basis. One late payment or new credit account could make your credit report and scores go up or down, which is why most lenders request to pull your credit when you’re applying for a loan. Your credit score has a direct impact on your ability to be approved for a loan, and each lender has its own cutoff points and underwriting guidelines.
Keeping up on your credit report and scores is more important than ever. If you want any kind of loan or if you’re thinking about taking advantage of the record low mortgage rates we’ve been enjoying over the past year, make sure you’re watching your credit closely. You’ll be taking the proper measures to protect yourself from identity theft, and you’ll be preparing yourself for any loans you may want to take out in the future.
The long-awaited housing recovery is beginning to blossom, according to industry experts taking a look at recent existing-home sales.
Paul Dales, chief economist at Capital Economics, says “it is clear that a housing recovery is now well underway.”
Lawrence Yun, chief economist for the National Association of Realtors (NAR), concurs with Dales’ assessment, saying “The pattern of home sales in recent months demonstrates a market in recovery.”
The evidence: home sales have been on the rise for the past three months, posting a 5 percent increase in December.
In addition to the 5 percent increase in December, NAR reported a 1.7 percent annual increase in existing-home sales in 2011, a total of 4.26 million homes for the year.
Housing inventory is on the decline and fell to its lowest level since March 2005 last month, according to NAR. Approximately 2.3 million homes are available for sale currently.
“The inventory supply suggests many markets will continue to see prices stabilize or grow moderately in the near future,” Yun said.
However, listed inventory is only part of the equation, and according to CoreLogic’s latest numbers, shadow inventory stands at about 1.6 million.
Regardless, Dales believes sales will rise this year. “Housing still won’t contribute much to GDP growth over the next few years, but at least it will no longer subtract from it,” Dales says.
The REO (Real Estate Owned) to Rental Industry is about to explode with an onslought of reposessed homes turning into rental property. Here’s the story from CNBC News…
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Consumer expectations for U.S. home prices perked up in December, matching a modest fourth-quarter improvement in the U.S. economy, according to a monthly survey from mortgage market firm Fannie Mae.
For its December reading, Fannie Mae said survey respondents now expect home prices to rise by 0.8% over the next year, up from the 0.2% gain predicted in November.
Views on the direction of the U.S. economy also improved: 22% of respondents indicated a belief that the U.S. economy is on the right track, marking a 6-percentage-point jump from November’s survey.
On personal finances, 40% of respondents said they anticipate their personal financial situation to strengthen over the next year. Fannie Mae noted the response marks the first time since February that a larger share of respondents indicated they expect improved personal finances rather than finances that will remain the same over the next year.
Despite the marked improvement in consumer sentiment, Fannie Mae Chief Economist Doug Duncan cautioned that consumer attitudes remain at depressed levels, with over two-thirds over respondents in December’s survey still indicating a belief that the U.S. economy is headed in the wrong direction.
The survey is based upon a monthly poll of roughly 1,000 adults and has a margin of error of plus or minus 3.1%.
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