Archive for 'Daily Finance Definitions'
Identity Theft Insurance
Posted on 20. Apr, 2010 by emilythomas.
In response to the rise of identity theft, banks, insurers and other institutions have begun offering ID theft insurance. If you take out this cover and your identity is stolen, your policy should help you deal with problems that arise and get your life back on track.
If you think you would struggle to cope without access [...]
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Pension Drawdown
Posted on 19. Apr, 2010 by emilythomas.
Also called an income drawdown or unsecured pension, a pension drawdown allows personal pension holders to opt for withdrawals from their pension fund (pension drawdown) instead of being required to buy a pension annuity with the pension remaining invested with an insurance company. This gives the pension holder more control over their pension. However, at age [...]
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SIPPs: Self-Invested Pension Plans
Posted on 06. Apr, 2010 by emilythomas.
SIPPs are not how you drink your tea — it stands for “self-invested pension plans.” These are do-it-yourself types of pensions. With a SIPP, you have the choice of where you want your retirement savings to be invested, instead of having a pension company to make the decisions.
Today, nearly any UK resident under 75 can take [...]
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Credit Card Cheques
Posted on 29. Mar, 2010 by emilythomas.
Credit card cheques are similar to cheques issued on current accounts. These slips of paper allow you to make additional purchases on credit. They are a means of paying for something when you don’t have cash and you can’t use your card, and can be made out to shops, tradesmen and anyone else you might pay [...]
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Secured Credit Cards
Posted on 24. Mar, 2010 by emilythomas.
Getting approved for a credit card can be tough for people who have poor credit history – especially during the credit crisis. But there are other options if you can’t get a traditional credit card. One option is secured cards.
Secured cards are similar too traditional credit cards, except for a deposit requirement. Secured cards are [...]
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Propensity Score
Posted on 12. Mar, 2010 by emilythomas.
A propensity score is a type of credit score that typically predicts your likelihood of using credit if you are granted credit. Credit card companies and lenders assess consumer spending patterns to forecast future behavior. That way, they can determine if you’re worth their while.
For example, people who use credit cards to borrow money and [...]
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Credit Ratings: Credit Jargon Explained
Posted on 16. Feb, 2010 by emilythomas.
Most of the time, “credit rating” means the same as “credit score.” But occasionally, people use the term credit rating to refer to a broad classification of credit scores, which helps to determine risk.
For consumers, credit ratings fall into 5 bands, one star to five stars, where one star indicates sub-prime credit customers and five [...]
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National Credit Score: Credit Jargon Explained
Posted on 15. Feb, 2010 by emilythomas.
Your National Credit Score is a credit score based on the information in your Experian credit report. It is a number between 0 and 1,000. A higher score suggests that you will probably find it easier to borrow money or buy goods on credit and may be offered better deals than if you have a [...]
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Consumer Credit Act
Posted on 08. Feb, 2010 by emilythomas.
The Consumer Credit Act (CCA) establishes rules for credit providers and gives details about the rights of those applying for credit. For example, if you’re applying for credit and are rejected, you have the right to be told the names and addresses of any credit reference agencies with which the credit provider made an enquiry [...]
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Identity Theft & Fraud
Posted on 25. Jan, 2010 by emilythomas.
Identity theft is when Person A uses Person B’s identity (name, date of birth, current address or previous addresses) without their knowledge or consent. These identity details are often used by Person A to obtain goods and services in Person B’s name.
Criminals can get hold of your identity details in many different ways by going [...]
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CIFAS Helps to Prevent Fraud
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Remortgaging
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Debt Relief Orders
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Tips on Saving & Paying for Education: Part I
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Chris: For a secured credit card with consumer friendly t...
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Ima Victim: Thank you for your reply Emily. Re CIFAS websit...
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