Financial questions

Credit has become a much-used word, thanks to the various connotations that it is being used in. Transactions in which the payment is deferred to the near future are termed as credit transactions. The lending community watches every financial transaction of the person in question with its hawkish sight, and classifies the cases from excellent to worst. One cannot be sure of staying on a particular credit rating for a long time, owing to the volatile nature of the credit reports. A single instance of default or late payment can tarnish the credit for a long time....

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As of Thursday, December 1, 2004, one-third of Americans will be able to access their credit reports from all three main agencies for free. Passed in late 2003, the Fair & Accurate Credit Transactions Act creates a central source consumers can use to obtain a free annual credit report. Those without internet access can call toll-free at 877-322-8228 or write to Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281 to request their report(s). This service, which begins in the west coast, will eventually cover all the states by September 2005....

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The Beginning of the Credit Card Era In 1951, Diners Club issued the first credit card to 200 customers who could use it at 27 restaurants in New York City. From that modest beginning, credit cards have become an indispensable part of modern life. Consumers rely on credit cards to help them achieve their lifestyle goals by letting them take advantage of special bargains, spread payments out over several months, and provide cash in emergencies. Credit cards have become so widespread that they are often accepted as a piece of primary identification....

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For all people shop around for the best rate, there are few who have taken the time to sit down and add it all up. After all, why would you bother? The answer is that understanding just how interest rates work can help you see how important small differences in rates and payment amounts can be. Interest Rates are Compound. It is important to remember that what you owe is compounded - that means you pay interest on the interest you owe from the month before. That means that if you're paying 2% per month in interest, you're not paying 24% per year - you're actually paying 26....

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Have you ever looked at your credit card statement and ended up just scratching your head in frustration? Well join the club! But don't take any comfort in the fact that you have plenty of company, because lack of knowledge can cost you?.right on your credit report, and once there can stay with you a while. Adding to the challenge is that almost every creditor's statement is slightly different, varying in format and billing cycle and interest calculations. You first want to check what you purchased and what you borrowed, so make sure you save all your receipts to make sure you weren't charged for something you didn't buy or were double billed....

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It is important to know your credit rating for a number of reasons. Believe it or not there may be errors in your credit report, and it is essential that you repair them immediately. It is a common practice for a bank or lending institution to check your credit, and within minutes they will know more about your financial background than you will. Is this something that is appropriate and to your advantage? No, absolutely not. It is truly a disadvantage for you when negotiating a loan. Imagine that you are negotiating for a loan and don't know that you have bills outstanding or worse there may be errors in the report itself....

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If you have ever fallen behind on your debts you already know that dealing with your creditors can be a hassle. Sometimes it can be downright humiliating. It doesn't have to be that way. With millions of people experiencing financial problems it is absolutely necessary for everyone to know and understand their rights as a consumer. Federal law requires that you receive fair and equal treatment from businesses issuing credit. This law applies when they evaluate your applications for credit, insurance, employment, and even leases....

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There are times when you may be turned down for credit and you do not understand why. According to the Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your credit report within 60 days of the request for credit, if you are unemployed but looking for work, are on welfare, or believe that your credit report is incorrect because of fraud. You may also receive a copy of your credit report for a small fee at any time in which you want to review the information contain therein....

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FACTA stands for Fair and Accurate Credit Transaction Act. FACTA is the law which allows any American access to their credit report once per year. The law went into effect Jan. 1, 2005. So what does that mean for you as an employer? On June 1, 2005, a new provision of FACTA goes into effect. It says that any employer (even if you only employ one person, and you have their personal information so that you can pay social security taxes,) whose action or inaction results in the loss of employee information, can be fined by federal and state government, and sued in civil court....

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Your credit score can either haunt you or reward you. It all depends on how you handle your credit and payment activities. Your credit score determines what interest rates you will pay and if you are even approved for a loan or a credit card at all. In addition, your credit score can play a factor in renting your next apartment or getting hired from a potential employer. Your credit score is compiled from the information on your credit report. The performance of your credit activity is rated on a numerical scale from 350-850....

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? Pre-approved credit card offers - they complete them and have the card sent to them at a different address ? Loan applications - they complete the application and have the money sent to a phony address. ? Bank statements - they then have your bank account number and can print counterfeit checks Becky Palmer, a Consumer Credit Counselor, knew of someone who had their wallet stolen, and they used the credit card to buy a $5000.00 gift card at Wal mart, this then become very hard to trace. People that are more at risk are senior citizens, people with disabilities and immigrants, but remember that everyone, including children are at risk....

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If you've ever applied for a credit card or loan, you'veprobably had your credit report reviewed by the lender. Yourcredit report has a huge impact on your financial future, soit's well worth your time to be sure that you understand whatyour credit report says about you. Even if you're not interested in obtaining credit, yourcredit report can impact other areas of your life. Potentialemployers view your credit report to assess yourtrustworthiness as an employee. Landlords frequently checkthe credit reports of their tenants before allowing them tosign or renew their lease....

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Let's face it, having credit is no longer a choice. "Don't leave home without it" is more like "can't buy a home without it." Your credit now determines the neighborhood you live in, the kind of car you drive and, sometimes, even whether or not you get a particular job. Credit cards are great financial tools and the convenience they provide is beyond question They are easier to carry than cash and offer valuable consumer protection under federal law. Establishing A Good Credit History Suppose you haven't financed a car loan, a computer or some other major purchase....

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