VR Tech announces name change to Financial Education Services

At the first annual National Convention in Atlanta, GA in February 2010, VR Tech Marketing Group announced the name change to Financial Education Services (FES) to better identify the mission of the company and related product line.

Coral Springs, Florida (PRWEB) March 5, 2010 -- VR Tech Marketing Group, in order to better identify it mission, products and services, announced a name change to Financial Education Services (FES).

VR Tech Marketing Group, now Financial Education Services (FES) has been in successful operation for over 7 years. FES has worked with consumers since 2003 to help educate consumers about the importance of credit as well as providing resources to help consumers improve and maintain there credit rating.

Financial Education Services over the years has continued to build it's product line by adding products that enhance the credit restoration process. FES recognizes that the key to helping someone that has credit issues requires more then just deleting derogatory items from the credit report.

Some on the enhancements include the VR Tech Prepaid MasterCard as well as the UltraScore program. The prepaid MC offers an unsecured minimum line of credit that is acquired by applying a direct deposit from an employer to the consumers card. This ensures the repayment of the unsecured line as well as building good payment history.

UltraScore provides a comprehensive credit analysis for the consumer as well as an "Action Plan" to help the consumer understand all the components of there credit profile and what they need to do in order to maximize there credit in the most efficient manner.

Another major announcement that was made a the National Convention was the creation of the YFLF (Youth Financial Literacy Foundation) and the YFL (Youth Financial League) designed to help teach youth the importance of being financially literate. This program is geared toward youth ages between 8 to 18. This program will provide interactive web based teaching modules. Youth that complete the financial curriculum will be eligible for educational scholarships.

As well introduced was the launch of the FES Protection Plan. The FES Protection Plan is holistic approach to help consumers protect all areas of their finances and includes: Positive Credit Builder, Identity Theft Protection, Estate Planning, FES Debtzero.

FES Debtzero is a web based application that helps consumers to establish a clear and precise method of eliminating personal debt, secured or unsecured, in the most effective way. This tool will show the consumer how to repay there debt while creating discretionary income for savings.

Financial Education Services (FES) with it's long history of success as a company and very high valued products is positioning it self to be a major player in the revitalization of the economy by address the issue of financial illiteracy in communities all across the country.

For additional information about how you can on Financial Education Services (FES) please contact Mark Bustamonte at 954-707-2932 or visit https://www.myfinancialeducationservices.com.

About Financial Education Services (FES):

Mark Bustamonte is a Sales Director for Financial Education (FES) services and has been a member since 2003.

Contact Info

Mark Bustamonte, Sales Director Financial Education Services 954-707-2932 http://www.myfinancialeducationservices.com http://www.primefinancialcreditservices.com http://www.financialempowermentnetwork.com

Are banks the only ones looking at my FICO score, and do they have to pay the same fee I do?

No and no. The sites show a scale of interest rates for different types of loans, but did you know that your insurance agent also uses an insurance score to help determine your premiums? The Fair Isaac Company developed the first insurance scoring model in 1998 and there have been some updates since then. Concrete information on this subject is very sketchy, but my personal insurance agent told me that home owners' policies cost up to 40% more if your credit is in the toilet, but vehicle insurance premiums more than double with bottom-of-the-barrel credit scores. I asked if I could get a table with this information and was told that I couldn't. Farmer's Insurance is not using the FICO score specifically, but they do have a score-based model that uses credit report data.

Employers are relying more on credit scores for hiring decisions and for promotions, but it doesn't stop there. Many utility companies will require a deposit prior to connecting service and some are using your credit score to determine your kilowatt/hour RATE! Just imagine, you might be paying more for electricity soon based on a low credit score.

I'm sure that no one is surprised to find that banks and insurance companies pay a fraction of what you pay to get the same information. On Myfico.com you will pay $15.95 to get FICO Standard, which only provides scores and bureau information for Equifax and Trans Union. Due to an on-going law suit between Fair Isaac and Experian, you cannot purchase your Experian FICO score at Myfico.com. As a national mortgage lender, we can purchase all three FICO scores with the matching bureaus for $9.86. I'm sure the big banks get an even better discount.

Which institutions are already using FICO ’08, and how much will the new version lower my score?

The "selling point" of FICO '08 is broad based. The Fair Isaac Company said, "The strongest improvements in risk prediction over current FICO scores are achieved in key consumer segments such as those opening new accounts or having prior derogatory information. In addition, this newest generation of FICO scores includes refinements to help lenders better evaluate consumers who are comparatively new to credit." Fine, but what does that mean?

A webinar put on by the company in September of 2009 allowed for some interesting interchange. We were told that people with very high scores would be unaffected, but those in the lower ranges could expect to see their scores drop by as much as 10 to 30 points. That statistic is NOT published anywhere, lest you go looking for it. The new version would also identify authorized user accounts that had been set up for the sole purpose of creating the appearance of a long-established trade line. We were told that collection accounts less than $100 would not affect the score, nor would an isolated late payment if the consumer had an otherwise stellar payment history.

What version of FICO is being used to generate my score?

Remember when Microsoft's Windows '95 was getting all the press? Since then there have been a multitude of newer and better versions of the operating system, and right now Microsoft is promoting Windows 7. FICO is nothing more than a software algorithm that crawls through the data on your credit report; much the same way as Google will crawl through web sites looking for content. The purpose of the FICO software is to try and predict your chances of defaulting on future debt obligations within the next 2 to 3 years. So how many versions of FICO are out there?

At least three that we know of. Until recently, the mortgage industry was able to use a version written back in 1998. This was only available for the data contained in a Trans Union report, but nevertheless, there were instances when the 1998 version gave you a higher Trans Union FICO score, and those 5 to 10 points were sometimes the difference in getting a loan.

Most banks using FICO are using the version created in 2004, which is commonly referred to as FICO Classic. The Fair Isaac Company is aggressively promoting the newest version of FICO which has been dubbed FICO '08.

10 Reason to Repair Bad Credit

Bad credit not only keeps you from getting a credit card or loan; it can leave you homeless, carless, and even worse, jobless. This is due to the fact that more and more businesses are using your credit to make decisions about you. If this isn't reason enough to get your credit in order here are 10 reasons why you should repair your credit.

1. Save money on interest Low credit scores mean you have higher interest rates and pay more on loan balances.

2. Lower insurance rates Your credit history affects what you pay on insurance premiums. This includes home, auto, and life insurance.

3. Stop paying high security deposits Phone companies and utility service providers check your credit before establishing service. They charge a deposit to offset the risk of default. Bad credit can often mean a hefty deposit amount.

4. Get a higher credit limit The more you pay bills on time; creditors will increase your credit limit. Before an increase though, they will check your credit.

5. Buy a new house Owning a home has always been the American Dream. Bad credit means a high interest rate that can often make a home unaffordable.

6. Rent an apartment Bad credit can not only keep you from buying a home, it can also keep you from renting an apartment. Landlords check credit to determine the probability that you'll be late on your rent.

7. Buy a new car Auto lenders are among the many businesses that often check your credit before lending to you.

8. Get a job Employers will check your credit before deciding to hire you. A bad credit history can cost you a job or a promotion.

9. Stop relying on co-signers When your credit is bad, you'll often need others to co-sign for credit cards and loans. This puts financial pressure on them and they don't receive any benefit.

10. Start your own business Starting a new business takes money, so to get your business off the ground many entrepreneurs often rely on small business loans. Bad credit can keep you from getting financing.

Country Moutain Coastal is a member of the Financial Empowerment Network Team and Prime Financial Credit Services
you can also visit creditfor more information on Country Moutain Coastal.

Loan mods are unintended "score mods"

A 12/28/09 article in Money.Cnn.com showed that even if you are current on your house payment, a loan modification will sometimes be calamitous to your credit score. How does this happen? First off, most loan modifications have a trial period that you are expected to perform in. If you fail to make timely payments for the first 3 to 6 months, then the modification attempt is terminated and the bank will again pursue foreclosure.

During that trial period your Note has not been officially modified, so you are, by definition, on a partial payment plan. Whether it is a partial payment plan on a credit card or a mortgage, it makes no difference. When the lender enters that data to the credit bureaus it will show negatively on your credit. Next, let's suppose you complete the trial period successfully. Once your loan modification plan is accepted, you may still have a delinquent balance carrying forward. This delinquent balance will also serve as a negative mark against your credit even though you are "paying as agreed" based on the loan modification terms.

I don't think the banks are ignorant of the affect these policies have on consumers. Lower credit scores are the pathway to charging higher rates and fees and a loan modification is just one avenue that provides a bank with that opportunity. There is a lot of give and take throughout the loan mod process along with expressed and implied terms. If you think your score has been damaged by a loan modification - remember this, the burden of proof for reporting correctly is squarely on the shoulders of the credit bureaus. To find out how to "audit" the information on your credit reports please visit my affiliate link site.

George Andersen is a member of the Financial Empowerment Network Team and Prime Financial Credit Services
you can also visit Credit Educationfor more information on George Andersen.

Your Credit Score Is Yours to Control

Are you confused by credit, and how to create a better credit score? Don't feel bad, many consumers and business people find it hard to understand why their credit score is low. They pay their bills. And when they are a little late on a payment, they pay extra fees to the Lenders to make up for that. The Lenders enjoy great profits, and yet, the Borrower gets penalized more. Is it fair? I say NO! Enough! It's time for us to take control of our credit scores, and get them to reflect accurately, what kind of people we really are. In fact, the United States government agrees. Toady, there are laws to protect us, and allow us to take back control of our credit histories and credit scores.

Use these laws to make sure you aren't forced to pay more for auto loans, credit cards, mortgages, insurance and utilities. Besides costing you more money in monthly bills, we've been hearing more about people who get job offers that are later taken back, because of a "bad" credit score, a result of having been out of work for a year or longer. They didn't use credit to support a luxurious lifestyle. Ironically, they are penalized by taking away the very thing that they need to get back on their feet and to get back to paying their bills. Is it just me, or does it seem ridiculous to you as well? Credit reporting agencies, and Lenders, seem to believe that it's their right to penalize consumers to any level that they choose. The US government says it isn't their right. It is their right to report late payments and defaults on payment agreements, to the extent that they report it accurately. Is the information on your credit report accurate?

Frits Tessers is a member of the Financial Empowerment Network Team and Prime Financial Credit Services
you can also visit Personal Coaching for more information on Frits Tessers.