subject: Manage Credit File Easily With The Help Of Online Methods [print this page] The file contains all information regarding the other loans that he has taken in the past and whether he pays the bills on time or not and other details. Therefore it is very necessary to pay the bills in time and maintain a healthy record in order to get loans easily. Managing the record can now be done with the help of the different online applications that are in widespread use.
When a person, applies for credit or a loan, he needs to fill out an application form. The lender then matches this document with the credit reports to find out the credit history of that person. If they find that the individual applying for loan doesnt pay his bills on time or has got huge debt on his shoulders, they would not be eager to lend money. Even if they do, the person would have to pay a high interest rate. For that reason it is very important to pay bills on time and on a regular basis without defaulting.
The lenders also apply a technique called credit score to see whether the individual is a good or a bad risk. It is a number, which does not directly state, whether to give the loan or not but it gives the lenders a hint to take the right decision. Along with all these data, the document also contains other details regarding court judgements, tax liens and bankruptcy and personal information like name, address, and contact numbers, past & present employer and other things. However the things that are not included are bank balance, income, race, religion, criminal and driving records etc. With the help of the all new credit file online methods, an individual can now check all these information anytime and see to it that all the details are correct or not.
Another important aspect about the whole process is the credit bureaus. These agencies collect information from different money lending firms, banks and card companies and store them. Therefore, before granting a loan or credit, the banks clarify all the information about the person and his history of paying bills with these bureaus. The credit report of an individual can be accessed by the people who are related to him like lenders, card companies and landlords as they have the permission to view it. Other than that, an employer can also view the document to see the background of the person, only if it gets a written consent of the employee. A person can check his credit report by paying around $10 each time, or he can pay a nominal fee and check the document anytime by being online. In this way he can not only see the payments he made and the additional amount he is required to pay, but also protect the information from theft or cases of fraud.
by: John
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