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. |