Many people are unaware of what a credit score actually means. In
fact, a survey of 1,000 Americans taken in September 2004
demonstrated that only one third of people knew that a credit score
was a measurement of how likely a person is to pay off a loan.
Having a good credit score is necessary when it comes to applying
for loans for cars, mortgages, and credit cards. Furthermore,
having a bad credit score can lead to denial of basics such as a
phone line in your home. Therefore, it is important for consumers
to understand how a credit scores affects them and how it is
determined in the
first place.
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Calculating the Credit Score
- Credit scoring makes possible the expansion beyond the traditional tiers of "preferred, standard, standard." With more tiers, consumers can be identified for higher rates because of their place on the credit scoring scale.
- In most states, insurer changes to underwriting guidelines receive no scrutiny. Consequently, an insurer could simply raise the cutoff score for rating tier eligibility by, say, ten points, and effectively create a 10% ing a rate filing or any other regulatory oversight.
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In essence, a credit score tracks how well a person incurs debt and
how good that person is at paying the bills on time. Businesses,
including lending institutions, look for a high score with
potential customers because the higher a person's credit score, the
more likely that person is to be responsible with finances and the
more that person can be trusted to pay back debts.
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A credit score may vary from one credit-reporting agency to the
next since they do not all necessarily receive the same information
from businesses. Some businesses report to all three of the major
reporting agencies, while others may only report to one or two. In
addition, the statistical pool used by each agency may vary
slightly, leading to a different credit score. All of the agencies,
however, utilize the same software when it comes to determining
credit scores. Fair Isaac and Company (FICO) develops this software
and, therefore, the credit score is often referred to as the FICO
score.
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Score Factors
How To Improve Your Credit Score If you apply for mortgage finance, you do not know if you will get approved for the loan and what the percentage rate will be. Both of these depend on your credit score. The better you credit score is, the higher your chances of an approval at a low rate. Credit scores are based on the information in an individual's credit report. Lenders use credit scores to evaluate the potential risk posed by lending money to consumers
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A person's credit score is not static. It changes all the time.
Every time a bill is paid on time or late it is reflected on the
credit score. In addition, each time a person takes out a new loan
or applies for a new credit card, the credit score changes. This is
because the credit score is based on the person's financial history
and attempts to make a prediction at how responsible the person
will be in the future.
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The final score is highly objective and based on statistical data.
Points are gained based on specific factors such as late payments,
payment history, outstanding debt, and the length of time an
account has been open. All of this information is compared to the
statistics of people with similar profiles to determine a final
credit score.
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JP Burkhart recommends that you visit
credit score rating scale for more
information.
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