Knowing your credit score is important
whether you're applying for a new credit card, shopping for auto loans or considering a new mortgage. Lenders use credit scores
to help them decide if you are a good credit risk. The higher your credit score, the more likely it is that you'll qualify
for the best rates around.
Until recently, consumers found it difficult to find out their credit scores. However, now you can see your score in seconds!
The three major credit bureaus, Experian, Equifax and Trans Union have similar scoring models that generate credit scores
based solely on their credit report data on you. There are also other credit scoring models in use, so your credit score can
be different depending on which model is used and on which credit report your score is based.
Additionally, if you are working with a lender, s/he should tell you the reasons provided for a low score if that score
is a factor in delaying or denying your loan application. A list of "score reason codes" comes with each credit score report
a lender receives. The codes explain the top reasons your score was not higher, such as too many inquiries or delinquency
on accounts.
Did you know you can get a FREE credit score when you order the 3 Bureau Online Credit Report? See all three of your credit
files in one, simple report. Plus you have the option to see your credit scores based on all three of your reports.
