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"In the United States, mail and wire fraud is any fraudulent scheme to intentionally deprive another of property or honest services via mail or wire communication. It has been a federal crime in the United States since 1872. Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, or to sell, dispose of, loan, exchange, alter, give away, distribute, supply, or furnish or procure for unlawful use any counterfeit or spurious coin, obligation, security, or other article, or anything represented to be or intimated or held out to be such counterfeit or spurious article, for the purpose of executing such scheme or artifice or attempting so to do, places in any post office or authorized depository for mail matter, any matter or thing whatever to be sent or delivered by the Postal Service, or deposits or causes to be deposited any matter or thing whatever to be sent or delivered by any private or commercial interstate carrier, or takes or receives therefrom, any such matter or thing, or knowingly causes to be delivered by mail or such carrier according to the direction thereon, or at the place at which it is directed to be delivered by the person to whom it is addressed, any such matter or thing, shall be fined under this title or imprisoned not more than 20 years, or both. There are many types of mail fraud schemes, including employment fraud, financial fraud, fraud against older Americans, sweepstakes and lottery fraud, telemarketing fraud."
Source: Wikipedia.org | April 29, 2016, 6:07AM This post and/or page contains affiliate links,
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"Understanding Your Credit Score"
"What does your score mean?" "This rating system is meant to develop a snapshot of the risk you currently represent to a lender. Several parameters in your credit file, including length of credit history, number of open accounts, loans, mortgages, public records, and others are formulated to produce a three-digit score between about 300 and 950. There are other scores used by lenders and insurance companies (some of which are developed by FICO®) such as Application and Behavior scores. These other scores take other information into account. Usually a lender will use a combination of your credit score with other factors when determining your risk. They all have the same objective, to determine the borrower's potential risk. Regardless of whether the score was generated by FICO® or a system based on FICO® parameters, they all yield an industry standard three-digit score. This score places the borrower in one of three main categories (we named the third one ourselves.)" "Prime, sub-prime, and shafted"
"How are credit scores calculated?" "The methods of calculating your credit score may differ slightly depending on the credit bureau. When obtaining your score from one of the Credit Bureaus it is important to understand that your score does not come directly from FICO®. It is adapted to each bureau and is given its own name: Equifax uses "Beacon," Trans Union uses "Empirica," and Experian uses "Experian/Fair Isaac." These scores are also referred to as your "Bureau Scores." Since your score is derived from your bureau data, it will change every time your reports change. However your score is calculated, it will always take into consideration many categories of information. No one piece of information or factor determines your score. As the information in your credit report changes, the importance of one or several factors may change in your score. Lenders look at many things when making a credit decision, including your income and the kind of credit you are applying for. However, your credit score does not reflect these facts as it only evaluates the information retained by the credit reporting agency." "What factors affect your credit score?" "There are five factors which are used in credit scoring calculations that determine your overall credit score."
"Improving your credit score" "Now that you know how your score is calculated, you can begin making changes to your current financial planning. The best things you can do are simple. Pay your bills on time. Sounds simple, but this is the biggest thing you can do to keep your score high. Delinquent payments and collections have a major negative impact on a score. Keep your balances low on unsecured revolving debt like credit cards. High outstanding balances can affect a score. The amount of your unused credit is an important factor in calculating your score. You should only apply for credit that you need. Make sure the information in your credit report is correct. If its not, dispute it with the credit agencies and/or with the creditor directly. Removing negative items on your credit reports has the biggest impact on your credit score. Generally, negative items stay on your reports for seven years but you can hire a professional credit report repair service such as Lexington Law Firm to do it for you. You can try to understand the laws and yourself, but we have found it's so much easier to have someone do it for you. We strongly recommend using Lexington Law Firm, they are the industry leaders." Source: Lexington Law, October 24, 2016 |
"FICO, originally Fair, Isaac and Company, is a data analytics company based in San Jose, California focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956; Earl Judson Isaac (7 August 1921–12 December 1983). Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States. In 2013, lenders purchased more than 10 billion FICO scores and about 30 million American consumers accessed their scores themselves. FICO was founded in 1956 as Fair, Isaac and Company by engineer William Fair and mathematician Earl Isaac. The two had met while working at the Stanford Research Institute in Menlo Park, California. Selling its first credit scoring system two years after the company's creation, FICO pitched its system to fifty American lenders. FICO went public in 1986 and is traded on the New York Stock Exchange. The company debuted its first general-purpose FICO score in 1989. FICO scores are based on credit reports and "base" FICO scores range from 300 to 850, while industry-specific scores range from 250 to 900. Lenders use the scores to gauge a potential borrower's creditworthiness. Fannie Mae and Freddie Mac first began using FICO scores to help determine which American consumers qualified for mortgages bought and sold by the companies in 1995. Originally called Fair, Isaac and Company, hence the abbreviation FICO, this name was changed to Fair Isaac Corporation in 2003. The company renamed itself FICO in 2009. Originally based in San Rafael, California, FICO moved its headquarters to Minneapolis, Minnesota in 2004. In 2013, it moved back to California and is currently sited in San Jose, California. FICO is headquartered in San Jose, California and has additional US locations in Roseville, Minnesota; San Diego; San Rafael, California; Fairfax, Virginia; New York City and Austin, Texas. The company has international office locations in Australia, Brazil, Canada, China, Germany, India, Italy, Japan, Korea, Lithuania, Malaysia, the Philippines, Russia, Singapore, South Africa, Spain, Taiwan, Thailand, Turkey and the United Kingdom. A measure of credit risk, FICO scores are available through all of the major consumer reporting agencies in the United States, Equifax, Experian, and TransUnion. FICO scores are also offered in other markets, including Mexico and Canada, as well as through the fourth US credit reporting bureau, PRBC."
Source: Wikipedia.org | Saturday, August 12, 2017, 11:59PM CDT |
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