On average, victims ofIdentity TheftOfficial Social Security & FTC Identity Theft Info labor for 16 months, waste almost 200 hundred hours of their personal time and fact act Mankato spend more than $1000 clearing their names. Other than Identify Theft, all of the examples listed above can be turned around - if you know how Credit Reports and Credit Scores work! The actual credit scoring system and credit report was developed by a company called Fair-Isaac (a quasi-governmental-type group). Today, all that Data is now managed by Trans Union, Experian and Equifax. These three companies have complete control fact act Mankato over what gets reported and how it impacts your credit scores and personal fact act Mankato credit reports. And every Lending Institution in the Country relies on data from one of the three companies - each and every single time they have to make a credit decision. creditscore Here's an example - US Bank uses Equifax, Wells Fargo Bank uses Experian and Honda Finance uses Trans Union.
Each assigns a credit score, based on the history in your credit report, which determines if you'll get the credit you're wanting....and what interest rate you'll end up with.
Credit Scores are generally broken down as follows - 700+ Score - you're considered Tier 1 - considered excellent by lenders and typically offered the best rates. 650 - 699 - you're considered Tier 2 - considered good by lenders and typically offered interest rates 1% - 4% higher than Tier 1 borrowers. 1 credit report 600 - 649 - you're considered Tier 3 - considered fair by lenders and typically offered rates between 8% and 12%. 550 - 599 - you're considered Tier 4 - considered poor by lender and typically offered rates between 13% and 22%.
350 - 499 - you're considered Tier 5 - considered very poor by lenders and typically offered interest rates similar to what the Mafia lends at. Recently, I've been seeing a lot of advertising on the Internet and TV offering to provide you a Free Personal Credit Report. Heck, there's probably 200,000 Web Sites that make that offer. Ok - listen carefully - almost 99% of those ad's are a crock. There are only two ways to get a FREE Credit Report. The second way is to wait for your once-a-year window to request your Free Credit Report. This is a newer program just recently put in place (2005) which was mandated by the Feds. denied credit free credit report The Web Site you need to visit to see if it's your fact act Mankato time to get Free Credit Reports is Annual Credit Report.com. Whether you can get the Freebie Credit Report now or not, there fact act Mankato is still one very, very fact act Mankato important piece of data missing....
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