What is a Credit Score Report?
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One of the first steps in repairing or improving your credit score
is to find out what your current credit report looks like. A credit
report is a detailed report generated by a credit bureau for a
prospective lender. This report includes an individuals debts and
the timeliness of their repayment, employment and residence
history, any judgements, tax liens, or bankruptcies. Based on this
information, a credit score is determined which is a number from
400 for a low score and 900 for a high score. Credit scores are
used by lenders to determine if you qualify for a loan or service.
The lenders use these scores to estimate the amount of risk they
maybe exposed to by providing you with their services. Basically
the higher your score the less risk you represent to the
lender.
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Thinkpad Where can you get a Free Credit Report?
Additionally credit scoring systems such as Fair Issac (FICO) did not treat authorized user accounts separately when computing the credit score, so the son or daughter would inherit, so to speak, the favorable credit history of the parent. The result could be that even kids with limited credit experience who were authorized users with good credit parents might now have a strong FICO score. Of course, the reverse was also true, and many authorized users could inherit the bad credit from the parent, lowering their score.
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A Central Source has been setup for you to request the free
reports. You can contact the Central Source at:
www.AnnualCreditReport.com or by calling 1-877-FACTACT. The Central
Source makes the reports available to certain parts of the country
during certain times of the year.
What is a credit score Credit score scores are the result of credit scoring systems used by lenders to decide whether you qualify for credit cards, loans or other financial services.
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Also, there are three nationwide consumer credit reporting
companies where you can purchase a copy of your credit score
report. These are:
- New Personal Loan Gold Service (credit repair included) Clean Up Your Credit Report Remove negative items from your credit report and your credit score goes up!
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Equifax - www.equifax.com
We may ask credit reference agencies to provide a credit scoring computation. Credit scoring uses a number of factors to work out risks involved in any application. A score is given to each factor and a total score obtained. Where automatic credit scoring computations are used by Us, acceptance or rejection of Your application will depend only on the results of the credit scoring process.
Desktop Computer Experian - www.experian.com
Notebooks TransUnion - www.transunion.com
Lenovo It's a good idea to purchase the Credit Score Report along with
the free Credit File Disclosure report to get an overall picture of
your credit profile.
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New Credit Scoring System
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A new credit scoring system called "VantageScore" has been designed
to make it easier for financial institutions to assess loan
applications and also give consumers an easier way of measuring
their credit worthiness.
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The three credit agencies each have been using their own formulas
to generate their own credit scores, so lenders would have to
reconcile three different scores when dealing with a consumer's
application for credit.
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Now, using this new system, only one formula is used to create the
scores for all three credit bureaus, so the scores will be
virtually the same. This will provide a highly consistent score
that is easy to understand. The scores will range from 501 to 990.
The high end is slightly higher than scores currently in use. The
scores will be grouped in a way similar to academic grades. For
example:
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A -- 901-990
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B -- 801-900
Electronics
C -- 701-800
Canon
D -- 601-700
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F -- 501-600
Desktop Computers The new score is expected to reduce the fluctuation in a
consumer's scores by an estimate of 30 percent compared with the
old method.
Think Pad Deb is the owner and the author of
www.RefinanceBadCreditNow.com. A great resource for people with Bad
Credit where you can find information on Credit Reports, Debt
Consolidation, Auto Loans, Mortgages, & more.
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