Bad Credit Score

Posts Tagged ‘credit report’

In the present times, the importance of the free credit score is massive; as it is the only way through which that you can easily avail and apply for the credit cards. A credit score is an indication of a person’s financial credit worthiness. It is basically used to confirm whether the person qualifies for a loan or other credit that is based on whether he or she has pay back his or her last loan adequately or not.

This facility is generally used by the financial institutors, banks or other lending companies for estimating how risky the individual is. It even helps them to know as how large a loan can be given and at what rate of interest. In other words, a credit report is a sign of the past credit status of the borrowers. Basically the credit report is essentially a legal document that contains detailed information such as the name, address, marital status, social security number, etc. Read the rest of this entry »

There are three major credit reporting agencies, Equifax, TransUnion and Experian. They provide the credit report once in 12 months to the consumer after they request for it. Earlier it used to charge for this but now they are free.

A credit report is comprised of your payment history, listings of your account, balances and your payment behavior for each loan or creditor. It is not a credit score. But credit scores use the information on your credit report in their calculation. Read the rest of this entry »