Finance Globe

We are all aware that lenders routinely consider our credit report when we apply for credit. We would only expect them to. But do you realize that your credit report can be seen by others without you even being aware of it? According to the Fair Credit Reporting Act (FCRA), anyone with a "legitimate business need" can see your credit report. Who looks at credit reportsLenders need to know the financial risk in granting credit; that...

Your credit score is the three-digit number that lenders obtain from a credit bureau in an attempt to sum up your credit risk. Your credit score gives lenders a snapshot of your credit and debt situation and plays a big part in whether or not credit will be granted, as well as the terms and conditions of your loan or credit card. Your credit score is determined solely by the information found in your credit report...

It’s funny that many of us moved out of our parent’s home and proceeded to live our grown-up lives without ever learning much about financial responsibility and money management.I remember taking a semester in high school about budgeting, opening a bank account, and balancing a checkbook. We learned about it from a book, without the experience to go with it.With that very little bit of money education, we were expected to have all the information we...

“We can erase bad credit!”“Create a new credit identity!” “Remove bankruptcies, judgments, liens, bad loans from your credit file forever!” We all want to improve our credit. Whether we have excellent credit or shaky credit, getting a better credit rating will get us better loan and credit card terms than we already have available to us. We can take steps to legally improve our credit, but scam artists will attempt to mislead us and take our...

Bankruptcy is a federal court process designed to help consumers repay their debts under the protection of the bankruptcy court, or possibly eliminate the debts altogether, depending on which type of bankruptcy is filed for. The court-ordered protection given by bankruptcy can give you a chance to start over financially. The calls from your creditors will stop - they are prohibited from attempting to collect debts once you file for bankruptcy. Filing for bankruptcy should only...

You have a lot of debt. There may be high medical bills, loss of a job, divorce, or other unforeseen circumstances, which caused your bills to get the best of you. Your mortgage and car payment are a few months behind, and you’re lucky to be able to afford the minimum payments on your credit cards. You don’t answer your phone, because you know your creditors are calling you to remind you that your payments have...

Your credit score is the three digit number lenders look at to determine whether they will grant you credit, and at what price. This number tells lenders how well you’ve handled your past and current debts, and how well you’re likely to handle them in the future. Several credit-scoring systems are in use in America today, but your FICO score is the most commonly used, especially by mortgage lenders. Fair, Isaac, & Co, who developed the...

Buying things on credit is the American way. Many consumers don’t even carry cash; it’s safer and more convenient to swipe a card than to pull out cash and wait for change. If you lose your card, just call the bank and have the card reissued with a new number, no worries about losing cash and it being gone for good. You might want something now and payday’s not for another week; pull out your credit...

Life is unpredictable. We might get into situations we hadn't planned for. Job loss, medical emergencies, divorce, or just living beyond our means can get us into financial trouble. No matter what causes our bad credit, it can prevent us from getting that mortgage or auto loan that we really need. It takes time, money, and discipline, but bad credit can be repaired. First, you need to know what is on your credit report. There are...

Credit = convenienceWe live in a consumer-driven society. We enjoy nice things like cars with more options and big houses. If we all had to work and save until we could pay cash for something, many of us would never be able to have those things. Being able to buy and use something now and then pay for it later opens many doors. This can greatly improve our quality of life. Establishing credit and proving creditworthiness...