The majority of Americans have errors and other unverifiable information on their credit reports that could be dragging down their credit score. Odds are good that your credit score is lower than it should be. The unfortunate thing is that odds are you will be yet another one of the millions of Americans who will continue to suffer with an unfair credit score because you will do nothing to repair your credit.
Most Americans want to believe the credit reporting system works; that people earn their bad credit and there is nothing they can do about it but wait for seven years. But study after study shows the credit reporting system frequently does not work. This is why the Fair Credit Reporting Act and other consumer protection legislation give you the right to do something about it - the right to make sure your credit score is as good as it can be.
So why is it that, though everyone has the right to dispute the negative items in their credit reports, very few people do? It certainly can't be because they don't understand the importance of a high credit score. After all, it doesn't take a genius to figure out the benefits of a good credit score when it can be the difference between paying $2,500/month and $2,000/month for the exact same house.
More likely, the reason people do not repair their credit is a mix of apathy and lack of understanding of the credit reporting system. Too many people assume the credit reporting system is some official government bureaucracy with an extensive system of checks and balances designed to ensure the safekeeping of their credit history. This couldn't be further from the truth.
The credit bureaus at the center of the credit reporting system are not official organizations. Instead, they are massive, for-profit corporations that collect personal information from your creditors and make money by selling this information in the form of your credit reports.
So now you are asking yourself, how do they ensure this information is correct? If a creditor reports something that is wrong, how do the credit bureaus make sure it doesn't end up on your credit reports?
The answer to both of these questions is: they don't. Your creditors report information, the credit bureaus record it, and for most people, the story ends there.
Nobody at the credit bureaus or in the government is going to make sure your credit reports are accurate. The way the credit reporting system is set up, there is only one person who will ever bother to check up on your credit reports - and that person is you. You are the missing, and ultimately the most important, piece of the credit reporting puzzle.
Making sure your credit score is where it should be is your responsibility and repairing your credit reports is a task you will have to initiate because no one out there will do it for you.
It is your right and your responsibility to dispute the questionable negative items in your credit reports and the sooner you start, the better. You can work to repair your credit on your own or you can enlist the help of a credit repair law firm like Lexington Law.
Whether you attempt to repair your credit on your own or with the help of a credit repair expert, by taking an active role in the credit reporting system, you can ensure your credit score is as good as it can be and that you have the advantage over the millions of people out there with bad credit who haven't taken action to do anything about it.
Lexington Law is a consumer advocacy law for that focuses on credit report repair. In practice since 1991, Lexington Law has helped over 400,000 clients take control of their credit.
Sunday, July 5, 2009
What to Do When Panic Buying Begins
Most people would consider Claypool Hill, Virginia, a typical U.S. town.
It is home to 1,912 folks. It's situated about halfway between Lexington, Kentucky and Richmond Virginia.
Unemployment is just under 7%. The town's crime rate is right in line with national averages according to FBI statistics. There's a Best Western there too.
It would seem like the most average place in the country…unless you stop by Trader Jerry's at the corner of Taylor and Honeyrock. Jerry Cochran, proprietor or Trader Jerry's, says he's experienced a "big increase" in business. He says he's facing a significant "shortage" of merchandise while his customers are "hoarding" all available supply.
Sounds like Jerry's doing pretty good business. What does Jerry sell, you ask?
He's not in the swine flu vaccine game or anything like that - although that would have been good.
He doesn't sell gold coins either - that "micro-bubble" where coin dealers were getting 15% to 20% premiums on their inventories has run its course as well.
Jerry sells guns and ammo. And right now Jerry's business is booming. A surge in demand has caused gun prices across the country to nearly double. When it comes to ammo, Jerry has run out - just like thousands of others.
The guns and ammo boom is alive and well. And if we pay close attention, it's easy to see where the real opportunity is. As usual, it's not where most folks are looking.
The guns and ammo boom is no secret. Ever since the first Wednesday of November 2008, guns and ammo have been flying off the store shelves.
The sales surge has unleashed the creative headline makers at virtually all media outlets.
ESPN claims, "The Ammo Boom is No Dud."
The Bluefield Daily Telegraph states, "Ammunition Shooting Off Retailers' Shelves."
The Lawrence Journal says, "Worried Gun Owners Trigger Shortage in Bullets, Rise in Price."
They aren't overhyped reports just to make "news" though (swine flu, anyone?). They are as real as ever. The leading manufacturers of ammo back up the statements.
A spokesperson from Remington said, "We're working overtime to produce ammo, but right now we cannot meet the demand. Our only option would be to add more equipment, but that's not an immediate solution because it would probably be a year out before we could add significantly to the amount we're producing now."
It's not just ammo though. Gun sales have been surging too. Gun manufacturer Sturm, Ruger, & Company (NYSE:RGR) said its sales climbed 81% in the last quarter of 2008. There's no sign of a slowdown anytime soon either.
There are quite a few catalysts for the shortages as well.
On the demand side of things, most of it seems to stem from expected government regulation. Many gun owners expect new bans, a new level of background checks, limitations on how much ammo can be purchased or stored, and/or a five cent per round tax on ammo.
Remington's media liaisons added, "Our operations are running 24 hours a day, seven days a week. Our team is literally working around the clock."
The whole shortage has paid off handsomely for gun and ammo manufacturers. Shares of Sturm, Ruger & Company and Smith & Wesson (NASDAQ:SWHC) have bounced back 175% and 300%, respectively, since hitting lows for the year in November.
Whether you agree with the proposed gun-control policies or whether they will be implemented doesn't really matter here (most readers will probably know where a U.S. veteran stands). Perception is what matters here. Perception is reality. And the prevailing perception of the future has gun owners buying more guns and stocking up on ammo.
If we pay close attention, the herd of gun owners can teach us a lot. They're also showing us where the real gains in guns and ammo stocks will be had.
Guns and Greed: Striking Similarities
As you can tell from what's going on in the gun world, this is a classic panic situation.
Producers simply can't ramp up production overnight. Increased demand - regardless of the cause - has sparked a "run" on gun shops and ammo dealers across the country.
Dawn Demetris-Stucker, a co-owner of ammo outlet On Target, says, "Typically, when people feel they're short on ammo, they would buy one box. When they feel there's a shortage, like we've seen recently, they want to buy five boxes."
This is the perfect example of the "buy now or you'll never be able to get it" mentality. Gun owners willingly pay an inflated price for bullets now because they fear they won't be able to buy more ammo again in the future. And if they do see an opportunity, they see increased taxes and limits on the amount they can purchase.
Does this type of situation remind you of anything we've looked at lately?
It is home to 1,912 folks. It's situated about halfway between Lexington, Kentucky and Richmond Virginia.
Unemployment is just under 7%. The town's crime rate is right in line with national averages according to FBI statistics. There's a Best Western there too.
It would seem like the most average place in the country…unless you stop by Trader Jerry's at the corner of Taylor and Honeyrock. Jerry Cochran, proprietor or Trader Jerry's, says he's experienced a "big increase" in business. He says he's facing a significant "shortage" of merchandise while his customers are "hoarding" all available supply.
Sounds like Jerry's doing pretty good business. What does Jerry sell, you ask?
He's not in the swine flu vaccine game or anything like that - although that would have been good.
He doesn't sell gold coins either - that "micro-bubble" where coin dealers were getting 15% to 20% premiums on their inventories has run its course as well.
Jerry sells guns and ammo. And right now Jerry's business is booming. A surge in demand has caused gun prices across the country to nearly double. When it comes to ammo, Jerry has run out - just like thousands of others.
The guns and ammo boom is alive and well. And if we pay close attention, it's easy to see where the real opportunity is. As usual, it's not where most folks are looking.
The guns and ammo boom is no secret. Ever since the first Wednesday of November 2008, guns and ammo have been flying off the store shelves.
The sales surge has unleashed the creative headline makers at virtually all media outlets.
ESPN claims, "The Ammo Boom is No Dud."
The Bluefield Daily Telegraph states, "Ammunition Shooting Off Retailers' Shelves."
The Lawrence Journal says, "Worried Gun Owners Trigger Shortage in Bullets, Rise in Price."
They aren't overhyped reports just to make "news" though (swine flu, anyone?). They are as real as ever. The leading manufacturers of ammo back up the statements.
A spokesperson from Remington said, "We're working overtime to produce ammo, but right now we cannot meet the demand. Our only option would be to add more equipment, but that's not an immediate solution because it would probably be a year out before we could add significantly to the amount we're producing now."
It's not just ammo though. Gun sales have been surging too. Gun manufacturer Sturm, Ruger, & Company (NYSE:RGR) said its sales climbed 81% in the last quarter of 2008. There's no sign of a slowdown anytime soon either.
There are quite a few catalysts for the shortages as well.
On the demand side of things, most of it seems to stem from expected government regulation. Many gun owners expect new bans, a new level of background checks, limitations on how much ammo can be purchased or stored, and/or a five cent per round tax on ammo.
Remington's media liaisons added, "Our operations are running 24 hours a day, seven days a week. Our team is literally working around the clock."
The whole shortage has paid off handsomely for gun and ammo manufacturers. Shares of Sturm, Ruger & Company and Smith & Wesson (NASDAQ:SWHC) have bounced back 175% and 300%, respectively, since hitting lows for the year in November.
Whether you agree with the proposed gun-control policies or whether they will be implemented doesn't really matter here (most readers will probably know where a U.S. veteran stands). Perception is what matters here. Perception is reality. And the prevailing perception of the future has gun owners buying more guns and stocking up on ammo.
If we pay close attention, the herd of gun owners can teach us a lot. They're also showing us where the real gains in guns and ammo stocks will be had.
Guns and Greed: Striking Similarities
As you can tell from what's going on in the gun world, this is a classic panic situation.
Producers simply can't ramp up production overnight. Increased demand - regardless of the cause - has sparked a "run" on gun shops and ammo dealers across the country.
Dawn Demetris-Stucker, a co-owner of ammo outlet On Target, says, "Typically, when people feel they're short on ammo, they would buy one box. When they feel there's a shortage, like we've seen recently, they want to buy five boxes."
This is the perfect example of the "buy now or you'll never be able to get it" mentality. Gun owners willingly pay an inflated price for bullets now because they fear they won't be able to buy more ammo again in the future. And if they do see an opportunity, they see increased taxes and limits on the amount they can purchase.
Does this type of situation remind you of anything we've looked at lately?
Lexington Law Is About Protection
When you were a kid, when someone was bullying you in school or someone did something not right to you, who protected you? It sure is a simple answer. It was your parents or a guardian who did that. They protected you because you still were not able to fend for yourself and that you did not have power over what was happening. Think of it as getting in a battlefield. You were still not prepared and your parents or guardian were the ones who knew how that worked. So they were there for you.
When you were already old enough to know things and to do things on your own, you still managed to get yourself in situations which did more harm than good. And there were new people around you who helped you out and protected you. They may not be your parents or relatives or family but they were there. They were your friends and because they do care about your case and that you were their friend, they did that. Your friends may not be your family but they sure do care enough to help you out and keep you away from danger. The danger may be yourself but they will do anything to make sure that you were well.
You are a grown up now. Everything is now your responsibility. It is now your turn to do the protecting. However, there are still battlefields which are foreign and alien to you that no matter what you try to do, you will only end up losing. But the thing is, there sure are people in your community who will be more than willing to help if you will just let them. Of course, they are no longer your family or your friends who will do things not because you asked them to but because they want to. This time, they come in the form of the experts who have studied long and hard to be able to help out other people who may need their help. All you need to do is ask.
In case what you are fighting against is a legal battle, then there are the lawyers and firms who will do the best that they could once you go to them and tell them that you do need their help. Lexington Law is surely one of them and you can find Lexington law information online to assist you to get to know them better and know just how they can help you.
When you were already old enough to know things and to do things on your own, you still managed to get yourself in situations which did more harm than good. And there were new people around you who helped you out and protected you. They may not be your parents or relatives or family but they were there. They were your friends and because they do care about your case and that you were their friend, they did that. Your friends may not be your family but they sure do care enough to help you out and keep you away from danger. The danger may be yourself but they will do anything to make sure that you were well.
You are a grown up now. Everything is now your responsibility. It is now your turn to do the protecting. However, there are still battlefields which are foreign and alien to you that no matter what you try to do, you will only end up losing. But the thing is, there sure are people in your community who will be more than willing to help if you will just let them. Of course, they are no longer your family or your friends who will do things not because you asked them to but because they want to. This time, they come in the form of the experts who have studied long and hard to be able to help out other people who may need their help. All you need to do is ask.
In case what you are fighting against is a legal battle, then there are the lawyers and firms who will do the best that they could once you go to them and tell them that you do need their help. Lexington Law is surely one of them and you can find Lexington law information online to assist you to get to know them better and know just how they can help you.
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