Connect with us

News

4 Credit Repair Company Lies — and How to Fix Your Score Without Help

Published

on

Benzinga

Why China Slashed Jack Ma’s Ant IPO Hopes, Experts Explain

Alibaba Group Holding Ltd (NYSE: BABA)-owned Ant Group’s initial public offering may have been scuttled by Beijing due to its “disinclination to allow entrepreneurs out of their lane,” Duncan Clark, author of “Alibaba: The House that Jack Ma Built” told the Financial Times.China’s Fintech Ambitions: Financial stability, a keynote policy of China’s President Xi Jinping, is taking center stage amid the emerging rivalry with the United States. The intent to shore up this stability was likely a key factor in the Chinese Communist Party’s decision to halt the IPO, FT reported Wednesday.”The Communist party is pushing back,” Clark told FT. Ma putting the internet to good use in the commerce sector might have gone with the Chinese government, but “applying this chemistry to the financial sector is on another level it seems.”Ant might have started as a payments company alone but has come to challenge the dominance of government-run institutions like ICBC and the China Construction Bank, FT noted.Ma’s Bravado Not Well-Received: The group founder Jack Ma’s stand against the country’s bankers and regulators is also said to be another important factor.”The speech by Jack Ma in Shanghai suggests he wanted to openly challenge the regulator which is unacceptable,” a senior executive at a Chinese bank told FT. Chen Zhiwu, a professor of finance at Hong Kong University, suggested the regulatory crackdown has to be a result of Ma’s comments.The professor also noted that China’s Xinhua News agency publicly attacked Ma, post the speech.Don’t Be So ‘Casual:’ The night Ma and other Ant executives were summoned by China’s regulators, Xinhua published a cryptic article, first noted on Momentum Works’ blog, titled “Don’t talk casually, don’t do things casually, and people should not be casual.”The Chinese language article featured a painting by the Japanese artist Kaii Higashiyama, which shows a horse in the clouds. Ma’s Chinese name Ma Yun literally means Horse and Clouds.The line immediately above the painting in the article reads, “Everything has its costs, if you do not have the capital, please do not do whatever you want.”The suspension of the IPO has led to an erosion of billion in Ma’s own wealth but he is still valued at $56.1 billion.A Chinese foreign ministry spokesperson said Wednesday that the IPO suspension was a required measure and it was needed to “better maintain the stability of the capital markets and to protect investors’ interests,” according to FT.Price Action: Alibaba shares traded 4% higher at $307.72 in the pre-market session Thursday.Photo courtesy: World Economic Forum via WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Jack Ma Loses B In A Day After Alibaba’s Stock Crash * Jack Ma Gets Summoned By Chinese Regulators Ahead Of Ant Group’s IPO(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

PGX Holdings, Inc. — Moody’s announces completion of a periodic review of ratings of PGX Holdings, Inc.

Published

on

Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of PGX Holdings, Inc.Global Credit Research – 26 Feb 2021New York, February 26, 2021 — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of PGX Holdings, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 23 February 2021 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.PGX Holdings, Inc.’s (“Progrexion”) Caa2 Corporate Family Rating reflects the company’s unsustainable capital structure due to Moody’s expectations for continuing operating challenges from declines in revenue and earnings. The rating also reflects the overhang from the ongoing CFPB investigation that could lead to the need for the company to change its business model. Positively, the rating considers Progrexion’s leading market position within the credit repair services industry and strong profit margins despite margin compression.This document summarizes Moody’s view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Oleg Markin Asst Vice President – Analyst Corporate Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Karen Nickerson Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. ​

Source link

Continue Reading

News

How to protect from scams

Published

on

Dear DO Line Readers: National Consumer Protection Week begins Sunday, Feb. 28. The Federal Trade Commission (FTC) and more than 100 federal, state, and local agencies, consumer groups and national advocacy organizations will participate in the 23rd annual National Consumer Protection Week (NCPW). It will run through March 6.

Martha Higbie
[email protected]

NCPW is a coordinated campaign designed to focus on the importance of keeping consumers informed.

• • • •

We decided to participate in this Consumer Protection Week by checking out some of the worst money and phone scams so that our Daily News DO Line readers will be informed. We know that our weekly readers may recognize these scams from previous articles.

 Phone scams: The FTC says that people might a lot of money to phone scams – sometimes their life savings. Scammers have figured out countless ways to cheat people out of their money over the phone. In some scams, they act friendly and helpful. In others, they might threaten or try to scare people. One thing we can count on is that a phone scammer will try hard to get money or personal information to commit identity theft.

• Imposter scams: A scammer pretends to be someone you trust such as a government agency like the Social Security Administration, the IRS, or someone claiming there is a problem with your computer. The scammer can even have a fake name or number that shows up on your caller ID to convince you.

• Debt relief and credit repair scams: Scammers will offer to lower your credit card interest rates, fix your credit, or get your student loans forgiven if you pay their company a fee first. But you could end up losing your money and ruining your credit.

• Charity scams: Scammers like to pose as charities. Scams requesting donations for disaster relief efforts are especially common on the phone. We should always check out a charity before giving money. Also, do not feel pressured to give immediately while on the phone.

• Trials that are “Free”: A caller might promise a free trial but then sign you up for products — sometimes lots of products — that you are billed for every month until you cancel.

Here’s how we can stop calls from scammers:

• Hang up. When you receive a robocall, don’t press any numbers. Instead of letting you speak to a live operator or remove you from their call list, it might lead to more robocalls.

• Consider call blocking or call labeling. Scammers can use the internet to make calls from all over the world. They do not care if you are on the National Do Not Call Registry. That is why your best defense against unwanted calls is call blocking. Which type of call-blocking (or call-labeling) technology you use will depend on the phone — whether it is a mobile phone, a traditional landline, or a home phone that makes calls over the internet (VoIP). It is recommended that you see what services your phone carrier offers and look online for expert reviews. For mobile phones, you can check out the reviews for different call-blocking apps in your online app store.

• Don’t trust your caller ID. Scammers can make any name or number show up on your caller ID. That’s called spoofing. So even if it looks like it is a government agency or the call is from a local number, it could be a scammer calling from anywhere in the world. You can learn more about unwanted calls and what to do about them at ftc.gov/calls.

The FTC points out what to do if you already paid a scammer:

• If you paid a scammer with a credit or debit card, you may be able to stop the transaction. Contact your credit card company or bank right away. Tell them what happened and ask for a “chargeback” to reverse the charges.

• If you paid a scammer with a gift card, prepaid card, or cash reload card, contact the company that issued the card right away. Tell them you paid a scammer with the card, and ask if they can refund your money. The sooner you contact them, the better chance they will be able to get your money back.

• If you gave your username and password to a scammer, change your password right away. You should then create a new strong password.

• If you have given your Social Security Number to a scammer, visit identitytheft.gov to learn how to monitor your credit report to see if your number is being misused.

Share

Source link

Continue Reading

News

Credit repair specialist Alex Miller explains the process of repairing your credit report

Published

on

Credit repair specialist Alex Miller explains the process of repairing your credit report

A good credit score can be a very powerful tool. From securing loans to buying a house, your credit score can be the key to pursuing significant purchases in your life, helping you build a better and brighter future. The truth is, many people don’t have a perfect credit score, and that is ok. Credit repair specialist Alex Miller has worked with many individuals looking to improve their credit scores and get more out of life. From his personal experience, he explains there are three actionable ways to improve your credit score.

1. Pay all your bills on time. 

A credit card payment that is 30 days late can knock 100 points off your credit score. This is why paying your bills on time is crucial. “Of course, paying your bills on time is ideal. It prevents your score from taking a hit and cultivates good credit habits,” says Alex. “If you find yourself in a position, whether it be due to job loss or even the pandemic, try to work with your creditor first before missing a payment.”

2. Pay down your balances. 

“Paying down your balances is helpful because it lowers your credit utilization ratio,” explains Alex. “Reducing your credit card debt can increase your credit score by roughly 84 points.” It is essential to keep your income-to-debt ratio as low as you can, and keeping a minimal or zero balance is a great way to do that. 

3. Pay in full going forward.

Once you’ve caught up on your bills and paid off your balances, Alex recommends trying to pay your bill in full every month. “By paying your statement in full, you prevent yourself from slipping into overspending habits that could negatively affect your credit score,” states Alex. “You’ve taken the time to build better habits. You want to stay that way.”

In managing his firm, Alex has seen all kinds of credit troubles, but he remains confident that there is no problem too big to fix. Alex elaborates, “Combining improved spending habits with adequate money management is the number one step we can all take to increase our credit scores.”

Source link

Continue Reading

Trending