Mistakes On Your Credit Report: How To Dispute Them?

July 27, 2009 by MyOrbit · Leave a Comment
Filed under: Banking, Employment, Money & Finance 

Question: My credit reporting company has made a mistake on my credit report, and due to that mistake, suddenly I am not able to get the student loan from the bank which had agreed in principle till now. This student loan is much needed for my MBA program this year (at an ivy league b-school). As you probably know, this year banks seem to be using every opportunity to deny loans. Please help!

Answer: You can surely dispute mistakes on your credit report. Under the Federal Credit Reporting Act (FCRA), both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the consumer reporting company and the information provider.

Step One
Tell the consumer credit reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request for its removal or correction. You can enclose a copy of your report with the items in question circled. Send your letter by certified mail, “return receipt requested,” so you can document what the consumer reporting company received. Keep copies of your dispute letter and enclosures.
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How to get Small Business Financing?

July 6, 2009 by MyOrbit · Leave a Comment
Filed under: Banking, Business, Employment, Money & Finance 

Question: Can you please help me with any information regarding small business financing? I am trying to buy a franchise with a friend and my husband. We have a 4 year old bankruptcy and are looking for less than $75,000 to open. The problem is there are no tangible assets in the type of service business we are are planning to open. Are there any suggestions of lenders that may be willing to loan or a direction that we should go toward? Any suggestions are greatly appreciated. I am based in Michigan, USA. Thanks.

Answer: Since your question is specific in terms of investment needed and the kind of business you are getting into, here’s a source that may be able to point you in the right direction. And if you do decide to open this or any other business, they can provide useful info on how to do so.

Service Corps of Retired Executives (SCORE): A national organization sponsored by the Small Business Administration (SBA) of over 13,000 volunteer business executives who provide free counseling, workshops and seminars to prospective and existing small business people. There are 389 chapters nationwide. For more information, call them at 1-800-634-0245 or visit their web site at: http://www.score.org
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What is the difference between studying business, finance and accounting?

July 6, 2009 by MyOrbit · Leave a Comment
Filed under: Business, Employment, Money & Finance 

Question: What is the difference between studying business, finance and accounting?

Answer: Accounting is practice of tracking a business’s income and expenses and using those figures to evaluate its financial status which involves keeping a record of all financial transactions and then preparing financial statements such as balance sheets, income statements, cash flow statements, tax plans, etc. A basic understanding of Accounting is a must to be successful in understanding financial statements, and in being a business leader.

Study of finance teaches how to efficiently manage, and leverage, the financial resources (capital, illiquid assets like real estate, machines, etc), and to know analyze business risks vs returns. Furthermore, by studying finance, you will learn how to invest and how to raise money, and analyze the performance of investments and loans.

Study of business is a combination of accounting, economics, finance, marketing, legal/contracts, and organizational behavior. It enables you to understand all aspects of a business, which is essential for business success. You will learn from many real-life case studies about how business problems were solved.

Reference:  GSIBM.com (Graham School of Investing and Business Management)

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How to get a Finance job?

July 4, 2009 by MyOrbit · Leave a Comment
Filed under: Banking, Employment, Money & Finance 

Question:  I am a Finance graduate with bachelors degree in Finance. What kind of jobs can I get and what are my chances to get a job soon? I can work in different countries, including New York, London, and Mumbai.

Answer: These are difficult times to get new jobs in finance area because so many experienced people are jobless, and there is a lot of supply compared to less demand.

Finance is a vast field. Please identify what topics/areas within finance interest you the most, and try to approach companies as a motivated and competent person, who is willing to work at a low salary. That’s your best chance if you want employment.

You can also try for Banking jobs, especially in the Risk Management divisions, which I believe are still having budgets to increase their activity.

If you want to be in investments, then you should try to make 1-2 profitable investments, and show their proof to potential employers. Let the numbers speak.  Follow the financial markets like you would do when you are actually working for a company or for clients. And that practice will help you to convert good opportunities when they arise.

Reference:  AlphaNeuron.com

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