Credit Report – Check Yours Regularly…and for FreeWritten by Charles Essmeier
In twenty-first century, there are few documents that have a greater impact on lives of Americans then their credit report. Credit rating determines one’s ability to buy a home, a car, or to obtain a credit card or a job. Since these things are important, it is equally important that information be accurate. The only way to be sure of that is to check report regularly. Prior to last fall, there were two ways to obtain a copy of your credit report: to pay for one, or to obtain one for free after being denied credit. Thanks to Fair Credit Reporting Act passed last year, Americans can now obtain a free copy of their credit report from each of three credit reporting agencies once a year.
Due to anticipated heavy response to offer of free credit reports, program has been rolled out in stages. People living in West and Midwest are already eligible to apply for a copy of their report at www.annualcreditreport.com. As of June 1, 2005, those living in Southeast are now eligible, and on September 1, 2005, those living in Northeast will be eligible. All that is required to receive a copy of your credit report is to answer a few simple questions. Since it only takes a few minutes to do, there is really no reason to put off checking your credit report, and you may benefit tremendously by doing so.
The credit score is a single, three digit number that represents an
| | A Secured Loan Could Save You MoneyWritten by Bwalya Mwaba
What is a Secured Loan?A secured loan is any loan that is secured on your home or property. It is any loan which requires you to provide lender with some form of security other than just a promise to pay. The security will be your property or home. The property may be mortgaged or owned outright. If you agree to a secured loan on your home, you should remember that, although property remains in your possession, it can be repossessed by lender if loan and interest are not paid according to agreed terms. The lender will then sell property in order to recover money you borrowed plus any additional costs incurred in recovering money. Secured Loan Benefits In many instances secured loans can be repaid over a longer period with a lower monthly repayment. The interest rate will be lower on a secured loan than on a comparable unsecured loan. A secured loan may also offer more flexible repayment periods. 1. If you’re a homeowner, you may get a lower rate through a secured loan using your property as security. By taking out a secured loan, you are agreeing to allow forced sale (foreclosure or repossession) of asset in order to pay back loan. The risk to lender is reduced so interest rate offered is lower. This is why secured loans tend to be cheaper than unsecured loans and other forms of borrowing. The lender has added benefit of security, which provides protection in event of your inability to repay. 2. Secured loans are more easily accessible to those with a poor credit record. This means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit (ccjs, arrears, defaults, etc.) can take out a secured loan.
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