Credit
Rating
Your
credit rating is also known as your
credit score...
From: Kate Rieger,
President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Wednesday 02:10pm
Kate Rieger
Credit Rating Factors
|
Credit report information is readily
available to any qualified party. Credit
reports were developed to provide an
source for lenders to evaluate the risk
potential of someone borrowing money.
Banks, a mortgage lender, an apartment
rental manager, utility companies, a
credit card issuing company and other
companies during legal proceedings.
Credit Rating
Each credit report will contain
different information because retailers
and creditors only report to the agency
in their area or with whom they have an
agreement. These factors directly impact
your credit rating - credit score. You will see that it is
divided into four main sections:What do FICO scores ignore?
- Your race, color, religion,
national origin, sex, or marital
status.
- Your age.
- Your salary, occupation, title,
employer, date employed, or
employment history.
- Where you live.
- Any interest rate being charged
on a particular credit card or other
account.
- Certain types of inquiries (such
as promotional, account review,
insurance or employment-related
inquiries).
- Credit counseling.
- Any information not found in
your credit report.
- Any information that is not
proven to be predictive of future
credit performance.
Report Sections
- Personal information
- Account histories
- Public records
- Inquiries
Personal information
Double check the accuracy of your
personal information. This will include
your name, address, phone number,
previous addresses, date of birth, and
Social Security number (SSN).Account history or trade line
- Date you opened the account
- Type of credit account (either
installment, such as a car loan or
mortgage, or revolving, such as a
credit card)
- Name(s) on the account
- Total loan amount, credit limit,
or highest card balance
Amount you currently owe
- Amount of your monthly payment
- Account status (either open,
closed, inactive, paid, or other)
Account payment status
Credit bureaus (credit agencies) vary as
to how they word various sections of the
report and should provide you with a
guide to reading their versions. One
agency might report in the last column
of an account history that you paid “on
time” or “30 days late.” Another agency
might use a numeric code to rate
how well you paid off a debt.
- R1 is the code used for an
excellent repayment history on a
revolving charge account.
- I1 is the code used for an
excellent repayment history on an
installment account.
- Obviously, the higher the number
next to either the R or I, the lower
your repayment history is rated. So
an R4 would indicate a history of
late payments.
Public records section
This includes any tax liens,
bankruptcies, judgments, or other
financial-related legal matters.
Depending on the type of action taken,
these damaging records may stay on your
credit report for up to 7 to 10 years.
Inquiries
Hard inquiries are those
requests to pull your credit when you
apply for such things as loans or lines
of credit for services. Soft
inquiries result when companies
sending out promotional items to
pre-qualified individuals check your
history or when your current creditors
check your payment status. The soft
inquiries only show up on the report
that you order, not on reports pulled by
lenders.
While too many inquiries in a short
period of time can signal a red flag to
a lender, most credit scoring models are
least affected by this portion of your
report.
If you find errors in your credit
report information use our
dispute process to clear the up.
them immediately in writing. There is
more information about how to reach the
three main credit bureaus and other
and
credit score ratings. Are you ready
to start boosting your credit scores?
You can simply by enrolling in my free mini-course that I'd like to offer to my Kentucky
and Indiana neighbors --
Free!
I've just completed entitled
"Extreme Debt Reduction & Credit Score Boosting Strategies That 98% Of Borrowers
Will Never Know -- And How
You Can Learn These Strategies Too..."
Well, the title is a bit
long, but the course has 7 concise lessons that you can refer back to at any
time. To
start this free, online mini-course, please complete the short form below
and you can start immediately -
Yes Kate - I
want to start today!
What others are saying...
Hi Kate,
I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your
program is terrific.
You give an awful lot of personal attention that can never come from a computer
program.
Thanks for everything - I mean it!
Melissa
Louisville, KY
__________________________________________________
Dear Ms Rieger,
God Bless You!
You treated me like I was someone
important. I thank you for that and for showing me how to improve my FICO
scores. You are truly amazing!
Sincerely,
Roberta D.
Jeffersonville, IN
__________________________________________________
Credit Rejuvenations Rocks!
Dave
|
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P.P.S.
Remember, if you haven't done it yet, make sure you
get your free Special
Mini-Course entitled "Extreme Debt Reduction &
Credit Score Boosting Strategies That 98% Of Borrowers Will Never Know --
And How You Can Learn These Strategies Too..." by completing
the sign-up form above.
Warmest Regards,
 |
