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Bad Credit Debt Consolidation Loans - Getting A Debt Consolidation Loan, Even With Poor Credit
An online debt consolidation loan allows even people with a poor credit to reduce their overall monthly payments and regain their financial footing. While there are personal loans that allow you to do this, tapping into your home's equity is a...
Credit Card Processing:Step by Step Processing
Internet credit card processing is done by following a series of
steps to transact the credit card online. The process begins
when the consumer decides to buy something; this is when the
merchant's commerce application prompts the consumer for...
Debt Help - Debt Consolidation Loans Versus Credit Counseling
Debt consolidation loans are a do-it-yourself process, whereas
credit counseling helps you to make financial decisions. If you
already have a financial plan, then you probably don't need the
services of a credit counselor. However, if you have...
FREQUENT FLYER CREDIT CARDS
The best credit card reward available is one that suits your
lifestyle and saves you time and money. Check out the Bank of
America credit card for its convenience, low interest rate, and
great rewards. You can find the wide selection of Bank...
SuperCharged Secret 1 - LIVING IN CREDIT CARD UTOPIA!
5 SuperCharged Secrets to Credit Card Utopia! Secret 1 of 5 I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS! Note: The following is part 1 of a 5 part series, Over the course of these next 5 articles, I am going to introduce you to several...
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New Concepts In Credit Scoring
Did you ever think that applying for a car loan would
require scoring well on a test that you've been taking for
years but never really studied for? Scores are how
creditors determine your creditworthiness and the
likelihood that they are going to give you a loan.
Credit scoring was first developed in the 1950s, but over
the last couple of decades, it has become more
sophisticated and a crucial part of seeing whether giving
you money is worth the risk.
All three major credit agencies (Experian, Equifax and
Trans Union) worked to develop a generic scoring system
based solely on the information reported to them about an
individual. Credit scoring is a scientific method that
uses statistical models to assess an individual's credit
worthiness based on their credit history and current credit
accounts.
When you apply for a mortgage, a car loan, a student loan,
and a credit card or in some cases even employment, the
offering company can order a copy of your credit report.
While each credit agency has a common value system for
their scores, how they tabulate the scores is individual to
each company based on the data in their system. It's also
worth noting that all three are not uniform in how much
information is reported to them or requested from them.
While all three are accessible, information for a
particular creditor may only be reported to one of the
agencies. So if Equifax has a positive report from Company
A, you might not find that same report at Experian or Trans
Union.
So when a score is requested, a computer compiles it by
using information from an individual's credit report, such
as how much money is owed and whether payments have been
made on time.
Then that score is compared to the credit performance of
others with similar profiles. The system awards points for
each factor that helps predict who is most likely to repay
a debt. A total number of points per credit score
helps
predict how likely it is that you will repay a loan and
make payments on time.
Credit scores range from 375 to 900 points, but those
numbers mean little on their own. The numbers really don't
mean much without knowing what the specific sliding scale
You can assume that you are a better credit risk the higher
your score is. Under mortgage standards, a score of 650 or
higher indicates an excellent credit risk and good credit
history.
A score below 620 may prevent a borrower from getting the
best interest rates, as they may be considered a greater
credit risk-but it does not mean that they can't get
credit. The process will probably be lengthier and, as
noted, the terms may be less appealing, but often credit
can still be obtained.
While the credit scoring system is far from perfect, it is
under improvement all the time. With the Fair Credit
Reporting Act going into effect, people will actually have
more access to their own credit histories without having to
pay for it.
The act also requires agencies to respond to requests for
investigation of dubious items on the credit history. In
years past, it was not uncommon to write letter after
letter and never receive an answer. Come September that
will all change.
===========================================================
Find out how to repair your credit. Discover why a good
credit report is vital to your financial future, and how to
make it the best Click
http://www.credit-repair-101.com/
** Attn Ezine editors / Site Owners ** Feel free to reprint
this article in its entirety in your ezine or on your site
so long as you leave all links in place, do not modify the
content and include my resource box as listed above.
About the Author
John Simpson works in software development. A few years
ago, he got in trouble with credit card debts. Now he's
written a series of articles explaining how he recovered,
and repaired his credit.
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| Federal Trade Commission - Consumer Credit Center |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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| Springboard - Non-Profit Consumer Credit Management |
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| Credit referencing and consumer targeting for the USA and other countries. |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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