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A Credit Card Glossary of Terms
The Credit card industry comes with a lot of jargon. You can't
be expected to recognise all the technical phrases employed and
some of them could be very important. Listed below you will find
a quick description of the most common credit card...
New Credit Card Balance Transfer Alert Service
Who wouldn't want interest free credit for years and years? In
theory that's possible. You just ensure you sign up for a 0
interest credit card balance transfer every time your 0 interest
period expires. But is your bank ever going to...
The $10,000 Credit Card Challenge
Thinking about conquering your mountain of debt but too scared even to give your debt much thought? Read this real-world scenario of how one person erased $10,000 of credit card debt within a few years.
by Joel Walsh
Ever wonder how some people...
Unsecured Loans With No Credit
Lenders label individuals with no credit history as 'high risk'.
Being considered 'high risk' can be the 'kiss of death' when it
comes to getting approved for unsecured loans. Why? Because
unsecured personal loans require no collateral. So, the...
What is Credit Scoring?
Have you ever wondered what is credit scoring? Credit scoring is a system creditors use to help determine whether or not to give you credit. How does a creditor decide whether or not to grant you credit? Creditors use credit scoring systems to...
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Understanding Credit Files to Repair Credit
If you are in debt and nagged daily by creditors you might want
to understand your credit files to repair your credit. If you
are delinquent in payments your credit score is affected, and
often you can't get a loan. There are exceptions but if you are
able to get a loan or credit card you will be paying high
interest rates. Your credit file determines your faith in life.
If you are credit file has a low score most landlords, lenders,
or providers will turn you down when you apply for a loan.
Credit files are often found in the computer systems are
maintained by credit bureaus. If your credit file indicates you
are a low risk then you most likely will get a loan, apartment,
credit card, or whatever you apply for. Credit scores are a
'numerical' system that determines a person's credit rate and
score.
Credit scores generally rate anywhere from '300 to 850'
otherwise the scores are higher if a person has an outstanding
credit rate. If you apply for a loan and the lenders are unable
to find your credit file you are often viewed as a mishap.
This means that you haven't established a credit history and no
one can really tell if you are a good or bad risk. This is why
it is important to establish credit at an early age. If you
apply for department store cards, credit cards, gas cards or
other items that offer you a credit, then you are on your way to
establishing a credit history and your file will be on record.
The problem with applying for credit cards or loans, or any type
of credit, is that when we start out our parents are often
co-signers.
This means if we do not make payments our parents are obligated
to repay the debts. The truth is that when we apply for a job,
apply for an apartment, or take out an insurance policy we are
establishing credit. Your credit files are often stored in
TransUnion, Equifax, and Experian. The law protects us to a
degree when it comes to credit repair. To understand all the
legalities, as well as how our credit file affects us is
important to
repairing our credit history.
Credit Bureaus are coordinated and monitored by the Federal
Trade Commission beneath the requirements of the Federal Fair
Credit Reporting Act (FCRA) and follows up with the State Laws.
If you have credit files with inconsistencies the Fair Credit
Reporting Act protects you in the sense that it requires the
credit bureaus to delete or make the information obsolete on
your credit file.
This protects you if you are a victim of Identity Theft, or any
other false accusations made against you. The Credit Bureaus are
required by the laws to list accuracies on credit files by
gathering the appropriate information against you or on your
behalf. The laws protect you in the sense that it regulates the
credit bureaus by only allowing them to list negative reports
against you for a limited time. The laws also regulate who can
see your credit files.
If you are applying for a loan, license, public assistance,
insurance, landlords, and courts can request your credit files
without your consent. However, if you are applying for a job
under certain circumstances the employers will need a written
authorization form from you. Utilities are under the law and
these providers cannot deny you services even if you have bad
credit. As you can see there are a wide range of services that
can check your credit file.
The downside is each time your credit is checked points go on
your files. The more points added to your credit file affects
your credit so you want to be careful and only apply for what
you need. If you have bad credit and trying to repair your
credit be sure to request copies of your credit files,
understand your score on your files, and if you suspect you are
a risk it is best to apply for loans or credit cards after you
have cleared your credit report.
About the author:
Tony Robinson is a business owner with vast experience in all
facets of Credit and Credit Repair - for further tips and
techniques visit http://www.officialdebtfree.com
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| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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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 |
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| en.wikipedia.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
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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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