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Welcome to Free Credit Knowledge, we hope you find all of this helpful.  You can also sign up for our online credit information workshop to learn more or even take our online Free Credit Information E-Course.  Enjoy your stay and alway make sure you are taking care of your personal health as well as your credit health for the sake of both you and your family.

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What is Credit?

Well, the short of the whole is that credit is basically you reputation for maintaining payment agreements on bills or other financial obligations. This reputation you develop will determine what kind of permissions you have access to for obtaining goods and services to be paid for upon a later date or scheduled payment plan. This reputation is in recognition of your prior acts of payment that establish a sense of your credibility and trust with previous creditors.

Credit Report Video

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Types of Credit

Secured Credit:

Basically, there is a type of security as collateral to establish a form of protection for the lender should you default in you agreement for repayment.

Examples:

Car Loans, Home Mortgages, Personal Property Loans

Unsecured Credit:

Unsecured credit usually comes at a higher cost and shorter term due to being viewed as a higher risk loan. This is because you agreement to repay is not backed by some sort of property or collateral and much more vulnerable to lenders should you default in you payments.

Examples:

Credit Cards

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