The economy over the past few years hit millions of consumers hard and as a result, many are trying to fix the damage that was done to their credit reports. Without a good credit score, it can be nearly impossible to rent an apartment, get a checking account or even find a job.

Before you agree to work with any credit repair agency, there are five facts that you need to know.

Do Your Research on Credit Repair Firms

Be wary of any credit repair company that solicits you, whether it’s through email, direct mail or by phone. This is a multi-million dollar industry and unfortunately, you can’t automatically give a company your trust simply because they sound legit.

It is vital to do your own research on a credit repair firm before proceeding. First and foremost, you should never have to pay for this service until the promised work has been done. Avoid any company that requires you to make an upfront payment in order to “fix” your credit. Even if they claim they will be incurring expenses on your behalf in order to contact your bill collectors and the credit bureaus, you don’t have to pay anything before they do the work. In fact, the Credit Repair Organization Act has made it illegal for these companies to charge you in advance.

Another red flag to look for is a credit repair company that encourages you not to contact the three main credit bureaus, Experian, Equifax and Transunion. Under the Fair Credit Reporting Act, you, the consumer, have every right to contact the bureaus and dispute any information that may be invalid.

Understand Your Rights

Before you work with a credit repair agency, it is vital to fully understand your rights as a consumer. The Fair Credit Reporting Act and the Credit Repair Organization Act both contain information that you need to know in order to protect yourself, both from debt collectors and from shady credit repair companies.

The CROA states that credit repair agencies must provide you, in writing, your legal rights and how they will go about repairing your credit, the amount of time they estimate it will take to accomplish this, and how much you will have to pay to complete the work. Any guarantees they make must be made in writing.

Promises They Can’t Keep

If a credit repair agency tells you that they can remove all of the negative information from your credit report, this tells you that they are not being honest with you. Only negative information on your report that is invalid can be removed. Even if you pay off your debt, the entry will remain on your credit report for a period of up to 10 years.

The dispute process provided by the three main credit bureaus is designed to ensure that all of the information on your credit report is accurate, whether or not it is positive or negative to you. You cannot dispute a debt that is legally yours and have it removed from your credit report. If this was true, no one would have any negative entries on their credit reports.

Creating a “New” Identity

Another common “promise” you may run into with some credit repair agencies is that you can create an entirely new credit identity and you won’t have to worry about your past mistakes. This is completely false and fraudulent and you may end up facing prosecution as a result of this tactic.

If a credit repair agency urges you to apply for an Employer Identification Number (EIN) or encourages you to falsely claim identity theft in order to get a new social security number, this is your best indication that you are dealing with a scam artist. Unfortunately, many consumers find this out the hard way, after they are already in legal problems due to lying on loan applications or misrepresenting their social security number.

Understand Your Options

Don’t get disheartened. Just because there are a lot of wolves in sheep’s clothing doesn’t mean that all credit repair options are bad. There are reputable credit counselors out there who can assist you in legally repairing your credit and getting your life back on track.

The author who contributed this article is Chase Sagum, Financial and Business blogger. Check out more of his content at www.lexingtonlaw.com.

Personal loans can be acquired from a whole assortment of online lending companies (-and financial institutions) that offer unsecured and secured personal loans. If you require a small, unsecured personal loan or a large personal loan tolling in the thousands of dollars – There are numerous loan options available from various online loan providers. Online lending institutions that specialise in personal loans can provide fast, convenient and proficient service through online application- and approval procedures. Individuals can obtain personal loans for any reason, without being questioned as to why you require the loan.

An online personal loan can be obtained even if the individual taking out the loan has bad- or no credit history. Subject to the kind of personal loan one applies for, collateral is not required for certain personal loan types. Smaller personal loans (-under $1000) are typically easier to acquire with no collateral requirements. Secured personal loans in larger amounts (-more than $1000) are also attainable, depending on the terms and conditions of the online lending company. Also, researching numerous lending institutions in order to find the appropriate personal loan type for your situation – is imperative. Online lending institutions provide application forms for the various types of personal loans they offer. These online application forms should also answer many of your loan related queries as you apply.

Unsecured personal loans on the other hand are loans that are offered at a higher interest rate, because the lack of collateral adds a risk factor to the lending institution. Generally, these online lending institutions favour loan applicants that have good credit. In other words, anyone with a clean/good credit history should easily find personal loan providers that will approve their personal loan application. Personal loan providers do typically offer loans for people with bad credit, but then again – the interest rates on these loans are usually higher. The financial risk is more pronounced in these loans, and therefore lending institutions are obliged to charge more for extending loans to clients of high risk.

A secured personal loan is usually easier to obtain, since collateral is put up to secure the loan amount. As a result, lending institutions are guaranteed of their investment in case the client defaults on a loan, plus consumers can easily acquire a personal loan if they have collateral to offer. Things like houses, property, cars, jewels, and any other valuable asset can be provided as collateral for a personal loan.

No matter what your financial necessities might be, there are legitimate lending institutions all over the internet that can help you to determine which loan type best suites your financial situation.

This article was provided by food lover and financial guru, ScribeZA, for an online financial institution that provides unsecured and secured personal loans.

Do you remember the 1988 comedy starring Tom Hanks as Josh Baskin; the 12 year old boy who wishes on an enchanted fairground fortune teller machine to be “big” and wakes up the next morning aged to an adult overnight? “Big” is the “13 going on 30” of the 80s and if you haven’t seen it, find yourself a copy and make some popcorn. Not only is this sweet and funny 80s comedy entertaining, it actually can teach you a lot about money management and success.

Here are a few of the lessons that this classic film has to offer:

You are Richer than You Think

While Josh is trapped in the body of a 30 year old man and is trying to figure out how to get back to his normal 12 year old self, he rents a room in New York City and finds himself a job at the MacMillan Toy Company.

There is a great scene where Josh receives his first pay check and when he opens it he loudly exclaims “A HUNDRED AND EIGHTY SEVEN DOLLARS?” Josh is obviously thrilled by this amount of money but Scotty, his cubicle neighbour, assumes that his surprise is negative and remarks “Yeah, they really screw you don’t they?”

Josh’s pay, calculated for inflation since 1988, is really only moderately higher than minimum wage. Scotty, the adult, sees this amount as practically worthless and not enough to get by on. However, from a kid’s perspective it is a fortune. It’s enough for Josh to pay his rent and treat himself and his best friend to pizza, snacks, soda and much more.

What this scene really shows us is the reality of lifestyle inflation. As we get older, we tend to continue to increase our lifestyle to match our pay with nicer clothes, cars, houses, etc. After we get our first raise, the money we lived happily on before is just not enough anymore. This means that we never really feel like we have enough extra money to save or do the things we want.

Think about this in your own life; have you inflated your lifestyle to match your earnings? What would a younger version of yourself think about how much you are earning and how much you are spending?

You’ll Earn More Money When You Love Your Job

After a while of working in his entry level job, Josh runs into the owner of the company Mr. MacMillan at the famous NYC toy shop FAO Schwarz (remember the iconic giant keyboard scene?). He impresses him with his extensive knowledge of current toys and his vibrant youthful enthusiasm, (which comes as no surprise, because he is a 12 year old after all). Mr. MacMillan offers him a promotion to the ultimate child’s dream job: Toy Tester.

Now Josh is getting paid a huge wage and he is able to move out of his dodgy flophouse and into a gorgeous apartment which he fills with a pinball machine, a trampoline and a Pepsi vending machine. His success brings incredible jealousy from his workmates, including ultra-competitive Paul Davenport.

But there is a reason why Josh gets the sweet high paying job and Paul doesn’t; it’s because Josh has a passion and a love for the business whereas Paul only wanted the promotion for the money. When you go into a career that you love and are passionate about, that will be naturally reflected in your performance. Your enthusiasm will make you great at what you do, which will increase your potential for success.

These are just a few lessons that we can learn from the classic 1980s comedy ‘Big’. Who knew a kid trapped in an adult’s body would have so much to teach us about money and success?

Sarah Fox is a finance blogger and huge 80s movie fan. She provides her readers with helpful tips for everything from finding payday loans online to balancing their family expenses.

Aside from the obvious benefit of a reduced sentence, there are a number of benefits to accepting a plea bargain. Plea bargains often pose advantages to both sides, both the defense and prosecution. Time, money, and hassle are saved for both sides of the legal process. There are also several benefits the defendant should keep in mind when considering a plea bargain.

Faster Outcome

A criminal trial can be a long, expensive, and emotionally traumatic experience for a defendant. Plea bargains allow you to skip the extensive trial procedure and move right into the sentencing phase before a judge. You will know the outcome of the conviction much sooner than if you had to go through an entire trial, without needing to pay attorneys’ bills throughout the trial process.

Leave Jail

Defendants unable to get out on bail, whether bail was denied or is too expensive, will most likely need to stay in jail for the duration of the trial before being released or transferred to a prison. Once a plea is entered and accepted, you will be sentenced and moved out of the jail. Leaving jail could mean going home or starting a sentence in a prison. While prison may not seem like a good place to be, they are almost always better than jail.

Lesser Charges

A plea bargain often involves pleading guilty to offenses less serious than those you were charged with initially. The prosecution will reduce the charges, or remove some altogether, as a way of making the plea agreement more attractive to the defendant and increasing the chances of a fast conviction.

This is an especially important benefit of accepting a plea bargain if you are being charged with crimes that can be personally, socially, or professionally damaging. A lesser related offense can keep you from needing to continue feeling the negative effects of a conviction even after you have paid your debt to society.

Shorter Sentence

A plea bargain that results in you entering a guilty plea to lesser charges can also result in a shorter sentence. Not only are the required minimum sentences shorter for less serious crimes, many judges are more likely to show leniency to a defendant willing to accept responsibility and avoid a lengthy trial. A plea bargain can help you reduce the time you will need to serve.

The benefits of accepting a plea bargain affect your life in both the short and long terms. By accepting a plea bargain you can avoid the embarrassment of a trial and potentially shorter the sentence you will receive. Always consult with a lawyer before accepting a plea agreement.

Mike often writes articles to help explain the confusing criminal justice system. While he tries his best to explain the laws, he believes that hiring a criminal defense attorney is still the best way to go if in legal trouble.

Let’s look at what options there are in the financial world and that will give you the foundation to leap from when asking yourself; “What finance Option is right for me?”

Secured V’s Unsecured

When a loan is secured, it means that you are putting up a piece of property against the value of the loan. This means that should you fail to pay back this loan, the lender is entitled to claim that property as their own in forfeit or enforce the owner to sell the property and surrender the proceeds of the sale. A mortgage is the best known example of a secured loan type; second loans taken against the value of a home are often home improvement loans used to build extensions, modernise or renovate the property. Credit history affects your ability to acquire a Secured Loan.

An unsecured loan, often known as a personal loan, will often be for a much lower amount of money and the interest rate will be higher. It will also be paid off quicker and often with no penalties for early settlement, allowing the borrower to accrue little interest with astute financial management. No property is secured against the value of the loan so failure to pay will be pursued in the courts and through debt collection agencies. The red tape associated with this gives the borrower ample time to negotiate a method of payment to suit both parties. The amount of the loan and the payment plan is calculated on a current ability to pay back what is owed, projected income and expenditures; credit history is rarely important.

Guarantor Loans

A guarantor loan is a type of unsecured loan where a third party agrees to pay off part or all of the balance if the person taking out the loan is unable to meet the debt. They are also repayable over a shorter period of time and for similar amounts of money and interest rates as the unsecured loans above. They are particularly suitable for those with a poor credit history or none at all and therefore suitable for young people purchasing their first car for example. It is important that the guarantor has a good credit history, home owners are preferred and their ability to pay is just as important as the person taking out the loan. Failure to pay means that the guarantor becomes legally responsible for the debt.

Payday Loans

A very recent phenomenon, payday loans are designed to help in the very short term. If you are still a few days away from getting your wages but are in critical need of money and fast, the payday loan may suit you. Unsecured loans that are supposed to be paid back within days, they can help get you out of immediate difficulty but should not be used for long-term borrowing. As well as the above mentioned loans, as they are unsecured the legal implications for failure to pay are not as severe and credit history is not important, only the current ability to pay it back within the specified time. They can also be useful for the borrower in helping them to build a credit history and encourage good financial practice.

Now Your Interest is Perked

It is very important to understand that the types of loans discussed above will come with a wide range of interest rates. Ensure that you are taking out the right loan for you depending on your personal circumstances and what you are borrowing the money for. A payday loan for example will come with a jaw dropping high rate of interest because they are designed to be paid back within days; they are not a long term solution to financial need. Secured and unsecured loans are taken out over increasingly longer terms, usually counted in months with secured loans being the longest. Mortgages are the longest terms loans and counted in tens of years. With secured loans, the amount of money loaned is usually higher than an unsecured loan and often with a lower rate of interest. When considering taking out a loan of any kind, do take length of time and interest rates into consideration.

Stuart Edge went to university and like many others finished with considerable debts. Therefore he explored the idea of applying for loans to help him to pay it off quickly.