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[BUSINESS] Getting Credit Reports & Scores

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  • madchinaman
    Get your credit reports and scores Inaccuracies can end up costing you so carefully check these documents. http://money.cnn.com/pf/101/lessons/9/page6.html
    Message 1 of 1 , Jan 1 4:43 AM
      Get your credit reports and scores
      Inaccuracies can end up costing you so carefully check these
      documents.
      http://money.cnn.com/pf/101/lessons/9/page6.html


      While you're cleaning up your debt, order copies of your credit
      reports and credit scores, since the information contained in them
      will directly affect the interest rates you're offered on credit
      cards, mortgages and other loans.

      There are three major credit bureaus: Experian, Equifax, and
      TransUnion. Each collects information on your credit history, which
      is culled into a credit report. From that report, a credit score is
      derived. That score is a quick way for lenders to assess how risky
      you are as a potential borrower.

      The score most commonly used by lenders is the FICO score, developed
      by financial firm Fair Isaac. The higher your score, the less risk
      you pose to lenders and the more likely it is that you'll get their
      best available rates.


      When lenders review your credit reports and FICO scores, they take
      into account not only how much you owe, but also how much credit you
      have available to you. Too much of either and they may not loan you
      any more money.

      So when you get your reports, check for inaccuracies; the bureaus are
      required to investigate and correct them once you report them. Look,
      too, for things that may lower your credit rating, including open
      lines of credit you never use or accounts you thought had been closed
      long ago.

      The bureaus may have different information about your credit history,
      which means your credit score can vary somewhat from bureau to
      bureau. So it's important to view reports from all three.

      You can buy any of the bureaus' credit reports and FICO scores for
      $14.95 each from MyFICO.com.

      If you've been turned down for credit, employment or housing in the
      past 60 days, you may receive a free credit report from all of the
      three credit bureaus. Some states also allow residents to receive a
      free credit report once a year. And by the end of 2006, everyone will
      be able to get a free report from each of the bureaus annually under
      the Fair and Accurate Credit Transactions Act of 2003.
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