CREDIT + CREDIT SCORES
Why Do Lenders Use Credit Reports?
It is the only tool available to see how a person treats credit, so lenders look at the following information:
Payment history - is credit paid on time?
How many companies issued credit?
What kinds of credit? Auto loans, student loans, home loans, credit cards, personal loans, recreational merchandise loans
What are available credit limits and debt obligations
How long has credit been established?
Are there any collections, liens, judgments, government claims, bankruptcies or foreclosures?
Are there authorized user accounts? Who pays this bill?
Credit Affects Your Life
It can affect where you live
It can affect what you drive
It can impact the choices available to you for many years to come
Credit Score Calculations
Mortgage late payments matter
Collections, government claims, judgements and liens matter
How old are bankruptcies / foreclosures
Do collection amounts exceed the amount allowed for the loan type
Would you like to learn more about your credit? Request your free credit analysis.