Scoring Credit - Know Where and How, Now!
Scoring Credit - Like me you are looking at ways to improve your credit score, I've trawled the top 100 websites on Credit Scores and want to share my unbiased information with you.
You may be asking yourself the following questions? I can help with these.
There are three main credit report agencies in American - they have been around for years and dominate the market.
Be careful as these companies are private companies and only interested in creating profit, they can, at times offer poor service, even loose your financial data, but most of the time will try and up sell you on products and services you may not really need.
You also need to be aware of the other companies that will also sell you services, they are partners of the big three but are less regulated by the government so you need to act cautiously when considering buying form these companies - they are:
When you obtains credit, the creditor will reports your payment history to these big 3 main bureaus in their databases.
A credit score is determined through several factors.
This includes the history of your credit, your accounts, debt history, etc.
With each of these factors, points are then given that determine a high or low with each part.
What is a Good Credit Score? A good score is above 650, you will get a good interest rate and get accepted to most loans.
Be warned, if you go below this score it could add an additional $1500,000 on only a $160,00 loan, over 30 years.
It's worth trying to improve your Credit Score.
Tell me what factors influence my credit score? Payment History 35% Amount Owed 30% Length of Credit History 15% New Credit 10% Types of Credit Used 10% Probelms with Credit Scoring? It's usually done monthly but may be done on an irregular basis.
These companies accept the information as it comes in electronically and they do not check the information for errors or identity theft.
Credit Scoring History The first independent third-party consumer reporting bureaus in America were established in the mid-1800s.
National in scope and operating much like a modern-day franchise system.
These were set up as a network of offices across the country.
How Credit Scoring Works Now As we developed into a more mobile population it overwhelmed the existing credit agencies.
Now a more scientific system was needed.
So it could quickly track information on hundreds of millions of people.
A big help were plastic credit cards helped.
It's a Great Idea to check your Credit Report Often Did you know that 52% of all identity theft victims! They discovered they were victims of identity theft by monitoring their accounts.
Reference U.
S.
Federal Trade Commission, and the Council of Better Business Bureaus estimates identity theft costs $2.
5 billion a year to consumers (just in Canada!) Reference from CBC News Online A credit score is determined through several factors.
This includes the history of your credit, your accounts, debt history, etc.
With each of these factors, points are then given that determine a high or low with each part.
I really do sincerely hope this info gets your mind ticking over.
I hope it provides you with a few tips and provides you some good Scoring Credit advice to think about when getting your credit report.
To get more advice and information on Credit Reporting Agencies, or Credit Score and Credit Reports click on www.
credit-reporter.
net [http://www.
credit-reporter.
net]
You may be asking yourself the following questions? I can help with these.
- So, What is a credit score?
- Tell me what factors influence my credit score?
- How does my credit score really affect me?
- Give me a range or what is a "good" credit score?
- Tell me ways to improve my credit score?
- So, what is this credit scoring?
- I want to know how is a credit scoring model developed?
There are three main credit report agencies in American - they have been around for years and dominate the market.
Be careful as these companies are private companies and only interested in creating profit, they can, at times offer poor service, even loose your financial data, but most of the time will try and up sell you on products and services you may not really need.
You also need to be aware of the other companies that will also sell you services, they are partners of the big three but are less regulated by the government so you need to act cautiously when considering buying form these companies - they are:
- PrivacyGuard.
com - They site is owned and operated by Trilegiant. - IdentityGuard.
com - Owned and operated by Intersections. - myFICO.
com - Providian
- AutoCreditScores.
com
When you obtains credit, the creditor will reports your payment history to these big 3 main bureaus in their databases.
A credit score is determined through several factors.
This includes the history of your credit, your accounts, debt history, etc.
With each of these factors, points are then given that determine a high or low with each part.
What is a Good Credit Score? A good score is above 650, you will get a good interest rate and get accepted to most loans.
Be warned, if you go below this score it could add an additional $1500,000 on only a $160,00 loan, over 30 years.
It's worth trying to improve your Credit Score.
Tell me what factors influence my credit score? Payment History 35% Amount Owed 30% Length of Credit History 15% New Credit 10% Types of Credit Used 10% Probelms with Credit Scoring? It's usually done monthly but may be done on an irregular basis.
These companies accept the information as it comes in electronically and they do not check the information for errors or identity theft.
Credit Scoring History The first independent third-party consumer reporting bureaus in America were established in the mid-1800s.
National in scope and operating much like a modern-day franchise system.
These were set up as a network of offices across the country.
How Credit Scoring Works Now As we developed into a more mobile population it overwhelmed the existing credit agencies.
Now a more scientific system was needed.
So it could quickly track information on hundreds of millions of people.
A big help were plastic credit cards helped.
It's a Great Idea to check your Credit Report Often Did you know that 52% of all identity theft victims! They discovered they were victims of identity theft by monitoring their accounts.
Reference U.
S.
Federal Trade Commission, and the Council of Better Business Bureaus estimates identity theft costs $2.
5 billion a year to consumers (just in Canada!) Reference from CBC News Online A credit score is determined through several factors.
This includes the history of your credit, your accounts, debt history, etc.
With each of these factors, points are then given that determine a high or low with each part.
I really do sincerely hope this info gets your mind ticking over.
I hope it provides you with a few tips and provides you some good Scoring Credit advice to think about when getting your credit report.
To get more advice and information on Credit Reporting Agencies, or Credit Score and Credit Reports click on www.
credit-reporter.
net [http://www.
credit-reporter.
net]
Source...