Check Your Credit Report

Dated: 11/02/2018

Views: 15

Credit card companies and lenders rely oncredit scores, which determine someone'schances to borrow money - and howfavorable the terms will be. Scores rangefrom 200 to above 800. Scores below 620 areconsidered risky; 720 and over are excellent. 

There are five categories of scoring:

 paymenthistory (35%); 

amount owed (30%);

 length ofcredit history (15%); 

new credit (10%);

 andtypes of credit (10%). 

Lenders receive yourscore and "reason codes," which are the keysto improving your score.

Notify the credit bureau of inaccuracies, alongwith copies of documents that disputeincorrect entries. Close accounts not in use.Request that late payments older than sevenyears be removed. Verify and update accountsand account numbers. Verify your address andSocial Security number..

 To improve your score:

 • Pay your bills on time.

 • Reduce outstanding debt.

 • Build up your savings. 

• Don't fall for illegal schemes that help create anew credit identity.

Check your own score yearly by orderingreports from the three major credit scoringcompanies:

 Equifax (www.equifax.com), 

Experian (www.experian.com), 

andTransUnion (www.tuc.com).

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Gina Eckert

I have always enjoy helping others, what better way than to help make the dream of home ownership possible. Let my expertise guide you through the home buying or selling process....

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