Resources
Car Reward Credit Cards - Earn a New Vehicle Now
By Jeremy Biberdorf
With a car reward credit card, your credit card spending could be earning points towards a new car or vehicle related rewards. What reward is better than a brand new car? Here is a comparison of some Read more...
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Resources
Business Credit Cards Can Offer Business Solutions
By Morgan Hamilton
It would be to your advantage to look into business credit cards if you are a small business owner. These credit cards will allow you to keep personal and business expenses separate. This will make Read more...
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Resources
What Auto Financing Bad Credit Companies Can Do For Clients
By MICAH BLEECHER
In the game of vehicle financing, auto financing bad credit issues sometimes gets in the way. It is fortunate, though, that there are more than a few companies out there willing to take the risk of Read more...
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arrangement for deferred payment for goods and services
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#Welcome to
i-prosper.org/Bank/Credit Reviews & Reports - your comprehensive credit card company
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Credit Reports and Credit Scores
By Tim Day
Credit is something almost everyone of use will take advantage of at some point in our lives. Whether it be in the form of a card, a loan or mortgage, is becoming increasingly more difficult to avoid. There are however a great many people that have never had and for some this is out of choice and for others it’ simply a case of never having been old enough to get it!
We may well all know one or two people that have never had a card out of choice but even many of them will probably have signed a agreement for something at some point in their lives. The bulk of the population that has never had any form of whatsoever are those below the age of 18.
Despite their being a large number of people that have never had credit, everyone can still be ‘credit scored’. Principally a score is an assessment of an individual’s eligibility for credit. People are assessed on a number of factors that determine if they will be able to adhere to the terms of an agreement set by the company providing the credit.
One of the key factors that can affect an individuals ‘credit worthiness’ is them being present on the electoral role. This indicates that a person has legally declared who they are and where they live. Essentially this means you are who you say you are.
Also a person’s previous ability to manage a bank or building society account with regular incoming and outgoing payments or direct debits can be especially helpful when requesting from the same bank at which the well managed account is held.
Another important factor can be someone’s previous ability to manage responsibly. If a person has repaid in the past according to the repayment terms set by a previous agreement this will be visible on their report. This however doesn’t help people trying to apply for for the first time and can in some cases present a problem.
Someone who has never had before may be required to accept a higher rate of interest until such time as they can be proven to manage the responsibly. This is not so much as a penalty for never having had before but more of a crash course into the world of responsible borrowing. Making regular repayments on time is a very strong indication to a company considering providing to a consumer that they are more likely to honour the terms of an agreement than someone who has failed to meet the terms of a previous agreement.
People considering applying for can obtain a copy of their current report
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and determine for themselves if they have a good ‘credit score’. People that have been refused for whatever reason may wish to review a copy of their report to find out why it is they have been turned down.
The two most widely used referencing agencies in the UK are CreditExpert (Experian) (www.creditexpert.co.uk) and Equifax (www.equifax.co.uk). People wishing to obtain a copy of their report can apply directly to either of these organisations and request their individual report. Both of these agencies provide an online service whereby consumers can enter a few basic details and view their report instantly. Both also offer tips and guides to help you understand the information within your report.
Credit reports can provide details of any agreements you are currently contracted to such as cards, loans, mortgages or car finance. Details of your payment history are also available that can show you when or if you have missed any payments. The information in a report can also be used to highlight anything out of the ordinary and help resolve disputes.
Written by Tim Day for creditmarket.co.uk a UK personal finance directory including information and resources relating to credit reports. credit reports article submission service has been provided by Rcplinks.com team.
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