CONSUMER CREDIT MANAGEMENT IS YOU

2007-03-08 10:33:40

( Financial )



Consumer credit management works effectively with the interplay of roles among government, businesses and consumers. Well organize and widely effective consumer credit management initiatives result from the coordination among these institutions. Involving the role of the government and businesses lifts the sole responsibility on the consumers to manage personal finances.

Government

Legislature passes laws to protect consumer literacy programs and improve access and guidelines to consumer credit reports. Government line agencies work with business organizations to ensure implementation of these legislations. It initiates measures to promote consumer credit management through fraud protection.Consumers are also guided to understand credit and how the credit systems work.

Businesses

Clear guidelines on identity verification prevent identity theft on credit cards accounts and online credit accounts. This usually happens at the level of financial institutions, merchant establishments and credit information agencies during anomalous credit transactions. Millions of consumers face debt burdens from these transactions. Unless businesses set up measures to protect credit information, many consumers will incur debts from anomalous transactions.

Lenders’ responsibility is not limited to giving out loans. Its service extends to education of consumers on credit process and provide better financial information. Its service should be geared towards consumers making sound financial decisions.

Consumers

Consumers benefit from the services of the government and business. These institutions serve to safeguard consumers’ financial interest. But these initiatives will go to waste if you do not participate in the process. You must initiate to educate and protect yourself. Be an active participant in the process of consumer credit management. Know your credit limit. Do not borrow beyond your means. Seek out government and business programs designed to help you. Start consumer credit management within yourself.

You can start managing your personal finances by protecting yourself from future risk in your income, which will eventually impede your loan repayments. A hole in one insurance, which includes loan protection cover and other risk management benefits, is a good preemptive start on your part.


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