According to UK Insolvency Helpline, the falling rate of repossessions is mainly because of lenders that allow more customers to pay off just the interest on their loans.

The company provides financial advisory services through a network of accountants and lawyers. It is being feared that Britain could become a nation of homeowners, who do not own their properties at the end of their term.

The Council for Mortgage Lenders, reported earlier this month, that 48,000 repossession orders are predicted to be made this year, which is lower than last year’s projected forecast of 75,000 repossessions for 2009.

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Social Security Number SSN can sometimes seem more like a “Slave Surveillance Number”. It reduces the level of enslavement if you are having the bank account without this number.

SSN No. is not required for opening a bank account.

If you are going to open a bank account, first thing the bankers ask about your SSN. If you tell them that you are not having SSN then they will refuse straightforwardly to open your account. The online account for the client like that could be an easiest solution.

Legal Position on SSN Requirement

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Your credit score in some ways is meant to be a snapshot of your overall financial habits – especially your habits surrounding debts and other financial responsibilities.  Developing some good financial habits can help your credit score by putting you in a good financial position.

Good financial habits will ensure that you don’t get into too much debt and that you are able to meet your financial duties easily.  There are a few financial habits that are especially credit-friendly:

Learn to budget

One of the biggest reasons that people develop poor credit is overspending.  In many cases, this overspending is caused by a lack of budget.  A budget can tell you how much you should be spending on each item in your life.  This allows your financial life to stay nicely organized.

Contrary to popular belief, a budget does not have to be constricting or boring or complicated.  Simply note how much you earn each month, and on a piece of paper, write down how much you really need to spend on savings, rent, utilities, food, personal care, transportation, spending money, entertainment, hobbies, education, and other items.  Make sure that you account for every expense.

Then, simply commit yourself to spending that particular amount on each item on your list.  Of course, some expenses on your list will change each month – you may spend more on heating bills in the winter than in the summer, for example – but estimating can help ensure that you can meet all your financial responsibilities.

Live within your means

Many people believe that if they only had more money, they would not have to worry about credit.  In fact, this is not true.  Many people who have money – or at least have all the trappings of money, including cars and nice homes – in fact have terrible credit.

The secret of this is that it is not your income that decides whether you are a good credit risk or a bad one but rather how you handle money.  You could be earning $7 per hour and still paying your bills and meeting your financial responsibilities – in which case you will have terrific credit.

You could also be earning $300 000 a year and be in terrible debt and financial shape due to unpaid bills and excessive debt.  The best way to ensure that you have a good credit rating – no matter what your income – is to spend less than you earn.  That means living below your means.  If you have a very small income, you may need to live with roommates in order to keep costs down.  If you have a medium-sized income, that may mean saving more and entertaining less.

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A Free credit report like paid credit report contains information regarding your credit history. This data is collected by a credit reporting agency. These credit reporting agencies then sell this information to credit providers like banks and lending institutions and of course the credit card companies.

Your Credit report consists of following components. although  formatting is done by each credit reporting agency differently.

1. Your Present and Past Addresses
2. Total outstanding debts
3. Record of payments (e.g regular, late, missed, collection etc.)
4. Public record information like liens or court judgment and decrees against you
5. Your Employer;s name and address
6. General data like your social security number, marital status, age group etc..

It is a wise thing to keep track of your credit history. Checking your credit report every six months will keep you updated on your financial standing as well as It will give you a lender’s perspective of your credit worthiness. It is also a good way to stay informed on how your credit transactions have been recorded by credit report providing agencies. A typical credit report will also cover one of the following areas:

Credit Fraud: 

Credit Fraud happens all the time. Its when some one uses your credit card to go on a spending spree. US Laws protect from transactions made on a stolen card. You maximum liability on such transactions never exceed $50. These kind of unusual credit activities might red flag your credit report for some of the lenders.

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New economic realities brings its own dictionary. Your Money Mogul listed new meanings of old financial terms. Forget the losses you made and enjoy yourself.

CEO — Chief Embezzlement Officer.

CFO — Corporate Fraud Officer.

BULL MARKET — A random market movement causing an investor to mistake himself for a financial genius.

BEAR MARKET — A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.

VALUE INVESTING — The art of buying low and selling lower.

P/E RATIO — The percentage of investors wetting their pants as the market keeps crashing.

BROKER — What my broker has made me.

STANDARD & POOR — Your life in a nutshell.

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Be sure and cancel your credit cards before you die!!

A lady died this past January, and Citibank billed her for February and March for their annual service charges on her credit card, and added late fees and interest on the monthly charge. The balance had been $0.00, now somewhere around $60.00. A family member placed a call to Citibank.

Here is the exchange:

Family Member: “I am calling to tell you she died in January.”

Citibank: “The account was never closed and the late fees and charges still apply.”

Family Member: “Maybe, you should turn it over to collections.”

Citibank: “Since it is two months past due, it already has been.”

Family Member : So, what will they do when they find out she is dead?”

Citibank: “Either report her account to frauds division or report her to the credit bureau, maybe both!”

Family Member: “Do you think God will be mad at her?” (I really liked this part!!!!)

Citibank: “Excuse me?”

Family Member: “Did you just get what I was telling you – the part about her being dead?”

Citibank: “Sir, you’ll have to speak to my supervisor.” (Duh!)

Supervisor gets on the phone:

Family Member: “I’m calling to tell you, she died in January.”

Citibank: “The account was never closed and late fees and charges still apply.” (This must be a phrase taught by the bank!)

Family Member: “You mean you want to collect from her estate?” Read the full story