Credit Score Archive

Simple Steps to Avoid Debit and Credit Card Fraud

Your hard earned money is the only resource which can create multiple resources for you. It is thus, a prime requirement that this resource is kept safe and sound in our bank accounts or wallets. Thanks to the consistent upgrade in financial technology, money has evolved itself from paper to plastic and now to binary. But, as it goes with technology, with boon, a hidden …

Machine Learning and AI based Fintech Startups

In the recent times, a plethora of data driven startups has paved their towards the banking and finance system. Adding the spice, their arms to disrupt this field are not experts from the top management colleges, but two elite engineering terms that have the potential to rule the world: Artificial Intelligence and Machine Learning.  With the massive number of people being a part of the internet …

Understanding Credit Risk

The system of organized lending can never run out of risks. Be market, liquidity, credit, interest or operational, risk is inevitable for banks and other financial firms. Hence, a primary importance is given to risk profiling in all financial institutions. One of the omnipresent risks that have taken a toll on banks regularly is credit risk. In simplest terms, this risk can be defined as …

How Credit Card Authorization Works?

There is no existence to the idea of digital and plastic payments, unless a system of identity verification is there.  Thanks to increasing speed of global connectivity, increasing security measures and awareness among consumers, we are able to carry out these transactions in quick time. Credit card is the only revolving credit system that requires no collateral and, is solely based on one’s profession, income and …

Understanding Equifax Consumer Credit Report

When it comes to Credit, your past decides your future, courtesy Credit Reports and Credit Score. The contrasting processes adopted in the banks have often become quite a debate among customers. While banks do not make an intense inquiry about the customer when accepting deposits, the process is really cumbersome when it comes to sanctioning and disbursement of loans. Apart from the necessary income and profit …

What is Bankruptcy?

Bankruptcy is a legal status that works like a crash helmet for individuals/businesses that have a difficulty in serving their debt. It involves consumers and businesses to repay some or all outstanding debts to creditors under the protection of the federal bankruptcy court. Bankruptcy is the way of clearing debts which you can’t pay. If you can provide evidence that you are entitled to it …

What is Equifax Credit Report?

Equifax is a consumer credit reporting agency  In the U.S., it is considered as one of the three largest American credit agencies beside Experian and Trans Union. Equifax is headquartered in the USA and operates in more than 15 countries through Europe, Asia, North America and Latin America IT was founded in 1899, it is the oldest of the three agencies which gathers, maintains, reviews …

What is a Credit Score?

Your credit score may result the difference between being deprived of, or approved for credit, and a low or high interest rate. A good score can benefit you for qualifying for an apartment payment and even help you get utilities connected, when short of a deposit. What is it? Your credit score is a 3-digit number produced by a mathematical algorithm using information in your credit report. …