Equity release is a simple scheme which enables a home owner to borrow money of the said property all the while retaining possession at its full capital value and not having to worry about making repayments for the mortgaged property. There are a number of known advantages of equity release thus making it a very lucrative scheme of mortgage which can provide you with a lump sum amount of money.
The different types of equity release normally include:
Interest payment flexible lifetime mortgages: the biggest advantage of this kind of equity release plan is the flexibility of payments that can be made against the mortgage. This scheme is applicable for people who want to make regular payments despite having the option of making no mortgage payments on a monthly basis, allowing the interest element to accrue. this way full or part payments can be made regularly against the mortgage for equity release.
Interest payment lifetime mortgages: There are a number of people who want to take out equity on their homes, which has been made possible with this particular type of equity release. The monthly interest that accrues is the only payments which have to be made against the mortgage. This will reduce the value of the equity release taken over the home over time.
Protected lifetime mortgages: These are basically short lifetime mortgages with pans which can eventually guarantee an inheritance from your family, at the end of the equity release plan. A part or percentage of your priority has to be elected to be reserved for the next heir, in case you want to retain after equity release.
Enhanced lifetime mortgages: These equity release plans are very beneficial for people who are suffering from certain medical conditions. Enchanted lifetime plans can mainly help get more money than what you would normally get out a life time mortgage at very beneficial rates.
Drawdown lifetime mortgages: These mortgages are more flexible which allows you to draw money against the mortgage at various stages rather than receiving a lump sum amount for the same. Th interest will be applicable only for the portion of money drawn which is an added benefit. Your property ownership does not get affected in the process.
Lifetime mortgage: This is the most popular form of equity release mortgage, which simply explained is an amount received, a tax-free loan secured against the property with you still retaining 100% ownership of your home or estate. There are no monthly payments that need to be met in the case of this mortgage with the lump sum interest amount on the mortgage to be paid after the property has been sold or released.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.