Encouragement, Support and Mentoring to Women via Media Outlets
THE ABC'S OF CREDIT
Information
No matter who you are, and whatever your present credit situation may be.....you can improve your credit.
Website: http://www.mitchellenterprisesllc.com
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Latest Activity: Oct 10
WHO ARE EXPERIAN, TRANSUNION & EQUIFAX & HOW DO THEY OPERATE?
Experian, TransUnion & Equifax are the Big Three out of nearly 2,000 Credit Agencies in the US. Out of the Big Three (Experian, TransUnion & Exquifax) Experian is the largest. On it's own, Experian has over 100 million Credit files on individuals & businesses. All together the Big three maintain over 200 million Americans and over 12 million businesses.
Regardless to where you may relocate each credit bureau likely has a credit report on you.
When you apply for credit, the prospective creditor is going to ask a local credit agency for your credit report and/or your Fico Score. They activate the request by entering your name & social security number electronically to the agency. Within moments, your prspective creditor gets your complete credit profile. They received your information from one or more of the National Credit Bureaus. Usually the one it is affiliated with. The local credit agency is the middle man.
They disseminate information to local subscribers. The Big Three are the "ONLY" ones that disseminate and compile credit information.
Your Prospective Creditor can get your credit information directly from the Big Three. Many of them do. They have their choice of using a local credit agency or directly from The Big Three. What is most important is that the information that The Big Three give about you needs to be is accurate.
WHAT IS CREDIT?
CREDIT - Comes from the Latin word 'credo' which means, "I believe." Credit is a system that allows you to "buy now & pay later." Just like the hamburgler on "Popeye the Sailor Man." May I have a hamburger today? I will gladly pay you on Tuesday. Credit allows you to make a purchase now and you promise to pay for it later. It really boils down to :
a) Are you a trust worthy person?
b) Are you believable?
c) Do you do what you promise to do?
d) Do you work hard at having a good reputation?
THERE ARE 4 TYPES OF CREDIT
1) SECURED CREDIT - Is backed by collateral. You promise an aset to the lender. If you fail to
repay them, the lender can choose to sell the collateral.
2) UNSECURED CREDIT - The lender offers you credit based on your ability and your willingness to repay. This is based on your credit history. Because there is no collateral pledged, there is greater risk to the lender. If you dont pay, the lender must go to court to sue you. First they will get a judgment, only then can they take or (seize) your assets to try to recover their money.
3) INSTALLMENT CREDIT - Is debt that is repaid in periodic payments or installments over a specified period of time. This is sometimes called "revolving credit" or "open end credit."
Each payment you make automatically makes available an equal amount of credit. Ex: Car loans, personal loans & Educational loans.
4) NON-INSTALLMENT - CREDIT - It is one payment that is paid by a specific date. Ex:
Telephone bills.
Regardless to where you may relocate each credit bureau likely has a credit report on you.
When you apply for credit, the prospective creditor is going to ask a local credit agency for your credit report and/or your Fico Score. They activate the request by entering your name & social security number electronically to the agency. Within moments, your prspective creditor gets your complete credit profile. They received your information from one or more of the National Credit Bureaus. Usually the one it is affiliated with. The local credit agency is the middle man.
They disseminate information to local subscribers. The Big Three are the "ONLY" ones that disseminate and compile credit information.
Your Prospective Creditor can get your credit information directly from the Big Three. Many of them do. They have their choice of using a local credit agency or directly from The Big Three. What is most important is that the information that The Big Three give about you needs to be is accurate.
WHAT IS CREDIT?
CREDIT - Comes from the Latin word 'credo' which means, "I believe." Credit is a system that allows you to "buy now & pay later." Just like the hamburgler on "Popeye the Sailor Man." May I have a hamburger today? I will gladly pay you on Tuesday. Credit allows you to make a purchase now and you promise to pay for it later. It really boils down to :
a) Are you a trust worthy person?
b) Are you believable?
c) Do you do what you promise to do?
d) Do you work hard at having a good reputation?
THERE ARE 4 TYPES OF CREDIT
1) SECURED CREDIT - Is backed by collateral. You promise an aset to the lender. If you fail to
repay them, the lender can choose to sell the collateral.
2) UNSECURED CREDIT - The lender offers you credit based on your ability and your willingness to repay. This is based on your credit history. Because there is no collateral pledged, there is greater risk to the lender. If you dont pay, the lender must go to court to sue you. First they will get a judgment, only then can they take or (seize) your assets to try to recover their money.
3) INSTALLMENT CREDIT - Is debt that is repaid in periodic payments or installments over a specified period of time. This is sometimes called "revolving credit" or "open end credit."
Each payment you make automatically makes available an equal amount of credit. Ex: Car loans, personal loans & Educational loans.
4) NON-INSTALLMENT - CREDIT - It is one payment that is paid by a specific date. Ex:
Telephone bills.
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Ola Jackson
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A Comments from one of our readers:
Thank you for allowing a platform of expression for the Home Girl, CEO.
You and your vision are both absolutely FABULOUS!
As far As my home based business, I haven't completely taking the plunge but, I'm 90% there!
Here's my thing:
I can no longer fall victim to a work place that has not set up ample respect for the single mom! My last job wanted me to work from 4pm-1am. In my opinion, they were telling me to forget about my family, and forget about having a life and let someone else raise your child!
To me, that's truly unacceptable as well as, on the other hand, motivating.
I can't continue to do the same thing and get the same results. I think they call that "insanity", right!
For me, that was a serious wake up call. So now, I'm working through this thing called "fear" and it's been a douzie! However, I plan to succeed at all cost.
I have too! I'm not giving myself any other option and you shouldn't either.
Always remember that we come from a background of strong survivors that would do anything for the price of freedom, even risk loosing their lives.
So , on that note, lets expect to succeed. Let's plan, organize, and execute! Let's be that person that we are waiting to show up! Let's do the do! Let's make a committment to hold each other accountable for success. I'll take the stand first.
Missie Shealey
Events
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Destress Thursdays
November 5, 2009 at 6pm to November 19, 2009 at 8pm – Colonial Gardens Apts
An Event that You Need to Know About
© 2009 Created by Ola Jackson on Ning. Create Your Own Social Network
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