Credit History is used to determine who’s eligible for the credit to purchase homes, cars or other loans. Just like everything else, a small change from your financial life is going to have a large impact on your credit score. While you’ll never know who’s creditworthy or not, it’s very easy to be influenced by a small change, especially on the job market. The first time you apply for a mortgage you applied for as an applicant, the first time there was ever a big credit story to tell you for free. Your first mortgage loan decision was very different than who you are now.
Before submitting any application a lender or credit report is going to check your score and determine whether or not you’ll qualify for the loan for which you’re seeking. Your score will then, for the first time in ten years, tell whether or not you’re a FICO score risk. This is important since you need to find out if you perform well with the lending institution for the loan to qualify for the loan. Lenders will also look at your credit history and fill out your credit report to assess your finances and risk.
Once you’ve determined that you’re a FICO score risk, it’s time to go online. Although most companies won’t hand your information over to anyone they know, sending a credit card and personal information is usually a good idea. If you’re not into that kind of hassle, the best way to go online is to a bank or a specialist card company. These companies look at a variety of different factors, including your credit report and FICO score.
When there are dozens of companies online, it’s best to choose the one that has the lowest fees and lowest upfront costs. Your report may not be the only place where you’ll see some of the results you hope for from the credit industry. Having a low or no fee online will not only save you money, it will help with the stress of paying back any credit card amount that comes in.
Once you’ve found a company you like, there are many others, but you can always go next. If possible, go through a loan specialist or a student credit card. Make sure you can find a company with the lowest fees and lowest upfront costs. And in the same way that you should go to the supermarket, go and shop with your friends. They’ll be happy to help you and you’ll be much more likely to pay them back.
Credit scores are another way that your credit history information gets used by credit card lenders to see whether or not you’re a highly rated borrower. These loan options, along with other financial products like home and auto loans, can also provide you with valuable personal information such as your name, address and telephone number. That data will help lenders find you a lender; it will also aid the decision making that loans you money.
How The Credit Reporting Companies Track Your Credit Report Online
Over the years, I’ve seen countless articles online in which reputable credit reporting agencies have claimed to track down crimes committed by thieves and scam artists. Truth be told, there isn’t much that can be done on the Internet to check out any kind of such activity. What’s more, the whole purpose of these agencies is to collect credit reports on potential targets. While many require that you sign a contract prior to having a chance to do your due diligence, none of the companies require you to.
One of the main purposes of these free market scams is to get you to give them your information. A typical scam would be to send free credit reports so that in the future they can “prescreen” you for possible credit frauds. These are not true credit reporting scams, and you ARE in fact buying their information. They are posting such phrases that you may as well give them your SS# to show that you would be willing to pay.
So what exactly are you doing here? Can you imagine how many steps it is to getting another copy of your credit history from one of the many sources that is available online? I mean, like the proverbial snowmobiles. Think about it. Are you planning on giving up your hard earned cash to a scam that has this information taken from you too? If you are, you simply can’t get out of that car or loan with nothing more left over than a cell phone.
So by all means, monitor your credit reports. If there is anything that you can do to get this information from one of the many sources, you’ll be very glad that all of the information has now been taken care of. Unless the site is carrying the sort of gold leaf that just happens to mention in your email, all of this information is sitting on your report online.