Advice You - Finance

Real estate profits are affected by your credit score. Don't throw away your money; learn how to stay in control of your credit.

Be honest, when was the last time you checked your credit score or pulled your credit report? I’m guessing that not only has it been a while, but it is highly probable that you h

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ave never checked your credit score. Failing to regularly check your credit could prove very costly because your credit score directly influences, if not determines, your interest rate. Poor credit means higher loan interest rates, which translates into lower investment profits.

WHAT EXACTLY IS A CREDIT

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

SCORE?

Some of you may be wondering if you even have a credit score. Your score is created when credit card companies, car and mortgage lenders, landlords, insurance companies, and even cell phone companies sit down and figure out if they should do business with you, and if so at what interest rat

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

. To make this determination, they turn to your credit score or FICO. The higher your FICO score, the lower the interest rate you will pay. The lower your FICO score, the more you’ll pay. It is that simple. That is why almost everybody has a credit score.

FICO scores date back to 1956 when the Fair, Isaac Corpor

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

tion created the credit scoring system. This system tabulates your FICO score based on how well you manage your debt. Your score reflects whether you pay off your credit card balances each month, whether you pay other bills on time, how many cards you have, and what percentage of your credit card limit you use ea

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

h month. It also includes a number of other complex algorithms. All of this information is provided by the three credit bureaus that track just about every financial move you make. Thus, your credit score is a present-day predictor of your future ability to pay back money that you want to borrow. This number indi

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ates to the lender if you are going to pay that money back on time and in full, or if chances are you will default. The more of a risk they think you are, the higher the interest rate they will charge you to make up for any losses they may sustain because of your failure to repay.“

WHAT DOES MY SCORE MEA

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

?

FICO scores range from a low of 300 to a high of 850. If you have a score below 500 you are considered a financial nightmare and are thrown into the ”sub-standard” interest rate category. There are essentially five ranges of FICO scores.

850-720 Excellent Credit

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

719-680 Good Credit
679-640 Fair Credit
639-500 Poor Credit
Below 500 Sub-standard Credit

THREE SCORES

We realize that understanding your credit can be a lit

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

le overwhelming, but it gets a bit crazier. You not only have one FICO score, you actually have THREE. There are three credit reporting bureaus: Equifax, Experian and TransUnion. Every time you pay a bill and, more importantly, when you don’t pay a bill, it is reported to at least one of the three bureaus. And yo

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

need to know your score from all three credit bureaus because each one can influence the interest rate you are able to obtain when you apply for a mortgage.

WHO CAN LOOK AT YOUR SCORE?

The Fair Credit Reporting Act, or FCRA, is a law that originally went into effect in 1971 and was beefe

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

up considerably in 1997 by amendments passed in Congress. The original FCRA protected your rights as a credit-active consumer by placing limits on who may see a copy of your credit report. It mandated that, while you yourself may request a copy at any time, no one else may legally review your report unless they

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ntend to (1) Conduct a credit transaction (2) Underwrite insurance or (3) Conduct a legitimate business transaction.

The 1971 FCRA also provided that your credit report may be reviewed in response to a court order or federal grand jury subpoena. The act also indicates that anyone who knowingly and willfully obta

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ns a credit report under false pretenses may be fined and charged with a felony.

IS MY SCORE EVER WRONG?

Sometimes your FICO score may not accurately reflect how well you manage your debt. This can be caused by inaccurate information being reported to the credit bureaus. That is just one

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

f the important reasons for checking your FICO regularly.

OBTAIN YOUR FICO SCORE

Considering just how important your credit score is, you should now be really anxious to know it. Fortunately, a law was recently passed that allows consumers to obtain their credit history for free once ever

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

12 months. However, this report may not include an actual FICO score. We highly recommend that you obtain your FICO score, as this number will help you understand how lenders are determining what interest rate you will pay for different loans. There are many different Web sites that will offer you this service.

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

A simple internet search for "credit score" should help you find a credit score service. If you do pay for your score, we recommend that the report you purchase include information and scores from all three credit bureaus.

Success Story
Jimmy was 21 years old but really wanted to get rich

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

n real estate. He went to the bank to meet with a loan officer to get pre-qualified for a mortgage loan. He couldn't believe his ears when the loan officer rejected his application. He had a great employment history and had always worked hard to avoid credit cards and consumer debt. The loan officer then explained th

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

t he wasn't being denied based on a poor credit history, Jimmy was being denied because he had no credit history. Jimmy then heard about and joined MYreiTEAM.com. He then learned how to quickly establish good credit. Putting his new knowledge right to use, Jimmy accepted a couple of good credit card offers. Even thou

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

h he had always paid cash in the past, he took out a loan on a new car. Using the self-discipline that had helped him avoid credit in the past, he established an excellent history in 6 months. Armed with this high credit score, Jimmy was able to choose from several different financing options for his first investment

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Creative Destruction is a useful concept to think about at all times in business. I would suggest that creating may be hard, but it does lead to growth. If you stay as you are - you will outlive your usefulness.

This is the second of a two-part article on overfilling your marketing funnel and client pipeline.

Last week we discussed that, in order to quickly fill your funnel and pipeline, you will want to have these 5 tools:

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