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NEXO STANDARDS EXPANDS SCOPE BEYOND CARD-BASED TRANSACTIONS

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Advancements will ease integration of payment acceptance solutions across a range of transaction technology

 

nexo standards, which offers the payment community a unified, ISO-based solution for payment acceptance, has expanded its scope beyond card-based transactions to support changes in the ways consumers are paying for goods and services; for example using mobile wallets, instant payments, request-to-pay and QR codes; and new payment scenarios such as open-loop transport payments.

The freely available nexo technical standards are based on ISO 20022 which addresses the complexity created by using existing fragmented and proprietary financial service standards.

Working with an international membership base of acquirers, card schemes, issuers, merchants, processors and vendors, nexo standards simplifies and standardizes the exchange of data between all stakeholders to detail an integrated global approach to payment acceptance.

Jacques Soussana, Secretary-General at nexo standards, comments: “Today, our standards are easing integration complexity for merchants, processors, vendors, PSPs and banks, and are supported by schemes all over the world. Adding other means of electronic payments to our scope enables nexo standards to bring these significant financial and operational benefits regardless of the transaction type, payment method or technology used. This reflects the needs of our members, the market and their customers.”

The scope expansion was agreed at the association’s General Assembly last month, during which several new representatives were elected to its Board of Directors and appointed to its Executive Team. Yann Leclerc, Project and Solutions Director at Market Pay, was elected as new General Assembly Chairman; and Patrice Hertzog, Manager at Crédit Mutuel Global Payment Solutions, was elected as Board of Directors Chairman.

 

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BITCOIN CONTINUES TO TEST RESISTANCE DESPITE NEGATIVE SENTIMENT

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Alexandra Clark, Sales Trader at the UK based digital asset broker, GlobalBlock

 

In spite of negative sentiment from Senator Warren, Janet Yellen and Tether, the market continues to climb, with bitcoin reaching a high of $40,294 yesterday morning. Bitcoin has since pulled back after Amazon’s denial of rumours that they have any plans to accept crypto payments in the near future, but the asset has been making another attempt at breaking out above the $40,550 resistance area. Technical indicators in the daily time frame are bullish, supporting the possibility of a breakout, with bitcoin’s price breaking above the 200-day EMA, the RSI crossing above 70 and the Stochastic oscillator making a bullish cross, although the asset is still yet to cross the 200-day SMA. If (and when) bitcoin does cross the 200-day SMA, this will signal confidence in the market and demonstrate to many players that the bulls have regained control of the market.

With this rebound, over $1 billion worth of short crypto positions have been liquidated and Bitcoin’s dominance inches closer to 50%, although it is still down roughly 33% from its peak of 73.68% in early January.

VeChain has staged a remarkable rebound in the past few days as the market recovers. While there was some rejection at high levels yesterday, the price action today is much stronger which indicates that a major profit booking was done yesterday. Continuation of this rally towards $0.1000 levels will force investors to buy more before this gets out of hand.

The other top performers are Dogecoin, Cardano, Bitcoin Cash, and Wrapped Bitcoin. This strong performance is mostly because of the overall positive sentiment in the digital currencies space with the crypto fear and greed index rising to 24, which is above last week’s low of 10.

Crypto celebrity, Brock Pierce, plans to revive the Mt. Gox exchange by repaying its 24,000 victims using the Mt. Gox bankruptcy trust and building a new company from the ashes. It is predicted that debts will be repaid in three to five years but if a majority of those Mt. Gox users seeking compensation sign up to join a creditors committee, this could be resolved in a 1 year.  Beyond repaying users, Pierce wants to create a Gox Coin that gives original Mt. Gox creditors a stake in the new company.

After failing to meet anti-money laundering requirements for the U.K.’s temporary licensing regime, Binance has announced plans to become a fully regulated financial institution going forward. With this, the exchange’s CEO says he is willing to step down from his role in favour of a compliance expert.

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HOW TO REMOVE HARD INQUIRIES FROM YOUR CREDIT REPORT

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Your borrowing history determines financing options and interest rates, but that’s not all. The score it defines is checked by lenders, recruiters, insurers, and landlords. To improve the status, you may want to remove hard inquiries from the credit report. Sometimes, this may be impossible or unnecessary.

Experian, TransUnion, and Equifax are all legally obliged to delete unverifiable, unsubstantiated, or outdated information from your records. Hard inquiries, which reflect history checks, may also be erased from your file in some cases. Discover when you can and should get rid of hard inquiries, what this involves, and how long it takes.

 

What Are Hard Inquiries?

When you apply for a card, loan, or another financing option, the lender makes a decision after looking at your history. The summary of your borrowing experience helps them evaluate solvency. Your request permits access to one or more of the reports. This is when hard pulls or hard inquiries appear.

The term reflects the nature of these marks, as they impact the score. Multiple applications in quick succession can be damaging to your status. They make you look desperate for cash, so lenders doubt your creditworthiness. As a result, they are reluctant to extend credit or offer low interest rates.

On the other hand, there are credit inquiries of the “soft” type. They are not related to new financing. For example, your records may be accessed by a recruiter, an insurance company, a landlord, or yourself. Lenders leave soft pulls when they generate pre-approved offers. Such information is innocuous. It has zero influence on your eligibility in the eyes of the institutions.

 

How To Remove Hard Inquiries?

Despite its connection to your score, the impact of this information is modest. On average, every new entry knocks several points off the total, and the effects fade quickly — in a few months. Therefore, removing hard inquiries could not be worth the effort. Besides, it is only possible if they are erroneous.

One inquiry can hardly prevent you from securing a loan. But what if your records are accessed multiple times for different purposes and within a short period? This is when the effects are the most pronounced. Removing a hard inquiry can also help if you have not been a model borrower in the past. In this case, our tips to raise credit score will also come in handy. If you feel that the entries are false, challenge them as soon as possible.

Here is a caveat: an unfamiliar company name does not always point to fraud. Such entries may be legitimate, so you cannot get inquiries off the credit report. For instance, you may have provided your information to:

  • a home repair vendor who then checked your background;
  • a car dealership that contacted lenders to get the best conditions on an auto loan;
  • a mortgage servicer or website that sent it to one or more lenders.
  • A retailer that sent the data to its financing partner so you could get a store card.

 

What to Do

In case of unfamiliar pulls, you could try contacting the company mentioned on the records. If the data is not legit, remove hard inquiries. This could add a few points to your score. Here is what to do to eradicate unverifiable data:

Step 1. Collect the Information

First, gather your reports from three nationwide bureaus. Equifax, TransUnion, and Experian compile histories independently, so each of them may include false inquiries and other errors. As we have mentioned, checking your own records never affects your score.

Previously, every American was entitled to one free copy per bureau per year. Now, until April 20, 2022, you can download the files weekly due to the economic toll of Covid-19. The only official source is www.annualcreditreport.com — do not look elsewhere.

Step 2. Identify Suspicious Details

Armed with the files, you may get down to business. Pore over the records going line by line. Review them for any mistakes and fraud. The most common errors include:

  • accounts that do not belong to you,
  • false legal events like bankruptcies or evictions,
  • missed payments that never happened,
  • incorrect balances, and
  • the absence of positive information.

Unexpected hard inquiries may point to technical errors or identity theft. You may discover that fraudsters have obtained loans in your name (or tried to do this). Any incorrect, false or outdated information may be disputed formally.

Step 3. Send a Hard Inquiry Removal Letter

Every US citizen has a right to file formal disputes with the bureaus. You can challenge any information on your reports. The institutions may be reached by email, phone, or via their websites. You will need to compose a dispute letter using a special template (find it here) and send it by certified mail. Request a return receipt to have hard evidence of the exchange.

No single format exists. Express your concerns clearly and stick to the point. List the dubious items with any comments, such as suspicion of fraud. After your letter is received, the recipient will have 30 days to conduct an internal investigation. Sometimes, this window is extended to 45 days. Eventually, the agency will accept the changes, reject them, or ask for more information.

The bureau is obliged to erase unverifiable and unsubstantiated data. If you are not happy with the results, consider a redispute. It is also advisable to consult an attorney who specializes in the FCRA.

Some sources recommend including a statement of disagreement. The bureaus allow you to add up to 100 words to your reports. The benefits, however, are highly dubious. This data will not help your score, and most lenders will not see it.

 

How Do Inquiries Affect Credit Score?

In comparison with derogatories like repossessions, these items are relatively harmless. Consumers with decent scores can wait for them to vanish naturally. To understand if action is necessary, check your total on My FICO or via apps like Credit Sesame. Each removal can give up to 5 points.

A high density of hard pulls can potentially damage the total. However, this depends on their type. Multiple applications for the same service are treated collectively — as one inquiry. FICO and VantageScore have different windows for rate shopping — 45 days and 14 days, respectively.

If you request different types of credit — mortgage, credit cards, auto loans, etc. — within a few weeks, this will look suspicious. Still, you should look at the rest of your records to see if it matters. The impact is relatively small, as these entries affect only a 10th of your FICO total. For VantageScore, the effects are also slight.

 

How Long Do Hard Inquiries Stay On Your Credit Report?

Generally, any information of this kind should disappear in 24 months. The impact on your score is also fairly short-lived — it will last up to 12 months. Indisputable items will not vanish before expiry. All you can do is wait until the credit inquiries drop off on their own.

If the data is false, initiate formal disputes and have it deleted. The duration will depend on the number of items and reports. Note that all three agencies work independently. You need to contact the bureaus that made the mistakes, as no other organization may correct their records.

Each internal investigation will take between 30 and 45 days. If the inquiries are erased, the score will jump automatically. Typical cases of fixing span 3-6 months. Considering the impact of hard pulls, disputing credit inquiry data could also be unnecessary. If no fraud has been detected, and your history is otherwise correct, just wait.

 

Should You Get Help With Removing Hard Queries?

As you can see, these entries have only a slight impact on your score. They can be deleted in case of fraud or reporting errors. Opening disputes by yourself is not the only option, as credit fixers can do it for you. Check creditrepair.com reviews to see how this works. A professional agency will help you remove hard inquiries fast.

 

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