Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
Related Categories
Tip of the Day

Tip of the Day Ditch Your Car

Ditch Your Car - If you live in a community where everything is within a reasonable distance, you need to ask yourself why you are driving a car, which when...

read entire tip

Recently Added
Other Great Sites
 

Background Credit Check

Whether applying for a credit card, loan, a line of credit, a mortgage, purchasing a car, renting a place to live, or employment; a background credit check is a necessary part of the application process. The major reason a background credit check is done is to verify your credit worthiness. A credit check basically questions a person's ability to pay bills in a timely manner. In the case of an employment screening, the credit report will only focus on reporting credit information pertinent to the job. If applying for a job as a bank teller, the employer would need to know that a potential employee can handle access to large sums of money or classified information. For example - If a potential employee has many financial woes they may not be a good candidate for a job in a bank. A credit check also looks at the balance to limit ratio also known as the credit utilization ratio. The balance to limit ratio is the amount of credit used compared to the total credit available. A low ratio is good for obtaining credit because it shows that a person has more credit than debt; this makes for a good credit rating. A background credit check looks at the credit scores reported from the three main credit reporting agencies/bureaus; Transunion, Experian, and Equifax. The system utilized for creating a credit score is the FICO (Fair Isaac Corporation) or the Beacon. The credit information is collected from merchants, credit card companies, banks, mortgage companies, and utility companies. The credit information collected is used to create the credit score. A credit score is determined by five elements and they are: payment history - which is how well a person pays; credit variety - which is the kind of credit held; credit history - how long a person has credit; what is owed - open credit balances; new credit - new credit items attained, what type of credit item and how often credit is applied for. A background credit check can bring feast or famine to those applying for a credit card, which is why it is important to manage credit issues a soon as it arises. Help for a credit issue is available through consumer credit counseling agencies.

Discuss It!

this site said:

Credit card is a very different kind of facility which is provided my banks for their customers. Through this card we can withdraw money or pay online or in a shop even we have balance in our account or not. Simply we take loan from bank through it and its some basic details are given in this blog like credit card number etc.

http://emoji-quiz.org/ said:

It is a striking site and incredible offer. I have to thankful. Extraordinary occupation !

http://richestnetworth.org/alessandra-ambrosio-net-worth-wiki/ said:

Thank you so much for the post you do. I like your post and all you share with us is up to date and quite informative,

Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Fitch Sheets

Fitch sheets- They are issued by Mr. Francis Emory Fitch, Inc they are the reports and are compiled on a daily basis. They are then stored away in a massive data bank to show trends in the stock market for future assessment they have records going back as far as...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com