Tag Archive | “credit scoring systems”

Credit Reports and Scores: What is a credit score?

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Have you ever wonder why you can go online and be approved for credit just within 60 seconds? Or get pre-qualified for a car and no one even ask you how much money you make? Or why you there is a difference between the interest rates of you and your neighbor?

The answer to these questions is credit scoring.

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Your credit score is a number that is generated by a mathematical algorithm, this is a formula which is  based on information in your credit report, compared to the information on tens of millions of other people. The number that you get as a result of this is a highly accurate prediction of how likely you are to pay your bills.

If it sounds mysterious and unimportant, you couldn’t be more wrong. There is an extensive use of credit scores, and if you’ve got a mortgage, a car loan, a credit card or auto insurance, then the rate you received was directly related to your credit score. As much higher the number is, the better you look to lenders. People who are having the highest scores get the lowest interest rates.

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Credit Reports and Scores: Check your Credit Report

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Whenever you have decided to apply for a loan or credit, records of your previous dealings with someone else’s money are essential.

It depends on a network of credit reporting agencies that whether you get that credit card, or not. These agencies either share information with, or they are owned by, three major credit bureaus. This report often constitutes a critical factor in credit scoring systems that are used by lenders in order to issue credit cards as well as mortgages or other loans.

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So, it’s a good idea to check your credit report if you’re considering to make a major financial move in order to know where you stand. By doing this you can be aware of any problems before they jump up and derail your plans and if necessary you may take effective steps to resolve them.

If there are any problems that have been found by you or if any potential creditors have discovered them, then you should take steps to rebuild that damaged credit and clean up that record.

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