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 Sam
Site Admin
Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
117.49 Dollars($)
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 Posted: Thu Apr 08, 2004 11:29 pm Post subject: Rating your creditworthiness |
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Credit rating involves an evaluation of a borrower's credit paying history and the risk involved in offering him further credit. Credit rating is required by lenders to judge whether the borrower has the ability of repaying his debts in time with respect to his financial status.
Features:
- Credit ratings are assigned based on an individual's debt paying history, a list of past and present credit accounts and their balances, employment history and personal details including the history of his past credit problems.
- It depend on whether the borrower has filed bankruptcy before or whether any debt collection agency has approached him for debt collection in the past.
- Such ratings also consider whether a borrower has ever come across foreclosure in mortgage or if any judicial statements are issued against him.
Lenders and credit companies generally provide credit rating. They review the credit information on the credit report of an individual. They also take into account the credit score assigned in the credit report by a credit reporting agency. Based on this credit score, lenders rate the credit status of a borrower. These ratings are actually grades like A-, B or C etc. The highest ranking is AAA and the lowest is D.
A good credit rating helps a borrower to qualify for loans with comparatively low interest rates. But poor credit rating may require him to pay back his credits at higher interest rates.
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Janet King
Guest
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| Posted: Wed Jun 07, 2006 5:33 pm Post subject: Credit Report |
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| Like to read me credit report |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed Jun 07, 2006 5:43 pm Post subject: |
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Janet,
For your information, each of the three credit reporting agencies has to provide you with a free copy of your credit report at your request once in each year.
You need not contact the three bureaus individually to get a free copy. They provide free annual report only through annualcreditreport.com, 1-877-322-8228 (phone number) and Annual Credit Report Request Service.
You may use any of the three ways to request your free copy. If you want another copy of your report within the same year, you can get from a consumer reporting company by paying a nominal fee of $9.50. |
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