The Importance of Credit Reports And Scores

Credit Reports and Scores

Credit reports and scores are a fact of life in modern living, and affect everything from credit cards, to car and home loans, to whether we get the job we apply for.

Whether you want to buy a house to take advantage of the first time buyers tax credit of $8000, you want to move to a different residence, buy a car or pretty much finance anything you will need to understand your credit reports and scores. Without your credit report you will be walking in at the mercy of whoever you are trying to get credit from.

If you are looking at getting pre-approved for a mortgage you will want to find out what your prospective lender looks for to get qualified. Do they want a “middle” score of a certain level, do they take the average of your three scores or do they have other factors that they use in determining your credit worthiness? Whether they use the “middle” score or an average you will need to have your credit scores from each of the three major credit reporting bureaus – Experian, TransUnion and Equifax. The only problem is that as of earlier this year Experian would no longer offer your credit score in the traditional way instead they would be giving you their interpretation of the score.

This was disturbing as Experian is the only company that has the criteria with which they analyze your score and they have not divulged any information on how they go about it either. That means that you have no idea how to address any problems with your Experian credit report as you would no longer be able to get the detail that you got before. There are a number of ways to repair your credit and as many people who recommend methods that are at best quasi legal. There are some who recommend that you set up a business and apply for your Federal ID number and use that as a Social Security number to apply for new credit that will help your scores by giving you a lower debt to credit limit ratio.

Other recommendations are to close those accounts that you use rarely. This can help slightly if you have too many open accounts. Generally if you have more than seven revolving credit accounts it can have a negative effect on your scores. The only problem with this scenario is that by closing those accounts you also reduce your total available credit while increasing your debt to credit ratio thereby offsetting the gain in points you got by closing them in the first place. The overall effect will be negative as the debt to credit ratio is factored more heavily than the total number of accounts.

Another not quite ethical practice is to tell you to dispute any negative item on your credit reports and scores in writing in the hopes that due to the nature of the bureaus the chances are that they will have to remove the item temporarily as they will not be able to check it out in the 30 day period. However, it is almost certain that it will be back on your report as soon as the account in question checks back in with the bureau in question. This can provide a temporary boost to your credit score and get you a better rate if you act fast.

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Many individuals don’t realize until it is too late how easy it is to mess up your credit or that it can take years to repair. People are left to figure out and fend for themselves when it comes to protecting and maintain good credit. What do you do if you need a loan with less than perfect credit? A credit loan company has the answer. Credit loan company as the name suggests, provides lending options to people in need whose credit may not be in stellar condition. We focus on finding a credit lender who will best satisfy your individual financial needs. A credit loan company large network of qualified lenders do not require a credit check to be performed which means your approval status will not be determined by your current FICO score.

A credit company allows you to comparison shop for the best loan option available to you. If you meet  a credit loan company minimal requirements, you will be guaranteed a loan without any hassle or delay. To qualify you must be:

– A US Citizen;

– 18 years of age or older;

– Have a valid checking or savings account with direct deposit;

– Earn a minimum of $1,000 per month;

– Currently employed or receive regular income.

A credit loan company provides a secure, online application to be submitted at your convenience. Once your information has been reviewed and you have been matched with a lender, you will complete the finishing touches on your loan agreement. From there, the money will be transferred to your account by way of direct deposit. We know how painstaking it can be to wait for cash when you don’t have any. We work to provide you with the money you need as swiftly as possible. To ensure this process is done in a timely manner. We do not require you to fax over documentation. All needed information to complete your application may be submitted online.

We work with our customers to provide them with the service they deserve. We understand how frustrating it can be to be a approved while you wait for your credit to improve. We work with you so you don’t have to put your life on a financial hold until your next pay check comes through.