Credit report – Killer Kash http://killerkash.com/ Mon, 20 Jun 2022 19:15:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://killerkash.com/wp-content/uploads/2021/07/killer-150x150.png Credit report – Killer Kash http://killerkash.com/ 32 32 Identity theft in Alabama increases dramatically in 2022 https://killerkash.com/identity-theft-in-alabama-increases-dramatically-in-2022/ Mon, 20 Jun 2022 19:15:00 +0000 https://killerkash.com/identity-theft-in-alabama-increases-dramatically-in-2022/ DOTHAN, Ala. (WTVY) – As costs rise with gas and inflation, identity theft is skyrocketing, especially in the state of Alabama. It’s a growing national problem, with a new report from Lending Tree’s QuoteWizard detailing some of the rapid increases since 2019. For Alabama, this is one of the 10 worst increases in the United […]]]>

DOTHAN, Ala. (WTVY) – As costs rise with gas and inflation, identity theft is skyrocketing, especially in the state of Alabama.

It’s a growing national problem, with a new report from Lending Tree’s QuoteWizard detailing some of the rapid increases since 2019.

For Alabama, this is one of the 10 worst increases in the United States, with the state ranking 8th in the number of ID cases since the start of the decade.

From 1,630 reports in 2019 to 2022 so far with a total of 5,198, this equates to a 219% increase.

Alabama is not alone in dealing with the problem. Cases in Louisiana increased 396% over the same period, cases in Mississippi increased 252%, Florida increased 175%, and Georgia increased 122%.

The report, based on FTC data, says that 35 US states saw an increase of more than 100% in identity theft in 2022 compared to 2019. The only two states reporting an increase of less than 50% are the Maine (46%). and New Hampshire (32%).

These identity theft reports range from credit card fraud, loan/lease fraud, telephone/utility fraud, bank fraud, employment/tax fraud and government document/benefits fraud.

Most of the increases are directly related to government document/benefit fraud, with most related to measures taken during the pandemic. Criminals were able to take advantage of the global health event and the influx of more people online to easily obtain personal information. Most scammers use it to steal unemployment benefits, stimulus payments, and other newly formed government relief efforts.

Bank fraud has also seen significant increases, with 293% more cases in 2022 compared to 2019. For the government document or benefit fraud category, this is a 270% increase from 5,707 cases in 2019 to 21,444 in 2022.

While there are many steps you can take to further protect your own identity, such as identity theft insurance, here are some of the steps you should take if you think you may be a victim of identity theft. identify :

  1. Check your credit score with the three major credit reporting agencies (Equifax, Experian and TransUnion). The Fair and Accurate Credit Transactions Act allows you to get a free report once a year from one of three credit bureaus. There are other credit monitoring services, but their capabilities tend to be more limited.
  2. Get a free Federal Trade Commission (FTC) Identity Theft and Recovery Plan and Theft Report.
  3. Dispute any fraudulent information in your credit reports. If you provide your creditors with an official report of identity theft, debt collectors are generally prohibited from contacting you about debts related to the theft once you have sent them a discontinuance letter.
  4. Contact Equifax, Experian or TransUnion for a free fraud alert. You do not have to request an alert from the three agencies. If you alert one of them, they will alert the other two. A fraud alert can be active for up to seven years.
  5. Place a credit freeze. Since September 2018, consumers have been allowed to freeze and unfreeze their credit reports free of charge. Freezing your credit report prevents anyone, including you, from accessing your credit reports. This can help prevent identity thieves from opening fake accounts in your name.

And of course, contact local law enforcement who can help prevent any false actions on your behalf.

Copyright 2022 WTVY. All rights reserved.

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Your social security number: when is it safe to share it? https://killerkash.com/your-social-security-number-when-is-it-safe-to-share-it/ Sun, 19 Jun 2022 12:00:02 +0000 https://killerkash.com/your-social-security-number-when-is-it-safe-to-share-it/ Social Security numbers are assigned to almost all US citizens and permanent residents. They were originally established in the 1930s to help administer government retirement and disability benefits. But over the decades, nine-digit accounts have become nearly universal identifiers, essential for applying for a credit card, buying a house, and even getting paid by your […]]]>

Social Security numbers are assigned to almost all US citizens and permanent residents. They were originally established in the 1930s to help administer government retirement and disability benefits. But over the decades, nine-digit accounts have become nearly universal identifiers, essential for applying for a credit card, buying a house, and even getting paid by your employer.

Because nearly every citizen and permanent resident in the United States has their own unique number, Social has also become the go-to method of authentication for cellular carriers, utility companies, and other businesses. This makes them a prime target for hackers and makes people increasingly worried about having their number made public. A 2017 massive Equifax breach may have revealed the social security numbers of nearly half of all Americans.

Here are some situations where you should – and should not – share your personal information.

When to share your social security number

While it’s important to protect your Social Security number, there are legitimate reasons to share those nine digits.

“Any company you apply to for a loan or line of credit needs your number,” Paige Hanson, cybersecurity training manager at NortonLifeLock, said in an interview.

That includes banks and credit reporting agencies, Hanson said, but it could also mean a cellular service provider, because a phone contract is like a line of credit.

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Your Social Security number will also be required for “anything that triggers a tax return,” including your employer reporting your wages to the IRS, said Alan Butler, executive director of the Electronic Privacy Information Center, an organization not-for-profit organization focused on privacy and identity advocacy. rights.

You’ll need to split it if you have an investment advisor or if you make a cash transaction of $10,000 or more, like buying a car or a house.

Government agencies that provide benefits may also request your number, including the US Department of Labor and state agencies that administer Medicaid. Such requests must be accompanied by a disclosure form explaining whether the number is required or optional, confirming the agency’s authority to request it, and explaining what it will be used for.

When not to share your social networks

There are many other cases where you should not provide your social security number. With the proliferation of phishing schemesnever give out your information over email or over the phone.

“If you did not initiate the call, you should never share your personal information,” said Hanson of NortonLifeLock. “Even if it appears to be from a legitimate company you do business with.”

Confirming the last four digits of your Social is less risky, Hanson said, because that’s data a company already has.

Not everyone asking for your number has bad intentions: “Some companies just want your code just because it’s a faster way to find your account,” Hanson added.

But that’s not reason enough for them to have it.

Others may want it if they get you to sign a contract, like a gym membership. “It’s an easier way to get to a collection agency if they have to,” Hanson said. “But there are other ways.”

Although employers may ask for your Social, “it absolutely cannot be required to get a job,” Hanson said. It should therefore not appear on any job application.

If they won’t budge and you’re not comfortable giving them your personal information, don’t. “Every time another entity stores your Social, it’s an increased chance for identity theft,” Butler said.

How to protect your social security number

By the time you’re an adult, your social security number has been entered into so many databases that it’s impossible to keep it 100% secure. But there are steps consumers can take to better protect their account numbers.

Do not carry your Social Security card in your wallet or purse. Keep it in a safe place at home. And destroy any documents or pieces of mail that include your number, rather than just throwing them away. Also, if you are asked for your SSN, find out why.

“You should feel able to ask, ‘Why do you need this? Where do you store this? ‘” Hanson said. “‘Is there any other information I can use instead?'”

Social security number on the form

If a company asks for your social security number, check to see if there is another form of identification you can use.

spxChrome/E+/Getty Images

Hanson recently took her daughter to the doctor, and the form at the counter asked for both of their social security numbers.

“There was really no need for them,” Hanson said. “So I left it blank on the form and they said nothing.”

Another way to protect your social security number is to “freeze” your credit reports with Transunion, Equifax, and Experian.

If someone tries to use your number to open a credit card or get a loan, your credit report request will be denied. You can freeze your report indefinitely or set a specific “unfreeze” date.

You should also regularly check your reports for any strange activity — a free copy of all three are available each year at AnnualCreditReport.com — and create an account on the Social Security website to see if anyone is accessing benefits using your number.

What to do if your social security number comes out

If you think you’ve been the victim of identity theft using your Social Security number, report the incident to the Federal Trade Commission, your local police department, and any businesses that may have received your number so fraudulent.

If you believe your number was used illegally to get a job or access your tax return, you can also contact the Social Security Administration at 800-772-1213 or visit the IRS Identity Theft site.

Although it’s possible to get a new Social Security number, it probably won’t solve all of your problems, according to the FTC.

“Sometimes getting a new number can make you worse off,” Steve Toporoff of the FTC’s Identity and Privacy Division said in a statement, “because you have to contact all government agencies, financial institutions, credit bureaus, health insurers, and other places where the old Social Security number might be used.”

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Three questions for the near future of the labor market https://killerkash.com/three-questions-for-the-near-future-of-the-labor-market/ Fri, 17 Jun 2022 19:48:37 +0000 https://killerkash.com/three-questions-for-the-near-future-of-the-labor-market/ Over the past two months, the U.S. economy has created a total of 826,000 jobs, according to the latest figures from the Bureau of Labor Statistics (BLS) for May and upwardly revised figures for April. Over the same period, overall unemployment stood at 3.6%. Black unemployment is still nearly double (at 5.9% in April and […]]]>

Over the past two months, the U.S. economy has created a total of 826,000 jobs, according to the latest figures from the Bureau of Labor Statistics (BLS) for May and upwardly revised figures for April. Over the same period, overall unemployment stood at 3.6%. Black unemployment is still nearly double (at 5.9% in April and 6.2% in May), but the labor force participation rate for blacks has increased, as has the total number of black workers currently employed.

Despite strong job gains, inflation hit a lowA peak of 8.6% in 41 years, and households are reeling from relentless increases in the price of gas, rent and food. June Preliminary Consumer Sentiment Indexfell 8 points from May, to 50.2—the lowest rate since the 1980 recession, indicating that households are deeply worried about their financial situation.

In this blog, we highlight three key economic concerns for the summer, including women leaving the labor force, economic contraction wiping out job gains for black workers, and increased risk of food insecurity.

Will there be more women than usual leaving the workforce this summer?

In the past three months, 465,000 women aged 20 and over have entered the labor market. In May alone, 397,000 women entered the workforce, 44% of whom were black. This influx of women into the workforce is helping to regain jobs lost during the pandemic, but labor force participation rates for women, including white, black, Latino, or Hispanic women, are still below employment levels. before the pandemic.

Despite the trend towards the resumption of female employment, research by the National Women’s Law Center found that nearly a third of the jobs women have regained since the start of the pandemic are in the leisure and hospitality sector – a finding consistent with our preliminary analysis of recent job creations. These jobs are low paying, have unstable hours and are vulnerable to economic downturns.

Additionally, women’s labor force participation typically drops each summer as school closures cause many mothers to reduce their working hours or quit their jobs. A recent article found an average summer decline of 1.1% in the employment-to-population ratio among prime-age women. This decline is pronounced among mothers of school-aged children who do not have access to affordable or reliable child care. The ongoing pandemic will likely continue to exacerbate this cyclical trend, consistent with our previous researchincluding our recent survey data revealing that childcare issues and rigid work schedules continue to plague working women.

Will economic worries erase the gains of black workers?

Soaring inflation prompted the Federal Reserve to adopt an increase in interest rates of 75 points at its June meeting to regain investor confidence. If the Fed follows the recommendation of some commentators to induce an 1980s-style recession through a series of steep interest rate hikes to curb consumer spending and stabilize prices, black workers will bear the brunt of corporate downsizing, just as they l did in 1983, when the unemployment rate reached 20% for black men and 16.7% for black women.

But even if the Fed remains a stabilizing force for the broader economy, the market itself might not stay calm. Major companies such as Redfin, Twitter and Coinbase have canceled job offerswhile several leading technology companies like Robinhood and Netflix have announced layoffs as a cost reduction strategy. But if industry leaders and investors view this as a broader signal and panic based on negative sentiments about the current economy, it could create a ripple effect of fear across sectors and lead to layoffs and a recession.

Another worrying indicator is that the BLS’s broader measure of labor market weakness, the U-6 unemployment rate, rose to 7.1% in Maydriven by frictional unemployment and 295,000 increase in part-time workers. This coincided with the shedding of the retail sector 51,700 jobs. Large retailers noted that household spending cuts left them inflated stocks; for example, The target cut earnings expectations twice in a month and surprised investors with a sell-off campaign aimed at cutting inventory. This is a leading indicator that the sector will shed additional jobs. Additionally, big-box retail chains, including Amazon, have hired more workers than normally needed to avoid hiring delays and disruptions from the COVID-19 disease in a tight labor market. But the CEO of Walmart recently explained that this strategy has led to overstaffing problems— suggesting that even without spending cuts, job cuts will continue.

All of this bodes ill for black workers, especially black men. Over the past three months, black men have gained 56,000 jobs, and their current activity rate of 68.9% is now higher than it was before the pandemic. While some of these job gains reflect a slight increase in the number of black men entering the workforce, most represent men who were previously in the workforce and have now been rehired. As shown in Figure 2, black men did not benefit from the labor market recovery until it ended.

Black men are re-entering the workforce

Even a slight economic contraction could jeopardize these recent job gains for black workers, especially workers crammed into cyclical, low-wage sectors like retail. The current job market – in which there are more job openings than job seekers – has pushed companies to tap into black talent they would otherwise overlook due to discrimination. But if the labor market weakens, additional black workers will be less likely to be hired, and newly hired black workers will be among the first to be laid off during layoffs.

Will the depletion of savings and the end of the school year worsen food insecurity?

As household savings quickly deplete due to inflation, the risk of food insecurity is increased. In April, the personal savings rate of Americans hit a low of 4.4% (compared to 33.8% in April 2020 and 12.6% in April 2021). At the same time, according to Federal Reserve Board Consumer Credit Report, revolving debt (such as credit card debt) grew at an annualized rate of 19.6%, while non-revolving debt (such as auto loans and mortgages) grew at a slower rate by 7.1%. Globally household debt has increased at an annual rate of 8.3% in the first quarter of 2022. Taken together, these metrics suggest that inflation is making it harder for families to maintain current levels of consumption while saving money, even as they face significantly lower savings to pay for necessities.

It is likely that without advanced child tax credit payments or some other form of income stimulus, many low-income families will face a difficult summer. Low-income parents are caught in an impending storm of precarious retail jobs, overrepresentation in part-time jobs and a weakened childcare economy. This is especially true for families with school-aged children who received free meals during the school year.

Even a ‘soft landing’ poses economic risks

Over the past few months, Federal Reserve Chairman Jerome Powell has told reporters that he believes the Federal Reserve can engineer a “soft landing”— in other words, curb inflation without throwing the economy into freefall. But even if the Fed can achieve this, it will not fully address the three concerns we have identified in this article.

Beyond the Fed’s monetary policy actions, we need strong fiscal policies such as stronger unemployment insurance and a new monthly child tax credit to ensure no one falls through the cracks. Ultimately, meeting food and housing needs will require a collaborative effort from the federal government, states, philanthropy and local community organizations to support vulnerable families in the months ahead.

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Universal Credit LAST: Britons must WAIT until July for £650 cost-of-living subsidy; how it affects YOU and how to claim https://killerkash.com/universal-credit-last-britons-must-wait-until-july-for-650-cost-of-living-subsidy-how-it-affects-you-and-how-to-claim/ Wed, 15 Jun 2022 21:37:50 +0000 https://killerkash.com/universal-credit-last-britons-must-wait-until-july-for-650-cost-of-living-subsidy-how-it-affects-you-and-how-to-claim/ A surprising reason why your energy bills could soar by £270 Summer has finally arrived in the UK with temperatures set to soar to 30 degrees or more in parts of the country this week. It’s warmer than some vacation destinations like the Canary Islands, Cyprus, Portugal, Jamaica and Costa Rica. But if you think […]]]>

A surprising reason why your energy bills could soar by £270

Summer has finally arrived in the UK with temperatures set to soar to 30 degrees or more in parts of the country this week.

It’s warmer than some vacation destinations like the Canary Islands, Cyprus, Portugal, Jamaica and Costa Rica.

But if you think hot weather means cooler energy bills, you might be in for a shock. Experts warn that your bills could even rise with mercury.

According to new data from Loop, a smart meter app, you could be spending up to £270 extra a month on devices to stay cool.

It’s costing you more to run gadgets like fans and air conditioning units compared to last year because energy prices have gone up.

The company calculates that this could add up to £9 a day more to your energy bill, if you used them all.

That means it’s more important than ever to understand how much energy you’re using and whether you can reduce it to save money.

Steve Buckley, head of data science at Loop, said: “As we see the first episode of warm weather, many of us will be looking for ways to stay cool, but it’s important to consider how some of this equipment could add to your bills.

“At first glance, these costs might not seem so high on an hourly basis, but they can really add up if you have a few appliances running or you forget to turn them off.”

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Patriots defensive tackle suspended for start of 2022 NFL season https://killerkash.com/patriots-defensive-tackle-suspended-for-start-of-2022-nfl-season/ Mon, 13 Jun 2022 21:20:57 +0000 https://killerkash.com/patriots-defensive-tackle-suspended-for-start-of-2022-nfl-season/ FOXBOROUGH, MASSACHUSETTS – OCTOBER 24: Daniel Ekuale #95 of the New England Patriots rushes against Greg Van Roten #62 of the New York Jets during the game at Gillette Stadium on October 24, 2021 in Foxborough, Massachusetts. (Photo by Maddie Meyer/Getty Images) The Patriots will be short by at least one player to start the […]]]>

FOXBOROUGH, MASSACHUSETTS – OCTOBER 24: Daniel Ekuale #95 of the New England Patriots rushes against Greg Van Roten #62 of the New York Jets during the game at Gillette Stadium on October 24, 2021 in Foxborough, Massachusetts. (Photo by Maddie Meyer/Getty Images)

The Patriots will be short by at least one player to start the 2022 NFL season. defensive tackle Daniel Ekuale was suspended for the first two games of the year, as first reported ESPN’s Yates Field. No reason was given for the suspension.

Ekuale joined the Patriots through the practice squad at the start of last season. The 28-year-old ended up being the team’s most senior player, appearing in seven regular season games and the playoff game. During the regular season, he recorded five tackles and two sacks on 99 defensive snaps as a spinning pass rushing defensive tackle.

Considering how often he was promoted last year, Ekuale thought he was in contention for a roster spot ahead of the 2022 season. Now, he won’t make it into the initial roster of 53 players. That could open the door for a post bubble player like Byron Cowart or UDFA LaBryan Ray.

However, Ekuale can stay with the team until the start of the first week of the regular season. He’ll have a chance during training camp and in preseason games to prove he deserves a roster spot when he returns from suspension. Right now, he’s expected to miss games against the Dolphins and Steelers.

More at 985TheSportsHub.com…

A projection of the 2022 Patriots roster ‘far too soon’

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Utah bank flagged for issuing 189% interest loans through auto repair shops https://killerkash.com/utah-bank-flagged-for-issuing-189-interest-loans-through-auto-repair-shops/ Sun, 12 Jun 2022 00:32:23 +0000 https://killerkash.com/utah-bank-flagged-for-issuing-189-interest-loans-through-auto-repair-shops/ OGDEN, Utah (ABC4) — If you’re considering financing an auto repair loan, you might want to read the fine print. A Utah-based online bank was recently flagged by the National Consumer Law Center (NCLC) for issuing up to 189% interest on loans. The company, EasyPay Finance, works in tandem with Ogden, Utah-based TAB Bank. The […]]]>

OGDEN, Utah (ABC4) — If you’re considering financing an auto repair loan, you might want to read the fine print. A Utah-based online bank was recently flagged by the National Consumer Law Center (NCLC) for issuing up to 189% interest on loans.

The company, EasyPay Finance, works in tandem with Ogden, Utah-based TAB Bank. The bank offers financing through auto and tire repair shops across the country.

Some auto repair shops through which the bank issues the financing are familiar:

  • AAMCO
  • Big O tires
  • Mechanic
  • Jiffy Lube
  • Meineke
  • Midas
  • Precision Automotive Maintenance

But the loans violate some state laws, says NCLC.

According to the NCLC, hundreds of complaints describe:

  • Misleading promises of full 90-day interest repayments difficult to exercise.
  • Shocking interest rates of up to 189% with payments being mostly interest.
  • Damage to credit reports. Payments can even be reported late for loans paid in full or to the wrong consumer. Consumers declare that they receive no response to their disputes.
  • Harassment for debt collection.

There are ways to avoid deceptive practices. The NCLC says consumers should consider a credit card or personal loan and avoid any loan above 36% APR. The NCLC also advises consumers to always check the terms of a loan before signing, and you should always get a copy of the agreement you sign.

Some may wonder how illegal interest rates can be charged in some states.

According to the NCLC, TAB Bank uses its EasyPay banking charter to help evade state laws. EasyPay Finance loans are guaranteed by TAB Bank and are available at auto repair and tire shops across the country. The TAB is also supervised by the Federal Deposit Insurance Corporation (FDIC).

“A car repair can be a devastating expense, and financially fragile families don’t need predatory lenders to magnify the damage. EasyPay and its bank leasing partner TAB Bank are attacking people in a way that exploits the centrality of cars in American society. For most people, having a well-functioning car is essential to their day-to-day economic life and to running a family,” said Elyse Hicks, consumer policy adviser at Americans for Financial Reform.

The NCLC also points out that in addition to excessive interest rates, the TAB Bank and EasyPay Finance loan complaints describe tactics to conceal the interest rate, exploitation of veterans and military, the use of unobtainable 90-day loans. interest refund offers, unauthorized direct debits, errors and poor customer service, damaged credit reports and debt collection harassment.

In an effort to end predatory lending, the Stop the Debt Trap Coalition of more than 800 people is working to hold lenders accountable.

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Why Credit Scores Affect Insurance Rates | Company https://killerkash.com/why-credit-scores-affect-insurance-rates-company/ Fri, 10 Jun 2022 04:15:00 +0000 https://killerkash.com/why-credit-scores-affect-insurance-rates-company/ To protect his credit, a customer froze his credit accounts. While this measure protected their credit by preventing anyone from opening a line of credit in their name, they were also concerned about how it would affect their insurance rates. Great question, because in Pennsylvania, credit score can be used to develop an insurance score. […]]]>

To protect his credit, a customer froze his credit accounts. While this measure protected their credit by preventing anyone from opening a line of credit in their name, they were also concerned about how it would affect their insurance rates. Great question, because in Pennsylvania, credit score can be used to develop an insurance score.

A credit report is specific information relating to a consumer’s use of credit. It contains information such as where you live, how your bills are paid, how much you owe, how long your credit history is, and whether there have been any legal actions such as financial judgments, tax liens or bankruptcy filings.

A credit score is a number based on your credit history that ranks your creditworthiness. The factors in your credit report are multiplied and divided in many ways to arrive at your credit score.

When an insurance company sells your home or auto insurance, they collect information about you and assign you an insurance rating. Companies find insurance scores to be a good measure of your likelihood of filing P&C insurance claims. They are not the same as your credit score, but they are similar.

Assurance scores are made up of many data points. Credit score is just one of them.

Every insurance company has a secret formula for determining insurance ratings. The reason the formula is secret is because of the competitiveness of the industry. The company that can best price a policy based on risk will not only be profitable, but will be able to provide the lowest cost at the best risk. The more data points a company uses, the more accurate the odds, the more accurate the price/risk ratio.

Each insurance company uses your credit report factors differently, so it’s important to shop around to find the best price for your policy. Also, if your insurance company’s agent tells you that you don’t qualify for their best rate because of your credit score, ask what exactly that means.

Remember that a company that only uses a credit score in their formula may not give you the right rate.

In Pennsylvania, companies can use your insurance score when you first take out your policy and can use it when you renew to lower your premium. Insurance scores cannot be used to increase your insurance premium at renewal time.

A good way to keep tabs on your credit information is to check your credit report with all three credit bureaus. Dispute anything you find incorrect – there is no penalty for disputing incorrect information! There are three different credit bureaus.

Some creditors report to only one office, while others may report to more than one.

To make sure your reports stay correct, you might consider ordering a free credit report every four months and rotating your requests to each company. You can now get your credit report for free.

You can contact the credit bureaus individually, or you can get a report of all three through the website: www.annualcreditreport.com.

Bob Hollick is a Washington-based State Farm Insurance agent. His column appears every other Friday in the Observer-Reporter.

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Saudi Arabia’s credit rating at ‘A1’ with stable outlook, says Moody’s https://killerkash.com/saudi-arabias-credit-rating-at-a1-with-stable-outlook-says-moodys/ Wed, 08 Jun 2022 05:27:33 +0000 https://killerkash.com/saudi-arabias-credit-rating-at-a1-with-stable-outlook-says-moodys/ Riyadh: Rating agency “Moody’s” has updated its credit report for Saudi Arabia confirming its “A1” rating for the Kingdom of Saudi Arabia with a stable outlook. The rating assertion is based on Moody’s assessment of the government’s improving track record of fiscal policy effectiveness, as evidenced by policy responses to periods of low and high […]]]>

Riyadh: Rating agency “Moody’s” has updated its credit report for Saudi Arabia confirming its “A1” rating for the Kingdom of Saudi Arabia with a stable outlook.

The rating assertion is based on Moody’s assessment of the government’s improving track record of fiscal policy effectiveness, as evidenced by policy responses to periods of low and high oil prices, which demonstrate a commitment to fiscal consolidation and longer-term fiscal sustainability.

In its report, the agency expects continued positive real GDP growth averaging 5.0% over the 2021-2023 period, supported by a renewed post-pandemic recovery, progress in economic diversification, investment and development projects, and a new oil outcome. production cuts.

Despite rising oil prices, the agency also expects the government’s continued commitment to medium-term fiscal consolidation and improvements in expenditure control, which demonstrate a more robust fiscal policy framework. more effective in Saudi Arabia.

Moody’s assessment of Saudi Arabia’s financial institutions highlights the positive impact of structural measures and reforms undertaken by the Kingdom over the past five years. In addition to the government’s tangible progress in improving its domestic business environment, this illustrates the effectiveness of fiscal policy and the increased efficiency of government.

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How China is relaunching credit risk hedging tools https://killerkash.com/how-china-is-relaunching-credit-risk-hedging-tools/ Mon, 06 Jun 2022 05:33:13 +0000 https://killerkash.com/how-china-is-relaunching-credit-risk-hedging-tools/ Placeholder while loading article actions As regulators have clamped down on excessive borrowing by Chinese property developers, the fallout from a resulting cash crunch has weighed on an economy already struggling due to pandemic shutdowns and other disruptions. Regulators have therefore returned to a tool they used to try to restore the confidence of domestic […]]]>
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As regulators have clamped down on excessive borrowing by Chinese property developers, the fallout from a resulting cash crunch has weighed on an economy already struggling due to pandemic shutdowns and other disruptions. Regulators have therefore returned to a tool they used to try to restore the confidence of domestic investors the last time the onshore credit market struggled: derivatives that hedge default risks. The response was limited, however, as bond issuance by private sector builders got off to its slowest annual start in June since 2015, illustrating the scale of the challenge in reassuring markets this time around.

1. What is happening in the Chinese real estate market?

Construction and real estate sales have been the main drivers of economic growth since President Xi Jinping came to power nearly a decade ago. Home prices soared as an emerging middle class flocked to real estate. The boom led to speculative buying as new homes were pre-sold by property developers who increasingly looked to foreign investors for funds. In 2020, China tightened funding rules for developers to crack down on reckless borrowing, fearing a meltdown could undermine the financial system. But many developers didn’t have enough cash on hand to cover their debts. A sales slump that began during the pandemic has been compounded by aggressive measures to contain Covid-19, deepening the liquidity crunch. A default last year in one of the largest groups, China Evergrande Group, shocked the market (China only started letting companies default on bonds in 2014). The ripple effects have affected other private developers, including Sunac China Holdings Ltd. in May. As of June 1, every failed Chinese company in 2022 was a developer, except for E-House China Enterprise Holdings Ltd., which provides real estate services.

2. Why do you need credit risk hedging tools?

Private companies are still facing a cash crunch due to falling new home sales, while high interest rates have closed the offshore bond market to many builders. Regulatory measures have mainly targeted top-rated companies, with disappointing results. For example, attempts to encourage banks to increase their support for mergers and acquisitions in the real estate sector met with little support. A similar crisis in 2018 prompted Chinese regulators to reinvigorate their efforts to provide investors with ways to hedge risk. Now they are again promoting the use of such tools as a way to restore confidence and help private companies raise funds in the bond market, according to the official Shanghai Securities Journal.

Credit default swaps (CDS), which allow traders to bet on the creditworthiness of a company or group of companies, have been around for decades in developed markets but are little used in China. Instead, credit risk mitigation warrants (CRMWs) are the most common hedging tools. Although widely known as Chinese CDS, the instrument is not exactly that. A CRMW provides default insurance tied to a specific bond or loan obligation, while a CDS (introduced by China in 2016) can be tied to an issuer or its various debts. The Shenzhen Stock Exchange added to the arsenal in May with so-called credit protection mandates for private developers, which have the same goal of boosting investor confidence.

4. Who uses them?

Private developers, including Longfor Group, Seazen, Midea Real Estate and Country Garden, have been at the forefront this year of selling domestic bonds protected by risk-hedging derivatives, signaling regulatory support. A June 1 report from S&P Global Ratings called the guarantees “tokenistic in that they only cover a portion of transactions.” But he said such support “could turn out to be significant” if investors saw it as “validation” of which developers are in the best position. As of June 1, 54.8 billion yuan ($8.2 billion) of CRMW had been sold in the interbank market since 2018, according to data compiled by Bloomberg. They are growing in popularity – 20.5 billion yuan of CRMW was sold in 2021, compared to 11.6 billion yuan in 2020. But this is still a small amount compared to China’s onshore bond market, which is valued at 138 .2 trillion yuan according to data from the People’s Bank of China.

Seller. There are 34 CRMW issuers, with China Zheshang Bank Co., China Bond Insurance Co. Ltd. and Bank of Communications Co. topped the list, according to data compiled by Bloomberg. Most are state-owned banks and brokerage firms, with the exception of China Bond Insurance, which is a state-backed specialty company. Dealers must be licensed by their self-regulatory body, the National Association of Capital Markets Institutional Investors, and there are 125 dealers. Fees charged by CRMW providers, which are almost like an insurance premium, range from 0.1% to 4.1%, according to data compiled by Bloomberg.

6. How effective are they?

Unknown. By early June, there had been no defaults on any of the 346 onshore notes CRMW protected to provide a test case, according to data compiled by Bloomberg. This is primarily because issuers who are able to sell bonds with default insurance already almost invariably have more secure credit ratings and are therefore less likely to run into trouble. Better quality developers may be able to use them to secure onshore financing when most other financing channels remain closed, but they are of little help to struggling builders. Hedging tools for the riskiest borrowers remain a rarity, leaving investors exposed.

More stories like this are available at bloomberg.com

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MONEY CLINIC | I am under debt review. What happens to my credit report afterwards? https://killerkash.com/money-clinic-i-am-under-debt-review-what-happens-to-my-credit-report-afterwards/ Sat, 04 Jun 2022 02:05:06 +0000 https://killerkash.com/money-clinic-i-am-under-debt-review-what-happens-to-my-credit-report-afterwards/ It is important to continue monitoring your credit report for the next six months after leaving the debt review. If you see any paid payments appear, report them immediately to the credit bureau. With many South Africans struggling to make ends meet and keep their credit records in good shape, it’s no surprise to consider […]]]>

It is important to continue monitoring your credit report for the next six months after leaving the debt review. If you see any paid payments appear, report them immediately to the credit bureau.

With many South Africans struggling to make ends meet and keep their credit records in good shape, it’s no surprise to consider a debt review to resolve a debt problem. But what exactly are the implications of the process on our credit records?

According to Sebastien Alexanderson, Founder and Debt Advisor at National Debt Advisors, one of the main determinants of whether your credit application is approved or rejected is a credit report – arguably the most important aspect of any transaction. credit.

Alexanderson explains what a credit report is and the impact a debt review has on your credit report.

What is a credit report and why is it important?

If you’ve ever taken out credit, whether it’s a loan, credit card, chattel account, auto finance, and surety, you’ve probably heard of a credit report or a credit score. While your credit score is a consolidated assessment of your creditworthiness, your credit report is the detailed and objective record of all your credit transactions that is used to determine credit score.

Compiled by registered credit bureaus, your credit report is considered an unbiased measure of your financial responsibility and can be used in a variety of life situations, from opening a clothing account to buying a home and even applying for a new job.

What happens to your credit report when you undergo a debt review?

You are declared over-indebted and reported as a debt review client to the credit bureaus during your debt review. This prevents you from taking out more credit, as the debt review aims to help you clear existing debt.

Once the debt review process is complete, a debt counselor will issue a clearance certificate. This can be used to remove the debt review indicator from your credit report update and reset your credit score to zero.

How long does it take to obtain a debt clearance certificate?

Debt counseling is a legal and regulated process and therefore, like any other legal matter, it can only be officially closed through a court proceeding. Once you have paid off all of your debts and your debt counselor has requested and received your clearance certificate, they have seven days to submit it to the credit bureaus to clear your file.

The credit bureaus themselves also have seven days to remove the debt review flag from your file and update on their end that your debt review file is closed. The whole process should therefore take about 21 days.

Life after the debt review, the window period

Once you have completed your debt review program, all debts that have been paid through the debt review should show as “paid” on your report, and your credit score should be reset to zero. The only record that appears on your credit report after your clearance certificate is issued is your payment history which may remain on your report for up to two years.

That’s why it’s important to continue monitoring your credit report for the next six months after you exit the debt review. If you see any settled payments showing up, report them to the credit bureau immediately, says Alexanderson.

Re-entering the credit market: a beginner’s guide

Due to the devastating impact of over-indebtedness on our mental health, debt counseling is often a lifeline at a time when you need it most. It’s like being rescued from near drowning and then receiving free swimming lessons to take with all the experience.

This is one of the main benefits of going through the debt review process. As a debt review client, you come out of the debt review process with an increased knowledge of the importance of sound financial habits like budgeting, saving, investing, and underwriting. of insurance. With these skills in place, you are now ready to start over and face the scary world of the credit market once again.

However, before diving into the depths, remember that your credit report is now at zero; therefore, you are still not ready for major purchases on credit such as a car or a house. So if you want to acquire more credit, start slowly and monitor your credit movements and their impact on your credit report.

Questions may be edited for brevity and clarity.

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