Credit Finance

Archive for the ‘Bankruptcy Medical’ Category

My friend is a big fan of arts. He has got a massive collection relating to all sorts of art forms. From paintings to statues, you name it… he has got it! In the beginning, when he was a kid he used to get regular art supplies from his local store and he created some wonderful art forms himself. But slowly he turned from an artist to someone who would take a keen interest in artist materials & went on to become an art collector. I am not sure as to how or why that change occurred. Maybe he doubted his abilities, although I think with more practise he might well have become a good artist but then, I am his friend & so, maybe I am a little biased. Whatever the reason might be he has now turned into a huge art collector. The kind of collection that he has got is stunning. I believe not many people can afford to have that sort of a collection not even die hard art enthusiasts. He has spent close to a million dollars collecting them. I used to think that he might well have spent a little too much on them but then I was taken aback one day, when one of the art galleries offered to buy one the paintings that he has got for around ten million dollars. Although he refused to accept their offer that precise moment made me to believe that it has been a perfect investment too.

Have you ever read your credit report? Okay, have you read it and understood what is contained on its pages? If not, continue reading to gain an understanding of how to read your credit history and to understand certain terms, such as “charge-offs” and “inquiries,” which may be included on your report.

You may be wondering why it is important to review your credit report. The reason is that it is the key to your financial success! Everything you do financially will hinge upon your credit score. (Unless you are independently wealthy, of course!) Therefore, it is vitally important that you understand what is contained on your credit report.

So, the first step is to obtain a copy of your credit report. You can do this by contacting one of the three major credit reporting agencies (Equifax, Experian, or TransUnion) to request a copy. These credit reporting bureaus are legally required to provide you with one free copy of your credit report once every year, upon your request. Alternately, you can contact Annual Credit Report at (877) 322-8228 to obtain a copy of your credit report.

Reading a credit report can be confusing to say the least. So, let’s take some of the mystery out of this process. A credit report is broken up into several different sections. These sections pertain to identifying information, credit history, public records, and inquiries, and should be readily identifiable on your credit report by their title or heading.

Normally, the first section you will come to deals with “identifying information.” This section pertains to personal information such as your name, address (both current and previous), and date of birth. You will need to check this section for accuracy. Make sure that all the information is listed correctly, even down to zip codes of previous addresses. Believe it or not, something as small as an incorrect zip code can have lasting effects on your credit history and your ability to obtain a loan!

The next section should pertain to your “credit history.” This section will contain all the financial information that the credit bureau has on file for you. The items listed will report information such as what type of credit account (Is this a mortgage, car loan, credit card, etc.?), the amount owed (What is your balance?), payment details (Are you behind? Do you pay on time?), and the current status of the account (Is this account current, paid in full, past due, charged off, etc.?).

Are you wondering what a “charge off” is? Having a charge off on your credit report means that a credit company has suspended the account and written off the debt. Once the credit company wrote the debt off, they likely passed the debt on to a collection agency. Once this has been done, the only way to remove the “black mark” from your credit history is to pay the debt in full.