CBI Credit Blog - The Official Blog of CBI Network

Important Takeaways from the FCRA and FDCPA

Credit collection agencies are regulated by the Federal Trade Commission. These laws are intended to protect your rights and personal information while ensuring that collection calls do not cross the line into harassment. Both the Fair Debt Collection Practices Act and the Fair Credit Reporting Act were put in place to keep creditors and credit reporting agencies in check.

What is the FDCPA?

When you fall behind on account payments, debt collectors will make numerous attempts to contact you. However, they must follow regulations set forth by the FDCPA. Within 5 days of the first collection call, you should receive a letter detailing the delinquencies of your account. This letter will contain the contact information of the collection agency as well as personal information of the account holder. If you feel you are being contacted mistakenly, then make sure that the personal information matches yours, as agencies may have contacted the wrong person. You can only be called during certain hours, and the agency must stop attempts to reach you if you request this through mail.

How the FCRA protects your privacy?

Consumer credit reporting agencies have access to your personal and financial information that can only be used for specific purposes, as determined by the FCRA. In addition to protecting your privacy, credit reporting agencies must disclose the information in your file to you upon your request. Institutions that may access your information include banks and lending agencies, employers, and service providers. In order for an employer to access this data, you must give them permission in writing or with an electronic signature.

If you are struggling to make payments to your creditors, then contact the specialists of the CBI Education Network. We provide information to help you manage your credit situation and increase your credit score. Learn more on our website or call us at (888) 690-1750.

CBI's 5 Reasons to Be Thankful This Season

Economically speaking, it's been a rough year. No, it's been a rough few years. However, there are always reasons to be thankful, so we've come up with our top five reasons to be economically thankful in 2011 and we hope these help bring solace to an often difficult time for those who struggle with bad credit.

1. Jobs are on the Rise: The unemployment rate dropped 1% since this time last year. And while we are still facing a 9% unemployement rate, this is the season to see real change. As people spend more, more jobs are created.
    
2. Sales are Up: Speaking of spending, then number of shoppers expected to hit the stores on Black Friday is a whopping 152 million according to a report by the National Retail Federation! That's 10% higher than last year and it gives us our next reason to be thankful.
    
3. Economic Growth: One of the things we're most thankful about is that the economy continues to improve which means, there's hope. No matter how bleak your economic outlook is now, it can always get better.
    
4. Interest Rates Going Down: According to Vault.com, interests rates are lower than they've been in some time. Now is the time to refinance your loan or mortage to get a lower rate.
    
5. Money Isn't Everything: One of the most important things to be thankful for, is that money isn't EVERYTHING. We still have our health, our family and friends, and our happiness. Those are things that no credit score can take away. So be thankful in that!

If you have something you're thankful for, please share it with us on our Facebook or Twitter page. If you'd like to learn how to turn your credit score into something to be thankful for, call us at (888) 690-1750.

Start-Up Tips From Great Business Minds

Our country was built by enterprising souls with good ideas. Today, small businesses continue to become large businesses and shape the way we buy and live. If you're looking to start a new business, you need more than good credit. Check out these tips from some of the business owners who started their own businesses.

This short video offers great advice from several CEOs of successful companies. They discuss everything from how to pitch to an investor to which rookie mistakes to avoid. With clever maneuvering and a little hard work, anyone can start and run a successful business.

Before you build a business, it’s always a good idea to build your credit. To learn more about your credit and how to repair it, contact us at CBI Education Network. For more information, give us a call today at (888) 690-1750.

Interested in Starting Your Own Business? Here Are Four Things You'll Need:

Though businesses are everywhere, starting a business from scratch is incredibly difficult. Unfortunately, the majority of businesses fail within the first few years. To ensure that your business makes it past its first year, you should acquaint yourself with these important aspects of business: 

• A Great Idea
  Whether it’s selling shoes on the internet or drive-thru coffee, every business has to start with a good idea. Your product or service should be unique and fulfill a specific need has to be something that you know people will want or something that your community needs. It’s even better if your product has the potential to breed new ideas.
    
• A Business Plan
  After you’ve come up with several great ideas, you should then focus them into a business plan. A good business plan consists of a concise summary of your product, your business goals, expansion ideas, and more. Once you hire workers, it’s always a good idea to have that business plan in order to keep yourself and your employees on track.    
    
• A Few Investors
  You may not have the money necessary to start a successful business and need to turn to investors to help fund your businesses. The trick is to look around for professionals that you trust, are financially stable and believe in your vision. 
    
• A Business Loan
  Obtaining a business loan requires not only a business plan, but also a high personal credit score. Your experience and education will also play factor when it comes to your approval for a loan. 

If you need help increasing your credit score in order to obtain a small business loan for your idea, then give CBI Education Network a call at (888) 690-1750.  We have the necessary tools and resources to help increase your credit score and earn you a better business loan.

Building Your Credit From The Ground Up

If you're young and debt free, you're lucky! Many people we speak to have come to the end of their rope financially. But even though you have no marks on your credit history, doesn't mean you're ready to buy a car or a home and expect a low interest rate. First, you need to prove that you can be financially responsible by building your credit. Here are a few steps from CNNMoney to building a solid credit score:

1. Know Your Current Credit Score:
   You can request a credit report from each of the three major credit rating bureaus. There are several online resources that give you free credit reports.
2. Open a Bank Account:
   Having a bank account shows stability and tells lenders that you have a stable income. A savings account is also great to show financial responsibility.
3. Pay Bills On Time:
   Any late payments can be reported to credit bureaus and take points off your score. Be sure to never miss a payment.
4. Get a Credit Card:
   Having a credit card shows that you can responsibly borrow money. To avoid paying high interest rates however, only borrow what you can pay off at the end of the month. Think of your credit card as a debit card. You don't want to overdraft your debit card, just like you don't want to owe more than you have at the end of the month.
5. Get a Small Loan:
   After you've built your credit for about a year, you're ready to take out a small loan for a car or for school loans. Just make sure you pay the necessary amount regularly.

If you'd like more advice on building your credit, contact CBI Education Network. We exist to help you increase your credit score. To find out about upcoming events or to gain more information on building your credit, visit our website or call us at (888) 690-1750.