Credit Reports In Los Angeles

New Consumer Law 2012

AB 22–
Chapter 724 – Civil Code §1785.20.5; Lab. Code §1024.5

Effective
January 1, 2012

Summary: Prohibits an employer or
prospective employer from using a consumer credit report for employment
purposes (with certain exceptions when it is allowed).

Background: The federal Fair Credit
Reporting Act and the California Consumer Credit Reporting Agencies Act
authorizes the use of consumer credit reports for employment purposes under
certain requirements. For many years, employers from various sectors have run
credit checks on job applicants.

The New Law: Prohibits a current or
prospective employer to use a consumer credit report for employment purposes
unless applicant is applying for or is currently holding the following
positions:

• Managerial position.
• Position with the California Department of Justice.
• Sworn peace officer or other law enforcement position.
• Position that involves regular access to the bank or
  credit card information, social security number, and date of birth of any
  one person.
• Position in which the person is named a signatory on
  the bank or credit card account of the employer.
• Position involving the authority to conduct certain
  financial transactions on behalf of the employer.
• Position that involves access to confidential or
  proprietary information.
• Position that involves regular access to cash totaling
  $10,000 or more.
• Position for which the information contained in the
  report is required by law to be disclosed or obtained.

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H & I Credit Solutions

Education is a necessity for an individual to acquire a high paying job. Today, a standard requirement for employment is at least college degree. For most people, they ignore the value of education for various reasons. However, study shows that the highest viable reason is finances. It is a mere fact that a college degree will cost you fortunes. Aside from that a master’s degree is now a requirement.

All in all that would require thousands of dollars. As a solution for individuals who wants to progress; grants, scholarship and student loans are offered for those who deserve it. This will enable aspiring individuals to pursue their chosen career in life.

Types of student loans

A student loan is defined as credit accounts that grant students the privilege to study with given the sufficient funds to sustain obligatory fees, course-related fees and living costs. This loan is paid once the student graduates. If you are planning to apply for a loan, there are two primary types of student loan, the federal and private loan.

The federal loan, as the term implies is a government oriented program. Under this program there are three types of loan available. First is the Perkins loan. It is a type of loan has the lowest interest rates and is offered to students that has extreme hardship in their finances.  However, only a little amount is allotted for this type of loan thus only few are granted. Another type under the federal loan is federal plus loan.

The distinct characteristic of this loan is that it is also applied to student’s parents who wish to attend and obtain a college degree. However, taking things into consideration, a credit report is review before one can get approved of this loan. Lastly, the Stafford loan is authenticates and governed by the federal government.

This type of loan has limits. Dependent undergraduates, meaning students that receive financial support from parents can loan $5,500 to $7,500. For independent student, their loans can range from $9,500 to $12,500. This type of loan can also be applied to dependent students who have parents who want to apply for a college degree. For graduate students, you can borrow a maximum of $20,500.

Private loans on the other hand are obtained from lending institutions that are privately owned. A common example is your bank. This type of loan is hard to acquire. It is for the main reason the like all loans, several factors are taken into consideration. The biggest impact would be your credit report or credit score.

Aside from these requirements other substantial data are required.  This may be hard to obtain for individuals who have previous credit accounts, bankruptcy reports and other types of obligations.

Basic steps in applying for a student loan

The very first step one should know is the university or institute you want to enrol. Make sure that your chosen university is supported by the loan. Although almost all learning institutions support student loan, there few that are not designated for a certain type of loan. The next step is to evaluate your credibility.

In this step one must gather all necessary requirements. Not all students are granted with student loan, you might check diligently all requirements needed and provide it accordingly. This will save you some time and effort applying for something you cannot obtain. Make sure that you are qualified.

Once you’ve compiled all requirements, you can now start filing for an application. Applying for a student loan has two separate steps. There is one allotted for full-time time students and another one for part-time students. Depending on your chosen type of lending institution these steps may vary. When everything is done, you will now wait for your assessment and approval.

In some cases that you don’t get approved or you have obtained insufficient amount, you can always make an appeal. This process would at least take 6 weeks. This can be done if you have special conditions that would give you an edge compared to the other unapproved loans. Reassessment can also be done if your situation has changed from the time you have applied. There are limitations when it comes to appeal. An example for this is grants or loans from previous loans and standard allowances.

With this, education will no longer be for the privilege. It is also acquired by individuals who are determined to change their future and aim for success. Determined and hardworking individuals would find a way to achieve their desires. With different types of student loans offered, you can surely find a way to explore all possibilities of obtaining knowledge.

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H & I Credit Solutions

Did you know that automobiles have a credit score? Well, it’s not really a credit score, but it might as well be. Automobiles have a specific score that enables consumers to decide if the vehicle is worth purchasing.

Just like credit reports and credit scores on consumers, vehicles have what is called an AutoCheck report and AutoCheck score. AutoCheck A Part of Experian is a automobile history report that includes the AutoCheck score. This tool enables consumers to view past history quick and easy and allows you to compare it to other automobiles. This lowers the risk of purchasing an automobile with unknown defects or problems. You can view the vehicles history and score on one report just like you can review your credit history and score.

Much like a consumers credit history and score, the AutoCheck Score performs the same way. This report and score will be affected by many factors. Look below and see the factors that affect the AutoCheck score.

• Accidents
• Mileage
• Age
• Automobile Class
• Number of Owners
• Title brands such as rebuilt title or salvaged
• Issues with the odometer (broken or rolled back)
• Damage to the frame
• Damage by water
• Lemon branded information
• Repossessed or stolen information
• Has the automobile been used as a police or taxi vehicle

The AutoCheck will provide you all this information along with the score that the vehicle is awarded. Data is gathered from the Department of Motor Vehicles, junk yards or salvage yards, recycling sites, auctions and insurance companies. They also gather information from police reports in all 50 states including the District of Columbia.

The AutoCheck score has a range between one and one hundred, but, you have to make sure you understand what you are looking at. While this score is based on the information in the report, it is just like your credit report and it may be confusing. The AutoCheck will provide the score range for the particular vehicle that is in question. Each vehicle will have a specific range that it is graded on.

Example:

2004 Ford Escape
Score: 92
Score Range: 86 – 90

2005 Chevy Trailblazer
Score: 93
Score Range: 94 – 98

In the example above you can clearly see that the Chevy Trailblazer has a higher score, however, if you look closely at the Score Range you may see a different opinion. The Ford Escape only has a Score of 92, but the range is from 86 to 90, this vehicle scores higher on the Score Range. The Chevy Trailblazer actually scores lower on it’s Score Range. So you may ask yourself, which one will be the better purchase based on the AutoCheck score.

Now, If you were basing your decision clearly on the AutoCheck score your best choice would be the Ford Escape. But some consumers are die hard Chevy lovers and some are die hard Ford lovers. To bad lenders do not base their decision on appearance and personality, rather than score.

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H & I Credit Solutions

At some point in many of our lives, bad financial decisions are made that can affect your credit rating in a negative way. A rating of less than 580 is considered bad credit (some may say terrible credit), which limits the options of getting loans and other forms of credit available to you. Nobody wants to live their entire life with such a bad credit rating, certain measures may need to be taken to rectify the situation. One remedy for a negative rating is to apply for a bad credit loan. Believe it or not, there are institutions and individuals that specialize in giving out bad credit loans to persons with negative credit ratings.

The first step is to meet with a financial adviser and ascertain exactly how your credit rating is, so you can have a clear picture of the status and the options available as far as bad credit loans go. It is prudent to borrow what can be repaid quickly without further affecting the credit rating. A common form of bad credit loans, are loans for , computers, or jewelry. Most pawnshops will accept these items against a loan that has to be paid back with interest within the stipulated time frame. If the full amount is not repaid by the expiry of the said period, then the pawnshop can sell the item to recover their investment.

Another form of a bad credit loan is a loan against a car that you currently own. Proof of ownership (car title) has to be provided and left as collateral with the lender. It is usually common to be offered an amount a little less than the true value of the item used as collateral. Some lenders will also give bad credit loans against pay slips as long as the employment of the borrower can be verified. These loans are also known as payday loans. Payday loans are where the borrower agrees to repay the loan when they receive their next paycheck.

In most cases financial advisers will recommend that the borrower get alternative forms of bad credit loans instead of payday loans. Over the years, payday loans have got a bad rep due to high interest rates. A person with a low credit score can get a bad credit loan with good terms when they get someone with a good credit rating to co-sign with them. A co-signer should be a person that is well known to the borrower so that the borrower will not default on purpose thinking that because they know that the other person, they will cover the loan amount. Pay your bills, and you will be in good shape!

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H & I Credit Solutions

Texas is one of my favorite states to provide credit repair in. Not just because I live in Texas, but because of the Statute of Limitation on Debt in Texas. The Texas statute of Limitation on debt is four years, which can be verbal, written, or contractual. Whatever the debt, there are four years in which the debtor can be forced to pay that debt. This can be a huge benefit when dealing with creditors, and collection companies.

Texas has a great Attorney General named, Gregg Abbott. Gregg Abbott’s office was able to take an Austin credit repair company to court for charging somewhere around twelve hundred dollars up front. That is absolutely crazy! Who has twelve hundred dollars just lying around? On top of that, the company’s services were misleading.

You can repair your own credit with the proper tools and knowledge. Credit repair in Texas is the same for any state; you just have to know the laws. There are some key points to be mindful of when preparing to repair your own credit.

• Always pay your bills on time
• Keep in constant contact with your creditors

If you get to a point where you are being harassed by a collection company, or creditor, check your state laws first. This goes right back to what I mentioned earlier. Remember, the Statute of Limitations on Debt in Texas? Well, all states have Statute of Limitation on Debt. Regarding Texas though, you can turn to three resources to help you. You can file a complaint with the Better Business Bureau (BBB), Federal Trade Commission (FTC), and Texas Attorney General, Gregg Abbott. These resources can help protect your rights, and make sure that collection companies, and the original creditors are following the state, and federal guidelines.

Empower – Educate – Take Action

H & I Credit Solutions