More and more microfinance institutions are approving loans to prospective customers after checking their credit history from credit bureaus. As a result, a number of these loan applications are getting rejected on the basis of defaults in past loans, high outstanding amounts or due to multiple loans.
A credit bureau is a licensed institution which collects information on an individuals credit history from various sources and provides this information to other institutions.
On this matter, Mr Alok Prasad, Chief Executive Officer of MFIN said, As per the self-imposed mandate of Microfinance Institutions Network, all our member NBFC-MFIs are using credit bureau data from June 1, 2012.
A growing number of young adults are going without a credit history as more parents are choosing to put mortgages, loans and phone payments in their name. However, this policy could have an adverse affect in the future.
An increasing amount of young people are depriving themselves of a credit history as one quarter of parents are putting credit agreements in their own name.
Recent research has found that approximately 12% of adults, which equates to just below six million people, do not have a credit agreement. This includes four in ten aged under 30 years old.
While most parents feel they are helping their children out, experts are claiming that the practice could mean...
California politicians are patting themselves on the back for enacting the nations first comprehensive overhaul of home mortgage laws that, they say, will protect struggling homeowners from rapacious bankers.
The hoopla surrounding the mortgage package reflects the fact that financiers are social pariahs these days, especially in places, such as California, that were hit hard by the housing meltdown.
So its a chance for one unpopular species, politicians, to beat up on another, bankers.
Whats next? Used car dealers? Yes, as a matter of fact.
Another bill package would crack down on used car dealers who carry their own sales contracts, responding to allegations...
This is a good news/bad news, glass is half empty/half full type of situation. On the one hand, dealing with unscrupulous car dealers remains among the top consumer complaints, on the other hand a recent study reports that dealers are treating today’s car shoppers better than ever on the showroom floor.
Especially if they’re interested in buying a luxury-branded model.
Mercedes-Benz dealers can boast having the most satisfied shoppers in the auto industry according to the 2012 Prospect Satisfaction Index (PSI) US Auto Industry Benchmarking Study conducted by Pied Piper Management Company in Monterey, Calif. Meanwhile, Acura, Infiniti and Lexus followed closely in a three-way...
Getting your first credit card is a critical first step into adulthood. With a line of credit comes a new level of maturity, and the decision about what card to start out with should not be made lightly.
But before you venture out for your own piece of plastic, consider taking a baby step: Ask your parents to make you an authorized user on their credit card. This will help you build a little credit history, so you wont have to procure a card completely fresh. It will also enable your parents to teach you the basics of how to manage credit. Otherwise, you must be 18 years old to get a credit card on your own.
I encourage parents to teach their kids how to manage credit...
A MARKET leader in the supply of credit cards, aqua launches two new credit cards providing customers who experienced bad credit history with benefits that can help to rebuild their credit.
New cards by aqua Reward responsible credit card usage
Aqua Reward and aqua Advance are the perfect credit cards for bad credit history. With this new credit card range, aqua hopes to make credit an option for more people Designing the new credit card range with customers futures in mind, aqua makes good credit an option for all.
The aqua Reward credit card provides customers with a market-leading cash back of 3% for monthly net retail spending, whilst aqua Advance gives customers a rate...
TORONTO, July 11, 2012 /CNW/ – XCEED Mortgage Corporation [TSX: XMC], a Canadian provider of residential mortgages, announced the launch of
the new Super PRIME Mortgage. Super PRIME is an opportunity to save
with low interest rates for customers who show a history of responsible
XCEED Super PRIME is a fully-featured, five-year mortgage solution for
customers with exemplary credit history that is competitively priced at
XCEED Posted less 25 BPS.
PRIME customers are fully-salaried or BFS Qualified and boast stellar
Southwest Idaho car dealers sales rose 10 percent in May compared with May 2011 as buyers traded in worn-out vehicles for better rides, the Idaho Automobile Dealers Association says.
Dealers sold 4,919 new and used cars, up from 4,454 a year ago.
New cars showed the biggest jump, with dealers reporting a 24 percent to 1,372. In comparison, new-car dealers sold only about 400 vehicles in November 2008, when the Great Recession was deepening. The top new-vehicle dealer in May was Bronco Motors, with sales up 70 percent from a year ago.
Used-car sales increased 6 percent to 3,547. The leader in used cars was Lithia Ford, with sales up 31 percent.
Hoping to provide an incentive to bring new-car dealers back to the city, the Los Angeles City Council on Tuesday voted to exempt all new-car sales from the citys gross receipts tax.
The annual loss to the city is expected to be about $3.6 million, but officials said they believe it will be more than made up by increasing the number of new-car dealers in the city who will generate sales tax revenue.
Mayor Antonio Villaraigosa praised the council action, saying the 12-0 vote will go a long way to help make the city more business friendly.
For too long, Los Angeles business tax has driven auto dealers outside the city limits, Villaraigosa said. We are finally reforming...
Local car dealers say June sales numbers will be good
National auto sales numbers were strong in June, and local dealers say, anecdotally, that their numbers will match the US showing.
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