Things You Need to Recognize Concerning Small Business Credit Card Processing

April 27th, 2015 by admin

Privately held enterprise homeowners have an important numerous complexities they want to concentrate on if they wish to run their enterprise in the best manner. One way to make certain your corporation is being successfully managed could be to allow it to accept credit score cards. This is true regardless of the measurement of your online business or how new it might be in the market. In the most fundamental of terms, small enterprise credit card processing supplies a income stream to your business. For this reason so many merchant account suppliers strongly promote using such cards.

Whenever you restrict your skill to accept cost, you restrict your potential earnings. Some prospects won’t have the ability to pay in cash. They should either pay with a bank card or a debit/credit card. So, receiving cash payments will not be a viable alternative. Due to this, it becomes essential to accommodate them or else they could go somewhere else. It is as simple as that.

In past decades, small business credit card processing was far more troublesome to set up and put into effect. The prices to the small business additionally had a bent to be a bit high. This isn’t the case at this time as there are way more reasonably priced options put forth by service provider account providers. Consumers have shifted drastically in direction of making quite a lot of credit card purchases because a lot of their bank cards are literally debit cards or credit/debit present cards. Again, such a changing panorama demonstrates there is a need for small business credit card processing methods in place if an entrepreneur critically wishes to stay viable in the current market.

You’ll find a number of points that have to be taken into consideration when your small business is considering including credit card processing. Such consideration will certainly embrace prices, charges, and any contracts that must be signed with the service provider account providers. These are all fees which might be unavoidable. Nevertheless, one can find that the charges and prices are sometimes affordable supplied you’re diligent by way of the way you go about evaluating the different suppliers that can service you.

One factor you must be aware of could be the precise cards that can be processed through the service account. Not every account accepts all credit score cards. Be mindful of this as it could prove to be a all or nothing attribute to your selection of a company.

You additionally might want to choose a selected terminal through which to course of the cards. There may be a wide range of different terminals available. One shouldn’t be essentially higher than the opposite however you do want to pick out the suitable terminal in your business. Definitely, a business does have to have the precise terminal as this may help in making sure all small enterprise credit card processing is completed in the perfect and most effective manner.

There needs to be somewhat deliberation present when you find yourself weighing your options for the best bank card processing system. This manner, you understand that your corporation procures the proper system which might deliver on your expectations in probably the most acceptable – and business friendly – manner.

Veritrans Payment processing is a small business credit card processing provider and likewise offers iphone credit card processing and smart phone credit card processing.

5 Things to Know Before You Apply for a Platinum Credit Card

April 12th, 2015 by admin

In our current society where high regard is placed on prestige, image and personal profile, Platinum Credit Cards are often used as status symbols. This stems from that fact that these cards are only approved for high income consumers with good credit records. Due to these circumstances, a high credit limit is provided, while interest rates may be relatively lower due to the lower credit risk.

Apart from that, Platinum Credit Card holders may be entitled for exclusive retail discounts and free air miles that may not be available for Gold and Standard credit card users. Nevertheless, there are a few considerations that you would need to make before actually applying for a Platinum Credit Card.

High Annual Fees

The platinum card status and higher credit limit do not come without a price, as higher annual fees are applicable for these cards. Indeed, annual fess payable may go as high as a few hundred dollars a year! If this is acceptable, then it may be wise to ensure that you are enjoying reward benefits that are of greater value than a standard credit card.

Increasing Interest Rates

One of the downside of Platinum Credit Cards is that your interest rates can be increased when you only pay the minimum on your outstanding balance or have been making late payments. Interest rates can be increased by as much as 35%, which amounts to a significant value. Apart from that, the minimum payment incurred may also be increased from 2% to 3%, another factor that adds to your cost of using a Platinum Credit Card.

Higher Credit Limits

Platinum Credit Card owners are entitled for higher value in credit limits as compared to Gold and Standard Credit Card owners. In reality, the exact credit limit varies from person to person in accordance to the evaluation done by the credit card company. One of the greatest benefits to having greater credit limits is the convenience of making purchases of greater value with just one card, rather than with a combined credit limit from multiple credit cards.

Not to be confused with Platinum Unsecured Credit Cards

Platinum Unsecured Credit Cards are not really credit cards, but rather shopping cards that can be utilized on specific outlets, or through an online catalogue. The restriction here is that these cards can’t be used in other establishments, such as restaurants, gas stations or airline bookings. The word Platinum is probably associated to the unsecured high credit limits of these cards.

Shop for the right Platinum Credit Card

With the stiff competition within the credit card markets, it is wise to shop around for your credit card before applying for one. Analyze the different cards and you will see that some credit card companies offer benefits that are better than others. In fact, incentives such as no annual fees, low interest rates, attractive reward programs and high credit limits are now even possible for Platinum Credit Cards. You just need to look around and decide based on what fits you best!

Alan Bernstein recommends Find Credit Cards to apply for a platinum credit card today. See for more information.

Easy Things You Could Do To Repair Your Credit

April 9th, 2015 by admin

It may seem hard to find good information about credit repair, especially when you need it most. This article offers valuable information that will help you start rebuilding your credit. Putting these easy-to-use tips into action can prevent hassles, and put you on the fast track to great credit.

Try opening an installment account. You have to keep a monthly minimum on an installment account, so make sure you open an account that you can afford. Handling an installment account correctly will help you improve your credit score in a short period of time.

If you want to avoid giving too much to your creditor, simply refuse to pay towards unfairly huge interest rates. Creditors are skirting aspects of the law when they hit you with high interest rates. However, the contract you signed ensured that you agreed to pay off your interest. You need to be able to prove the interest rates are too high if you want to sue your lenders.

When trying to repair your credit, research any credit counselors you consider using very thoroughly. Although some credit counselors are truthful and legitimately helpful, other credit counselors are not honest and upfront with their motives. Some will try to cheat you. You should always find out if a credit counselor is the real thing.

Stay cautious and aware of scams online that can lead you to even bigger problems. There are less than honest entities that will show you how to make a brand new credit file. Do not think that you can get away with illegal actions. Legal repercussions will cost you a lot of money, and you could go to jail.

Ask credit companies to lower all of your card limits. By doing this it will stabilize you in your financial boundaries instead of letting you extend beyond what you really should.

Before you agree to any sort of repayment plan to settle your debts, consider how this will affect your credit score. You should know all about the methods you can use if you are going to enter into an agreement with someone. They do not care about the effects of what they do to your credit score and are just in it for the money.

When looking over your credit report, look closely at the negative report that are listed. There may very likely be errors or mistakes that can be removed.

Don’t spend more than you make each month. This takes time and a change in attitude to accomplish. Unfortunately, easy credit has lured many people into buying luxuries that they don’t need and cannot afford, which will always catch up with them. Look at your budget, and decide what is realistic for you to spend from month to month.

Always examine your monthly credit card bill to make sure everything is accurate. If such fees are present, you need to get in touch with the credit card company right away to avoid adverse action.

One of your main tasks in credit repair is paying off your cards as fast as you can. First, pay down your credit card balances, starting with the highest interest. It is your job to turn it around and prove your responsible with credit.

If you are late with your payment, your credit status will suffer. Every late payment appears on a credit report, and could potentially hurt your chances at a loan.

To accomplish getting a better rating on your credit, pay down the balances of your current accounts. You can up your credit rating just by paying down your balances. The FICO system makes a note to your credit report every time your account balance reaches a new 20% increment of your total available credit.

If a lawyer or law office is offering you a quick fix for your credit, be cautious. Less ethical lawyers have realized that with the current glut of consumers with credit trouble, there is money to be made by charging high fees for ineffective credit repair help. Before trying to get credit assistance from any lawyer, make sure to do research on them.

Use the information presented here to repair your credit. Credit repair can feel like a battle that is all but lost, but if you take the right steps the battle can be won. Take your time and be patient. The potential rewards make it worth your time to stick with a credit repair effort.

To get all information about Merchant Accounts, please contact us here.

Things you need to know more about Working Capital loans and Business lines of Credit

April 9th, 2015 by admin

An assets loan could be a variety of commercial loan that’s unremarkably allotted to support the daily operations of a business or obtain earning assets. This supply of funding is commonly sought-after once Infobahn assets are deficient. This circumstance results from an occasional or maybe negative figure once the prevailing liabilities within the variety of accounts owed square measure subtracted from the present quality comprising of assets and inventory.

For most businesses, their objective in deed a assets loan is to create positive that the business operations square measure continued till such time that the income coming back in is comfortable enough to accommodate the coming operational prices likewise because the maturing short debt.

Working capital loan is good for no matter business scenario whether or not Associate in Nursing emergency crisis or following a replacement venture for development. It poses as an excellent choice to come back up with a fast supply of funds. Once you have already set that a assets loan is correct for you, one factor to find out concerning it’s that completely different ancient money establishments might talk to it in varied terms or it comes in numerous forms such as:

 Working capital is that the backbone of each business, in spite of what sector you’re in. notwithstanding what quite business you own, you’ll perpetually be requiring a assets to stay your business operations run swimmingly by paying all the outstanding debts like rent and wages.

In a tiny business, if finances don’t seem to be managed properly, there’s an excellent risk of business failure. During this state of affairs, they’ll not be able to expand themselves or come through higher profits. These square measure designed specifically to permit businesses to create investment in different issue which will facilitate them develop and it shouldn’t be a haul to pay back this loan subsequently amount of your time. As little business, you ought to assume long and a trifle laborious concerning whether or not you’re merely buying a keep of execution otherwise you simply would like a trifle of additional income to induce you back on the highest.

 A small product of credit makes it simple for little businesses to access funds they have for operation up to an explicit limit that’s planned by the loaner. The first good thing about these lines of credits is skillfulness that is one in every of the key aspects that build this way of credit very fashionable among business house owners. With a line of credit, you’re not needed to pay interest before the loan has been drawn that makes them an excellent choice once in want of emergency funding. So, the funds are out there continually any time you wish them. Business house owners will value more highly to apply for secured or unsecured credit line with variable interest rates. There also are multiple credit reimbursement choices and you merely got to choose the proper choice for you.

Business Lines of credit provides an ideal choice for meeting short term monetary desires like boosting business income, providing seasonal capital, funding inventory purchase, instrumentation and materials moreover as funding accounting assets. Relying together with your business needs, the loaner can raise you whether or not you wish secured or unsecured line of credit and it’s predominant that you just weigh these 2 choices well. Primarily any of these little products of credit provides similar advantages to the opposite and therefore the bourgeois will opt for any. They supply the owner with a spring of credit that’s out there regularly provided the business is up and running. The business will use the credit to fund its operations and any of the choices will give a credit quantity up to a group limit. Actually, most little business house owners like unsecured lines of credit as they’re straightforward to accumulate attributable to the very fact that they are available with less dema

For more information about business lines of credit or small business credit line  visit us on 

Need a Poor Credit Credit Card2 Things It Should Come With

April 9th, 2015 by admin

If your credit report scores have plummeted, you don’t necessarily have to pay for everything with cash.Instead, you can get a poor credit credit card that gives you the same valuable plastic purchasing power as a traditional credit card.

The only difference?

Poor credit credit cards are typically prepaid.Instead of making purchases and paying them off later, you will have to deposit money onto your card first.You can deposit as much money as you want.  Since everything is prepaid, you will never have a credit card bill or an interest charge to worry about.

But before you get a poor credit credit card, though, you need to make sure that it comes with these 2 things:

1.Identity protection

Just because you have a poor credit credit card doesn’t mean that someone can’t steal your identity.You will still have to take all of the same precautions as someone with a high credit score.Luckily, if you get your card from a reputable company, they can provide you with identity protection themselves.Many companies have identity protection programs you can sign up for, that will keep constant watch over your financial activity, your name, your address, and even your social security number–to make sure that nothing suspicious is going on.

2.Loan opportunities

If you have ever tried to get a personal loan with bad credit, you know how tough it can be.At times, it can seem like you need a perfect credit score to get anyone to loan you money.However, many of the good companies that will give you a poor credit credit card will also give you a personal loan with bad credit.By working with them first on your credit card, you are building a relationship with them that will make it easier to get the personal loans that you need.

One thing that virtually every poor credit credit card will not be able to come with, though?

A chance to improve your credit report scores.Since most poor credit credit cards are prepaid, you will never pay a credit card bill.If you’re not paying a monthly bill, your credit card company has nothing to report to the credit bureaus – meaning that they will not say anything positive or negative about you, and your credit report scores will not change.If you need to raise your credit score, you will have to find another way to do it.

Richard A. Manfredi has written about credit cards for bad credit and bad credit credit card rebuilding advice.My Credit Tree helps individuals get bad credit credit cards, personal loans, auto loans and credit scores.

Looking Online for Credit Cards3 Things You Should Be Looking For

March 9th, 2015 by admin

If your credit rating has gone south and you need a new credit card, the world wide web is a great place to look.  After all, looking online for credit cards allows you to compare their rules and benefits without even having to leave the house or wait on hold for a customer service representative.

But when you are looking online for credit cards, just picking any ol’ card is not enough.In order to get the very best card, you need to make sure that yours comes with these 3 things:

1.Purchasing power

A quality credit card for bad credit should be able to give you most of the same purchasing power as other, traditional credit cards.Sure, your bad credit credit card may require you to deposit money onto it beforehand and pay for all of your purchases in advance; that’s perfectly normal.However, by following a few extra rules and guidelines, you will also be able to have access to ATMs and buy things that can only be paid for on a credit card–like hotel, airline, and rental car bills.

2.Big-name brands

You do not have to settle for some rinky-dink credit card just because you have bad credit.In fact, many of the giant credit card companies will give you a card for bad credit.That way, you can get something like MasterCards and Visa cards for bad credit that come with all of the same purchasing power and world-wide acceptance as their traditional counterparts.

Plus when you get something with the name recognition of MasterCards or Visa cards for bad credit, no one will know that you are really carrying a credit card for bad credit.It can save you some embarrassment when you try to pick up the tab at your favorite restaurant.

3.Credit monitoring

The threat of identity theft is very real –even for people who have a credit score that is less than stellar.An identity thief doesn’t care much about your credit score;he just needs a name to rack up purchases under.That’s why a good credit card will come with credit monitoring features.That way, you can rest easy knowing that your name, your address, your Social Security number, and your financial information are being watched carefully to make sure that nothing suspicious is going on.By having a constant credit monitoring system in place, you will be able to catch and identity thief before he is able to do too much damage.

Richard A. Manfredi has written about credit cards for bad credit and bad credit credit card rebuilding advice.My Credit Tree helps individuals get bad credit credit cards, personal loans, auto loans and credit scores.

3 Things To Look For In A Credit Card

March 6th, 2015 by admin

For those of us who need short term loans, we sometimes turn to credit cards to finance our purchases for 30 days or more. Not only do credit cards allow us extra time to pay off our debts, they can be a great way of tracking expenses for extended time periods (this is especially handy during tax time %26 for those of us who own our business’).

But, since there are thousands of different types of credit card offers out there – like student cards, gas cards, %26 business credit cards – it’s sometimes a little tricky to figure out which offer is right %26 whether a offer is really a good deal or not.

So, what can we do? Besides taking the time to do the legwork %26 investigate the different credit card offers, here are 3 tips to make sure that whatever card you get really is the best deal you can get…

1.    ’Low APR Will Get You Far.’ – 0% APRs are optimal. Some credit cards offer very low introductory teaser rates in order to get you signed up as a customer %26 then the rates will sometimes rise. However, these can be really great deals if you find the right one. For example, a few years ago, I signed up for a 0% APR credit card, but the 0% term ran for 18 months!  Granted, the interest rate eventually rose, but by then, I had long since paid off my balance.  Look around for true 0% APRs, but pay close attention for how long the 0% term runs for.

2.    ’No Fee For Me.’ Next, keep an eye open for credit cards with no annual fees.  Some credit card companies impose annual fees on their card holders, regardless of credit card activity…But, other credit card companies offer ‘no annual fee’ cards %26 that’s what you want to look for…Not having to pay a steep annual fee is a fantastic benefit- one that you definitely want to take advantage of. These cards allow you to use their services without having to pay $50 or $75 yearly. The less money you have to pay for any type of service the better, right?! You better believe it.

3.    ’What’s in Store? Points, Gifts, %26 More…’ During the last 20 years, credit card companies have seemed to get into some kind of competition with each other in order to offer different bonus’ in order to attract new customers.  These credit card bonus’ range from free gas cards, frequent flyer miles, hotel stays, gift certificates to thousands of retailers, %26 just about everything else imaginable.  And these bonus’ can be really great- however, just like the APR %26 no annual fee advice above, you’ve got to make sure you know what you are really getting %26 whether the terms can be changed when you aren’t looking. Personally, I’ve found that the Starwood cards from American Express have excellent  rewards…mainly because the Starwood rewards are flexible enough to be changed into many different types of bonus’- everything from free hotel stays to Amazon points.

In closing, if you follow these 3 tips, you will be well on your way to getting a credit card that fits your situation just right. Good luck.

Click here to read the latest reviews of credit card offers online.

Robbin Edyne writes for

Processing Credit Card Payments Things You Must Know

March 3rd, 2015 by admin

The chances of growing profitability for any e-business is undoubtedly affected by the merchant’s decision to take credit cards as payment. Businessmen selling either products or services can both benefit from merchant services. If this isn’t true, the merchant services industry would have exited the scene a long time ago.

But one must remember that not all businesses have the same merchant services requirement. These things vary from one business to another. Therefore, it is very important to select a credit card processing company which you can communicate the most. This is because the merchant needs to actually develop a relationship with his merchant service provider in order for their cooperation to work. The merchant will definitely reap a lot of benefits if he has chosen the right company. If the company a merchant goes with doesn’t have much to offer to his profits, then it’s going to be bad for business.

Remembering the importance of good communication regarding sales volume is important because he will be paying those sales in the future. In order to ensure that there will be adequate freedom for expansion at any time desired, it is wise to apply for the highest sales level category.

There are many processing companies in business today and each will have their own unique services to offer. But there are general considerations to think about when picking out the company. Going to a company which serves as many major credit cards as possible is the ultimate rule. It is important for a businessman who have an offshore client base to maintain a multi currency account. Daily requirements like availability of a transaction search tool, end of day reporting and others should also be considered.

Although it might seem like a trivial issue, real time verification is very important for security reasons. This is because this gives the business man the ability to check the validity of a credit card as soon as iti s presented to him and he can deny or refuse those invalid ones right away. Thus, saving time and avoiding penalties for invalid transactions. More importantly, being able to use real time authorization also boosts a merchant’s defense against fraud.

The chances of growing profitability for any e-business is undoubtedly affected by the merchant’s decision to take credit cards as payment. This benefit of merchant services applies to businessmen selling either products and services, a fact that has been proven by time itself. Otherwise, the merchant services industry would have been dead by now and so would those billions and trillions of businessmen around the world whose business lives depend on accepting plastic.

But one must remember that not all businesses have the same merchant services requirement. These things vary from one business to another. Therefore, it is very important to select a credit card processing company which you can communicate the most. This is because the merchant needs to actually develop a relationship with his merchant service provider in order for their cooperation to work. If the choice of a processing company is good, the merchant will greatly benefit from his decision of going with that company. Therefore, the entire business will be in jeopardy if the merchant makes a wrong choice.

It’s also important for the merchant to remember the importance of properly communicating his correct sales volume to the company as everything he will eventually have to pay it will depend on how much he has been paid through those plastics. In order to ensure that there will be adequate freedom for expansion at any time desired, it is wise to apply for the highest sales level category.

There are many companies to choose from these days and each one offers unique services. However, there are general considerations to make when choosing the best one. Going to a company which serves as many major credit cards as possible is the ultimate rule. It is important for a businessman who have an offshore client base to maintain a multi currency account. Daily requirements like availability of a transaction search tool, end of day reporting and others should also be considered.

Real time verification may be a small issue, this is actually very important for security purposes. This is because this gives the business man the ability to check the validity of a credit card as soon as iti s presented to him and he can deny or refuse those invalid ones right away. Thus, saving time and avoiding penalties for invalid transactions. More importantly, being able to use real time authorization also boosts a merchant’s defense against fraud.

One of the things an e-merchant must carefully consider is his choice of the company that will be tasked to %26lt;a href=’’%26gt;process credit cards%26lt;/a%26gt;  used to avail of his goods or services. For this, companies that %26lt;a href=’’%26gt;accept credit cards online%26lt;/a%26gt; is necessary.

Things About Credit Counseling You Want to Be Careful of

February 16th, 2015 by admin

There was a time when credit counseling had been considered a highly credible field. However, as a result of of the emergence of fraudulent firms, credit scams and controversies, the name of this field has become tainted. And these things remodeled credit counseling into a field filled with doubts and uncertainties.

Now, suppose you’re designing to require the services offered by a credit counseling agency, what things do you need to consider 1st? What ought to you be cautious of? And the way might a sound debt relief guide help you? You may find the answers to these queries in the rest of this article.

Some Things to Take into account
Before enrolling in a very program offered by a credit counseling agency, first you need to contemplate whether or not you really need to take such program or not. Finance experts have identified the following criteria that you’ll use choose whether or not to seek skilled assistance from a credit counseling agency:
- You have a laborious time paying even the minimum monthly charges of your credit accounts;
- You always build late payments of your bills and credit charges;
- Creditors have consistently referred to as you to collect your monthly payments; and
- All your compensation plans failed.

If any of those criteria work the state of your current finances, then you ought to seriously take into account taking credit repair help. After all, this service can provide you a particular reimbursement program that you’ll be able to use to retire your existing credit obligations. Not solely that. A trained finance specialist can conjointly offer you practical steps that you’ll take to rebuild your credit reputation. Through their facilitate, you may not solely receive debt relief guide, but you’ll additionally discover ways in which on how you can absolutely recover your money health.
But what ought to consumers be wary of after they search around for credit repair facilitate programs?

Tips to Bear in mind Before Enrolling in Credit Counseling
1st and foremost, you wish to steer clear from counseling firms that are not affiliated with a national credit organization or an accrediting body. You wish to try and do investigate the profile, accreditation or license also because the record of the credit counseling agency you plan to visit. In therefore doing, you can have the guarantee that the firm is legitimate and credible which it may provide you sound debt relief guide.

Second, you wish to avoid agencies that need you to pay before you even begin your credit counseling program. Remember that the federal law prohibits credit counseling companies from collecting payments from shoppers, before they supply their services.

Third, back far from firms that offer give surreal promises. Once you’ve got seen the features and guarantees of a specific agency, ask yourself this query: Are the guarantees realistic? Can the company very deliver these services? If you have got doubts, then you would possibly further look for one more company and shop for other credit repair offers.
Bear in mind the issues and tips that we have a tendency to have discussed during this short article, and for sure you’ll avoid succumbing to the schemes and cunning machinations of fraudulent credit counseling agencies.

Eve Achilleos has been writing articles online for nearly 2 years now. Not only does this author specialize in Credit Counseling ,you can also check out her latest website about: Bulova Watch Bands Which reviews and lists the best

Important things to know about consumer credit

February 16th, 2015 by admin

For years, Americans have experienced the ups and downs of consumerism. But the bottom line is that they are still consumers. Every day, they go in and out of establishments to purchase goods and services that they need or want. But in the process of acquiring these products and services, credit is the constant companion. It isn’t new for anyone to present a credit card at the cashier.

The credit card is believed to be a safe and convenient method of payment that anyone could use. It’s accommodated by almost all businesses. It’s much like a universal currency that people could utilize especially im places where there’s no ATM close by or online.

Being a consumer can be a challenging occupation. Products and services get utilized and expire that’s why the vicious cycle continues. But it is a struggle that Americans have to face each day. And in the acquisition of their needs and wants, consumer credit is placed under the spotlight.

Consumer Credit Magnified

On a technical standpoint, consumer credit is called debt. It is incurred so that products and services may be purchased. The said purchases are usually made through loans, credit lines, and credit cards. It’s synonymous to the term ‘consumer debt.’

It is the credit amount utilized by consumers so that they could procure services or goods that are not considered as investments. These quickly depreciate and include recreational vehicles, trailers, boats, cars, and education. This type of credit doesn’t include investment accounts such as ones used for buying lands and infrastructure.

What is a Consumer Credit Report?

Diner’s Club was able to launch the first ever credit card company in 1949. Since that day, Americans have been using their charge-cards more than they use cash. This was from the study conducted by Dove Consulting. In addition to this data, the total transactions made through credit cards each year amounts to more than two trillion dollars. If a consumer can use a credit card, then that person is creditworthy.

To know one’s creditworthiness, a consumer credit report is needed. This report contains the credit scores that range from 350 to 850 (highest to lowest risks respectively). The scores that a consumer has is the basis for credit applications. There are five significant factors considered for determining credit scores:

Current state of debt

Previous performance in credit

Types of available credit

New credit pursuits

Period of credit use

Contents of a Consumer Credit Report

An ideal consumer credit report is like that of Equifax. It gives a good overview of data from big credit reporting companies. The report by Equifax has seven divisions:

Personal information

This section contains personal data, addresses (previous and current), employment history, and SSN (social security number). The information contained in this part of the report is vital to identity thieves. Protection of the accurate data submitted should be strict. If documents have to be discarded, it should be done so thoroughly.

Credit history

The second division of the Equifax report gives the credit history of the applicant. This type of information includes the accounts that the applicant has, the credit inquiries, and the accounts that are either good or past due.

If the applicant has many accounts still open, the credit score goes higher. It should also be considered that financial institutions and banks differ from assessing the credit status or credit scored of their applicants when it comes to approving loans.

Detailed information about the account The detailed information in this division contains the following:

Account type

Applicant’s name

Account number

Account status

Account balance

Date the account was opened

Any detail that seems to be a basis of complaint on the client’s part, it can be challenged. The agency that made your report has 30 days to answer to the challenge filed. If the one who filed the complaint succeeds in the cause, then the erroneous information will be removed from the given report.

Credit history

Either soft or hard inquiries are made in this division. Soft inquiries are produced by current creditors who check the applicant’s credit status; issuers or credit who review the applicant’s file; and the applicant’s personal credit check. This part does not impact the consumer credit report at all.

Turned over accounts

Any delinquent account is reflected in this part of the report. Delinquent accounts happen when there are failed payments or when accounts were not sent to the collection department.


This section contains wage garnishments and liens that appear against the applicant in county, state, or federal records.

Challenged information

This last division of the consumer credit report contains information on how the applicant could challenge any erroneous information given. Once negative data is placed in the applicant’s report, it will stay there for a long while and this greatly affects every transaction that’s going to be made.
Consumer credit should be on good standing. This is the only way Americans could continue the lifestyle that they have furnished and established for themselves. Ultimately, on-time payments are the most ideal means to have a pleasing consumer credit report. It would be best to strive for this endeavor.

Feel free to share this article and your thoughts about the topic at hand.

Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. She also covers topics on how can bad credit affect your loan application. Know more on how identity theft affects your credit history.