What is a Credit Score?

Search For Homes


You credit score is a number based on the information in your credit file that shows how likely you are to pay back on time. The higher your score, the less risk you represent. The credit score that lenders use is called a FICO score. You FICO score helps a lender determine whether you qualify for a loan and what interest rate you will pay.

Related Links:

Credit Score…

Consumer Website for Credit Information:

What Are The Three Credit Agencies?

What is in a Credit Report?


Contact me for more information.

Credit Score…

Search For Homes


When applying for credit, whether you are purchasing a car, home or applying for a credit card, lenders want to know you credit risk level. Credit scores indicate to the lender your credit worthiness or if you will pay back the money that was extended to you.

Your credit score influences the credit available to you and the terms that the credit is offered to you. A better score means better financial options for you.

Related Links:

Consumer Website for Credit Information:

What Are The Three Credit Agencies?

What is in a Credit Report?


Contact me for more information.

Consumer Website for Credit Information:

Search For Homes


http://www.myfico.com/

http://www.annualcreditreport.com/

Visit the websites listed above to pull your own credit report.


Related Links:

What Is In A Credit Report?

What Are The Three Credit Agencies?


Contact me for more information.

What Are The Three Credit Agencies?

Search For Homes


The 3 national credit bureau systems in the United States are:

Equifax

Experian

Trans Union


Related Links:

Consumer Website For Credit Information

What Is In A Credit Report?


Contact me for more information.

What is in a Credit Report?

Search For Homes


Identifying Information:
Consumer name, social security number, date of birth and employment information. Updates to this information comes from the information supplied by the consumer to the lenders, who report to the credit agencies.

Trade Lines:
Lenders report on each credit account. They report: the type of account (bankcard, mortgage, auto loan, etc.), the date opened, the credit limit and the payment history.

Inquiries:
When a lender requests a copy of a consumer’s credit report, that inquiry will display on the credit report. The inquiries section of the credit will show a list of all the lenders that have accessed the credit within the last two years. There are voluntary inquiries that are initiated by the consumer and involuntary inquiries such as pre-approved credit offers in the mail.

Public Records and Collection Items:
Public records include bankruptcies, foreclosures, lawsuits, wage attachments, liens and judgements.


Related Links:

What Are The Three Credit Agencies?

Consumer Website For Credit Information


Contact me for more information.