Credit Report

Credit Report



When someone talks about credit, the first thing is to associate that word to the money you borrow from a bank or other financial institutions, and that must be repaid with interest and within a specified period. But credit is a concept that goes beyond the money in cash, an installment purchase is also a store credit, like cable bills and the rent of a house.

 

The basis of credit, as its name implies, is credibility. Without it, there is no credit. Therefore it is very important how each handles their credit .History will depend on future orders credit loans and interest rates to be paid. The influence of the credit exceeds the area of financial loans.

When someone tries to rent an apartment, your credit history will be reviewed by the owner. The same can happen when that person applied for after you install the phone service and electricity.

When it comes to Credit Report must be clear about some basics, such as the following:

 

Credit Report

 

Credits or loans

The money that is borrowed from banks and other institutions, which pay interest and to be repaid in installments over a period. The lower the better interest rate for taking the credit, and the sooner you complete the return, the lower the total interest that was paid.

 

Interests

The interest rate is agreed that a loan is determined by two factors: credit history and the level of interest rates that the Federal Reserve (equivalent to U.S. Central Bank) charges banks to borrow money . Therefore, the interest not only dependent on applying for the loan.

 

Each bank or financial institution offers different interest rates, but they are always based more or less the Federal Reserve rate charged to them.

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