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Tip of the Day

Tip of the Day Plan

Plan - Part of retiring without losing your current benefits and standard of living is due to planning for your retirement and starting early. Today the social security people...

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My Credit Report

Many Americans are quick to use a credit card without really understand what a credit card is. Credit cards have made life easier and faster for some everyone. However, this easy access to money has caused many people to be irresponsible with their money and thus fall into huge amounts of debt. By being irresponsible, they have destroyed one of the most important assets they could have - their credit report.

However, what is a credit report? To make it simple - a credit report is a record of all your credit and credit-related activates. On this report is a record of all the loans and/or credit-card accounts you have and all the history of its uses. A lender can look on this report and see the balances you may have, and they can see if and how you make your regular payments. This report will allow any financial lender to see if any actions have been taken against the credit owner due to unpaid or late bills.

Credit Reports can be attained from three major companies known as consumer reporting agencies (CRA) that gathers and sells all of your credit information. Experian, TransUnion, and Equifax are the three top companies that operate nationwide, but there are several smaller companies that serve their local populations. These agencies all do the same thing - they collect all your credit activity information, then they store it inside a large database, and will then turn around and charge certain companies and individuals a fee for accessing that information.

Now the most important thing on your credit report is your credit rating. This is what will help you when trying to perchance large and important items such as a home, a car, or a business. Many people do not truly understand this key point of credit reporting and thus doom themselves to a life of financial instability. So, what is this all important credit rating? Well, to put it one way - the credit rating score is the 'grade' that sums up all the information collected and obtained from your credit report history.

If you end up receiving a high-quality rating then it will be an advantageous tool in helping you achieve all your financial dreams, but if you get a bad rating your financial prospects will be extremely limited. Therefore, the wise person should keep in mind that their current credit card actions can and will affect them in the future.

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Buy and Write - A buy and write is an investments technique where a call option that is written, in the form of a formal contract, on a financial security or asset at the same time it is purchased. A call option is a contract, ...

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