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5 Financial tips for the second week of 2013

April 14th 2013

Here are the 5 financial tips for the second week of 2013.

Tip no1: While dealing with illegal payday lenders, remember to revoke voluntary wage assignment in writing.

Revoke voluntary wage assignment while dealing with illegal payday loan lenders. Wage assignment is voluntary. So, you're free to revoke it at any moment.

Don't sleep peacefully just after revoking the ACH authorization. Contact the human resource department of your office and submit a letter to the HR manager to revoke voluntary wage assignment. This will be beneficial for you in the long run. The illegal payday loan lenders won’t be able to ask your employer to hold back a certain amount from your paycheck and use it to satisfy the payday loan debt.

Tip no 2: Made mistakes while filing your taxes? Amend your tax returns with Form 1040X.

If you have made mistakes in your previously filed tax return, then you can use the 1040X form to report the correct figures.

Filing an amended tax return is basically 2-step process. In the first step, you'll have to fill out the 1040 form. In the second step, you’ll have to put down the modified figures on the 1040X form. You’ve to basically give the summarized information (that you have given in the 1040 form) on the 1040X form. Make sure you fill out the part III of the form accurately. It is in this section where you mention the modifications being made to your previously filed income tax return.

Tip no 3: Know your net worth. It's a single line snapshot of your current financial position.

You won't be able to plan your financial life without getting a snapshot of your current income and expenses. Sit with your financial planner and calculate your net worth. Find out the total value of your assets. This will help you understand the state your financial health. You can make your retirement plans and investment plans accordingly. If your financial position is very good, then you can buy your dream home or car. If your financial situation is not good, then you can talk with the planner and discuss about the strategies to improve your financial position. You can even re-schedule your monthly budget to straighten your finances.

Tip no 4: Disputing a tradeline on your credit report? Remember to attach copies of documents proving your point.

Do you have a wrong tradeline on your credit report? If yes, then you'll have to dispute and remove it from your credit report. Send a letter to the credit reporting agency. Elucidate why you're disputing a particular tradeline on your credit report. If you have any documents to prove your point, then attach them with the letter. This will help to substantiate your case. The credit reporting agency may be able to resolve the discrepancy soon.

Tip no 5: Do not rely on your FAKO score when applying for credit.

FAKO score basically means any score that is not a FICO score. If you have not obtained your credit score from MyFICO.com, then it'll be referred to as FAKO score. Not may people know that FAKO score is essentially used for education related purposes. This score is not the one, which is used by the lenders to determine your creditworthiness. So, if you're planning to apply for a loan, then don't depend upon your FAKO score. This is because a very good FAKO score won’t help you to obtain a loan. Only a decent FICO score will help to get a line of credit.

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