Knowing the Score: 4 Reasons You Need to Know Your Credit Score

Most people know that their credit score directly affects their ability to borrow money. That’s very important for most families. About half the households in America cannot cover a $400 emergency expense. Therefore, most of us will need a loan at one time or another.

However, your credit score has a number of other effects as well. Knowing these effects prevents unexpected and unpleasant surprises and can also save you thousands of dollars.

Credit Card Reward Programs

Your credit score has little effect on high credit card interest. There’s not much of a difference between a good credit 17 percent APR and a so-so credit 19 percent APR. However, your credit score directly affects your eligibility for high rewards cards. Usually, the effect is the same as a much lower interest rate.

Cash back is a very popular option. Many cards offer 1 or 2 percent cash back even on routine purchases, like groceries and car payments. The incentives are often even greater for things like gasoline at preferred retailers. Other cards offer airline miles or membership discounts. IN most cases, the available perks well exceed the annual fees and shave precious dollars off your monthly expense tally.

Interest Rates

People with credit problems not only have a harder time qualifying for loans. They usually pay higher interest rates on things like auto and mortgage loans. That’s because their risk is higher. But did you know that, with a little research, you can know approximately how much interest you should pay based on your credit score?

The statistics vary greatly by location and at different times. But assume your research reveals that a person with a 720 credit score should pay about 3.6 percent for a mortgage loan. If a lender offers 4 percent, you’ll know to keep looking. If you did not arm yourself with information, you might have jumped on the 4 percent and paid over $20,000 in additional interest.

Score Movement

Your FICO score is a lot like your electric bill. Everyone knows that using less electricity means a lower light bill, but it’s very hard to know just what effect running the heater all night really has. Sometimes, it’s nice to have more specific information.

Constant monitoring of your credit score yields such information. Such attention is the only way to tell just how much that one unpaid bill affects your score. So, you can make better decisions about the timing of major purchases and other financial matters.

Credit Score and the Job Market

In some jobs, mostly anything related to finance or money handling, a high credit score is a must-have and a low credit score is a serious impediment to a good job.

In other situations, a good score could be the tie-breaker between two roughly equal candidates. Rightly or wrongly, many employers view a credit score as an indication of a person’s trustworthiness. The credit score is objective and, perhaps more importantly, not illegal to use in these situations.

Keep a fairly close eye on your credit score, because this knowledge helps make many important decisions a little easier.

Getting Paid: Why Write it Off When You can Hire a Professional to Pursue it

In business and life, there’s little worse than not getting paid for the goods or services you provided. You may do your best to honor your agreements, but you can’t always expect the same in kind. So how should your business go about getting the money you’re rightfully owed? Before you think about taking your lumps and writing it off, read this.

Collection Agencies Versus Attorneys

You know as well as anyone else that no one likes debt collectors. Despite rules and regulations limiting how they can pursue a debt, things can get pretty intense between a collection agent and a debtor. Debt collectors often seem very threatening, will call an inconvenient number of times, maybe at all hours, while the debtor does their best to evade them. In some cases, the exchanges they do have are not pretty.

While it seems tempting to get some muscle behind your demands, this solution isn’t necessarily the best because frankly, it doesn’t work. Someone who owes money is less likely to hand it over when they feel like the person demanding it is harassing them.

Technically, attorneys and law firms can be considered debt collectors, if this is primarily what they do. Still, there are some important differences that make consulting commercial litigation Toronto preferable to the average agency.

The first one is rather obvious. Unlike many agents, lawyers are very well versed in your options concerning legal recourse, and will advise accordingly. Furthermore, while they can take steps that other debt collectors do, they can do even better by filing lawsuits against those who owe. This can result in liens, garnishments, and more.

How to Choose 

Even if you think you want to go with a debt collection agency, you still need to talk to a lawyer. They’ll let you know if you’re in the clear to proceed, if it’s even worth pursuing. From there, they can use what may be their biggest advantage: authority.

When a debtor receives a letter from a lawyer, they’re apt to take it much more seriously than regular collection letters. The mere thought of having legal action taken against them might be enough to get them to settle up.

No matter which you choose – and you may go with both – another important consideration is your line of work. You want any law firm or agency to understand your business, and to have hopefully collected for other businesses like it. Just as you would with any other person or company whose services you might need, look into their experience and get a feel for their reputation.

The other big consideration is budget. How much will it cost to pursue the debt? If the number comes close to what you’d get, assuming the debtor paid up, it might be worth passing them over for someone else.

In the end, pursuing what’s owed to you is completely worth it when you choose the right attorney. Once you do, you’ll be able to sit back and take a breath, knowing that they have the technique and persistence to bring your money back to the business.

How To Make Hiring Freelancers An Easier Process For Both Parties

There comes a time in many business owners careers where you need to hire some extra help temporarily. Luckily there are people who offer their services as a freelancer out so that you can find someone to help you swiftly. However, hiring freelancers can be a risk because of the fact that it’s unlikely that you will ever meet them, or even have a true idea of what they are capable of. There are techniques that you could use that will make the process of hiring a freelancer much easier for not just you, but for them too, and here’s how.

Use outsourcing services

First and foremost, the best way without doubt of hiring reliable freelancers is by using outsourcing services. There are many different companies that you can use, but UpWork and Fiverr are among the most popular. All you have to do is describe the kind of work that you need completing, add your rate of pay and then simply wait for offers to come in from freelancers. It’s always a good idea to complete your business profile fully and verify payments so that you appear as a trustworthy source. This way both you and your freelancer will benefit because the freelancer can see that you’re trustworthy, and you will know that the person you’re hiring wants to do things professionally.

Give your freelancer a helping hand

Being a freelancer is no easy job, and when you’re given a new task that you’ve never done before you need to adapt and find the best way of completing the job. However, you could help your freelancer by using digital asset management to help control files and documents between you and your freelancer. You can also create and store templates to work from, which will make things run smoother. The easier you make your freelancers job, the better they will perform for you. A win-win situation!

Create unique working relationships

You will come across many different personalities when hiring freelancers, and some you will work well with more than others. It’s important to establish a personal relationship with each one so that they can better understand and complete the task at hand. Also, the people that you enjoy working with will often come back for more if you’ve made their experience more than just a corporate business deal. Perfect if you plan on using freelancers in the future.

Communicate regularly

One of the biggest problems that freelancers face is not being able to communicate with the person they are working for when they have a query or problem. Make sure that your freelancer is able to contact you with ease so that work can commence as planned. Giving them a call or a quick email to see how things are going will help both parties better work with each other.

Using these tips will help you establish a good working relationship with your freelancers and help ensure that the work you need completing is done so in a professional and timely manner!