Personal Finance guide

Credit report is very beneficial document as it tells you about your credit status. Credit scores like good or bad plays a very vital role for a borrower when he looks for financial help from lenders or other financial institutions. Whether it is a matter of loans, credit cards, insurance or other financial help these lenders or lending agencies check out the credit status of an applicant.

The lenders decide whether to approve or reject the loan application on the basis of good or bad credit scores. It is important for a person to know about his credit scores by getting his credit report. The reports are prepared by three major credit bureaus named as Trans Union, Equifax and Experian. Every person can get a copy of his credit report from these credit bureaus. There are no lengthy efforts required to obtain credit reports. Large numbers of people who are trying to obtain their credit report make use of the internet.

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A credit report is a vital piece of document which aids to give much needed and relevant details and facts concerning the personal condition of finances. The free credit reports include beneficial and vital information concerning the person’s personal and professional history belonging to spending. These financial related details really aids to give much required idea about the candidate to all monetary institutions which comes to help during when applications regarding loan related problems pop up. It is utilized for a number of reasons such as buying cellphone and insurance services, applying for a loan, asking for credit, renting an apartment and buying a home. Financial reports can be received for out of charge and there are lots of factors why everyone should obtain a free credit report.

First of all a free credit report has the same features of a paid one. Free credit reports generally provides basic details such as types of delinquencies, amount of debt, and number of accounts and credit history of the individual demanding the statement.

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There was a time when people were blissfully unaware of the words credit report, but that would be quite dangerous in today’s day and age.

Everyone has access to credit, the average person holds up to two to three credit cards and has usually taken a home or a car loan. So most of the population makes use of credit and there are creditors out there who cater to these demands. The usual creditors are the banks and loan agencies.

Why Purpose Do Credit Reports Serve?

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Indian Banking sector Report ( http://www.bharatbook.com/Market-Research-Reports/Report-on-Indian-Banking-Sector.html ) elucidates that Indian Banking sector is dominated by Public sector banks (PSBs) which accounted for 72.6% of total advances for all SCBs as on 31st March 2008. PSBs have rapidly expanded their foot prints after nationalisation of banks in India in 1969 and further in 1980. Although there is a restrictive entry/expansion for private and foreign banks in India, these banks have increased their presence and business over last 5 years. Peculiar characteristic of Indian banks unlike their western counterparts such as high share of household savings in deposits (57.4% of total deposits), adequate capitalisation, stricter regulations and lower leverage makes them less prone to financial crisis, as was seen in the western world in mid FY09.

The Scheduled Commercial Banks (SCBs) in India have shown an impressive growth from FY04 to the mid of FY09. Total deposits, advances and net profit grew at CAGR of 19.6%, 27.4% and 20.2% respectively from FY03 to FY08. Banking sector recorded credit growth of 33.3% in FY05 which was highest in last 2 and half decades and credit growth in excess of 30% for three consecutive years from FY04 to FY07, which is best in the banking industry so far. Increase in economic activity and robust primary and secondary markets during this period have helped the banks to garner larger increase in their fee based incomes.

A significant improvement in recovering the NPAs, lowest ever increase in new NPAs combined with a sharp increase in gross advances for SCBs translated into the best asset quality ratio for banking sector in last two decades. Gross NPAs to gross advances ratio for SCBs decreased from the high of 14% in FY2000 to 2.3% in FY08. With in the group of banks, foreign and private sector banks grew at higher rate than the industry from FY03 to FY08 primarily because of lower base effect and rapid expansion undertaken by these banks. In FY09, overall growth in credit and deposits was led by PSBs. However, growth of private and foreign banks was significantly lower in FY09 due to their high exposure to stressed sectors and problem at parent level for foreign banks.

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All organizations, whether private, public, or non-profit, need to prepare financial statements on their performance to provide fiscal accountability and accuracy to their stakeholders and people with an interest in the company. Financial statements enable management to make business decisions, enable creditors to evaluate loan applications, and provide individuals with information to make investment decisions.

Financial statements provide information from an organization’s accounting documents about their economic resources and obligations on a specific date, as well as their financial activities over a period of time. Financial statements are usually prepared in accordance with Generally Accepted Accounting Principles (GAAP), which are the standards issued by the American Institute of Certified Public Accountants (AICPA), but they may also be prepared on other comprehensive basis of accounting, such as cash basis or tax basis, depending on the needs of the users of the financial statements.

The middle level of assurance in regards to financial statements is reviewed financial statements. A Certified Public Accountant (CPA) must obtain a reasonable basis for expressing limited assurance that the financial statements meet the requirements of the US GAAP are free of material misstatements or false/missing information.

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“Credit problems? No problem!”

“We can erase your bad credit — 100% guaranteed.”

“Create a new credit identity — legally.”

“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”

Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

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