RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Are You "Credit Invisible"?

May 26, 2015 2:54 am

A limited or nonexistent credit history can bar those seeking to own a home or obtain other loans. According to a recent Consumer Financial Protection Bureau (CFPB) report, one in every 10 adults does not have any credit history with a national reporting agency. These 26 million Americans, dubbed “credit invisible” by the CFPB, face greater hurdles gaining access to credit.

What’s more, 19 million Americans have un-scored credit records due to a short credit history or reports with stale information. Black or Hispanic individuals or those living in low-income neighborhoods are more likely to be credit invisibles or un-scored Americans, the report found.

The three nationwide credit bureaus generate credit reports that track credit history, resulting in a three-digit score that can impact overall quality of life – most decisions to grant credit and set interest rates for loans are based on information contained in credit reports.

Credit histories reflect how debt has been repaid, and may contain information about mortgages, bank loans, student loans, car loans and credit card bills. Credit histories may also contain details about terms of credit, how much is owed to creditors, payment histories and court judgments or liens.

Source: CFPB

Published with permission from RISMedia.


8 Tips for a Scam-Free Move

May 26, 2015 2:54 am

Spring is the most popular time of year for home buying, selling and moving. Unfortunately, the hustle and bustle of the season can leave buyers and sellers susceptible to scams. If you’re preparing to move, here are 10 ways to avoid unscrupulous practices by scammers from the Better Business Bureau (BBB), which handles complaints regarding unethical moving companies.

1. Beware of a low estimate.
A disreputable mover will give you a lowball estimate and add on more charges the day of the move. To keep this from happening, make sure you're as detailed and upfront about every box and piece of furniture. If you have time, ask the moving company to come to your house for an estimate. Do not do it over the phone.

2. Steer clear of cash-only dealings.
That's not a red flag – that's a "Run away!” Remember: You can't stop cash. You can stop a credit card.

3. Look into specialty movers.
Anybody can move a piano or a snowmobile. But if you have museum-quality art, call in the guys with the white gloves.

4. Deal quickly with "untrustworthy" movers.
If your movers show up and you have a bad feeling about them, call your moving company before anything’s on the truck to suss out scammers.

5. Pack smart.
Keep in mind that the contents of boxes you pack on your own are not covered for damage or loss, so make sure you pack them as well as you can. For valuables like jewelry or small electronics, you should move them yourself.

6. Protect your stuff.
If you don't like the way the movers are handling your things, be direct. If they're throwing items around or seem to be otherwise careless, stop the job. No reputable mover wants a problem, so alert your estimator that he or she will have a claim for damages if practices don't improve.

7. Keep an eye on the clock.
But don’t worry too much about it if it seems like they are "wasting time." Many people have an unrealistic expectation of the time it takes to move a household, so it may take less or more time than originally believed.

8. Schedule your move wisely — if you can.
Late May through August is jammed with people looking to move, so it's not an ideal time. The best season is around Christmas.

Source: BBB

Published with permission from RISMedia.