Posts Categorized: Credit and Debt

Two important sections of your credit report are the “Public Records” and “Inquiries” sections. Knowing what personal and public information that is on your report is an important factor to taking control of your finances. It is also important to know what companies have requested a copy of your report.

The third step in this series is to review all of the information contained within the public record section of your annual credit report. Public information and inquiries are usually the last sections to appear in your credit report, though each credit report company does things a bit differently.

Personal information may be the first thing to appear in your credit report, though each credit report company does things a bit differently.

While this personal information has no direct impact on your credit score, it’s very important that everything reported here be accurate and up to date. The credit bureaus use this information to verify your identity, and if anything here is incorrect or outdated, your security may be compromised.

For an individual, a debt ratio describes the percentage of your income that goes to debt payments. You’ll often see this described as a Debt-to-Income Ratio.

Your ratio is usually calculated based on your gross income. So if your salary is $3,000 per month, and your total debt payments every month are $300, your debt ratio is 10%. (3000 divided by 300 is 10).

Sometimes having no credit and having bad credit are the same thing in the eyes of creditors. Your answer should be the same in either situation; establish a new credit account and use it very carefully, paying your monthly payments in full and on time.

If you have no luck getting a credit card from a retailer, department store, or gas company, talk to your bank (wherever you keep your savings or checking) and ask for a secured card.

Credit cards have become an easy target for Congressional grandstanding and 
regulations, but beneath the widely criticized rates and fees lie many good 
benefits that are usually hidden in the fine print.

Credit cards can provide
 valuable purchase protections and insurance that are unmatched by cash and
 debit cards. Yet more consumers are forgoing these benefits and choosing debit cards 
instead

Now more than ever it is important for consumers to view their consumer credit reports. Identity theft is reported to be the fastest growing crime and the number one complaint filed with the Federal Trade Commission www.ftc.gov for the past five years. Many businesses are reviewing consumer credit reports on prospective employees, and insurance companies…

Read More