Credit Reports
A Credit Report is a detailed report of credit history that is gathered by three credit bureaus; Transunion, Equifax, and Experian.
Credit transactions including personal loans, mortgages, credit cards, medical bills and car payments are some of the things that can be on your credit report.
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Lenders look at your credit report to determine your creditworthiness, your credit report carries a lot of weight.
They affect nearly every aspect of your life and certainly affect how lenders, potential jobs, auto insurers and business partners will view you.
What Credit Reports Are Not
Credit reports do not include your income, marital status, assets, age or location.
They are also not permanent.
After seven years, your report will knock off accounts that are seven years old.
You can also always improve your credit, whether it is by taking out a loan to pay everything off or starting to pay your bills on time.
Using a credit monitoring service can help you stay on top of your credit report and make sure you are doing everything you can to maintain a high score.
What The Numbers Mean
Your credit score is calculated on a formula based on open credit card utilization, on-time payments, accounts in collections, bankruptcies, foreclosures, liens, age of credit lines, total amount of accounts and hard credit inquiries.
All of these things determine what score you credit is at.
Having a great credit score makes it easier for you to get a loan, and you end up paying less money in interest.
Make Credit Reports Work For You
Monitoring your credit is very important, any errors on it needs to be reported to the credit bureaus as it can dramatically hurt your score.
It is illegal for a credit bureau to report inaccurate information. That is why it is important to regularly monitor your credit score.
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As America’s trusted source for debt relief solutions, we aim to empower you with financial knowledge that can lead to informed decisions, whether it’s about savings, investments, or managing debt.
If your debt has become unmanageable and you have difficulty making your debt payments each month, then you should consider a FREE consultation call with one of our certified Debt Consultants, who can provide personalized debt relief advice tailored to your specific needs.
By taking proactive steps today, you can put an end to your financial stress and work towards a brighter financial future.
Remember, there is always hope for debt relief, and our team of experienced professionals are ready to guide you on your journey to regaining control of your finances.
For more information on Americor’s debt relief services, contact us today to see how we can help you eliminate your debts, and get on the fast-track to becoming completely debt-free!