credit report - Credit Card Fees You Need To Know About

Get Your Prepaid Visa Today You may not be aware of it, but many major credit card issuers have a hidden clause in your terms of agreement, known as the Universal Default Clause. The Universal Default Clause Fiasco is a standard mechanism used by credit agencies to assess your overall credit worthiness and adjust your interest charges and fees accordingly. The Universal Default Clause is a clever way credit card issuers justify increasing your interest rate, at a moments notice, and with virtually no recourse fo ryou. How does it work? Credit card issuers maintain a constant vigil of your credit report. The moment they notice you have made a late payment on any loan, the default clause kicks into effect and allows them to significantly increase your interest rate. The most common factors that have been known to trigger the clause include a reduction in your credit score, and late car or mortgage payments. The Institute of Consumer Financial Education estimates up to 40% of credit card issuers have the Universal Default Clause in effect, and its impact can represent a doubling, or more, of your current interest rate. High interest rates can devastate your cash flow and increase the pressures to meet monthly maintenance fees. Watch out for this clause and do your best to make all your loan payments on time. Bottom line: Look for the Universal Default Clause in your credit card agreement. Transfer funds to a card that does not use this clause, and in the future, avoid signing up with credit cards that use the Universal Default Clause. Phillip Collinsworth is the author of several books available on Amazon. He hosts a website offering free information on wealth building, and finding income opportunities through Internet marketing. Visit: http://www.wealthsearch.org Article Source:http://EzineArticles.com/?expert=Phillip_Collinsworth credit report - Careers, Job, Debts And Credit Counseling Careers, job, debts and credit counseling are all things that you need to so to consider if you are seeking employment. Believe it or not any debts or credit counseling that you may have can definitely affect your future prospects and your career. Many job seekers are not aware of this but more and more employers are checking into your credit reports before they will hire you. This is because your credit report reflects information like careers, job, debts and credit counseling and tells the potential employer how trustworthy and credible you are. For instance you might not realize this but an attempt to get out of debt by getting credit counseling as opposed to declaring bankruptcy does not look that hot on a credit report. In fact for the duration of your counseling, this activity will show up as a negative comment and a black mark on your report that often also plunges a personal credit rating to its very depths. As landlords, insurance companies and mortgage lenders also report to your credit report the future employer can tell a lot about your general stability by looking at your rating and how many comments and negative marks are there. A potential employer can also tell how many times you were turned down for mortgages, loans or credits by looking at your report. Checking into a credit report before you hire someone is a huge trend for human resources types and an increasingly popular one so when it comes to careers, jobs debts and credit counseling overall. To avoid being blindsided for a good job by your own credit history it is best to keep on your toes and be aware of what is going on in your life when it comes to these very important matters. The best way to do this is to order your free credit report from any of the three main credit-reporting companies - Equifax, Experian or TransUnion.