Typically, credit bureaus are private companies, sell your credit scores and reports for lenders to request copies of the request in the event that you for a loan. The first thing that lenders check when you submit a loan application to determine whether a loan, mortgage or a credit card is your credit score. This is because, before it is to borrow money, you decide, they want to know what kind of risk you will know.
Credit score scales are calculatedthrough a complex mathematical algorithm that factors commonly involved in the credit claims decisions. These factors include payment history, credit standing, credit available to existing or current debts, bankruptcies, if any, among others.
The most widely used credit score calculator from United States three major reporting agencies, Equifax, Experian and TransUnion, which is the Fair Isaac Corporation developed as Fico.
Fico is asignificant because it is one of the factors to obtain the assessment in the United States.
– Free Credit Report
Since each of the different agencies use different rating systems for their credit ratings score, each based on different factors, it is very likely that your credit score, issued by the office is issued by the two other differently.
The cost savings of a non-FICO score are tempting to some banks and credit card companies have a precise riskAssessment on millions of accounts each year.
Lenders use your credit card score, now base their decisions on facts, not on personal feelings or factors such as gender, race, religion, nationality and marital status, thus reducing discrimination in credit approval. Lenders are not allowed to bring your score to check if you opt for a loan or a mortgage with them, but now you can also have your own guests.
If your request directly with the credit –Offices, it can participate for a small fee. Checking your credit score regularly will avoid any complications, but did not check more than once a year. If you want to buy a car or buy a country, through mortgage, it is advisable to know your credit score. If you request your credit report and score, you need the following information: name, address, Social Security number (usually only the last four digits) and date of birth. TheInformation will be used to verify your identity and protect your free credit report and score of would-be identity thieves and fraudsters.
READ MORE http://www.freecrditreport.pannipa.com/2009/10/27/credit-reports-unmasked/
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