How Do Lenders View Credit Counseling Services?

How Do Lenders View Credit Counseling Services?

Typically consumers that have overwhelming debt have two options, either enter into a Consumer Credit Counseling Program or declare Bankruptcy. While the two options may have a lot of similarities, most will opt to enrolling into a Consumer Credit Counseling program for such reasons as it is more cost effective and easier to implement.

Many credit card companies and creditors realize that it would be more beneficial to actually work with debtors and make affordable payment arrangements than to pursue typical collection activities. Instead they work with each of the individual’s creditors to come to some agreement that will result into a reduced single payment plan, a consolidation of their debt, and or a reduction of interest rates and late fees – thus making it possible for the debtor to repay his or her debts over a period of 3 – 5 years. Once enrolled, the debtor will make a single payment to the consumer credit counseling service, and then the counseling service will make all the payments to the creditors.

One of the advantages of credit counseling services is to educate their client about debt management and budgeting.

The main disadvantage of enrolling into consumer credit counseling services is that many creditors will make a notation on the debtor’s credit report indicating that the debt is being managed by consumer credit counseling agency.

Another major issue that a client may experience is, even though they are making their monthly payments to the credit counseling service on time, the credit counseling service doesn’t make the payments to the creditors on time. Now this will reflect on the client’s credit report as late payments.

And to add fuel to the fire, it is not uncommon for the credit counseling service to make the payments on time, while the creditors are not accepting the reduced payment amounts. This, too, would negatively affect the consumer’s credit report.

However, if you are in the market to purchase a home or refinance, it is important to find a mortgage expert that specializes in helping individuals that have been enrolled or that are currently enrolled in consumer credit counseling services. The lender will request from the credit counseling agency a copy of the agreement which will indicating the date the consumer entered into the program, all the creditors involved, and the payment history of the consumer’s payments. From this information, the lender will then determine if the client qualifies for a mortgage loan. FHA LENDER’S understand that if the consumer has been making their payments on time to the consumer credit counseling agency, but the creditors have been getting their payments late, then that’s not the fault of the consumer and shouldn’t penalize them from purchasing a home or refinancing their home.

It is important to note that many lenders view credit counseling services as similar to a Chapter 13 bankruptcy, because both can entail a payment plan and re-negotiation of debt payments. (And, in fact, some people who are using a credit counseling service do end up filing bankruptcy because they still don’t have the income or money management skills to handle the payments.) So, in some cases use of such a service can be a negative.

However, many FHA Lenders recognize that if a person is attempting to handle debt responsibly by enrolling in these types of services, then that person probably takes their financial commitments seriously. In general, in order to get a mortgage the borrower must have a 12-month history of paying on time and a letter from the counseling service stating that purchasing a home or refinancing will not interfere with the repayment plan. Thanks to FHA Loans, consumer credit counseling services will not restrict the borrower from obtaining a low interest rate mortgage loan.

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Finding Direct Lender Payday Loans – What You Need to Know About Direct Payday Advance Lenders

Finding Direct Lender Payday Loans – What You Need to Know About Direct Payday Advance Lenders

There are several things that you should know when it comes to direct payday advance lenders, and the direct lender payday loans that they offer. You want to be sure that you are able to afford the payday loan, but you also want to be sure that it is going to be the best option for you.

First of all, when you are looking at direct payday advance lenders, you’ll find that the lenders are going to be more willing to work with you because of what they offer and because of the business that they are in. Remember, payday loans are often going to be easier for you to get than other types of loans will be, for the simple fact that they are going to have less paperwork, and aren’t going to have a credit check.

The eligibility criteria for payday advances are such that virtually anyone can qualify. If you have a computer and internet access you can apply right from the comfort of your own home. The main things you need are a job, social security number and a bank account. Each lender has own rules and requirements, and the details may differ sometimes to a large degree.

This means that you’ll be able to get them without as much hassle in most cases as some lenders’ rules are quite relaxed. This is part of why many people choose to go with this type of loan, because they simply need to get money quickly and don’t have anywhere else to turn.

There are some things that you want to be aware of, however, before you find direct lender payday loans from direct payday advance lenders. It is important for you to remember that these loans can be very expensive; the rates are going to be higher and there may be other fees that you might not have with other types of loans.

Therefore, even though you are going to be getting money in a much quicker manner, and although it might be easier to get the money, you will inevitably end up paying more for the loan. This is the reason for finding a reputable lender, so you are not caught off-guard and end up owing more than you can afford.

However, in some situations, the money is going to be worth it to you. If so, you might want to consider this type of loan but tread with care. The most important thing for you to do is to remember that when it comes to finding direct lender payday loans is that you need to research all of the loans, and read the fine print before signing on the dotted line.

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Money Advance Lenders ? Find the best Payday Lender

Cash Advance Lenders ? Find the most readily useful Payday Lender

You understand that payday lenders are going to help you get out-of a bind, nevertheless also realize they are going to attempt to make money from you. For that reason, you’ll want to discover very best loan provider if your wanting to submit an application for that loan.

You’re going to want to look up some elements on the web just before choose any loan provider. Certainly one of the items you are likely to appear for needless to say is the interest rates the various loan providers tend to be charging you. There are other facets that you simply should be sure to check out also. You will need to know simply how much recognition info each one of the loan providers needs, and exactly how a great deal they’ll enable you to remove at any 1 time.

Discovering this information is easier than ever before, because all of it’s generally available on the world-wide-web. Doing some fundamental internet queries will only take you a few momemts, also it can save you a huge selection of bucks in the future. Depending on the needs you have, you’re likely to be interested in several different elements that all organization provides.

1 thing this is certainly necessary to keep in thoughts is finding which business gives you the quickest service feasible. You certainly not know whenever you will need to have that more money at the earliest opportunity. Discovering businesses that don’t require that you fax them any information is always thought to be to be a good idea amongst payday loan providers. Always do your research before taking out fully that loan.

Note: by researching and researching top cash loan companies on the market, you can expect to determine the one providing the less expensive interest rates. Save cash on commissions by going direct.

You might be really welcome to go to the Bad Credit Loan Mortgage Refinance website – where you can get an internet unsecured loan.

Bane of Bad Loans Continues for Lenders

Bane of Bad Loans Continues for Lenders

Government-backed enterprises Fannie Mae and Freddie Mac have asked banks to buy back over $ 30 billion of loans last year – a ten percent increase over 2010. The rising cost of repurchasing soured home loans is a problem that banks had hoped was one of the past. Although banks don’t typically pay the entire amount, during the second half of 2011, the firms collected more than $ 11 billion from banks, compared with under $ 7 billion in the first half of last year.

These figures are indicative of the enduring struggle between mortgage-originators and the mortgage industry giants over how to spit the bill for bad loans. Fannie and Freddie don’t make loans themselves, but package them into securities that are sold to investors. These firms can require banks to buy back loans found to contain faulty appraisals and other defects.

A number of companies have reported an increase in repurchase demands from Fannie in the past few months. One major bank increased its repurchase liability in order to meet the higher than anticipated demand from Fannie. Another bank was unable to renew an agreement with Fannie because of a dispute over large volumes of unresolved repurchase requests.

Banks have argued that Fannie and Freddie, both taken over by the government four years ago, are being too demanding in forcing back loans that default due to reasons that are unrelated to underwriting, as when a borrower loses their job. Other complaints from banks include a claim that Fannie is now screening loans that default after a longer period of timely payments. Fannie denies that it has adjusted its policies and says that the accusing bank is the one who has changed its behavior.

In recent days, Bank of American announced that they will be sending special refinancing terms to borrowers who fell victim to the robo-sighing scandal.

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No Teletrack Direct Lenders ? Greatest Lenders to Make a Deal with

No Teletrack Direct Lenders ? Greatest Lenders to Make a Deal with

 

If sometimes in your life, you pass out from your huge financial circumstances on account of not having as much as plenty money to get rid of your critical condition or even on that time you do not have any other way to get cash to workout with your economic crisis. Or in this type of state of affairs, you have no idea to make your life stress-free from hassles and no one is stand for you to assist. So in those typical conditions, you can meet the no teletrack direct lenders and can come out of your monetary troubles after achieving the funds because these lenders are always ready to solve your pecuniary predicaments and gives the full opportunity to make your life peaceful without any tribulations. So after getting funding aid from the lenders you can live your life much better. It means, this is the correct option where you can make a deal and without going any where else even if you in your home or office because the loans facility is offered through fast internet technique and with the help of this technique you can make your funding process very easy and simple.

So at first, you are to fill out an application form by giving such require columns and in that blank box will be filled by applicants by giving some personal details like employee information, name of borrower, date of birth, emails address and some of details about your current bank account because as soon as the application form will be confirmed by the lenders your funds only will come in to your current legal account which should be at least six months old of legalization and by helping with no teletrack direct lenders you can have $ 50to $ 100 for your abrupt tribulations but for a limited refund period between 14 and 31 days because these lenders are short – term lenders and it comes without any faxing papers for id proof or even dot try to telecheck your history whether you are tagged by some of lenders included bankruptcy, insolvency and many more so it’s not a big hassle for you while you apply the loans.

 

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List of uk Payday Lenders ? One List Various Lenders

List of uk Payday Lenders ? One List Various Lenders

 

Suppose you need money quickly, what will you do? Either you will try your friends or relatives or your manager. These sources may issue money to you for the financial issues in which you can wait for some time. But if you think, the problem is demanding immediate money, and then these sources cannot help you. To get the instant financial assistance you can rely on the financial scheme like list of UK payday lenders scheme in which you can get money quickly with the help of internet. This is one of the best ways to get money instantly. So, if you need money for sudden vehicle repair or unexpected billing of the financial lenders, then apply the scheme and get money in your account as soon as you want.

The list of UK payday lenders scheme is a scheme in which you can get financial assistance within a couple of minutes. The lenders are available on the net. You can have the lenders in few minutes if you have an internet connection at your end. These lenders have prescribed an internet application form. On the web you can find that, after logging into the lender’s website. The best thing in the scheme is that in this list you will find various lenders with different plans and tariffs. You can choose them according to different requirements. Since the situations may vary for demanding the money. Similarly, the schemes have to be different. So, apply the scheme which is suiting your requirement. While applying for the scheme, you have to make sure that you have gone through all the terms and conditions for the scheme. Basic things that are required for the scheme may be as:

• You are above 18 years of age.
• You must be having a permanent address in UK from past 12 months or more.
• Your current income is more than 1500 bucks per month.
• You are having a checking bank account in any bank of UK.

Soon you will find the amount in your bank account. You have to repay the amount on the payday. Apply now to get quickest money.

Latest Lenders News

Bank of Canada could press country's top lenders to follow rate cut
Toronto-Dominion Bank, Canada's largest lender, says it has no plans to cut its prime rate to match the central bank's move, keeping the rate linked to variable mortgages, car loans and other securities, at 3%. Other banks, including Royal Bank of …
Read more on Financial Post

Metro Bank doubles lending as it focuses on business clients
Metro Bank has more than doubled its loan book as the lossmaking challenger attempts to break the stranglehold of established lenders by targeting business customers. The bank said on Wednesday lending to personal and business customers rose 112 per …
Read more on Financial Times

Major lenders rule out blanket LTI caps following Barclays move
“I would be very worried if other lenders started to follow suit because I think that would lead to a market of vanilla products and very little room to innovate. We don't want a trend of blanket caps across all lending, hopefully Barclays is on its in …
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Best Payday Loans Lenders

Best Payday Loans Lenders

Direct fastloan creditors are a fantastic source cash for those persons that feel strapped for revenue throughout the center of the month.  The emergency may strike in almost any shape, can be a severe wellness condition, a main or minor auto accident, a credit card repayment or several abrupt emergency of the nature.  These payday loan creditors have an answer to all a financial requires.  The largest benefit whilst borrowing from here is the fact that we never need to state the cause for that you are borrowing unlike inside the conventional financing where revenue is granted just for a certain cause.  

There are numerous direct fastloan creditors inside the marketplace however, acquiring the 1 which provides affordable or low interest rates might naturally be the top concern.  These creditors have the funds they are providing we. However it equally thus arises which you might not have direct access to these creditors plus must take another path to approach them, a path which the intermediary agents are familiar of.  The intermediary agents may assist we receive the required amount rapidly despite that he is not providing out any bit of amount from his pocket.  It is just which he has direct contact with all the direct fastloan creditors plus he may receive we the needed funds conveniently.  

The middleman is not endangering his income at all, however is charging a commission from we for the amount he is getting for we within the direct fastloan creditors.  And they have ties with many these creditors plus therefore have a plethora of choices too from that you might select the 1 which ideal fits a specifications.  But, something which you ought to be aware of inside these situations is the fact that you’re paying more rate of interest or commission than you’d do otherwise when borrowing within the direct fastloan creditors.

If you try to weigh the advantages and disadvantages of the direct creditors as well as the middlemen, every category may have their own pluses plus minuses too considering they rely about a lot of factors.  As there are many factors associated, it surely pays to compare the important criteria which you’d want to use plus then proceed with all the choices accessible.  In some cases the direct fastloan creditors can be a costly proposition plus inside several instances the brokers may have a method to those creditors that provide very affordable interest rates that you couldn’t undoubtedly reach about your.

 

In a nut shell, both have their own blessings plus disadvantages as well as the borrowers have to identify these a lending business which has direct services alone plus rules out the range for extra plus unwanted profits which might hit the borrower’s financial condition just in case there is a failure to repay because per schedule.  So, finding a business which provides reliable plus affordable services is of wonderful value.  And identifying such a business perfectly ahead of time can surely repay perfectly instead of looking for 1 once you are inside an emergency.

 

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Biz2Credit Small Business Lending Index for Nov. 2013 Reports Rebound in Loan Approval Rates at Banks and Other Lenders

Biz2Credit Small Business Lending Index for Nov. 2013 Reports Rebound in Loan Approval Rates at Banks and Other Lenders

New York, NY (PRWEB) December 11, 2013

Small business loan approvals at big banks ($ 10 billion+ in assets) increased to 17.4% in November 2013 from 14.3% in October, according to the Biz2Credit Small Business Lending Index, a monthly analysis of 1,000 loan applications on Biz2Credit.com. In a year-to-year comparison, lending approval rates at big banks have increased more than 30 percent.

“Big banks have begun to feel the pressure to lend more money with the Dodd-Frank reform charging nearing and we should expect to see more changes accordingly in the next year,” said Biz2Credit CEO, Rohit Arora, who oversaw the research.

Additionally, small business loan approvals at small banks increased from 44.3% in October to 49.7% in November. More importantly, approval rates at banks both big and small have returned to pre-government shutdown levels in September, as the IRS and SBA are catching up on the backlog of loan applications.

“The refinancing boom at big banks has waned, and their distribution strength will soon fade as branch networks are losing money. Big banks must begin to focus on improvements in other areas such as technology,” added Arora, one of the nation’s leading experts on small business finance. “It’s still puzzling why many banks and credit unions still do not offer online small business applications to streamline the process. This would benefit both the financial institutions and the loan applicants.”

Meanwhile, credit unions, which had been on the lending rebound prior to the government shutdown, also experienced a slight increase in approval rates in November. Approval rates at credit unions improved to 44.5%, from 43.4% in October, but they are still down nearly 10 percent in a year-to-year comparison.

Alternative lenders continue to thrive in small business lending. Approval rates by alternative lenders dropped slightly to 67.2% in November 2013, down from 67.3% the previous month.

“The popularity of alternative lending continues to increase as the desperation of small business owners to acquire capital becomes more urgent and because alternative lenders’ interest ratted have dropped considerably,” Arora explained. “The vast majority of alternative lenders are no longer ‘legalized loan sharks,’ as was frequently the case a few years ago. New players continue to enter the small business adding market.”

Arora anticipate that funding approval rates will climb in December and beyond as more pressure from Dodd-Frank is expected in the coming months.

To view the historic mapping of the Biz2Credit Small Business Lending Index, click here. http://www.biz2credit.com/small-business-lending-index/november-2013.html

About the Biz2Credit Small Business Lending Index
Biz2Credit analyzed loan requests ranging from $ 25,000 to $ 3 million from companies in business more than two years with an average credit score above 680. Unlike other appraised, the results are founded on primary data submitted by more than 1,000 small business owners who applying for funding on Biz2Credit’s online lending platform, which connects business borrowers with more than 1,200 lenders nationwide.

About Biz2Credit
Founded in 2007, Biz2Credit has arranged more than $ 1 billion in small business funding throughout the U.S. and is widely recognized as the #1 online credit resource for startup loans, lines of credit, equipment loans, working capital and other funding options. Using the latest technology, Biz2Credit matches borrowers to financial institutions based on each company’s unique profile — completed in less than four minutes — in a safe, efficient, price-transparent environment. Biz2Credit’s network consists of 1.6 million users, 1,200+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. Visit http://www.biz2credit.com, follow on Twitter @Biz2Credit, and Facebook at http://www.facebook.com/biz2credit.


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Related Equifax Press Releases

Car Loans Service Connects Lenders to Borrowers Seeking Auto Loan Financing

Car Loans Service Connects Lenders to Borrowers Seeking Auto Loan Financing

Get a car loan TODAY!

New York, NY (PRWEB) July 12, 2012

Loanscar.us, the new U.S online search-and-match specialist for car loans, has announced its new service. The company’s now allows for consumers to be connected to licensed lenders in all 50 states with a brief online no-obligation application form. The service removes the need for car loan hunters to search around online to compare rates with other lenders and may be useful to those who are in the process of rebuilding their credit files after setbacks.

A company spokesperson for LoansCar.Us highlighted the benefits of the served and made the announcement.

“LoansCar.us is excited to be in a position to offer U.S consumers an answer to the question of how to find the best deals for car loans and car refinancing. To qualify for car financing through our lenders is simple. Customers simply need to be overeighteenwith a steady income and resident in the United States. The entire application process is quicker than it takes to order a coffee in Starbucks. We invite consumers to spend 5 minutes completing our simple and short online application for free.”

The spokesperson was asked to explain the difference between utilizing LoansCar.Us versus a number of websites to source auto loan quotations.

“There are a few key differences between utilizing LoansCar.Us for your vehicle seeding options instead of trawling through dozens of other websites. One difference is that other websites obligate consumers through completion of an application form online. This means that once you have put your details into their online system, you are bound to take one of the options they return to you.

This is not the case with LoansCar.Us – with us, there is absolutely no commitment to using our free cite service. In fact, we encourage customers to use it to help them shop around.”

“Another difference is that we are a “one-stop shop.” This means that we provide consumers with a range of companies and rates, allowing them to compare options and save money on their auto loan. We are partnered with a real treasure trove of lenders who offer very low rates, so we encourage would-be borrowers to come and apply to be pleasantly surprised.”

On the issues of bad credit or no credit, the company spokesperson took the opportunity to declare the LoansCar.Us position on the matter.

“We are a truly ‘all are welcome’ operation; even if an individual has no credit, bad credit or credit that needs some improvement, we name upon all walks of life to apply for a vehicle loan or car refinancing through LoansCar.Us for an unparalleled served.”

The spokesperson continued, “We are firmly committed to working with customers that have suffered during the recession and feel a strong responsibility towards helping them get back on their feet – or, more accurately, behind the wheel!

We will not ask any embarrassing questions in our application form and do not flush run a credit check. We simply want to help you get the best possible rate for your auto finance, regardless of what your credit score may or may not be. It’s irrelevant to us and our lenders.”

Apply online now at http://www.LoansCar.Us


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Related Free Credit Score Press Releases

Do mortgage lenders pull credit reports multiple times during the refinance process?

Question by Texas: Do mortgage lenders pull credit reports multiple times during the refinance process?
We’re about to refinance our home and we both have good credit scores. I know our credit reports will be pulled when we apply, but will our reports be pulled again before closing? The quote from our bank was for closing in 6 weeks. We were hoping to get a new car soon and may not be able to wait 6 weeks. But, I don’t want to jeopardizing doing something that might hurt my score before closing.

Best answer:

Answer by Cold
Once when you apply.And then again before you subscribed on the dotted line…

Add your own answer in the comments!

How to Get Free Credit Reports

Daniel Major asked:

Knowing exactly what is on your credit report is often dismissed as not being important by so many people yet the importance of having this information cannot be stressed enough. Your credit report will show you exactly what lenders see and you are likely to find one or two errors on there also that once corrected can improve your credit score very quickly.

Having your credit report when applying for any financial product could actually save you money because whenever you apply for credit, no matter what type of credit, it is recorded on your credit history, irrespective whether your application is approved or rejected.

Approvals for credit are great but each time you have a rejection it will damage your credit score further, however, if you have your report in front of you before making any application you will be able to judge, based upon a consultation with the lender, whether you are likely to be approved or not and therefore avoid any unnecessary damage to your credit score. A good credit score is important because the benefits of having a good credit score are that you will be able to obtain better terms with lower interest rates and a much greater choice when it comes to choosing lenders.

You are entitled by law to a FREE credit report every twelve months from each of the three credit bureaus; Experian, TransUnion and Equifax which you can apply for online at the respective sites or by mail, so don’t get suckered into paying for something you can get for free.

A good idea is to stagger each application by four months; by doing so you will have an updated report every sixteen weeks or so. Be aware though that each bureau may hold slightly differing information about you, so if you cannot see something on your newest report that was on your previous report it doesn’t necessarily mean it has been removed.

On a final note, when applying for credit always ask which of the three credit bureaus the lender uses when checking the credit records of potential clients. If your credit score with one of the three bureaus is healthier than with the other two, it may be advantageous to look for a lender that uses that specific bureau when performing their checks.

Joanne

What is the Average US Credit Score?

Zach Ford asked:

The credit score, also well known as a FICO score, is a statistical or numerical interpretation of the information portrayed through your credit file that basically provides a likely window to whether you would pay a loan back on time — the higher your credit score, the higher your credibility in the loan market.

The report is written and generated by the credit bureaus on the basis of the information which they acquire from creditors and the companies from where you obtained credit in the past and other details composing mainly of your past payments, your credit period and the nature of credit that you availed and amounts still due. From this report a credit score is calculated which ranges from a minimum of 300 to a perfect score of 850. The median or average credit score for borrowers in the United States is 723.

This credit score acts as a ready reckoner and a handy mechanism to assess how much risk is involved by providing loans to a potential borrower. The higher the score of a likely debtor, the lesser is the risk posed to the lenders and a higher score also determines the likelihood of obtaining the best available deals and return rates.

The consumers who can manage to maintain their credit scores more than 700 are the ones who are usually charged relatively lower rate of returns, while those having credit scores rising further above 760 are charged the lowest prevalent market rates.

Those consumers having their credit scores below 600 normally have to pay relatively high loan rates. If you find it difficult to manage funds and your credit score dip alarmingly low and the credit score is really bad, you might find it difficult to secure loans from anywhere at all. Most creditors find the credit score of 620 to act as a break-even point.

The scores fluctuate from time to time, because your repayment determines your credit scores. The later your payment is made after a date due; it will affect your credit standings and will lower your credit score. Establishing or re-establishing a good repayment track record of settling the credit bills on scheduled time will help in strengthening your score.

Delayed payments of bills have a very negative impact on your score For instance, someone with an average credit rating of 700 plus can increase their score by as much as 20-25 points by payment of all the bills on the correct time in a given month.

Elevated debts can affect your credit score. Stretching out all of your credit cards to the maximum limits might lower your average score by as much as 70-80 points.

It is advisable that one should not open credit card account that they do not require. Even a closed credit account would still appear on your credit report and may be considered while evaluating your credit score. Every new subscription tends to reduce the average credit account age, which would eventually cut your score down further by a margin of 10-15 points.

Although it is better to have a credit account than none at all because generally, having credit cards and timely repayments in the same will increase your score. Someone who does not possess credit cards, for instance, has a tendency to be at a higher risk than anyone who has responsibly managed their credit cards.

Donna

Free Credit Report – No Credit Card Required – Where To Get One?

Mike Clover asked:

Free Credit Report with no credit card required is available at annualcreditreport once a year. Here is what they don’t tell you. When you get your Free Credit Report at annualcreditreport there is no Credit Scores. So what good is a Credit Report without your Credit Scores? A Credit Report with no Credit Scores is like a destination with no address, it is useless. The following look at your scores very closely when determining your credit risk, interest rates, and terms.

1. Insurance Companies

2. Utility Companies

3. Credit Card Companies

4. Mortgage Companies

5. Car Finance Banks

6. Employers

7. Even Hospitals are now determining your Credit Risk.

Folks this is serious business, just imagine if you are applying for that new job that pays more, and they determine whether they are going to hire you based on your Credit Score. The main point is, yes you can get a Free Report with Annual but it’s once a year and no Scores are included. A Report with no Scores is useless, especially when that is what creditors look at. Let’s just assume you are getting ready to buy a car, and you are a customer that does not know there scores. Dealerships love customers like you because an uneducated consumer is a consumer they can rip off and make more money on. An educated consumer that knows there scores will show up ready to get the interest rate on the loan. This is what most lenders don’t want to deal with, because they make less money on consumers like this. Maybe you are wondering what is considered a good score.

Here is a break down:

o 780-850 – Low Risk

o 740-780 – Medium -Low Risk

o 690-740- Medium Risk

o 620-690- Medium High Risk

o 620 and Below – High Risk

There are all of these offers out there selling Free Credit Score Reports with all these up sales. For example:

1. Credit Monitoring

2. Savings Club memberships etc

When it comes down to being an educated consumer and that is all that is available out there to get your scores, there is not much choice. I would not hesitate to get these services, because everyday thousands of people get there identity stolen. I would recommend being an educated consumer so you are aware of what is being reported about you. Start saving today and protect yourself and your family.

Eddie

Free FICO Credit Score

Zach Ford asked:

A FICO credit score is the complex calculation of all of your past financial activities into a numerical score between 300 and 850, 300 being the worst and 850 being the best. Your FICO score is used by financial institutions to determine whether you are suitable for a loan or other credit related service.

It is very important for you to understand how your FICO score impacts your financial opportunities and, as a result, your life. Your FICO score is based on your credit report. A credit report is a history of all previous financial activities, credit cards, utility bills, mortgages, and your payment history. A better credit history results in a higher FICO credit score. Banks and other lenders use this score to evaluate your likelihood of making future payments on time, thus reducing their risk.

FICO scores range between 300 and 850, and can be grouped as such:

700 – 850 — Excellent or Very Good Credit

680 – 699 — Good Credit

620 – 679 — Okay or Average Credit

580 – 619 — Low Credit

500 – 580 — Poor Credit

300 – 499 — Bad Credit

Your FICO Score is a very important number when it comes to your finances, it shows lenders your reputation and tells them how much trust they should bestow in you. The higher your credit score, the more you will be able to pick and choose the terms of your loan, including lower interest rates. Make monitoring your FICO credit score and credit report part of your yearly financial routine. If you let your credit get away from you it could take years or mind numbing frustration to get it back into a desirable range.

How Do I Check My FICO Score and Credit Report?

Theresa

Free Credit Score Report

Mike Clover asked:

The most determining factor for lenders in applying interest rates and terms for a loan is your credit score. Your credit score basically demonstrates to them your ability to responsibly pay your debts and handle your finances. Without a credit scoring system, lenders would have a difficult time determining the risk involved in granting loans. This would result in far more defaults and losses for lenders, which would greatly intensify their scrutiny in giving loans. In this way, credit scores actually make it easier for the average person to get the loans they need to invest in their future.

Dedicated to providing the tools you need to view and improve your credit score. In some ways, there is nothing more important than having a great credit score when building a financial foundation. Major purchases like homes and investments are made possible though loans with low interest rates and favorable terms, which are much more easily secured by those with great credit scores.

Getting your free credit score report is very simple these days. Some websites offer a free credit report but don’t actually give you your score. Sure, you will receive information on your credit history, but you also need your actual credit score to know where you are and where you need to go. This website provides a full free credit score report along with your score. Having this information at your disposal arms you with the negotiating skills you need when dealing with creditors and also helps you to strategize in rebuilding your credit.

Once you have your free credit score report, you will need to spend time understanding your score and learning how to improve it. This website offers a wealth of information and tools for accomplishing this. Here you can find articles from reputable sources as well as updated blogs on important credit topics. We also offer tools that monitor your credit report and notify you of changes. Score Watch lets you know when you qualify for better interest rates and it also determines what factors are most greatly impacting your current score. This takes away some of the guess work in determining what you need to do to improve your score. FICO Deluxe provides an even more complete picture of your credit situation from TransUnion, Experian, and Equifax. You will receive a complete score and report from all three of these major credit agencies. This service also provides a simulator that allows you to run hypothetical situations that might impact your credit. For example, “How will it affect my credit if I pay off this particular debt?”

Another tool we offered is the secured credit card. For those with troubled credit pasts, it can be difficult to obtain a credit card. Not only are credit cards extremely convenient, paying credit cards responsibly is a great way to improve your credit score. By using some sort of collateral account, you can receive a secured credit card. Paying on this card responsibly will eventually increase your available credit and will also build your credit trustworthiness.

Get your free credit score report today and begin building the road to a great credit score and financial freedom. Your credit score is too important to ignore, because it helps to make it possible for you and your family to make the investments of a lifetime that can provide security for you and for those that coma after you. Take the time to learn more about your credit score and utilize the tools we have to offer. You can start by getting your free credit score report now!

Arlene