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A Good Credit Report - The Key To Cheap Finance
Is your credit report important? There are a lot of people who would not consider their credit rating as something too important to them in their life. There are others who, while recognising its importance, would not be overly concerned about the issue or understand the reasons for its importance. Well, to those people, they should at least be aware of some of the uses that are made of credit reports in the world in which we live.
While it may seem obvious to state it, credit reports are predominantly concerned with assessing the risk involved in lending money to you. Lenders are obsessed with one thing, getting repaid, and their entire industry revolves around making this occur. Therefore, they have developed the credit score that will assess your likely hood of repaying them and this is then used to either approve or reject your application for credit. While this is the basic purpose, some more sophisticated lenders desire to get in on an ever larger share of the market and in order to lend to higher risk borrowers, they create different categories of loans which people with lower scores can qualify for. These loans will invariably have higher interest rates and other less favourable conditions and this will be the price you pay for having a lower credit rating.
Since loans are used to finance homes, education, cars, and most other large purchases in life, the inability to get access to credit, or only to be able to get it at less attractive terms and rates, is a substantially reason to care about your credit report and try to keep it in as good a condition as possible.
Credit reports are also used when you apply for renting or leasing accommodation. This is usually because the landlord wants to be fairly certain that you'll be able to pay your rent as it falls due. So keeping your credit score healthy at this stage will pay off if you need to be approved for renting or leasing residential property.
There is also a trend among employer to start using credit ratings when assessing job applicants. The reasons they are making use of credit reports are of course different for every employer but there is a consensus that a healthy credit report and a good past record of meeting financial commitments is a good sign that the job applicant is someone reliable and worth employing. While it does seem slightly perverse that the very people that will need a job the most are precisely the ones that can be denied it but that's the direction things are moving in.
General Electric to scale back finance arm (The Star) BOSTON: General Electric Co said on Tuesday it plans to scale back its hefty finance arm and repeated that it will pay its regular dividend next year, sending shares to their biggest one-day percentage gain in more than a quarter century.
GE shares soar on plan to scale back finance arm (Reuters via Yahoo! News) General Electric Co said on Tuesday it plans to scale back its hefty finance arm and repeated that it will pay its regular dividend next year, sending shares up 13.6 percent, their biggest one-day percentage gain in more than a quarter century.
City leaders spar over finance audit (The Capital) City leaders are tussling over a proposed $20,000 audit of the city Finance Department. In a closed-door meeting today, the City Council's Finance Committee was expected to reconsider its earlier rejection of an audit that would study the structure of the Finance Department.
Finance committee cuts Inheritance and gift tax rate to 10% (Chinapost.com.tw) The finance committee of the Legislative Yuan yesterday completed the first reading of the draft revisions to the Inheritance and Gift Tax Act, reducing the tax rate to a single level of 10 percent from the existing maximum of 50 percent, but having yet to determine relevant tax exemption amounts.
Finance Salaries: A Reply (Portfolio.com via Yahoo! Finance) Free Exchange responds to my declaration that finance-sector salaries should be slashed: The problem, however, is with self-selection. The most talented people in finance would be the ones to go.
