Tag Archives: determine

What Does The Term Credit Score Mean To An Average Citizen

March 24, 2020   Auto Loans

A credit score is a numerical expression based on a statistical analysis of a person’s credit files,a measure of credit risk calculated from a credit report using a standardized formula.Factors that can damage a credit score include late payments,absence of credit references, and unfavorable credit card use.Lenders may use a credit score to determine whether to provide a loan and what rate to charge.

Lenders,such as banks and credit card companies,use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt.Lenders use credit scores to determine who qualifies for a loan,at what interest rate,and what credit limits.The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.

Credit scoring is not limited to banks.Other organizations, such as mobile phone companies,insurance companies, employers and government departments employ the same techniques.Credit scoring also has a lot of overlap with data mining,which uses many similar techniques.

In the United States of America, a credit score is a number based on a statistical analysis of a person’s credit files,that represents the creditworthiness of that person,which is the likelihood that the person will pay their bills.A credit score is primarily based on credit report information, typically from one of the three major credit bureaus,Experian,TransUnion and Equifax.

There are different methods of calculating credit scores. FICO is a credit score developed by Fair Isaac & Co.It is used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. The credit bureaus all have FICO alternatives:Equifax’s ScorePower,Experian’s PLUS score and TransUnion’s Credit score.

Americans are entitled to one free credit report within a 12-month period from each of the three agencies.The three credit bureaus run Annual credit report,where users can get their free credit report,normally without credit scores.Credit scores are available as an add-on feature of the report for a fee.

In some states such as California and Colorado a consumer is entitled to a free credit report within 30 days of being denied credit or receiving sub-normal credit terms from a lender due to their credit rating.

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Seven Steps on How to File for Bankruptcy (Page 1 of 2)

March 6, 2020   Home Mortgage

In the 21st century, many men and women find themselves struggling to keep their heads above water financially. With ever mounting debt, these people oftentimes need to seek relief by filing for bankruptcy. Perhaps you are such a person who is fighting to make ends meet. As a result, you may be wondering how to file for bankruptcy.

The first step in learning how to file for bankruptcy is to make a comprehensive list of all of your creditors and outstanding debts. When you are working to determine how to file for bankruptcy, you need to appreciate that if you to proceed with a bankruptcy case, you must be sure that all of your debts are disclosed and listed in a bankruptcy petition.

The next step in filing for bankruptcy is to determine exactly what assets you have available to you. Your assets include your recurring income from your job, your home and major items of personal property that you might own (including such items as motor vehicles).

The third step you need to undertake when it comes to seeking bankruptcy relief is to contact all three major credit bureaus. When all is said and done, the three major credit bureaus may have the best record of all of your outstanding debt. By obtaining your credit reports from the three major credit bureaus, you will be able to cross reference your list of debt to make certain that you have all accounts covered and listed.

The forth factor that needs to be considered on the road to filing for bankruptcy, is to determine whether you will seek professional assistance in the pursuit of a bankruptcy case. Some people do elect to file for bankruptcy on their own without the aid and assistance of a lawyer. However, in most instances, it probably is in your best interest to seek the professional assistance of a lawyer in order to properly pursue a bankruptcy case. Therefore, unless you have a very simple bankruptcy on the horizon and unless you actually have some definite, practical legal experience, you should seek out the assistance of a lawyer to aid you in pursuing your case.

In working towards fully understanding how to file for bankruptcy, if you do make the decision to hire a lawyer, you will need to begin an organized search to find the best attorney to meet your needs. Keep in mind that in this day and age there are lawyers that specialize specifically in the area of consumer bankruptcies. As a result, you most likely will want to narrow your search to those specific attorneys who do have experience in dealing with bankruptcy cases. In the long run, you will be best served by engaging the services of a lawyer who has dedicated his or her career to bankruptcy law.

Once you narrow down the list of attorneys you are considering, the next phase in considering bankruptcy is to obtain references in regard to each of these attorneysÂ’ prior performance. References will provide you with specific information on how a particular lawyer handles his or her business and on how successful he or she has been in the pursuit of prior bankruptcy cases. Your local bar association can provide you with the names of lawyers that specialize in the practice of bankruptcy law.

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