Understanding,Credit,Report,Sc finance, share, loan Understanding Credit Report Score
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
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 P.O. Box 740241Atlanta, GA 30374Equifax 800-685-1111http://www.equifax.com TransUnion P.O. Box 1000 Chester, PA 19022Trans Union 800-888-4213http://www.transunion.com Experian P.O. Box 2002 Allen, TX 75013 Experian 800-682-7654 http://www.experian.com 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.
Understanding,Credit,Report,Sc