Friday, December 15, 2017

International Consumer Lending – Will U.S.-based financial organizations be ready?

Global Economy: Trade is growing globally in today’s scope of consumer lending. There are many reasons for this growth, not the least of which is technology. Due to enhanced communication opportunities today, international trade is much more practical. Now more than ever, consumers and businesses have access to the very best products from many different countries. Expanding technology has also increased the competition among countries as to who can produce the newest or best technology. To develop the accommodations of the new trade, countries in the last several decades have taken increasing steps to promote global trade.

Foreign exchange transactions are becoming more and more common with the ease of automated online lending. Will the foreign lenders continue to attract the attention of the American purchasers? We have already seen an increase in foreign transactions with the purchase of online goods, and air/travel reservations.

Who protects the consumer who accesses the international lending opportunities? The globalized trade market is currently governed by the Federal Trade Commission (FTC). The FTC focus is to protect the consumer from harm, while enhancing the economic benefit and the choice of the consumer.

International lending has opened up crime-based activity to a global environment, allowing traditional theft to emerge on a whole new level. Will this type of fraud and theft in the global market change the rules of international lending? There may be a chance the FTC steps in and changes the way we are lending and funding loans or purchases. Will you be ready to comply?

With consumer protection laws continually on the rise, how will this affect the international lending laws? Will the U.S. become adaptive to the way of our international lenders? It would appear that the U.S. consumer lending laws are sophisticated, while allowing the flexibility and ease of use to fund a consumer loan… as long as the rules are followed.

It may be that the future of our lending practice is in the hands of the prevailing financial system (that may not be the U.S.) and that all countries are held to the same consistent lending practices. Will your credit union be ready to comply with a mandatory international consumer lending standard?

Here is where the good news comes in. Your credit union’s lending operations may be affected by the ongoing global financial industry changes, and today your forms remain compliant with current credit union rules and regulations, especially if provided by Oak Tree. Rest assured that Oak Tree is continually “trend watching” and will be at the forefront of any changes to your forms brought about by any source, including international trends .

Contact us to find out how to be prepared for any change, whether it be local or global. Oak Tree Business Systems, Inc. is always ready to provide you with the most relevant credit union industry information.

To read similar articles please visit Oak Tree Business Systems, Inc. August 2016 Advantage – The Lending Olympics.

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How to Get Free Credit Report to Raise Credit Score?

Credit score is one of the most important things which you should take care of. However, there are times when you are having troubles with your credit scores due to some inevitable circumstances. Thus, you have to look for ways on how you can raise credit score as fast as you can in order to save yourself from any further financial inconveniences.

There are actually a lot of ways on how you can fix your bad credit rating as well as raise your credit score. Some of the most effective ways on how to raise credit score instantly are the following:

1. Grab a copy of your own free annual Credit Report – This is the very first thing which you should do in raising your credit rating. This is due to the fact that acquiring your free credit report can make it easier for you to detect if you really have committed some mistakes concerning your credit score. Do you know how to get free credit report? You can actually get free annual credit report either from Equifax, Experian or TransUnion.

2. Analyze, check, and verify the annual credit report. No one is perfect. This is actually maybe the reason on why my bad credit rating can just be a mistake on the part of the credit bureaus. Hence, it is really important for me to meticulously analyze, check, as well as verify my credit report at all times. Where can I get a free credit report from? – There are three bureaus: Equifax, Experian and TransUnion.

3. Always make sure to pay your bills promptly – This may sound too simple but this is actually the main reason on why bad credit scores are into existence. Hence, if you really want to have a good credit standing then, you have to make sure to pay your bills without any delay.

4. Never attempt to close your old accounts – Some would say that it is advisable for you to close all your old accounts in order to easily raise credit score. This may sound right but if truth be told, it is not the best thing for you to do. This is due to the fact that closing old accounts can lead to a lower overall available credit which can then result to a lower creditability.

Indeed, credit score is something which needs proper handling and management. Thus, you have to make sure to protect your credit score in the best way you can in order to avoid any financial issues and problems. Nevertheless, if you are already on your troubled times regarding your credit score then, you can consider the aforementioned ways on how to raise credit score instantly. After all, there is no harm if you are going to consider the three ways mentioned above.

And remember – the first step on the way of new financial freedom is to get free annual credit report as soon as possible. Read it. Check it. Correct it. Ask friend for help. Talk with your family. And in case there is something strange or unknown ask professionals. Do not allow lenders to reject your application any more. Do not pay more than necessary to banks. Take action to raise credit score immediately.

Read more on why to raise credit score as fast as possible and get free annual credit report today.

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How Credit Scores Really Work – Real Estate Tips

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In my opinion, fico scores are one of the more obscure and methodical principles to a client. I actually had clients tell me anything they swore would help their particular credit, whenever in reality it was the whole reverse.

One of the numerous instances I have is when I’d litigant let me know he never ever fully paid down his bank cards because repaying interest assisted him get a far better credit rating. I will teach you just what determines your credit rating, how to get and keep a higher score, plus some typical fables regarding the FICO score.

First why don’t we review exactly what determines your credit score. You will find 5 primary facets. Coming in at 35percent of the total credit rating can be your payment record. Becoming late on any expenses, and sometimes even even worse having them enter selections, is the easiest way to drop your
credit score.

The next biggest aspect at 30per cent is the quantities your debt. When you yourself have 5, 10 or higher credit cards and they’re all maxed out, it shows you’re increased credit danger b/ you can’t seemingly pay your expenses down. Amount of your credit history will come in at 15per cent. Essentially 7 many years or maybe more is exactly what is regarded as an extended credit score.

Finally at 10percent each is New Credit requests and kind of credit blend used. New credit is in reference to how frequently you run your credit — be it for a cell phone, auto loan or other type of credit. If you are consistently running your credit, it really is most likely doing you some damage. Sort of credit blend being used essentially concerns what type of records you have available.

The ideal scenario is some mystery mixture of a mortgage, car finance and two to three credit cards. It doesn’t imply you really need to go get an auto loan with regards to doesn’t sound right financially. Keep in mind, it really is only a little element, and so lengthy as you involve some credit being used you’re going to be fine.

Regarding getting and keeping a top FICO rating, there are a few instructions you ought to follow. First off, would be to make sure that you pay-all your bills punctually. As a reminder, we set an alarm back at my phone, which is synced to
my mail.

Every to begin the thirty days, my phone and outlook both tell me that it’s time for you to pay all my expenses. Subsequently, could be the duration of your credit, essentially you would like 7 or even more several years of credit rating. Finally, you prefer at least two but no more than four charge cards with a high limits. Apart from these three things, the easiest method to get a top score should avoid any court judgments, past-due expenses,
and collections.

In regards to maintaining your large credit history, observe that bank cards often become individuals biggest downfall. Yes, you DO want high restrictions in your bank cards, but it doesn’t imply that you’re designed to max them on. That loan providers trust you with a high borrowing limit is in fact a good thing. The important thing is not have more than 25-30% using one credit card. This will make it seem like you understand how to address your debt more proficiently.

Today let’s debunk a number of the urban myths all of us generally hear. Very first, having to pay interest as you did not pay back your charge card entirely, will ABSOLUTELY NOT assist your credit score. Once again, it will be the financial obligation to borrowing limit proportion which will be taken into account. Second, that most readily useful purchase payment program that you have never ever been late on may help your credit rating.

This will be entirely UNTRUE, the actual only real repayment plans that may ever show up in your credit as stated overhead are organized payments, such as for instance a home or car, and revolving payments, such as for instance credit cards which we already discussed.

Other activities that won’t show on your credit file unless they give you to selections tend to be your cellphone expenses, electric bills, and also those shop charge cards without a Visa, MasterCard, Take a look at, or United states Express logo design onto it.

Remember, with no of these logos, those credit cards, do nothing at all to help your credit. Number 3, if you do not utilize a charge card that you have had for many years at a stretch, you really need to shut the account. Once again, it is FALSE. Remember, lengthy credit history is great. You specifically don’t want to shut this unused bank card if it offers increased limit. In reality, you really need to most likely utilize it once every couple of months on one thing extremely minor, such as for example clothes in order to make certain they don’t shut it because inactivity.

Keep in mind, your FICO rating is your reputation on financial globe, shield it together with your life. Just because you have got a lesser credit rating doesn’t necessarily imply you won’t ever be capable of geting that loan for anything. But having an improved credit score, will practically guarantee that exact same loan would be easier to fund, and you will be a lot less costly, saving you thousands to tens and thousands of bucks annually… given that’s advisable that you understand.

Contact Davide Pio Today | SF Bay Region Real Estate | 510-815-2000
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