![]() ![]() Payment History (35% of your score): This is exactly what it sounds like: the record of whether you pay your bills on time or not. ![]() Your scores are determined by the following five core factors: The data you see on your credit report is what the credit bureau uses to calculate your credit scores. No matter which report you’re looking at, you’re going to see scores that show how your credit ranks. ![]() “Credit card issuers, mortgage lenders and auto-finance companies have different criteria they use to make their lending decisions.” “ One of the main reasons that different credit scoring models exist is to serve the different needs of lenders,” according to Bruce McClary, vice president of communications for the National Foundation for Credit Counseling. There Are Multiple Credit Reports & Credit Scoresįirst, you should know there are different credit scoring models and credit reports, and there’s good reason for that. With so much importance placed on these reports, it’s important to understand what’s on them. ![]() Your credit report offers a snapshot of your financial health to anyone who reviews it, and that can be a lot of people, from cell phone providers and potential employers to lenders and credit card issuers. ![]()
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