FAQs On Credit Part 1

Category: Finance, Credit.

FAQs On credit Part 1. Incorrect items on your credit report will negatively impact your overall credit score which in turn will cost you thousands of dollars of interest when you get loans for your car or house.

Nowadays, with identity theft rampant and possibility of data entry errors it is a high probability that your credit report contains entries that do not belong to you. The better your credit score, the more favorable interest rates you will receive from the banks and lenders, which means direct savings to you. Why is my credit score so important? So credit. repair is a good option. Banks, lenders and credit card issuers use the credit score as a universal means of assessing your credit risk and credit worthiness. When your credit score is high, lenders are willing to issue loans to you at lower interest rates.

The credit score is calculated by the three major credit reporting bureaus( TransUnion, Experian and Equifax) , and is a reflection of several factors, including your past payment history, on time payment record, amount of loans you have, etc. And the lower. the interest rate, less money you will pay in interest on your loan. In addition, some people with excellent credit scores can even qualify for a no money down mortgages. On a big purchase like a car or a house, relatively small reductions in interest rate could mean thousands of dollars in savings to you. Why do- it myself? Hundreds of thousands of dollars in fees are lost each year by consumers choosing the wrong credit counseling company. Hiring a reputable credit counseling company to assist you to improve your credit report could cost you upwards of$ 1, 50However, there are many firms that make big claims but do nothing to help you.

For a substantial fee, these credit counseling companies claim the ability to repair your credit with a snap of a finger. The Federal Trade Commission( FTC) puts out a brochure titled, "Consumer Tips: Self Help May Be Best" . Unfortunately, many of these companies are a fraud or shaky reputation at best- they do nothing to improve your credit report and disappear with your money. In that article FTC strongly recommends that consumers not take the risk of hiring someone and save their money. They further suggest that consumers educate themselves with the repair process and take the responsibility of repairing their credit into their own hands.

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What Do Most Credit Card Holders Look For In Their Credit Cards - Guadalupe Pauls's Finance and Credit blog:

What do most credit card holders look for in their credit cards?

Your Past Credit History Will Not Matter Anymore - Finance and Credit Articles:

When you apply for a loan or credit, the financial institution will first get your personal data and would need relevant background information on your financial status and credit history. This way, they would evaluate your ability to pay and how well you can keep up with your dues.

The Word Is Credit - Molly Mclaughlin's Finance and Credit blog:

Yes, approved! We have reduced the result of a credit transaction to the two previous statements.