Credit history – KR2K http://kr2k.com/ Sun, 26 Jun 2022 21:30:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kr2k.com/wp-content/uploads/2021/08/icon-150x150.png Credit history – KR2K http://kr2k.com/ 32 32 Ad Acceptance of Credit Co – GuruFocus.com https://kr2k.com/ad-acceptance-of-credit-co-gurufocus-com/ Sun, 26 Jun 2022 21:30:04 +0000 https://kr2k.com/ad-acceptance-of-credit-co-gurufocus-com/ Southfield, Michigan, June 16, 2022 (GLOBE NEWSWIRE) — Credit acceptance Company (Nasdaq: CACC) (the “Company”, “Credit Acceptance”, “we”, “us” or “our”) today announced the completion of a $350.0 million non-recourse asset-backed secured financing ( funding “). Pursuant to this transaction, we have made loans of approximately $437.6 million to a wholly-owned special purpose entity that […]]]>

Southfield, Michigan, June 16, 2022 (GLOBE NEWSWIRE) — Credit acceptance Company (Nasdaq: CACC) (the “Company”, “Credit Acceptance”, “we”, “us” or “our”) today announced the completion of a $350.0 million non-recourse asset-backed secured financing ( funding “). Pursuant to this transaction, we have made loans of approximately $437.6 million to a wholly-owned special purpose entity that will transfer the loans to a trust, which will issue four classes of notes:

Note Class Rising average life Price Interest rate
A $ 184,850,000 2.51 years 99.97752 % 4.60 %
B $ 65,310,000 3.19 years 99.99521 % 4.95 %
VS $ 78,950,000 3.64 years 99.99721 % 5.70 %
D $ 20,890,000 3.83 years 99.99104 % 6.63 %

Funding :

  • have an expected annualized cost of approximately 5.4%, including initial acquisition costs and other costs;
  • runs for 24 months, after which it will be amortized according to the cash flows on the loans contributed; and
  • be used by us to pay off an outstanding debt and for general corporate purposes.

We will receive 4.0% of the underlying consumer loan cash flow to cover servicing costs. The remaining 96.0%, less amounts due to the Dealers for payment of the Dealer Holdback, will be used to pay principal and interest on the Notes as well as ongoing financing costs. The financing is structured so as not to affect our contractual relationships with our dealers and to preserve the dealers’ rights to future dealer holdback payments.

The Notes have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the Notes. This press release is issued pursuant to Rule 135c of the Securities Act of 1933.

Additionally, we announced today that we have extended the date on which our $300.0 million revolving secure warehouse facility will stop operating from November 17, 2023 to May 20, 2025. There were no another important change in the conditions of the installation.

As of June 16, 2022, we have no outstanding balance under the Revolving Secure Warehouse.

Description of Credit Acceptance Corporation

Since 1972, Credit Acceptance has provided financing programs that allow automotive dealerships to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automotive dealerships who profit from selling vehicles to consumers who otherwise could not obtain financing; repeat and referral sales generated by those same customers; and sales to customers responding to advertisements for our financing programs, but ultimately qualifying for traditional financing.

Without our financing programs, consumers are often unable to purchase vehicles or purchase unreliable ones. Additionally, as we report to the three national credit bureaus, an important co-benefit of our programs is that we offer consumers the opportunity to improve their lives by improving their credit score and switching to sources of more traditional financing. Credit Acceptance is listed on the Nasdaq Stock Exchange under the symbol CACC. For more information, visit creditacceptance.com.

Credit-Acceptance-Corporation.png

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High prices paid by the unserved and the underserved https://kr2k.com/high-prices-paid-by-the-unserved-and-the-underserved/ Fri, 24 Jun 2022 23:27:00 +0000 https://kr2k.com/high-prices-paid-by-the-unserved-and-the-underserved/ LOUISVILLE, Ky. (WAVE) – Signs can be seen all over WAVE Country, for check cashing, money orders available or pawnshops. Financially underserved or unserved families pay a high price for these services, often making it even more difficult to make ends meet. It is very expensive to have no money because when you have no […]]]>

LOUISVILLE, Ky. (WAVE) – Signs can be seen all over WAVE Country, for check cashing, money orders available or pawnshops.

Financially underserved or unserved families pay a high price for these services, often making it even more difficult to make ends meet.

It is very expensive to have no money because when you have no credit score, you may not have access to bank accounts, loans and credit cards.

Those who fall into the category of underserved or unserved are usually people who cannot get credit or who do not understand the importance of their credit scores.

“Credit is really important in a consumer’s life, especially for economic advancement and economic mobility,” said Nidhi Verma, vice president of international research and consulting for TransUnion.

Credit is a consumer’s financial power. In today’s world, the importance of having good credit and a good credit rating cannot be overstated.

“45 million Americans are either credit unserved or underserved,” Verma said. “Breaking it down, 8.1 million of them are invisible to credit. When you look at the other 37 million Americans, they’re underserved because they have very little participation.

These are consumers who do not have a bank account or who do not use traditional financial services and mainly transact in cash.

With a lack of credit, how do you get that first credit card or car loan?

“The credit score is a picture of you as a consumer and the risk you intel,” Verma explained.

Many lenders are reluctant to extend credit to consumers with no credit history or score. Having no credit score can be the equivalent of having a bad credit score.

Assuming someone has recurring expenses, ask those companies to report on your behalf, such as rent, utilities, or your cell phone bill.

Verma lists three things someone can do to get credit and build it:

  • More importantly, understand your credit report. Access your credit report. Be sure to check it regularly. Not one and it’s done.
  • Second, make your payments on time. If you miss any of these payments, call your lender. They may be able to offer you a more affordable payment plan.
  • Finally, do not push yourself beyond your financial capacity to manage your credit.

There are a number of things a person can do to move from being underserved or unserved to being able to access financial services.

There are digital banks. People can find one to suit their needs.

Start building a credit score by paying rent, gas and electric or cable bills on time and having these companies report your payments.

People can also try a secured or prepaid credit card. They report to the three major credit bureaus and customers won’t be able to overspend.

To examine the in-depth research study on the Unserved and Underserved Credit Market, click or tap here.

WAVE – Louisville and southern Indiana NBC affiliate. Follow us on Twitter and Instagram @wave3news.(VAGUE)

Copyright 2022 WAVE. All rights reserved.

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How to get a merchant account with bad credit https://kr2k.com/how-to-get-a-merchant-account-with-bad-credit/ Tue, 21 Jun 2022 17:15:16 +0000 https://kr2k.com/how-to-get-a-merchant-account-with-bad-credit/ A merchant with a poor credit rating, whether due to recent bankruptcy, tax lien, or any other reason, is automatically classified as a “high risk” merchant, and most banks and leading merchant services companies would deny them credit card processing services. . Many merchant services organizations refuse to engage with merchants with low or unfavorable […]]]>

A merchant with a poor credit rating, whether due to recent bankruptcy, tax lien, or any other reason, is automatically classified as a “high risk” merchant, and most banks and leading merchant services companies would deny them credit card processing services. .

Many merchant services organizations refuse to engage with merchants with low or unfavorable credit ratings for one simple reason: they only work with “low risk” merchants. They will not work with “high risk” (or even “medium risk”) merchants.

Fortunately, many companies specialize in working with high-risk customers and can help you get a merchant account as someone with a merchant account with bad credit. We will tell you up front that it will be more expensive. Expect to pay much higher processing rates, factor in maintenance costs, and you’ll almost certainly have to sign a long-term contract.

https://pixabay.com/photos/calculator-calculation-insurance-385506/

However, working with a a high-risk expert can be helpful to the growth of your business, primarily because they are usually the only method for accepting credit and debit card payments from your consumers rather than relying solely on cash.

You must meet specific requirements when qualifying for an adverse credit merchant account.

Apply for a poor credit merchant account online immediately. Completing an online application is the first step for merchants. Merchants must also submit the following to processors and underwriters in addition to the application:

  • Government-issued identification, such as a driver’s license, is required.
  • A letter from the bank or a canceled check that has already been printed.
  • Three months of bank statements are required.
  • Where applicable, three months of the most recent processing declarations.
  • An SSN (Social Security Number) or an EIN (Employer Identification Number).
  • A fully functional and secure website.

Chargeback rates should be less than 2%.

https://pixabay.com/photos/pen-office-authority-form-2398693/

Operations must demonstrate to processors and underwriters that they are operating genuine and reputable businesses during the merchant account application process. Underwriters assess risk by considering various criteria, including whether traders follow all rules and regulations.

Here are some of the factors that influence risk:

  • The solvency of a company.
  • Credit card processing history.
  • Bank statements.
  • Company website.

The variables will negatively influence a site’s applications if it has not established good privacy and refund policies. The risk is further increased by a negative bank account balance, unpaid bills and late payments, and a history of high chargeback rates.

The simplest strategy to prepare for an underwriter’s assessment is for a trader to pay all outstanding bills and obligations, have a large sum of money in the bank, and ask a shareholder of the company with best credit history to apply for bad credit. merchant account.

Merchants must demonstrate to processors and underwriters that they are not taking unnecessary risk by issuing them a negative credit merchant account to increase their chances of acceptance.

When it comes to low credit merchant accounts, underwriters have their work cut out for them, as discussed earlier. Businesses with bad credit already have bad credit and low FICO scores. There is a risk that things will no longer work because a bankruptcy or tax lien is already a sign of a flawed business plan. Customers are more likely to dispute credit card charges when a business policy is incorrect. A merchant may not have the staff competence to deal with customers who say they have not done or do not want the services for which they have paid.

Chargebacks are also more common on purchases with higher price tags. Due to the high cost of inadequate credit business services, a disgruntled, cash-strapped customer may dispute a charge to save money.

Calculating a company’s chargeback rate is a great place to start if you want to keep the rate low. The number of transactions divided by the monthly transactions gives a chargeback ratio. A merchant with 500 transactions and ten chargebacks in a month, for example, would have a chargeback rate of 2%. The amount of the chargeback does not affect the ratio in any way.

Generally, a merchant who processes hundreds of transactions per month is better off than a merchant who processes less than 100 transactions per month. Therefore, maintaining high trading volumes is essential. Businesses with a high number of transactions, on the other hand, have a lot more leeway and can handle a few extra chargebacks.

Chargebacks are usually not caused by fraud or stolen credit cards. Instead, the majority of chargebacks are caused by dissatisfied customers or consumers choosing to pay for services after receiving them. Unfortunately, the causes of chargebacks are rarely of concern to processors or credit card issuers; instead, they focus on merchants who maintain chargeback percentages below 2%.

Chargebacks can be minimized by providing full refunds to customers. Because a refund is only a one-time financial loss rather than a strike against the merchant account, it’s much more profitable than a chargeback. For example, instead of discussing transaction fees and rules with a disappointed consumer, a customer service person could immediately provide a full refund. After sending the refund and the receipt to the consumer, the merchant must try to sell a new paid service. This approach eliminates the risk of chargebacks from the initial transaction and allows the merchant to process it for the long term.

Credit is an ephemeral concept. You can go from good credit to bad credit in just a few years. You have a distinct advantage over business owners who operate in an inherently high risk industry as a negative credit trader in that you can improve your business credit rating over time. You may eventually qualify for a low-risk account, which will save you a lot of money on credit card processing fees. With time and a smart approach, you can build a good processing history and boost your business credit rating to the point where you no longer need an expensive, high-risk merchant account. Good luck!

Related articles on GISuser:

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Irdai plans to link insurance fraud to personal credit score https://kr2k.com/irdai-plans-to-link-insurance-fraud-to-personal-credit-score/ Sun, 19 Jun 2022 20:19:00 +0000 https://kr2k.com/irdai-plans-to-link-insurance-fraud-to-personal-credit-score/ Some studies show that globally, approximately 10% of premiums have been lost due to fraud. Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve […]]]>

Some studies show that globally, approximately 10% of premiums have been lost due to fraud.

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.

However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor


First published: Sunday, June 19, 2022. 7:14 PM IST

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US Military Troops Hurt by Credit Agencies Filing Erroneous Reports https://kr2k.com/us-military-troops-hurt-by-credit-agencies-filing-erroneous-reports/ Fri, 17 Jun 2022 21:45:18 +0000 https://kr2k.com/us-military-troops-hurt-by-credit-agencies-filing-erroneous-reports/ If you’ve ever applied for a security clearance, or even just tried to rent a home out of office, you know your credit history is important. Now imagine if you ever find out that your report says you owe money to a collection agency, all because of someone else’s mistake. Sounds awful, right? Well, a […]]]>

If you’ve ever applied for a security clearance, or even just tried to rent a home out of office, you know your credit history is important. Now imagine if you ever find out that your report says you owe money to a collection agency, all because of someone else’s mistake.

Sounds awful, right? Well, a Consumer Financial Protection Bureau (CFPB) report shows that many US service members are having their credit scores negatively affected by faulty or inaccurate reporting procedures through no fault of their own.

In 2021, the military would have filed more than 42,700 complaints with the CFPB about inaccurate reports and their credit scores, an increase of 5% from 2020 and 19% from 2019. The complaints covered topics ranging from consumer credit reports to debt collection to faulty medical bills.

“Misreporting results in distinct harms to service members, including jeopardizing housing, transportation, and clearance status,” the report says. “The risk of these distinct harms makes service members particularly vulnerable to coercive credit reporting.”

Simply put: while military personnel especially need good credit to do their jobs, they now face distinct and unexpected challenges in maintaining that good credit caused by a simple misreporting.

Indeed, incorrect information on a credit report was the most commonly reported issue among service members, especially when it came to medical bills.

“It’s for a medical debt that I’m not responsible for,” according to one serviceman’s experience cited in the report. “The hospital where he allegedly came from had full access to our insurance information and was billed by our active duty military insurance… The insurance paid that debt. Now, [debt collector] tries to be paid twice by us as patients as well as by the hospital.

Another service member described a delay in payment from TRICARE to an ambulance company after a trip to a local emergency room resulted in notices being sent to a debt collection agency, even after payments were made. been treated.

Unfortunately for those affected, there is little recourse, as removing these faulty reports can be incredibly difficult. “Complaint analyzes also suggest that service members are receiving inadequate and incomplete responses to their consumer complaints,” according to the report.

So why do these erroneous reports keep popping up? Often, when service members must use civilian medical care or are referred to third-party providers for special procedures, complications and billing confusion can arise.

“Healthcare providers that do not routinely treat active duty military members may not have sufficient policies in place to handle TRICARE claims,” the report reads. “Service members have reported that billing issues have occurred because private medical providers failed to collect key information for their TRICARE claims, associate their coverage with their account, or fail to submitted the complaint to TRICARE for processing.”

The problem of misreporting is even worse for reservists and members of the National Guard, who only have access to government-paid health insurance while serving on federal orders and generally rely on private insurance. at other times.

“CFPB has heard from reservists that vendors are billing the wrong entity due to confusion that reservists are not full-time military. Instead, they often send the bill directly to the military or directly to a collection agent,” according to the report.

This is also true for veterans receiving medical benefits from the VA. The CFPB has received complaints about instances where “non-VA medical providers wrongly refer bills that have been paid or should have been paid by the VA to third-party collection agencies.”

The transient nature of military service also contributes to the problem, according to the CFPB. Since service members travel and change duty stations frequently, they may miss billing notices that are sent to old addresses.

“[company 1] never contacted me because they used an address I haven’t lived in since 2018,” a member of a billing agency’s department wrote.

While the number of complaints flooding the CFPB has increased in recent years, potential solutions are on the way.

The Department of Veterans Affairs announced earlier this year that it would only report medical debt if all debt collection efforts had been exhausted and the agency had determined that a patient was not severely disabled and that the debt was over $25. This could reduce 99% of adverse debt reports arising from VA medical care.

The three largest credit reporting agencies, Equifax, Experian and TransUnion, announced in March 2022 that they would no longer list paid medical bills on credit reports and would no longer include medical collection debts below $500 in consumer reports.

Bad credit can impact soldiers and civilians alike, but because service members often depend on a positive credit report to stay in good standing with the military, something like a paid debt isn’t removed. or a medical bill is sent directly to a collection. instead of TRICARE can have a particularly negative impact.

“Many service members, including all officers, are required to pass national security clearance checks that include detailed reviews of their credit history,” the CFPB explains. “Because of the reliance placed on a service member’s report, it is imperative that their reports be accurate.”

The last on task and purpose

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The benefits of a small business credit card https://kr2k.com/the-benefits-of-a-small-business-credit-card/ Tue, 14 Jun 2022 17:13:48 +0000 https://kr2k.com/the-benefits-of-a-small-business-credit-card/ You don’t need to have your own practice to qualify for a small business credit card. Whether you’re employed by a large corporation or have your own practice, opening a separate credit card account for business expenses makes sense for several reasons. It can streamline record keeping, simplify tax preparation, and even put cash back […]]]>

You don’t need to have your own practice to qualify for a small business credit card.

Whether you’re employed by a large corporation or have your own practice, opening a separate credit card account for business expenses makes sense for several reasons. It can streamline record keeping, simplify tax preparation, and even put cash back in your pocket.

What else, you don’t need a traditional business open a small business credit card. These accounts are generally available to those working as sole proprietors, including freelancers, consultants, and contract workers. This means that if you own your own practice or work on the side, you are likely eligible for a small business card.

Here are five reasons why you should consider applying today.

1. Keep personal and business expenses separate

The most basic reason to get a small business credit card is to separate your personal and professional finances. Not only will this make tax time easier, but it will also provide an accurate record of the actual expenses you incur at work. This information is crucial for setting rates and requesting refunds.

As a bonus, having a small business credit card means you don’t have to worry about business expenses affecting your personal credit score. Since business lines of credit aren’t usually reflected on personal credit reports, they won’t factor into your credit utilization rate, which is important if you have heavy business expenses. .

That said, remember that your personal credit usually serves as collateral for small business credit cards, so spend wisely. If you owe money that your business can’t repay, the card issuer can sue you personally.

2. Manage cash flow

Business income can be irregular and unpredictable. In addition, it may happen that customers do not pay on time. If you try to collect all your expenses, you could find yourself short of funds or short of resources at various times.

Having a small business credit card behind the scenes can help smooth out the hills and valleys of your income and cover any financial gap between when your expenses arise and when your income arrives. As long as you pay the balance in full by the statement due date, you will not pay any interest charges.

Consider this example: your work computer crashes on June 5, you run out of it, and spend $1,200 to buy a new one, charging it to your small business credit card. The billing period for this card ends on June 25, but your due date isn’t until July 17. It’s almost six weeks AFTER you bought your computer. As long as you repay the entire balance by the July 17 due date, you can consider this as having taken out a six-week interest-free loan.

If you need more time to pay off your purchases, look for a card with a 0% initial APR or a low ongoing interest rate. Another option is to get a rewards card so that cash back or other perks offset the cost of your line of credit.

3. Earn rewards on your daily business purchases

Speaking of which, don’t overlook the value of credit card rewards as a reason to open a small business credit card. Some cards offer welcome bonuses worth up to $500 in cash or $1,000 in travel rewards. This can make them useful even if you don’t expect to use a credit card regularly.

However, many of the best small business credit cards today offer great rewards on everyday business purchases, which means you might not want to put the card away after earning the welcome bonus. For example, cards can offer 5% cash back on office supply purchases or extra points for business travel expenses. In fact, you might even benefit from considering holding a some additional cards and use them strategically to maximize rewards.

Earning these rewards can free up money in your budget to spend on other needs and grow your practice.

4. Access to business card tools and benefits

Small business credit cards often come with additional perks in the “fine print” beyond the rewards they openly tout. Depending on the card, these may include the following:

  • Extended warranty
  • Car Rental Collision Damage Waiver
  • Mobile phone protection
  • Free checked baggage
  • Travel upgrades

If you have employees, you may be able to request cards for their use. Some cards also offer convenient mobile apps and online account management tools to review spending, add notes, and generate reports.

Going back to our previous example of purchasing a new computer, if you used a credit card for the purchase that includes extended warranty protection, you can rest easy knowing that your computer manufacturer’s warranty will automatically be extended for a year or more simply because you used your credit card to purchase it.

So go ahead and say “No, thanks” when the electronics store offers to sell your extended warranty plan.

5. Build trade credit

As with personal credit, having a strong credit history for your business can provide access to better cards and secure more favorable loan terms. Opening of a small business card and making timely payments is key to ensuring you’re able to leverage the credit you need as your cash flow needs grow.

Be aware that you will only accumulate business credit if you have an Employer Identification Number, known as an EIN. These numbers are issued by the IRS to businesses of all kinds, even sole proprietors. If you are a sole proprietor and use your social security number to apply for an account, having a small business card will not create a separate business credit history.

Even if you don’t think you need a small business card, you could probably benefit from it. As you grow your practice or consider taking on contract work, take a closer look at how a distinctive business card can make it easier to manage your finances while earning valuable rewards.

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Was Queen Elizabeth I killed by her toxic white makeup? https://kr2k.com/was-queen-elizabeth-i-killed-by-her-toxic-white-makeup/ Sun, 12 Jun 2022 21:54:00 +0000 https://kr2k.com/was-queen-elizabeth-i-killed-by-her-toxic-white-makeup/ Queen Elizabeth I was one of the most famous and famous queens in British history. Daughter of Henry VIII and Anne Boleyn, she ascended the throne on November 17, 1558, following the death of her older half-sister, Mary I. While her reign is well known for ushering in an age of However, Elizabeth herself is […]]]>

Queen Elizabeth I was one of the most famous and famous queens in British history. Daughter of Henry VIII and Anne Boleyn, she ascended the throne on November 17, 1558, following the death of her older half-sister, Mary I. While her reign is well known for ushering in an age of However, Elizabeth herself is also known for her distinctive makeup. Her makeup gave her an iconic look, but that may also be what killed her.

A dance with death

In 1562, when Elizabeth was still in her late twenties, she caught a violent fever that left her bedridden. After being examined by doctors, it became clear that Elizabeth had contracted smallpox. Smallpox was an extremely deadly disease that first infected humans around 12,000 years ago and continued to do so regularly until the invention of the smallpox vaccine by Edward Jenner in 1796. of Elizabeth, it killed about 30% of the people. infected.

Was Queen Elizabeth I killed by her makeup? Source: Public domain

While the disease wreaked havoc in Europe, killing many monarchs, it did not kill Elizabeth. Although she survived, Elizabeth did not escape unscathed. She left many scars and blemishes on her skin. Elizabeth was known to be a bit vain and would have any portraits of herself that she disliked destroyed. A visitor to her court said: ‘When someone talks about her beauty, she says she has never been beautiful. Nevertheless, she talks about her beauty as often as she can” (quoted in Johnson). The marks and blemishes left by smallpox must have given her a desperate need to hide them.

Elizabeth I’s makeup routine

As a young girl, Elizabeth used much less makeup, but after her battle with smallpox, she began applying more makeup, creating what we consider her signature look today. In Elizabethan times, pale white skin was considered incredibly beautiful by the English upper class. In an article by historian Paige Reynolds, she notes that Elizabeth knew that “she herself was being judged”. She supports this assertion by quoting a speech given by Elizabeth in which she states: “The eyes of many see our actions; a stain is soon seen in our clothes; a flaw quickly noticed in our actions.

Luckily for her, there was a popular makeup available in the 16th century called “Venetian Ceruse”. It was a highly sought after skin whitener by European aristocracy due to its high quality and was frequently used to conceal scars. It was made with vinegar and white lead from Venice, which made women look incredibly pale. Lead, however, was poisonous. Over time, Venetian Ceruse caused hair loss and skin discoloration, two things Elizabeth suffered from as she aged.

A contemporary portrait showing Elizabeth I towards the end of her life.  It may have been based on a candid image.  Elizabeth I is depicted wearing an elaborately jeweled dress, headdress and veil.  (Public domain)

A contemporary portrait showing Elizabeth I towards the end of her life. It may have been based on a candid image. Elizabeth I is depicted wearing an elaborately jeweled dress, headdress and veil. ( Public domain )

To make matters worse, Elizabeth got her signature red lips through the use of cinnabar. Cinnabar is a mineral containing mercury. Mercury poisoning can cause memory loss, depression or, in extreme cases, death. Unfortunately for her, when Elizabeth started wearing a wig following her hair loss, the wig was dyed red with even more mercury. It is not really surprising that at the end of her life she was reported to be in a state of deep depression.

Perhaps the worst thing about Elizabeth’s beauty routine wasn’t the makeup itself, but how long she left it on. The Venetian whitewash was left in place for a week with daily touch-ups, allowing ample time for the lead to soak into her skin. When it finally came time to remove makeup, things got even worse. To remove it, she used a mixture of eggshells, alum, and even more mercury. It would only worsen the effects of the makeup that was killing Elizabeth.

Was Elizabeth I killed by her makeup?

It is said that the beauty of Elizabeth I has faded a lot over time. Her self-consciousness about her image only led her to use heavier makeup, which made her look worse. Perhaps that’s why she had such a great love for incredibly elaborate dresses and exorbitant jewelry. Francis Bacon, British philosopher and statesman, wrote at the time “She imagined that people, who are very influenced from outside, would be diverted by the glitter of her jewels, from noticing the decadence of her personal attractions” (cited in Morrill, 2022).

As already mentioned, she was in a state of deep depression at the end of her life. She refused to have a mirror in any of her rooms. In addition to her poor physical health, she showed signs of declining cognitive abilities and delirium. Despite this, her stubbornness pushes her forward. She refused to rest and reportedly stood for hours and hours, perhaps fearing that if she had to sit down she would never get up again. She probably knew how fragile she was and feared her death was near. She refused to let the doctors examine her physically, perhaps because she feared the worst.

An authentic and realistic circa 1595 portrait of Queen Elizabeth I by Marcus Gheeraerts the Younger.  (Public domain)

An authentic and realistic circa 1595 portrait of Queen Elizabeth I by Marcus Gheeraerts the Younger. ( Public domain )

Unfortunately for Elizabeth, she was right. Having named her successor to James VI of Scotland, she died quietly on March 24, 1603. The causes of her death are hotly debated, but many strongly suggest that she died from toxic buildup in her body at the following its decades. -long use of makeup. Others believe she died of cancer or possibly pneumonia that developed from a simple bronchial infection.

Unfortunately, because she did not allow doctors to examine her and she did not undergo an autopsy, it is impossible to say for sure what killed Elizabeth I. Whether her makeup killed her or no, what he certainly did is helped make her one of the most iconic and revered monarchs to ever live.

Top image: Queen Elizabeth I as depicted in the film Mary, Queen of Scots. Credit: Focus Features

By Mark Brophy

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A better approach to “buy now, pay later” https://kr2k.com/a-better-approach-to-buy-now-pay-later/ Thu, 09 Jun 2022 04:00:00 +0000 https://kr2k.com/a-better-approach-to-buy-now-pay-later/ Fashion brands were among the earliest and most enthusiastic proponents of the “buy now, pay later” concept, which allows customers to spread payments over weeks or months. For retailers, the payment option appealed to a whole new class of consumers, especially younger shoppers who had no credit card or savings. Now the invoice is due. […]]]>

Fashion brands were among the earliest and most enthusiastic proponents of the “buy now, pay later” concept, which allows customers to spread payments over weeks or months. For retailers, the payment option appealed to a whole new class of consumers, especially younger shoppers who had no credit card or savings.

Now the invoice is due.

A growing number of customers are failing to pay for their clothes and makeup, amid soaring inflation and slowing economic growth. Investors fear a wave of consumer defaults on these loans, especially if the economy tips into recession. In May, the wall street journal reported that Klarna was seeking $1 billion in funding at a $30 billion valuation, down a third from June 2021. Affirm shares are down about 85% from their November peak. Regulators are spinning.

Retailers are not likely to be caught in the financial fallout – it is the BNPL companies that are responsible for these delinquent loans. But they could see a drop in sales if their customers become wary of using these services or are cut off as lenders tighten their standards. Brands also risk damaging their reputations, especially if consumers feel they have been misled about the consequences of borrowing impulsively just before making a purchase.

Despite its recent problems, the category should continue to grow: earlier this week, Apple announced the launch of a BNPL service. If deployed responsibly, buy now, pay later can benefit lenders, retailers and consumers, experts say. But changes in this emerging industry are needed: BNPL companies can reposition their installment plans as a way for young, low-income consumers to build credit and do a better job weeding out those most likely to fall behind on their loans. Retailers can do more than add a Klarna or Affirm button next to credit and debit card options on the checkout page; they can educate consumers on how installment payments work and be as transparent about the terms of these loans as they are about shipping.

“The threat is that ‘buy now, pay later’ platforms can disguise debt, leaving consumers unprepared to answer for their financial actions,” said Cassandra Napoli, senior strategist, insight at the forecasting agency. WGSN trends. “Brands have a responsibility to do the right thing for users and consumers, especially as ‘buy now, pay later’ services expand.”

Change is coming

The absolute number of consumers who defaulted on their buy now, repay loans later is still relatively small; at Affirm, 3.7% of loans were 30 days or more past due at the end of March. But this share is up from 1.8% in June 2021. It could rise further. A 2021 Credit Karma survey found that among those who used short-term financing, 34% fell behind on one or more payments, while 30% of Gen Z customers missed two.

Rising interest rates are another problem: they increase the cost of borrowing for lenders themselves, making cheap credit more expensive for these companies to offer buyers.

The Consumer Financial Protection Bureau, a US regulatory agency, opened an investigation into buy now, pay later credit schemes in December, citing debt accumulation and data collection, among other concerns. The European Union, meanwhile, began the process of tightening up its oversight nearly a year ago, with a proposal requiring companies to “buy now, pay later” to operate more transparently with consumers. . Earlier this year, the UK financial regulator ordered consumer credit companies to be more transparent about their terms and take other action.

Some of the big BNPL companies make it difficult for high-risk buyers to take out loans. Klarna, backed by SoftBank, this month began sharing data on the payment history of its 16 million UK customers with credit reporting agencies, meaning their loans will start showing up on credit reports.

This addresses a major complaint from critics of installment payments: that lenders don’t really know if borrowers have the capacity to repay them. According to Fitch Ratings, the lack of reporting makes it easier for consumers to play BNPL companies against each other, borrowing and defaulting on loans from multiple lenders while appearing to have an impeccable credit history.

Linking the BNPL to credit bureaus could enable a wider group of consumers to build a credit history, which is needed to access many benefits of the financial system, said Vijay Viswanathan, associate dean of integrated marketing communications at the Medill School of Journalism at Northwestern University.

“Customers who make regular ‘buy now, pay later’ payments should be able to build credit, even if it’s not through a credit card,” Viswanathan said. “Rating agencies should work with ‘buy now, pay later’ lenders and capture this data to help segments underserved by established banks and credit card companies build credit.”

Lead with Education

Retailers have mostly left it to BNPL companies to educate consumers on how their loans work. For them, payment plans help buyers buy what they want, when they want; Affirm’s retail partners see basket sizes increase by an average of 85% when using their service, said Silvija Martincevic, chief commercial officer of the platform.

But leaving it up to the BNPL sector to educate consumers about credit — or not — is a mistake, said Napoli, the WGSN strategist.

“The threat is that buy now, pay later platforms can mask debt, leaving consumers unprepared to answer for their financial actions,” she said. “Brands have a responsibility to do the right thing for users and consumers.”

Napoli suggests retailers deploy financial literacy tools to help young shoppers navigate BNPL platforms and monitor their spending, with branded educational materials and budgeting tips that can be shared through their influencer partners.

At Afterpay, an Australian BNPL company, customers can set up budget trackers to help manage when installments are due and set up reminders ahead of their scheduled payments. Nick Molnar, co-founder and co-CEO, said the company “has become a useful budgeting tool” in its own right. Affirms’ Martincevic said the company’s underwriting technology only approves customers “for amounts that we think they can comfortably afford to repay.”

Viswanathan said the fundamental problem is that many buyers do not view BNPL funding as debt.

“From a financial management perspective,” Viswanathan said, “we need to be aware of how making small payments over a period of time can affect other long-term goals and events.”

Additionally, education can be difficult when brands see BNPL primarily as a way to get consumers to spend more. The wide array of plans, each with their own payment schedule and interest rates, can also be confusing. BNPL lenders typically don’t charge interest for small payments made over a few weeks, but annualized rates can be as high as 30% for big-ticket items financed over several months (average credit card APR is around 16%, according to the United States). Federal Reserve).

“If brands use ‘buy now, pay later’ in an ethical way, to do what they are designed to do, they can drive sustainable long-term growth,” Viswanathan added. “If used unethically, they become loan sharks and do a huge disservice to their customers, their communities and the economy.”

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Loans for bad credit from trusted lenders https://kr2k.com/loans-for-bad-credit-from-trusted-lenders/ Tue, 07 Jun 2022 15:45:27 +0000 https://kr2k.com/loans-for-bad-credit-from-trusted-lenders/ How long does it take to increase a bad credit score? Depending on how you go about it, raising your credit score can take as little as a few months or as long as a few years. Quick warning here, though: credit repair companies that promise to erase your credit history overnight are a scam. […]]]>

How long does it take to increase a bad credit score?

Depending on how you go about it, raising your credit score can take as little as a few months or as long as a few years. Quick warning here, though: credit repair companies that promise to erase your credit history overnight are a scam. They can’t legally do something you can’t do yourself. It is not possible to erase your history, although it is possible to make improvements to it. Here’s what you can do for yourself:

Order your credit report

You are entitled to one free credit report per year from each of the “big three” credit reporting agencies – TransUnion, Equifax and Experian. It’s easy to request a copy of all three at once from a site like annualcreditreport.com.

Once you have received your three credit reports, go through each of them with a fine-toothed comb to check for errors. Errors can be simple, like a misspelled name or wrong address. It can be serious, like listing a debt you don’t own or a balance you paid off years ago.

If you find any errors (no matter how small), report them to the credit bureau in question. Once you dispute an error, credit reporting agencies have 30 to 45 days to prove that the credit report is correct or to remove the error from your report. Even the smallest mistakes can lower your credit score, which means this simple gesture can give it a boost.

Build a credit history

A bad credit score isn’t always the result of not paying bills on time. Sometimes it’s a matter of not having a credit history. If you’re fresh out of school or recently immigrated to the United States, your credit history may be too thin for FICO® to guarantee that you’re good at paying your bills.

Building a credit history can keep people from taking advantage of you and can be as simple as opening a store credit card and making all payments on time. You could also:

  • Pull out a secure credit card to pay for everyday items, like groceries and gas.
  • Ask someone with a high credit rating to co-sign a debt for you.
  • Sign up for Experian Boost to have utility, telecom, and select streaming service payments reported to credit reporting agencies.

Pay off the debt

Remember that creditors want you to have access to credit without using much of it. Focus on any outstanding debts that you are late paying or have stopped paying and getting them paid off. While that might mean taking a part-time job, hosting a garage sale, or selling something of value, the long-term benefits of getting those debts off your credit report are worth it.

Paying off your debt does two things: it reduces the amount you owe (30% of your credit score) and it shows you’re serious about managing your financial obligations.

Consider a secured loan

There are two types of personal loans: secured loans and unsecured loans. Here’s the difference: With a secured loan, you’re putting something of value as collateral. With an unsecured loan, your signature is all that is needed. The advantage of a secured personal loan is that you may qualify for a bad credit loan that would otherwise be out of reach. Moreover, the interest rate of a secured loan is lower than the rate of an unsecured personal loan. The downside is that missed payments give the personal lender the legal right to take possession of the collateral.

Consolidate debt

If you find yourself with high-interest debt, consolidating it into one low-interest personal loan may be the solution. Say you have five credit cards, each with a spending limit of $5,000. Let’s also imagine that each card is maxed out, which means you owe a total of $25,000. You make the minimum payment on each, but because of the interest rate, the balances don’t seem to go down.

Getting the best personal loan at a lower interest rate will not only save money in interest payments, but will also provide a date when the debt will be paid off. As long as you put those credit cards away and don’t use them while you pay off the consolidation loan, you’ll end up making money.

If qualifying for a bad credit personal loan helps you consolidate credit card debt, cover an emergency expense, or make your life easier, these lenders are definitely worth exploring.

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Ask A Mortgage Broker: Why Are Banks Secret About Test Rates? https://kr2k.com/ask-a-mortgage-broker-why-are-banks-secret-about-test-rates/ Mon, 06 Jun 2022 00:00:00 +0000 https://kr2k.com/ask-a-mortgage-broker-why-are-banks-secret-about-test-rates/ Glen McLeod is director of Edge Mortgages. It answers readers’ questions about home loans, whether you’re a newbie just entering the market or someone who already has a loan and wonders how best to handle it. If you have a question, email susan.edmunds@stuff.co.nz Why are banks so secretive about how they assess people for loans? […]]]>

Glen McLeod is director of Edge Mortgages. It answers readers’ questions about home loans, whether you’re a newbie just entering the market or someone who already has a loan and wonders how best to handle it. If you have a question, email susan.edmunds@stuff.co.nz

Why are banks so secretive about how they assess people for loans? Is it to prevent people from playing with the system? Or do they not put off customers?

In today’s environment of rising interest rates and seemingly falling house prices, banks need to ensure they are responsible in how they lend money to customers.

Banks keep details of how they value loans for a number of reasons. Mainly because the information is commercially sensitive and they don’t want to give out information to help other lenders.

READ MORE:
* Here’s how banks set home loan rates
* New lending laws are a ‘nightmare’ for people looking for home loans
* Why your financial habits are about to matter more than ever

How they set their requirements may be determined by their appetite for loans at the time. How they see the legislative requirements and I imagine the profit margin depends on the availability of funds. It is a way to turn on and off the flow of loans.

All in all, the reality is that there is no secret to loans. It breaks down into several factors:

Glen McLeod: Banks must ensure they are responsible

Provided

Glen McLeod: Banks must ensure they are responsible

Security: The type of property the lender would take as collateral tends to dictate the loan-to-value ratio they will go up to the property. What they will lend on a standard residential home versus a serviced apartment varies widely.

Repayment ability: Your income, fixed commitments, and spending habits are in the spotlight. With the new CCCFA rules, this has become more evident over the past six months or so.

Willingness to Repay: What do your credit history and bank statements say about your ability to manage your money? Do you have unauthorized overdrafts on your bank statements or have you defaulted on loans in the past?

As a borrower, the best thing you can do to be ready to borrow money is to reduce all your short-term debt, understand your spending habits, and make sure you manage your bank accounts and credit history. Save as much deposit as possible to be prepared. The less money you have to borrow, the higher your financial capacity will be.

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