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We all know that our financial transactions are reported to credit agencies that track how well and how quickly we pay our debts and that when we apply for a loan for one reason or another, those agencies report our credit history to prospective lenders. However, most of us don’t know a great deal about how that actually happens and how our credit is rated.
The fact is that credit reporting has evolved to an industry all of its own. Just a few short years ago, when someone applied for a loan, he or she put down credit references – retail stores, banks, or other people or places with whom they had done business in the past. As a matter of course, the lender checked the references and decided whether or not to grant a loan based on an amalgamation of the responses from them. That really isn’t the case any more.
Instead, there are three major agencies that track everyone’s credit and provide a credit rating when contacted by a potential lender. The three agencies are Equifax, located in Georgia; Experian, located in Texas; and Trans Union, located in Pennsylvania. When someone applies for a loan, the lender generally contacts one of these three agencies and obtains a credit score and the score helps the lender decide whether or not to make a loan.
Credit Scores
How is a credit score calculated? Until recently, that was one of life’s great mysteries, but over the past few years new rules and regulations have made the information more readily available. Your credit score is a number that ranges from 300 to 900, although the exact formula for determining that number is proprietary and is not released. This is how it works in general.
· 35% of the score is based on the history of how you have (or have not) paid your bills. The agencies track how many of your bills have been paid on time and how many haven’t, as well as whether or not any of them have been referred for collection. The more recently you have had a collection or failed to pay something on time, the worse your score will be.
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Several valuable resources for Home Loan can be found on this site...
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· 30% of the score is based on the debts you have at the time of the rating. It is includes car and home loans, credit card debt, retail store debt and the like. If you have several credit cards and they are all limited out, your credit score is lower.
· 15% of the total score is based on how long you have had credit. If you have never had credit or have only had credit for a short time, the lower your score will be.
· 10% of the score is based on the number of inquiries that have been received about your report, particularly if there are several in the past year.
· 10% of the score is based on your current credit and the types of credit you have. The number of credit cards and loans you have, as well as the available credit you have on your credit cards and considered.
Because your credit score is based on these factors and they are constantly changing, your credit score changes along with them. Therefore, there are things you can do to change your credit rating and bring it up.
Changing your Credit Rating
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Additional commentary and news regarding
Home Loan
can be found
below... |
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The first thing to do is get a copy of your credit report and make sure there aren’t any mistakes on it. If there are, take steps to get them corrected. Errors in reporting do occur, although the credit bureaus would like for you to think they are foolproof. Here are a few more tips to improving your credit rating.
· Don’t pay off the entire balance on your credit card. Keep about 75% of it paid and keep a 25% balance. This applies to multiple credit cards as well.
· Don’t get rid of your older accounts. Keep them open. The credit reporters look at the age of your accounts and the longer you have had a particular account in good standing, the better.
· Pay your bills on time. Experts say that this is probably the most important factor of all.
· Prevent inquiries to your credit report whenever possible. Your score drops with the number of inquiries.
The real key, however, is to only get credit when you need it and when you do get it, use it wisely. You can damage your credit rating with just a few late pays or collections and it may take up to a year of paying everything on time to build up a better rating.
| Ray Corbett |
Editor -
Home Loan
Facts,
Information
Resources And Benefits
| More Links And Related Information For Home Loan |
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The Single Most
Effective Method
You Can Use To
Do A FAST
Cost Or Benefits Comparison
That Will Save
You Both Time
And Money... |
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Just
as a
search
on
Google
connects
you
to
the
information
you're
looking
for,
'Ads
by
Google'
provides
links
to
products
and
services
that
are
relevant
to
your
Home Loan
search
results.
Recent
studies
have
shown
that
the
click
through
rates
of
organic
search
engine
results
and
the
click
through
rates
of
ads
are
virtually
identical!
Since
click
through
rates
are
to
some
degree
an
indication
of
customer
satisfaction,
this
is a
remarkable
statistic.
As a
result
of
these
studies,
our
pages
have
been
optimized
to
bring
you
only
the
most
relevant
and
informative
links
from
Google
for
websites
pertaining
to
your
Home Loan
search.
Some
of
these
resources
are
listed
below... |
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The Four Most
Important Things You
Need To Know About
Home Loan That
Could Save You
Time And Money!...It's
All About Integrity
And Service. |
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1.)
Is the website reliable? A high search engine ranking usually indicates a website of substance and quality. Search Engines don't rank sites for integrity. However, they do rank them for the overall accuracy and relevancy of the sites' content, and this it what is important to you.
Also, it
never
hurts to
check
with the
Chamber
of
Commerce
to see
if there
are any
complaints
from
former
customers. |
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2.)
What is the website's Privacy Policy? All trustworthy websites have a Privacy Policy statement that states their legal position with regard to the use of your name and personal information. The privacy statement is usually located on the home page at the bottom navigation bar. You do not want to provide your email address, only to be constantly spammed by a company's email advertising campaign in the future. What's worse, some disreputable companies sell the email addresses they have collected to other online companies, including porn sites. Read the Privacy Policy carefully before you provide any detailed personal information.
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3.)
Does the company have a Terms Of Service agreement on their website?
After you have selected a
Home Loan
Website, read their Terms Of Service Agreement, usually located in the bottom navigation bar of the home page. This agreement will cover the responsibilities of the
Home Loan provider if you choose to
use
their
products
or
services. If you don't see a terms of use or service agreement on the home page, ask for a copy to be emailed to you. |
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4.)
Does the firm advertise with Google, Yahoo or MSN? Simply advertising with one of these search engine giants isn't a guaranteed a seal of approval. However, no
Home Loan
website can advertise with the above companies without first being accepted as a client. The main criteria for all search engines is relevancy. Their advertisers must provide quality information related directly to the consumers' search
objective.
All
major
search
engines
have
rules
for
their
advertisers
to
attempt
to
prevent
fraud. |
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While
following
the
above
suggestions
will not
guarantee
that you
are
dealing
with a
reputable
company,
it will
increase
the
odds.
Anything
you can
do to
prevent
being
ripped
off by a
potentially
unscrupulous
company
is
definitely
worth
the
effort,
since
you
could
easily
save
yourself
and your
family
hundreds
or even
thousands
of
dollars
by
dealing
only
with a
reputable
company.
Consider
some of
the
resources
on this
site and
check
them
against
the
rules
above.
Step #4
has
already
been
done for
you, as
all of
our
listings
are
clients
of
Google.
Most of
the
information
you need
to check
- other
than
rule # 1
above -
can
usually
be found
on the
first
page of
the
site...simple
and
fast.
It's
worth
the
little
extra
effort.
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Finally,
and most
important,
the most
accurate information
for
Home Loan
is based on many
variables and can
vary
considerably.
Check
with several online
resources to insure
that you are getting
the best information
possible for your
situation.
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