Credit Reports

The three credit bureaus - Equifax, Experian and Trans Union - each acquires and maintains their information independently; so the data they have on you may vary between them.

What Makes Up Your Credit Report

Once again, not all the data contained in your credit report is used to determine your credit score, and thus creditworthiness. Furthermore, some of the data may be inaccurate.

How to Review Your Report

As mentioned, at least every year you should attain and go over your credit report in detail. You should obtain a copy from each credit bureau, especially before considering a major purchase.

Some Fairly Recent Credit Statistics:

We now have a good amount of data about credit activity in the United States.

Credit Inquiries

What's a credit inquiry, and how does it affect your score? Do frequent inquiries really negatively affect my score?

Here is some key information that can help you maintain a strong credit score:

Credit Score Information:

Here is some key information that can help you maintain a strong credit score.

The higher your credit score, the more creditworthy you become. And ultimately, that's what lenders are all about: minimizing risk by approving and funding loans to creditworthy consumers. You then get better interest rates and you also get better terms with fewer conditions. Thus, if you want to improve your chances of being seen as a "safe bet" to a lender and convince them that you will repay your borrowed funds in a timely manner, you must maintain a solid FICO® score. This score will determine what your interest rate will be and if you get a loan in the first place.

Elements of Your Score

Before you can improve your credit score, you must understand what exactly makes up your score.

Are There Any Benefits to Being Reduced to a Number?

There are a few reasons why a quick, objective measurement of your credit worthiness could be a benefit to you.

Improving Your Score

Once you understand what determines your credit score, you can begin to bolster your chances of securing a loan on the best possible terms.

Credit Analyzer

You may be surprised to learn that over 70% of all consumer credit reports actually contain errors which negatively affect your score, and thus your ability to secure financing. Credit Analyzer offers 4 distinct services that you might want to consider.

Credit Resolution Form

We are not a lender. We don’t lend money. All articles on this Website are for informational purposes only. This Website refers all registrants to licensed Mortgage Brokers/Lenders that perform acts for which a real estate license is required.

 

All articles on this Website are for informational purposes only. This Website refers all registrants to licensed Mortgage Brokers/Lenders that perform acts for which a real estate license is required.