More About Me...

I am Charles King(27). At Finance Classic I want to share my financial knowledge with the world. Here you can also find some good financial videos which are very interesting and very informative. If you would like to share your thoughts and knowledge with me and my visitors then please comment here or contact me at: charls413 [at] gmail [dot] com

Another Tit-Bit...

Let me share my hobbies with you. I like to play, wondering around. Another thing that I want to tell you is that, I want to be honest and I like honest people.

Micro credit and its features

The extension of the small loans to the poor, who don’t qualify for the traditional bank loan, can be called as Microcredit. These small loans give the poor a chance to develop their business as well as to develop them financially. In microcredit system money is given to the people many times when they need it and for this reason it helps to generate monetary transaction. Ultimately the economy gets the necessary boost.

This program is better accepted by the poor women rather than the men because the women have proven to be the better manager of their loans; they pay them promptly most of the time. Naturally a woman is better controller of many things and it includes finance. Now they feel more confident about their future. They were suppressed either by others of by their husbands. Because most of the time they were dependent on them. Now as they earn their own livelihood and also help their child’s education, they feel comfortable and confident.

  • Some features of microcredit program:

1) Evaluating credit as a human right.
2) Helping poor families to overcome poverty by their own help.
3) Getting loans on trust.
4) Creating its own methodology for maintainance, not following the normal banking system.
5) Encouraging self employment.
6) Bringing the bank to the people to provide financial help.
7) Continuous flow of funds if paid in time.
8) Voluntary saving programs to the poor borrowers.
9) Availability of concurrent or simultaneous loans to the borrower.
10) Interest rates at lower than normal rate.
11) Giving high priority to establishing social capital and promotes education.
12) It also concern about the environment.

What is Credit Repair Scam?

All of us want to see a good credit score in their credit history. But only few can maintain scoring above 700. It’s not that much of a concerning matter how many people reach there but the problem is for those who are having really poor score. Some companies are taking advantage of this situation of those persons. They offer to improve your score with 100% guarantee. These companies have a great intention to take money out of your pocket. You need to be careful about some important thing before accepting the offer. Because according to law no one can remove or eliminate negative information from credit history. It will remain 7 years for negative information and 10 years for bankruptcy. Only wrong information can be fixed. So be careful about those companies that offer to eradicate negative info from your credit history. This is nothing but a scam and is well known as credit repair scam.

Before enrolling your name with any credit repair company why don’t you try by yourself? Why will you pay to these companies when there is no surety of your credit repair? There are so many online websites where you can find sample letters to report if there is any wrong information. Or you can fill up the form of wrong information in report which you can find in major credit bureaus.