A credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, information typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system. You can order credit score from below.
How to Get 3 Bureau Credit Score Report :
Firstly, let us know which are these three bureaus which have the credit score information [three in one credit report]. The three Credit Card Report Score Bureaus are :
- TransUnion
- Experian
- Equifax
These are the providers of the data for your credit card analysis. The credit score is usually calculated by software created by FICO (Fair Isaac Corporation). The important parameters that were considered at the time of calculating the respective score include types of credit used, total amount owed, payment history, new credits, delinquent accounts, negative credit record, and length of your credit history.
WHY DO I NEED TO CHECK MY CREDIT SCORE?
The higher the credit score, the more are the chances of getting your loan approved at a desired rate of interest. As a matter of fact, 90 per cent of the new loan applications are now approved for a credit score of more than 700.
Why Credit Scores Really Matter and How Does it Help ?
Your personal credit report is your creditworthiness report. It would be helpful when you need any loans, banks or financial institutes. You can get instant credit report online if you need to check how is your credit history and performance.
