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Category: Credit

You will make important financial deals with many people that don’t know you throughout your life — people like bankers or landlords. Since they don’t personally know you, to determine if you are a “safe” investment, they turn to a metric called “credit”. Your credit score is a measure of your financial reliability; the higher the number, better. There are three credit bureaus, Equifax, Experian, and TransUnion, who create your credit report, which is used to determine your credit score.

However, the credit system isn’t as simple as it might seem. Credit scores can plunge unexpectedly, your credit score might differ depending on who checks it, and there are several different agencies all governing different aspects of the credit business. In order to take control of your own finances, you’ll need to understand the role that the credit bureaus play in your life. It can be a nightmare for anyone to navigate on their own. Luckily, you don’t have to.

Personal Secured Line of Credit: Definition, Examples, and Uses

Credit card secure chip

What Is a Secured Line of Credit? A secured line of credit is a revolving loan, or permission to borrow money, based on collateral you provide. Collateral can be a house, a car, cash, or some other kind of asset if the credit grantor is willing to accept it. When you provide collateral to a […]

What Is the Difference Between a Line of Credit and a Loan?

When you need to make a large purchase, loans and lines of credit are two of the major tools potentially available to you. They fulfill different needs and function differently, so which you end up using depends on your borrowing circumstances: The amount you need, and whether it’s a one-time expense, or ongoing. Your credit […]

Unsecured Personal Line of Credit: Definition, Features, and Benefits

Someone types on a silver laptop while holding a red credit card

Borrowing money is a necessary part of a healthy financial life. Not only can you use the funds for whatever you need, borrowing allows you to build trust with your current institution — which is a great way to secure your financial future. Typically, when we think of borrowing money from a bank, credit union, […]

How to Contact the Three Credit Bureaus: Equifax, Experian, and TransUnion

How to Contact the Three Credit Bureaus

If you’ve ever wondered why you were denied an application for a credit card, or why you struggled to get approved for a home loan, it could be that your credit score is in jeopardy.  Your credit score is determined by a variety of factors, including your credit payment history, the age of your various […]

What Is Credit, How Does It Work, and Why is Credit Important?

What Is Credit, How Does It Work, and Why is Credit Important?

Have you ever wondered what the “credit” part of “credit card” means? It’s easiest to think of credit like a short-term loan, but it’s a bit more complicated than that. Credit is Borrowed Money “Buying on credit” means using borrowed money from a lender, most often through a credit card. Essentially, by buying an item […]

What’s the Difference Between Credit Checks and Background Checks?

What’s the Difference Between Credit Checks and Background Checks?

If you’ve ever applied for a job, rented an apartment, or purchased a firearm, you’ve probably been the subject of a background check. However, if you’ve done these things, or even gotten a credit card or a personal loan, then you’ve probably also had someone looking at your credit report. Credit reports and background checks […]