Sunday, August 21, 2011

Time for the Government to Promote Other Cash Flow Solutions

The Federation of Small Businesses has published a new report suggesting the decline in traditional lending means the government should be promoting alternative forms of business finance.

With overdrafts and bank loans becoming increasingly difficult to access for smaller firms in particular, as evidenced by the failure of Project Merlin to stimulate bank lending, the business organisation highlighted the role non-bank finance providers have to play whilst long-term reforms were made to the UK's banking system.

FSB national chairman, John Walker, said: "We need to accept that in its current form, our banking structure might never fully cater to the needs of the UK's business community. We need to build alternative routes that connect savers and investors with viable small businesses ... and thereby introduce innovation and competition into the sector."

Monday, August 1, 2011

You Can Dispute Your Credit Report Information

Credit reports and scores contain important information about the financial activity in which you have been involved, including how you have paid your bills, any outstanding loans you may have and how well you have made your payments, and any credit accounts that you may have. This information is used to help a lender make a decision when you apply for more credit or another loan. It is important that the information is reported correctly as errors in your credit reports and scores could cause you to be denied a loan or credit card for which you may have otherwise qualified. You can only find out what is contained in your credit report if you take advantage of the Fair Credit Reporting Act and annually request your credit report and scores from each of the three nationwide credit bureaus.

The Fair Credit Reporting Act also enables you to dispute what is on your report if you find any information to be inaccurate. There is a process that needs to be followed but handling the dispute correctly can resolve any inaccuracies in the information contained in your credit report.