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FACTS THAT SHOULD BE KNOWN BY FREE HIGH RISK MERCHANT ACCOUNT HOLDERS ABOUT CREDIT REPORTS

Are you getting a credit card? Or are you going to purchase a house or car by making a loan or a mortgage? Or are you going to start a small business and require the “free merchant account” for it to grow? Well if it is the last question that you are finding answers for then one of the important requirements is that you should have a credit report.

So what is this credit report? The credit report is nothing but your credit history and it also contains details about your residential address history (where you have lived), whether you had filed for bankruptcy or not, any judgments given against you in the court such as being sued or imprisoned or arrested due to financial problems and last, but most important, your buying history which includes the various bills and your modes of payment. All details related to finance are included in this credit report.

How important is this credit report? Your credit report will determine whether any financial firm such as a credit card firm or a bank, will grant or process your application. If your credit report is good with out any “black marks” you will not only get the loan or credit that you have applied for but will get it at a lower rate, whereas for those whose credit reports are marked by defaults the chances of them getting any credit are very low and if manage to get it they will be charged high rates of interest. The biggest advantage of the credit report is that it is unbiased because it only has the details about your previous transactions but no judgments such as good or bad or worst.

A credit report is said to be bad because of the following reasons:

  • You still have a debt.
  • You have filed for bankruptcy at least one time in your life.
  • You were in jail for a period of time.
  • You are not in possession of enough assets.

Important information held in a credit report is:

  • Information related to your Identity: This section of the credit report has your name including nicknames and aliases, current addresses, previous addresses, birthday, civil status, employers and social security number. Information about spouses may also be included.
  • Credit Information: The number of credit cards owned by you and all the financial transactions which you have made with any financial firm including lenders, credit card companies and banks. This section has great details about where and when you obtained the account, the credit limit and the loans, including details about the amount of the loan, the co – signers and your payment behaviour.
  • Information related to Public Records: Have you ever filed for bankruptcy? This section has all the details relating to monetary judgements, bankruptcies and all other financial details about you that were declared.
  • Recent Inquiries: This section contains the details about who has been seeing your credit report.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.