Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Your Free Business Opportunity Resource Is Easy To Use
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Do you look around at your cubicle and dream of the day when you view the world from your yacht? You can do it, if you follow the right steps.

The dreamer’s road from wage slave to millennial millionaire is paved with hopeful thoughts. The winner’s road is built with one tiny change after another,...

How To Buy A Business Opportunity is not an easy question to answer off the top of my head.  I get asked this question at least once a day hence this blog post to better define my live calls I've had with potential buyers considering self-employment.

How To Buy A Business Opportunity: Business...

Best Ways to Store Data - Do you backup data on your computer each day? If so, congratulate yourself! You’re one of the tiny minority that can sleep easy.

Best Ways To Store Data - According to a 2016 survey, fewer than 1 in 3 computer users back up files on a schedule, whether daily, weekly...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Promotional Products Home Business
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
It Takes a Hot Voicemail to Land a Warm Lead
If you're a successful entrepreneur who provides others like you the chance to follow in your footsteps... Read On
 
Resource Center > Article
New News on Credit Ratings
27 May 11 Posted by: Kathleen C Lanza
in Start-Up
Share this Article:

If you're in the market for a business opportunity or other small business or franchise, your credit standing may very well be a critical part of your ability to get started and stay afloat, especially during the first year.  That’s why it’s so important for you to understand what your personal credit rating is, what it all means and where you stand going into the lending process.

A new rule passed just this past January will ensure that lenders tell you if a poor credit score will have a bearing on the terms of your loan, such as a higher interest rate.  In addition, another new rule that goes into effect this summer tightens the disclosure requirements and ensures lenders give more borrowers free credit score information.

Crafted in an effort to make the lending process more transparent, these new regulations should help borrowers to better understand why their interest rates are what they are.  However, the changes are also causing some confusion when it comes to credit reports versus credit scores and what’s free, what isn’t and when.

Given all the misinformation and misunderstanding floating around, here are some key things you should know...

Under the new rule passed early this year, lenders must disclose information to borrowers in one of two ways:


  1. They must provide them with a copy of their credit score and the source of the information, as well as the range of scores against which they were measured; or

  2. They must furnish a letter stating the borrower was given a less favorable rate due to the fact that he or she was deemed a credit risk.  The letter must also include the name of the credit bureau relied upon to make the decision.  Please note that this second option will no longer be applicable as of July 21, 2011, when revised legislation will ensure all borrowers who are denied credit or who are made to pay higher rates will be told their score.


The new rules referenced above will only apply to consumers who have been denied credit or who have applied for it.  Not everyone will be entitled to a free copy of their credit score.  If you’re someone who just wants to know your score, but who is not seeking a loan, then you’ll have to pay for it―so shop around carefully for the best deal at the best price.  One copy of your credit report will still be free from each of the major credit bureaus in any given year, regardless of whether you are a potential borrower or not.

Although FICO scores have always been the norm when it comes to gauging your credit worthiness, Vantage Scores, as well as a number of other rating systems are gaining in popularity.  It’s important to do your homework on the range of score options and what each one of them means, as well as which bureaus use what scores and for what purpose.

The business of applying for and receiving credit can be a complicated one for sure, but it gets a lot easier if you do some basic research before you start the process.  So take some time to visit the websites of the foremost credit bureaus―Equifax, Experian and TransUnion; and to request your free annual copies of your credit report from any one of them, start by going to www.annualcreditreport.com.

Related Blog Posts
8 Jun 16 Posted by: Kevin James Culp
in Start-Up

Commercial Property 101: Leasing commercial space can be hugely beneficial for your business and a great way to cut down your overheads.

However, there are lots of things you need to consider before leasing a commercial property to ensure that you’re making the right decision for your business....
19 Apr 16 Posted by: Todd Hatch
in Start-Up

StartUp Marketing - There is a wave of sheer exhilaration that comes with finishing your product or getting your startup to the starting line. But according to many entrepreneurs, that’s when the real work begins. People need to know what you have to offer before you can make money.

StartUp Marketing...
28 Mar 16 Posted by: Kevin James Culp
in Start-Up

StartUp Financing: Are you having trouble getting people to buy your expensive products or services? Whether you are offering a business opportunity or a franchise, you are not alone.

StartUp Financing: Even after your target audience is sold on the worth...
29 Dec 15 Posted by: Kevin James Culp
in Start-Up
Funding is the lifeblood of any business. The principle reason entrepreneurs put off starting their own business is lack of it. Raising funds from venture capitalists, friends and family is fraught with danger and is often very time consuming. Funding your business by mortgaging your home is risky too....
14 Dec 15 Posted by: Kevin James Culp
in Start-Up
Who are the types of people who buy a business opportunity or small franchise According to people in the field, this type of career move appeals to a wide range of personalities. If you’re worried that you don’t have what it takes, relax....
 
   

Entrepreneur Exchange is our forum where we interview the Influencers, CEO's, Author's, Business Owners Of All Types, Shapes and Sizes.

Entrepreneur Exchange: Today, we sat down with Marc Winkelman, CEO of
Video Spotlight

Virtual Financial A Home Business in Financial Services You are going to want to see this Video!


Premium Sponsor