| |
| |
|
Kellys Credit Information |
|
|
|
Understanding Credit Report Score
Understanding credit report scores is important when you see your credit report because you need to be able to make some sense of it. Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. They all use your credit score to determine your credit risk. The interest the lender charges you is based on your credit risk. So you can see how understanding credit report scores is information that can save or cost you money. You need to find out what your credit score is before you talk to any lender in case there is something on your report that you may question. You don't want the lender to find a mistake that you aren't aware of. If you find a mistake, it takes at least 30-60 days before you see corrections in your credit reports and scores. You have probably heard that checking your credit will bring down your score. But checking your own credit report and score is counted as a "soft inquiry" and doesn't harm your credit score at all. Only "hard inquiries" from a lender or creditor, made when you apply for credit, will bring your credit score down a few points. Your credit report should have the three main credit services Experian, Trans Union and Equifax and each service will give you a different credit score. The credit scores will range between 300 and 870 with each credit service giving a different score. The higher your score is the better, because as your credit score increases, your credit risk decreases. The average high approval score where the best interest rates are offered is 680 or above. The credit score the lender uses comes from the middle score or an average of all three scores is sometimes used. Don't be surprised if you find an error once you get your credit report. Statistics show that 70 percent of credit reports contain serious errors. Those errors are what you want to clear up because they will affect your credit score. If you find a mistake, you have the right to dispute the information free of charge. Contact the credit bureau that provided the information and dispute the inaccurate information. Below are the names, addresses, phone numbers and web sites of the three credit bureaus TransUnion, Experian and Equifax. Equifax Credit TransUnion Experian You can also contact the creditor direct and ask that the corrected information be provided to the credit bureaus. If you suspect any fraud, contact all three credit bureaus immediately and place a fraud alert on your report. Then, contact your credit card companies and bank to protect your accounts. Understanding credit report scores and checking your credit report at least once a year will keep fraud in check and keep your credit score safer. Copyright © 2005 Credit Repair Facts.com All Rights Reserved. This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles go to: http://www.credit-repair-facts.com/articles_1.html
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
The Hazards Of Your First Credit Card You probably don't need me to tell you credit cards are easy to get a hold of; at least, that is so in the US and UK. How many weeks pass without a glossy brochure promoting a credit card popping through your letter box? And that's just your mail; the tv advertising budgets for credit card promotion are enormous, with some famous faces often adorning your screen, smiling beautifully as they tempt you. Building Good Business Credit After Bad Credit Can you establish good business credit if you have bad personal credit? The answer is yes.. Cash Advance - How Does It Work? If you want a cash advance or a payday/paycheck loan, you usually get a personal check. Some companies use your bank account or credit card in addition to or instead of a check. Credit Help for Real Estate Financing: Five Categories of Your Credit Score 1. Payment History -- 35%The number of accounts paid as agreed and a good payment history give you a higher score. Beware the Shopping Mall Monster Like me, you've probably been offered a fair old number of these by now.. Your Consumer Rights If you have ever fallen behind on your debts you already know that dealing with your creditors can be a hassle. Sometimes it can be downright humiliating. Stop Struggling Because Of Poor Credit And Improve Credit Rating Now Did you apply for a personal loan only to be turned down by a bank or lending institution? Like most people there is always a need to borrow money to buy a car or to renovate a home or even to get a student loan. There are many reasons why people need a loan and lenders turn people down from a loan application based on ones credit rating and credit score. To Repair Credit Is No longer Satisfactory - Learn How To Earn A Millionaires Credit In 30 Days... To repair your bad credit does not necessarily mean that you now have a good credit, absolutely not. When most people have bad credit, they either purchase a credit repair book or seek a credit expert help. Credit Counseling -- Why It Doesnt Work For Most Debtors "Cut Your Payments in Half!" the headline screams. "Consolidate Your Bills into One Low Monthly Payment!"When you see ads like this, they are often from Credit Counseling firms. Building Business Credit Most businesses want to be able to borrow money when they need it, without the owners having to guarantee the loans personally. This means less risk to the owners. Good Credit -- Essential for the Prospective Home Buyer Credit is a funny thing. It can be a useful tool in the hands of an informed individual, or a weight of burden to the unsuspecting. Credit Cards for Home Business It is wise for you to have a company credit card like a VISA card. How can you find the least expensive bank card for your business? You may decide to use a VISA card from your local bank. Credit Repair Companies and Credit Counseling Let's be crystal clear, right up front. Paying someone to "fix" your credit is a waste of your time and money, since the negative issues that are temporarily removed from your file will only reappear again in a couple of months. Credit Score - Reporting Your Financial Health Credit score is one of the most basic, determining factor while loan borrowing. Credit score is the criterion for the creditor to ascertain whether to give you credit or not. A Cure for an Ailing Credit Credit has become a much-used word, thanks to the various connotations that it is being used in. Transactions in which the payment is deferred to the near future are termed as credit transactions. Top 5 Credit Misconceptions We have all heard the rumors?from neighbors, relatives or friends. There are a wide variety of myths floating around about what you should and shouldn't do to improve your credit reports and credit scores. The Advantages of Credit Cards There are many evils associated with credit cards, but there are benefits that are hard to ignore. One benefit is having the credit card company act in your behalf to recover funds from a disputed transaction. How Your Credit History Can Affect Your Life Your credit history is an important aspect of your life. Maintaining your credit rating is very important to your future and to your lifestyle. Credit Cards - A Blessing or a Curse? Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. Consolidating Credit Cards Credit card consolidation is a popular solution for those with significant credit card debt, usually distributed on three or four different cards. Basically, this means putting all your debts together on a single card, like transferring it all to one loan.
|
| home | site map |
| © 2006 |
