AbacusMortgageLoans.com Specializes in online mortgage loan options
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Personal Loans Bad Credit Unsecured Personal Loan People After Bankruptcy Credit Card Really Poor Credit Pay Day Loan
Description
Ever wonder how a creditor decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scoring has been used to help creditors evaluate your ability to repay home mortgage loans. Here's how credit scoring works in helping decide who gets credit -- and why.
Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points -- a credit score -- helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.
Because your credit report is an important part of many credit scoring systems, it is very important to make sure it's accurate before you submit a credit application. To get copies of your report, contact the three major credit reporting agencies:
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Great site and fantastic service
All I could have asked for this site delivers and guess what, they answer thier email and fast. They have a contact form where you can make comments or ask questions and usually the next hour or so you get an answer. Plus they do what they say they are going to do for you,,,,,,highly reccomend this web site. Franklin Jamae
- posted by Anonymous on Sep 7, 2006, 4:03 am
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