ApprovalGUARD CEO Key Speaker at National Real Estate Leadership Conference

 

FOR IMMEDIATE RELEASE

ApprovalGUARD (iQual Corporation) and RISMedia & the Top 5 in Real Estate Network^®’s 2009 Leadership Conference Drive Industry Toward Market Recovery

 More than 1,000 real estate professionals attend company’s most powerful—and inspiring—event yet

September 15, 2009 — ApprovalGUARDä (iQual Corporation) was proud to have their President & CEO, Jeff Mandel speak during RISMedia & the Top 5 in Real Estate Network®’s 2009 Leadership Conference, on September 9-10 in New York City.

Mr. Mandel participated as the key event speaker in the powerful and informative session titled on consumer credit.

In the midst of a difficult real estate market and struggling economy, approximately 1,000 real estate professionals enthusiastically attended the conference. An impressive showing of Top 5 Members, brokers, economists, leading industry icons and dedicated agents gathered to exchange strategies for surviving today’s market and preparing for prosperity again in the near future.

Held at the Roosevelt Hotel in midtown Manhattan, the Leadership Conference featured nearly 90 expert speakers over the course of 20 educational sessions. The theme of the Conference, “Preparing for Tomorrow…Today” was reflected in the variety of subject matter presented at the conference, such as working with distressed properties, mastering new social media marketing, getting buyers off the fence, and listing and repricing properties.

“The high level of attendance, combined with the palpable level of enthusiasm and energy at the Conference, reminds me that it is these top real estate professionals who will lead our industry out of its current slump,” said RISMedia President & CEO and Top 5 Co-founder & Chairman John Featherston. “We are still in difficult times, but there are signs of recovery dotting the landscape and the optimism, talent and thought leadership displayed by the esteemed speakers and attendees at our Conference gives me extreme confidence in the full recovery of the real estate market.”

The Leadership Conference opened with a private luncheon and networking session for members of the Top 5 in Real Estate Network who were in attendance. The standing-room-only event was hosted by: Featherston; RISMedia Executive Vice President and Top 5 CEO & Co-founder, Darryl MacPherson; and Top 5 President & Co-founder Allan Dalton. Top 5 Economist John Tuccillo provided a detailed economic analysis of current market conditions for members and Dalton introduced a new, exclusive marketing program now available to Top 5 Members.

For detailed recaps on Conference sessions and Top 5 Member news from the Conference, please stay tuned to RISMedia.com and Top5inRealEstate.com.

For more information on RISMedia & the Top 5 in Real Estate Network^®’s 2009 Leadership Conference, please contact Stephanie Andre at stephanie@rismedia.com.

RISMedia, the leader in real estate information systems, has been providing the industry with news, trends and business development strategies for nearly 30 years through its flagship publication, Real Estate magazine, its leading website, RISMedia.com, and its renowned networking and educational events. RISMedia’s Top 5 in Real Estate Network^® is a membership network of leading real estate professionals providing leading real estate information to consumers. To qualify for membership in the Top 5 in Real Estate Network, agents must meet specific criteria in five key categories: experience; results; education; information technology; and commitment to community. 

Contact: Stephanie Andre, 203-855-1234 x141 – stephanie@rismedia.com

RE/MAX Partners with ApprovalGUARD (iQual)

RE/MAX PARTNERS WITH IQUAL

Consumer Credit Articles to Appear on Remax.com

(Denver, CO, September 10, 2009) – RE/MAX International, Inc. recently announced a partnership with California-based iQual Corporation whose flagship product, the ApprovalGUARD™ Service, is designed to help consumers understand and manage their credit profile. The terms of the partnership will allow RE/MAX to provide consumer credit information and articles written by professional credit experts on the most visited real estate franchise web site*, remax.com.

            “Consumers have always found it difficult to understand their own credit, but in today’s market many are also finding it harder to qualify for credit, and are looking for resources to help them proactively manage their personal credit profile,” said Marnie Blanco, Vice President of eBusiness at RE/MAX International. “Remax.com is a one-stop hub of consumer resources and information on everything from preventing foreclosure and choosing a contractor, to finding an experienced agent in your neighborhood. Now, our partnership with iQual will allow us to provide consumers with a host of easy-to-read articles to help consumers become experts on their own credit health.”

            Each article featured on remax.com will link to iQual’s website where consumers can find more resources and even credit coaching options. Remax.com visitors will also be able to use a promotional code, offered on each article, to get a 30-day no obligation trial of iQual’s service which includes credit reports, credit scores, a dedicated personal credit coach and a private credit review session by phone.

While iQual does not provide credit repair services, the company focuses instead on educating and coaching consumers as well as providing them tools and resources on how they can more effectively self-manage,  build and optimize their  overall credit and debt profile.

            For more information on iQual’s ApprovalGUARD Service visit http://www.approvalguard.com. For more information on RE/MAX International or to search for property listings, visit http://www.remax.com.

 *ComScore, Jan-June 2009; Compete.com, Feb. 2008-June 2009; Hitwise, Jan-June 2009.

          # # #

 About REMAX International, Inc.

RE/MAX was founded in 1973 by Dave and Gail Liniger.  From a single office in Denver, Colorado, it has grown into a global network of nearly 100,000 Sales Associates in more than 70 countries, an international presence greater than any of its competitors.

 RE/MAX has been honored as the leading real estate franchise for 9 of the last 10 years in the oldest and most respected ranking, “The Franchise 500 Survey,” published by Entrepreneur Magazine.

 Today, all the home listings in thousands of cities and towns can be found at www.remax.com, which is the most visited real estate franchise web site.
(ComScore, Jan.-June 2009; Compete.com, Feb. 2008-June 2009; Hitwise, Jan.-June 2009)

RE/MAX International is proud of its Premier Community Citizenship, which has raised over $100 million for deserving organizations like Susan G. Komen for the Cure, Children’s Miracle Network and The Sentinels of Freedom Foundation.  

For information on RE/MAX International visit:  http://www.remax.com  or  http://www.joinremax.com

 

About iQual Corporation  

 iQual is led by Jeff Mandel, it’s President & CEO along with a team of industry experts. The company was formed in 2007 and its flagship product, the ApprovalGUARD™ Service, has quickly become the standard in the next generation of credit services. iQual’s mission is to assist every person in the United States to manage their credit, debt and home equity more strategically in order to optimize both their current credit and future financial situation. The ApprovalGUARD service is focused on providing every one of its customers with the credit education and support they need to more effectively understand and manage their credit on a proactive basis, resulting in lowering their credit and debt-related stress.

 For information on iQual Corporation or ApprovalGUARD visit:  http://www.iqual.com or http://www.aprovalguard.com.

 Contact:  

Cory Jo Vasquez,

Public Relations Manager

RE/MAX International, Inc.

303.796.3667

$15 Billion in Credit Card Fees Charged!

Nearly 80% of American families have at least one credit card and 44% of these families carry a balance on their card(s) each month.  With this widespread utilization you would think that there would have been a tremendous amount of transparency in the policies and practices of the credit card industry. Unfortunately, this has not been the case.

 In the last year, have you experienced a credit card interest rate increase, a fee you felt was unfair or a credit line reduction for no specific reason?  If so, did you receive any notice or explanation why?  Were you aware of your options when your interest rate was significantly increased?  Did you realize that your credit scores were likely negatively affected by these changes?  For most Americans the answers are not favorable.  Many consumers across the United States feel as though they are held hostage to the credit card companies and deal with the lack of transparency as a “necessary evil”. To pour salt on the wound and highlight the magnitude of the challenge, it was reported that the credit card providers collect around $15 billion in penalty fees each year. 

The good news is that the government is trying to help rectify some of the challenges noted above. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 — commonly referred to as the Credit CARD Act (“The Act”) was signed into law on May 22, 2009 and represents some of the most protective credit card consumer legislation in 60 years.  Everyone who uses a credit card should at least have a basic understanding of The Act and how it could impact their personal situation and credit profile.

 Effective August 19^th, 2009, two key provisions of the law take effect.  Until now, consumers were only given 15 days of notice if their interest rate was going be changed by their credit card provider.  Now they must alert you 45 days prior to any change.  For card holders who read their notices, this gives them reasonable time to call their creditor and “plead their case” for a better interest rate before it takes affect. If you have a good credit profile and they won’t reduce your rate then move your business to a competitor.  Secondly, card holders will now have 21 days instead of 14 to make their payments.  This is a real win for consumers who are fighting to keep on top of their bills and those who travel a lot.

 The most significant portions of the law go into effect February 22, 2010. Here are a few highlights of those changes:

• NO UNFAIR CHANGES – Unlike today, credit card issuers will not be able to change your credit status at anytime, for any reason. So, if you miss a payment with one creditor, another cannot automatically increase your interest rate or drop your credit limit which often unfairly affects your credit scores.
• RESTRICTIONS UNDER 21 – Consumer under the age of 21 will need a co-signor or a job in order to get a credit card. This is designed to help control the number of young, college-aged students building up on credit card debt and negatively impacting their credit profile before they even graduate. 
• OVER LIMIT FEE CONTROL – Credit card companies will no longer be allowed to let card holders exceed their limit without having the card holder’s permission to do so. Credit card companies make millions off the “over-limit fees” that range from $30-$50 per occurrence.  If you have not agreed to allow over limit exceptions your card will simply be declined, protecting your credit score and protecting you from over-limit fees.
• LATE FEES – If your credit card provider charges late fees they must clearly disclose them on your monthly statement.
• CREDIT CARD AGREEMENTS – Changes occur so often that consumers don’t know which agreement is accurate.   Creditors will now be required to have a copy of your credit agreement available for you on a website. 

Americans need a healthy flow of credit in our economy. However, for too long credit card company practices have steadily grown unfair against the consumer.  The Act takes a strong positive first step forward in creating transparency for everyone. Nevertheless, it is still critical to actively manage and monitor your credit profile to ensure you are fully aware of any changes..   For a complete summary of the Credit Card Act see the “Latest News” on the home page of www.approvalguard.com.

Credit Score Model Changes with FICO Brand

RISMEDIA, September 1, 2009—(MCT)-Even the most responsible borrowers slip up sometimes. Maybe a utility bill went unpaid after you moved and the missed payment went into collections. Or, perhaps there are unpaid library fines or parking tickets in collections that are hanging onto your credit history and affecting your FICO credit score, which is widely used by lenders to evaluate your ability to repay a debt. With the newest version of the FICO credit-scoring system, however, minor delinquencies are now overlooked in calculating creditworthiness.  Under the updated scoring model, called FICO 08, small, missed payments lingering in collections with original amounts of $100 or less will no longer do damage to your credit score. Consumers also are less likely to be penalized for any single delinquency if it occurred two or more years ago—and if their credit history is otherwise unblemished, says FICO, formerly Fair Isaac Corp., which developed the FICO scoring system.

“There’s more flexibility with missing a payment,” said Careen Foster, director of global scoring product management for FICO. “If you have a more habitual pattern of paying accounts late, you’re more likely to get penalized for that.” If a consumer’s credit usage is high, that will be more likely to hurt his or her score with FICO 08. But getting close to your credit-card limits—even if you always pay on time—is penalized in some way in every FICO score, not only the recent edition, Foster said.

The new system has been available at all three credit bureaus—Experian, TransUnion and Equifax—since last month. The changes were made to provide lenders with a better risk assessment of borrowers, said John Ulzheimer, president of consumer education for Credit.com, a consumer education and advocacy site. FICO decided that one small library fine didn’t really predict whether a consumer was likely to default, for example.

With the changes, individuals who pose a low credit risk will probably see their scores rise a bit, and those who are high risk could see their scores drop, he adds.

FICO 08 also addresses “piggybacking,” a practice used by credit-repair companies to help people improve their scores, Ulzheimer said. In piggybacking, an individual pays to become an authorized user on a stranger’s account. The account holder gets paid for allowing the person to be associated with the account, and the new authorized user is able to improve his or her credit score.

“It was a practice to misrepresent what your credit looks like to your bank,” Foster said. FICO 08 aims to single out individuals who are named as authorized sources through deceptive means, Ulzheimer said. Those people won’t see their credit scores rise as a result. But the scores of legitimate authorized users will be treated as they always have been.

Borrowers shouldn’t expect their credit to be graded by this new scale on every loan they now apply for. Not all lenders have adopted the new model, though more than 400 lenders are using or testing FICO 08, the company said. In a statement, Equifax said, “Currently, many lenders and businesses are validating the new score within their systems, and adoption will vary by financial institution based on business requirements and market need.”

Many credit-card companies, auto lenders, regional banks and credit unions may have already adopted FICO 08, Ulzheimer said. But for mortgages, lenders doing traditional conforming loans backed by Freddie Mac and Fannie Mae likely haven’t made the move yet, he said. That’s because they’re waiting for Freddie and Fannie to approve its use. Freddie Mac and Fannie Mae “are essentially the lender, they’re the ones that set the underwriting criteria,” he said. Ulzheimer said he expects Freddie and Fannie to adopt FICO 08 by the end of the year. Fannie declined to comment on FICO 08; Freddie wasn’t able to provide a comment prior to publication.

While FICO 08 will help consumers’ credit scores in some cases, people still should take steps to improve their credit. Granted, it’s impossible for consumers to calculate their FICO scores themselves, said Rodney Anderson, of Rodney Anderson Lending Services in Plano, Texas. “It’s almost like the Coca-Cola formula. No one has access to the Coca-Cola formula, no one has access to the FICO formula,” he said. But by being proactive, you can start to work toward a higher score, something that will serve you well every time you apply for a loan.

Some suggestions for improving your credit score:

-Monitor your credit reports and correct errors. Look not only for negative events on your record, but also examine the credit limits to make sure they’re accurate. If the credit limits appear lower on the report than they actually are, that has the potential to hurt your score.

-Pay bills on time and keep card balances low. Your payment history, and the amount you owe on your accounts as a ratio of the amount of credit you have access to, are important components of your score. FICO 08 is more sensitive to high credit usage, and consumers may see a lower score if their reported balance on one or more cards is near the account’s limit.

-Take on new credit only when you need it. Some credit cards come with great offers, including a percentage off your bill if you sign up for one at the cash register. If you accept, make sure you’re getting a big enough benefit to make it worthwhile—taking on additional credit could end up dinging your score.

(c) 2009, MarketWatch.com Inc.

Distributed by McClatchy-Tribune Information Services