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Tip of the Day Pay Your Bills On Time

Pay Your Bills On Time - We all get behind on our bills every once in a while, but when it becomes a constant practice it starts to cost us...

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Background Check Credit

Anyone who has ever gotten loan knows how important good credit can be. Even if you have bad credit you may still be granted a loan, but it will cost a lot more in fees , and interest , and maybe a stricter agreement. Having good credit makes getting loans easier , and cheaper. Lenders receive credit history on a borrower by running a credit background check., also called a credit report. There are several credit reporting agencies in the United States, but most lenders use the 3 largest ones.

Most lenders will have a potential borrower fill out a basic application for a loan. The application will have them list the current debts they have but rarely asks for a credit history. The lender can receive the credit history by running a credit background check. The lender uses this information as a toll to see if they meet the requirements for a loan. The main things that a lender look for are the amount of debt the person has currently, his history of timely payments, and also how many banks have requested credit information and for what purpose.

The payment history is a guide line on how the person may be when it comes to make timely payments. The total debt listed on the report will indicate if the person has the ability to make the payments based on the ratio of his income versus his debt. The amount of inquiries lets the borrower know how often the person is applying for credit. It also can be mean that the person may be in some financial trouble based on the amount of attempts the person makes in getting a loan. If the borrower has ever had any liens on his property, or judgments on him, these will be listed and act as a very negative mark, and may result in being declined for a loan

A background credit check is a great tool for a lender, but also it's a great thing for the borrower if they have good credit. It is the main thing a lender uses to decide a loan. Its vital for the borrower that the information is checked on a regular basis. The wrong information can mean getting turned down for a loan.

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Definition of the Day Conversion Option

Conversion Option - a conversion option is a feature on certain preferred stocks and some bonds... This feature would allow the shareholder to covert their shares into common stock. Preferred stock, also known as Capital stock, provides a specific dividend that is paid before any dividends are paid to common...

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