North Country Business Blog

Archive for the ‘Credit’ Category

How to decide?
* First we must ask the question of who is the person who requests such endorsements? We must consider whether this person has a good credit history, you are responsible, whether formal, if it meets its promises (all types), etc..
* Secondly, we must report the type of debt that intends to acquire. Since we somehow “co-debtors,” we must make sure you understand all the terms and conditions involved in the debt contract. You need to get involved in the operation as its own.
* It is also important to consider our relationship with the person who requested the favor. We wonder if this is an old and lasting relationship or just an isolated knowledge or passenger.

What to do if you are endorsements?
As we have seen, to decide to be endorsed, legally acquired the same commitments as the debtor. Thus, it is best to be aware of the development of the debt.

It is essential to be always well informed about progress of payment and debt relief and ensure that our support is complying with the agreement. Communication in these cases is very important.

It is important to note that this article is only intended to introduce our readers to the issue of liability as guarantor, and should not be regarded as any recommendation or advice.

Wondering if it was possible to obtain low-interest loans? Yes, you can get. It is what they call “social credit“, ie interest-free loans with no fees (or ultra-low interest). If you are interested in the topic, read on.

What is Social Credit?:
Credits that the banks are given to people with special needs, such as single parents, separated or older people, etc. These groups can ask their bank about the social credit that will not pay any commission, but a very low interest (and sometimes a 0% interest).

The amount of social lending:
Usually tends to have a limit of 18,000 euros to return within 5 to 10 years. Some agencies require that you have contracted other products and services in parallel (to have your salary paid, life insurance, mortgage, or any other banking product).

If you want more information it is best that you get in touch with your main bank and ask questions, ask them about it.

* Make sure the information in your credit report is correct. Lenders review your credit report and decide whether or not you qualify for loans, mainly based on this information.
* Credit reports may contain errors. When a credit report contains errors, often because the report is incomplete or contains information of another person. For example, if someone else has the same name, credit information that person may be included in your report by mistake. And if that person has not paid, for example, a student loan, and it mistakenly appears on your credit report, you affected their ability to get a loan, even if it is a mistake.

Carefully review your credit report. If you find an error, follow the steps below:

1. Send a letter to the credit reporting agency, indicating the information that you consider inaccurate. Include copies (not originals) of documents that support your position and prove your identity. In addition to providing your complete name and address, your letter must clearly identify each item in the report incorrect. Explain clearly why you think this is a mistake, and ask that this information deleted or corrected.
2. The credit reporting agencies must investigate the information within a 30 day period.
3. If research shows that information is inaccurate, the three credit reporting agencies must correct the information in your credit report.
4. Once the investigation, the credit reporting agency to which you sent the letter should give you the written results and a free copy of your report if indeed it has errors.
5. If no errors are found, but you still believe your credit report is inaccurate, you may notify the creditor directly and try to solve the problem.
6. You have the right to explain his version of events in the credit report if the problem remains unsolved. You can enter up to 100 words to explain the situation. If you were a victim of identity theft is your responsibility to correct the information in your credit report. Click here to view detailed information about identity theft.

Identity theft is when someone uses your name or personal information like your Social Security number, driver’s license number, credit card information or other account information without your permission.

* Identity thieves frequently open new accounts with the names of their victims. Applying for new credit cards, make charges, leaving unpaid bills.
* It is common also to establish a telephone service or public service on behalf of a victim, then do not pay.
* Other scams may include loan application, apartments, and mortgages.

Identity thieves use multiple methods to obtain personal information.
* They steal wallets containing identification and credit cards.
* They steal accounts and credit cards, offers pre-approved credit, and tax information from your mail.
* Digging through your trash looking for personal data.

Identity theft can hurt your credit rating, damage that could take years to fix.
* Generally, victims of credit and banking fraud are liable only for the first $ 50 of loss. In many cases, the victim will not be required to pay any part of the loss.

Read the rest of this entry »

It is important to understand the costs of various forms of credit. Some forms of credit may be easier to get than others, but whatever the case, provided they are accompanied by a cost, which can often be high.

If you are thinking of applying for a loan or open a credit account, your first step should be figuring out how much it cost, and the second is whether or not they can afford it. Then you find the best options. When requesting credit, there are three main terms that need to be familiar:

* Capital: The amount of money you are borrowing.
* Interest Rate: What the lender charges you for letting use your money. It is a percentage of capital (charged by year, month, or week).
* Costs Associated: Within these costs is what you should spend the lender to review your credit application or service your account (maintenance costs, charges for services rendered, charges for arrears and other).

Read the rest of this entry »