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Credit Information
Need credit information? We have it here on our website. We offer information for those looking to establish, improve, or repair their credit. We also offer Credit Card Merchant Accounts for businesses. Let us start with the basics. Credit is nothing more than your proven ability or inability to repay a debt over time. Each time you are loaned money to purchase goods or services this transaction is reported to any or all of the major reporting services.
This record of the loan and it's repayment now becomes part of your credit report.
This report now becomes available to anyone or business considering whether or not to lend you money. It is basically a running record of your credit history and once tarnished can be very difficult to repair.
Does all bad debt get reported? Sometimes smaller companies and those with too many instances of late payments do not report. Buy Here Pay Here used auto lots usually don't report since they repossess the vehicle. Utility companies don't report 30 day lates, cable providers don't report 60 day lates, they just shut you off. It's all up to the company. Most bank loans report all lates while the power companies only report unpaid balances.
The longer you carry the loan the better. Loans paid off too early provide no benefit since they don't demonstrate any ability to pay over "time" as the terms of the loan suggests. Anyone can borrow $10,000 and pay it off a few months later, but it takes a credit worthy individual to pay off the loan $200 per month for 5 years.
Some loans are harder to get than others. The reason for this is simple. A bank knows where you're home is on a daily basis. It's not the same with an automobile. Vehicles can be stolen stripped, and resold in a few short days and therefore are harder to finance than a house. All loans are measured like this in some way or another and therefore build better credit.
Electric and utility payments all must be paid monthly but why don't they earn you credit? These monthly payments are a necessary part of life and considered to be something most individuals will pay regardless of their financial situation. Broke people don't need to pay for their vehicle but they do need to stay warm at night so the power bill gets paid and the car goes unpaid.
If you need more information about building credit or debt reduction please visit our other sections. If you are having trouble finding the information you need on this site we suggest contacting us so we can help with your credit related needs.