Smart financial management involves protecting credit, mastering frugal living, and understanding legal obligations like tax filing and property transfers.
If you have an unpaid debt to a credit card company, to the state or IRS, you could have your checking account garnished. Creditors commonly use two methods to obtain money from people in default on their loans and credit cards: Wage garnishment up to 25 percent and checking account garnishment.
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A credit check is used to determine someone’s creditworthiness. A credit check can be as simple as getting an applicant’s FICO score or credit rating number or as complex as pulling a merged report of all three credit reporting agencies—Experian, TransUnion and Equifax.
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