Author Archives: Todd Stern

About Todd Stern

CEO and president of Nationwide Credit Clearing, Inc. Todd has been featured on the cable show “Fox Thing in the Morning” and is the host of the popular TV show “Credit Talk,” a weekly live call-in show in Chicago. You can follow Todd on and on Twitter

How Can A Bad Credit Score Affect You?

Bad Credit

When you make a purchase using your credit card, you are typically not thinking about the affect it will have on your future. You probably aren’t thinking of the purchase as a test of your personal integrity or reliability. You are more than likely thinking about that new television you are purchasing or how your new watch will look on your wrist. In contrast, your creditors don’t care how your new watch will look or how much joy your new television will bring you. They want to recover the money they lent you, with interest. Lenders do not like borrowers with elevated credit risk (the risk that you will not repay the money you owe). To determine your credit risk, lenders will rely on your credit score.

Your credit score is based on the information that is provided in your credit report. It will include data on past loans, foreclosures, credit utilization, bankruptcies, credit applications, and more. Credit scores follow a scale ranging from 300 (most risky) to 850 (least risky). Lenders will often times segment the score ranges into classifications such as A, B, and C.

Your credit score will affect more than just your personal finances. Credit scores influence many aspects of your personal and public life, even including situations that do not involve borrowing money. The following are situations that can be affected by a bad credit score:

  • Getting approved for a loan will be difficult
  • Higher rates and restrictive terms on loans that you are approved for
  • Trouble renting an apartment
  • Trouble getting a job
  • Difficulty getting a mobile phone contract
  • Higher insurance premiums
  • Potential strain on your personal relationships with friends and family

Bad Credit

Here at Nationwide Credit Clearing we will professionally assess your credit situation by procuring basic information that will allow us to obtain a copy of your current credit report. We will do this by a “soft inquiry” so that it will not affect your credit score. Our team of professionals will determine the best method of credit clearing to utilize on your case. Learn more about how we can help you!

Source: Money Crashers

Nationwide Credit Clearing

“Home of the Free Credit Report & Consultation”
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com

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How Many Credit Cards Is Too Many?

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You are at the register paying for a pair of new shoes at your favorite department store. The cashier asks if you would like to sign up their rewards program to save 10%. You are thinking who wouldn’t want to save 10%, of course you want to sign up. So you sign up for the stores credit card to get a discount on your purchase. Is that 10% off and a new credit card really benefiting you?

Stop and ask yourself if you really need another credit card. The more credit cards you have the greater chance you have of getting deeper into debt. It is important to remember that credit cards are not a form of supplemental income. The annual fees of the credit cards can also add up, so that 10% you saved will eventually cancel out.

Your credit score can also be negatively impacted by having too many credit cards. Which will in turn impact your ability to borrow money. Learn more about how a bad credit score can affect your life in our recent blog post (Little Known Causes for Bad Credit

In contrast, adding more cards can help your score by decreasing your credit utilization ratio (the amount of debt you carry compared to your available lines of credit). However, if you have a lot of credit cards with high limits and you go to a lender to take out a loan, the lender will take into consideration a situation where you ran those credit cards up and what your debt-to-income ratio would look like then.

So, how many credit cards is too many? There are people who are very successful using a single credit because it is easiest to manage one card. Having 3-5 cards is typically not a problem. But if you find all your credit card balances are increasing, that is a danger signal.

Source: CreditCards.com

If it’s been a long time since you have checked your credit report, give us a shout here at Nationwide Credit Clearing.  Our Initial Credit Report and Consultation is Free of Charge!  Call Today!

Nationwide Credit Clearing

“Home of the Free Credit Report & Consultation”
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com

Credit Repair Illinois

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Credit Talk 2016


5 Ways To Be A Victim Of Credit Card Fraud

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Credit card fraud takes place in a variety of ways. It can occur from someone dumpster diving to high-tech hacking. Perhaps a dishonest clerk or waiter takes a photo of your credit card and uses your account to buy items. The fact is fraud can happen to even the most tech-savvy consumers. Check out these 5 common ways consumers fall victim to credit card fraud.

Not Shredding Your Bank Statements: Do you still receive paper bank statements? With online banking many consumers don’t even bother to look at the statements that come in the mail. However, if you are still receiving statements in the mail there is action that needs to be taken. If you are disposing the statements, make sure the are shredded and illegible. If you are keeping the bank statements store them at home in safe place.

Not Checking For Skimmers: Thieves may attach skimming devices to the exterior of an ATM or POS system that requires a PIN. Before using a POS system check to make sure there is no unusual device added to the machine. Glue, scuff marks, or loose materials around the machine, are signs the machine has been tampered with.

Online Banking Using Public Wi-Fi: Free Wi-Fi is becoming readily available at restaurants, coffee shops, airports, etc. across the country. How safe are these public networks? When using public Wi-Fi, it is best to not check the balance of your credit card. It is easier for hackers to intercept online transactions and passwords when you are using an open wireless network.

Responding To Phishing Messages: Have you ever received a text message from your “bank”, asking you to log into your online banking account?  Be skeptical of these messages, especially if they request personal information such as your login or account number. Your financial institution has this information and won’t ask you for it. When you receive a message you are unsure of, contact your bank immediately before you respond.

Not Checking Your Account: How will you know if there are questionable charges on your credit card if you never check your account? Open your bills and statements promptly. If you see a questionable charge, report it!

If you or a loved one has been a victim of credit card fraud, contact Nationwide Credit Clearing to learn how we can help you. Call today (773) 862-7700.

Nationwide Credit Clearing

“Home of the Free Credit Report & Consultation”
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com

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What Is A Credit Report?

What Is A Credit Report

An extremely detailed report of a person’s credit history, that is prepared by a credit bureau, is what makes up a Credit Report.  The report is typically used by a lender in determining a loan applicant’s creditworthiness, including the following:

  • Summary of credit history
  • Detailed account information
  • Personal data
  • Credit history
  • Details of any accounts turned over to a credit agency

The information includes how often you make your payments are made on time, how much credit you have, how much credit you are using, and whether a debt or bill collector is collecting on money you owe. It can contain public records such as judgements, liens, collections & bankruptcies that provide insight into your financial status.

How Does A Lender Use A Credit Report?

Lenders will obtain your credit card when you are deciding if they want to loan you money. They will also use it to determine what interest rates they will give you and to determine whether you will be able to meet the terms of the account they are providing. Other kinds of companies such cable, insurance, utilities etc. will always run a check to make sure you will be able to meet the financial terms of the program/service you are requesting. Additionally, an individual or company that is renting you a residential property can check your credit report before renting to you.

Who Makes A Credit Report?

Credit reporting companies, known as credit bureaus or consumer reporting agencies, create credit reports. The major bureaus in the U.S are Experian, Equifax and Transunion. There are also specialty consumer reporting agencies that can report your history of paying bills for a product or service.

How Nationwide Credit Clearing Can Help You

At Nationwide Credit Clearing we professionally assess your individual credit situation by procuring information that allows us to obtain a copy of your credit report. Our staff of professionals will review the information and determine the best method of credit repair to use based on your specific situation. Our long standing reputation working with credit bureaus goes back as far as 1985.  NCC works with all three major Credit Bureaus:

If you or someone you know has something on their credit report that continues to hold them back from living a financially full-filling life, it’s time to call the Credit repair experts at Nationwide Credit Clearing

Nationwide Credit Clearing

“Home of the Free Credit Report & Consultation”
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com

Credit Repair Illinois

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6 Financial Mistakes Young People Make

Whether you just graduated from college or are moving out on your own, it can be hard to keep track of your personal finances as a young adult. Read through these 6 common financial mistakes and learn how you can avoid them.

 

credit-card-1080074_960_7201. Not Taking Advantage of Discounts: There is a world of special prices for students and young people out there, from banks to movie theatres – take advantage of them! Do your research beforehand, find out what discounts are available to you. Check out Groupon or Retail Me Not.

2. Misunderstanding Credit Cards: Whether it be cash advances, large balances, late fees, or only playing the minimum balance, credit cards can lead to much more trouble than realized. The fine print and details of credit cards are often times misunderstood by young people. Read into what you are signing up for and ask plenty for questions when you do not understand something.

3. Signing Up For A Rental Or Mortgage That Is Too Expensive: Signing a lease for rent or applying for a mortgage that leaves you with little money to do anything else, will not only leave you at home but put you at risk for debt. You have no cash at hand, so what do you do? Sign up for credit cards to make up the difference in order to enjoy your lifestyle and pay for unexpected costs. Avoid making this mistake, sign up for a lease or mortgage that is within your budget in order to avoid creating debt for yourself.

4. No Rainy Day Fund: Setting aside money for emergencies gives you cushion for unexpected events and helps you avoid adding to your credit card balance. Maybe your car got towed, or you get injured, having a “rainy day” fund keeps you prepared for the most unexpected events. Including a “rainy day” fund as a part of your budget, will eventually help the money add up.   

5. Failure To Realize How “Little Things” Add Up: Your daily coffee stops, eating lunch out, or weekly shopping trip of $100, can all add up to thousands of dollars a year. Cutting back can help you save a lot of money for savings, retirement or paying down your debt.

6. No Financial Planning Or Budget: Some young people are tainted by the idea that saving for the future is only for people thinking about retirement. Everyone can benefit from financial saving whether you are planning for retirement, purchasing a home, or traveling around the world. It is also important to budget your daily expenses. Sit down and look at what is left after your wages and fixed expenses. Not knowing how much you have can easily lead to spending more than you can afford. A budget will help you determine what you need to do to pay for your next vacation.

Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com

https://mynationwidecredit.com

Your Credit Score


Five Free Credit Repair Tools

In addition to our programs at Nationwide Credit Clearing, there are several free ways to get help with your credit. If you are committed to repairing your credit score in 2016, you won’t want to miss these five free credit repair tools.

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  1. Credit Reports: Every person is entitled to a free annual copy of their credit report from the major bureaus. Thanks to the Fair Credit Reporting Act (FRCA) which promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. Take the time to review your report. Be sure to highlight any information that stands out or you believe may not be accurate. Identifying errors is the first step.
  2. Education: Today, in the digital era, we have access to more resources and information than ever before. The Consumer Financial Protection Bureau and Federal Trade Commission are government agencies that protect your credit rights and provide free education tools. It is important to take advantage of these tools and understand what affects your credit scores. Learn ways to adopt best practice to boost your credit score.
  3. Online Deals: Again, being an era surrounded by digital resources, why not take advantage of all the money-savings options. Check out sites like Groupon, RetailMeNot, and Living Social. If you are committed to improving your credit score, take the time to collect a savings.
  4. Digital Calculators: Before you make a big purchase, or take out a loan be sure you have your math done correctly. Estimate before you commit and use a free loan calculator. These numbers will help you to take the proper financial next steps.
  5. Budgeting: Make the most of your assets and income in 2016 and create a budget plan and stick with it. Proper financial management will guide you in the right direct toward a higher credit score.

 Don’t wait! Better Credit is just a click away!  Call the experts at Nationwide  Credit Clearing.  “Home of the Free Credit Report and Consultation”

Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com

https://mynationwidecredit.com

Your Credit Score


Credit Card Fraud

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Credit card fraud can be a critical matter. For victims, it can be a frightening experience. Nobody wants to live their life on edge, but it always seems that credit card theft could happen at some really unexpected times. Although there is no guarantee that anybody is free from becoming a VICTIM OF IDENTITY THEFT, there are certain things that can be done to decrease your chances of you falling victim to credit fraud.

  1. Check ATMs and gas pumps for loose parts or suspicious keypads. If you discover something suspicious, you need to inform the service station or bank, and transact your business at a different store or location.
  2. Check your credit card statements for strange charges. CHECKING YOUR CREDIT REPORT on a regular basis can allow you to react much better to fraud or identity theft.
  3. Be careful when opening the Internet in public. Unlike home or office WiFi networks, there’s a large # of WiFi spots that don’t encrypt the info being transmitted through them. Your email, credit cards, and even bank account, information could be fair game for a cyberpunk with the proper skills. Never share private information with a stranger on social media sites and then try to limit the private information you share with your friends.
  4. Don’t carry information in your wallet or purse that you don’t need. Birth certificates, Social Security cards, PIN numbers and passwords can be easily stolen. Identity thieves could be gone before you become aware of any missing information.
  5. Shred documents with personal information before you throw them away. Identity theft crimes are usually thought of as being high-tech in general. There are still identity thieves who do not mind foraging through a dumpster for valuable information.

Think You May Be a Victim of Fraud?

IF YOU SUSPECT you are a victim of identity theft, you might consider adding a 90-day fraud alert to your credit report. A fraud alert warns lenders that you may be a victim so they can take additional steps to verify your identity before approving a loan application. Immediately inform creditors when you suspect or have proof of fraud. Take time to document every contact. Be sure you thoroughly comprehend the process of reporting fraud & what’s expected of yourself as well as the creditor.

Preventing credit card fraud takes a conscious effort. Protecting your credit card information begins with you.

If you or someone you know has been a victim of identity theft or credit card fraud, Nationwide Credit Clearing can help.

Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703


Why Is My Overall Credit Score Important?

What Is A Credit Score?

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A credit score is a three-digit number, typically between 300 to 850, which credit bureaus calculate based on information in your credit report. It is a simple, numeric expression of your credit worthiness. Although the three credit reporting bureaus (Equifax, Experian, and Trans Union), use similar methods to determine a credit score, the formulas they use are not exactly the same and your credit score will vary from bureau to bureau.

How is My Overall Credit Score Calculated?
Your credit score is calculated based on a number of factors listed in your credit history that describe components of your financial life including the number and type of credit accounts you have, the amount of available credit, the length of your credit history and your payment history. Each of these factors is assigned a numerical value, and then weighted based on how prominently they affect your credit worthiness.

How Do My Actions Impact My Score?
The good news is that no matter where your credit score is today, there are a number of different steps you can take now that can change your credit history and help impact your credit score. You should take all the steps you can to help establish a good credit score.

Why Should I Check my Credit History and Overall Credit Score?
In today’s digital economy, your credit history and credit score are vital pieces of information that are key to helping you secure your financial life. Credit card companies, mortgage lenders, and insurance companies will pull copies of your credit report and score in order to decide whether to extend credit or how much to charge for your insurance premium.
Financial services companies tend to group borrowers into segments according to their credit score. These credit score ranges may determine how much you’ll be charged for your insurance coverage or the interest rate you pay on your mortgage, student or car loan or the type of credit card you’ll be offered.

If you haven’t checked your score lately, or have interest in improving your overall credit score, contact Nationwide Credit Clearing.

We offer Free (no credit card required) consultations after we pull your free credit report.  Contact us Today!!


Credit Card Fraud

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Credit card fraud is a serious matter. For victims, it can be a frightening experience. While no one wants to live a life looking over their shoulder, credit card theft can happen at the most unexpected times. While there is no guarantee that anyone is exempt from becoming a VICTIM OF IDENTITY THEFT, there are certain things you can do to decrease your chances of falling victim to credit fraud.

**Check ATMs and gas pumps for loose partsparts or suspicious keypads. If you find something suspicious, you should inform the gas station or bank, and transact your business at another machine.

**Check your credit card statements for unusual charges. CHECKING YOUR CREDIT REPORT on a regular basis can help you react quicker to fraud or identity theft.

**Be careful when accessing the Internet in public venues. Unlike home or office WiFi networks, there are a large number of WiFi spots that do not encrypt the data being transmitted through them. Your email, bank account, and credit card information could be fair game for a hacker with the right skills. Never share personal information with a stranger on social media sites and try to limit the personal information you share with your friends.

**Don’t carry information in your wallet or purse that you do not need. Birth certificates, Social Security cards, PIN numbers and passwords can be easily stolen. Identity thieves can be long gone before you become aware of any missing information.

**Shred documents with personal information before you throw them away. Identity theft crimes are usually thought of as being high-tech in nature. There are still identity thieves who do not mind foraging through a dumpster for valuable information.

Think You May Be a Victim of Fraud?

IF YOU suspect you are a victim of identity theft or fraud, you may want to consider adding a 90-day fraud alert to your credit report. A fraud alert warns lenders that you may be a victim so they can take additional steps to verify your identity before approving a loan application. Immediately inform creditors when you suspect or have proof of fraud. Take time to document every contact. Make sure you thoroughly understand the process of reporting fraud and what is expected of both you and the creditor.

Preventing credit card fraud takes awareness and effort. Protecting your personal and credit card information is probably one of the most important steps you could take to prevent Credit Card Fraud.

For more information or if you have been a victim of Credit Card Fraud, Contact Nationwide Credit Clearing