Also called ?B/C Paper,? ?near-prime,? or ?second chance? lending, is a general term
that refers to the practice of making loans to borrowers who do not qualify for market
interest rates because of problems with their credit history. A sub-prime loan is
one that is offered at a rate higher than A-paper loans due to the increased risk.
Sub-prime lending encompasses a variety of credit instruments, including sub-prime
mortgages, sub-prime car loans, and sub-prime credit cards, among others.
Sub- (more…)
If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still (more…)
The three major credit bureaus maintain credit files on nearly 90 percent of adults
in the United States. An alarming number of these credit reports (79%) contain errors
and could cause the denial of credit, insurance, or even employment.
To maintain your financial well-being, it is vital to monitor the status of your credit
report and remove any inaccuracies. C (more…)
FICO is registered trademark for Fair Isaac and Company, or Fair Isaac for short.
Fair Isaac is a company who constructs ‘credit score’ tools for lenders who use them
to evaluate the credit of their customers and prospects. FICO credit scores are among
the most well known credit scores, but there are certainly other competitors of Fair
Isaac who also construct credit scores. Additionally all three of the (more…)
