Experian Personal Credit Rating Reports:
Credit Scores and Credit Reports are the main tools which lenders use when determining a consumer’s credit worthiness. There are two main types of credit scores, Vantage Score and FICO score – both use a similar criteria for determining an overall score. If you are applying for any line of credit, it is almost a certainty that your lender will check out your credit history using tools from the main credit bureaus. This applies to loans such as home loans, auto loans, or personal loans as well as lines of credit such as credit cards. Factors such as your interest rate, total loan amount, loan term, or total line of credit are all partially determined using a consumer’s credit history information.
In order to be able to anticipate how a lender may view your credit worthiness, it is important to stay on top of your credit report. Using tools such as your credit score and regularly monitoring your credit report are the best ways to make sure you know your credit status. Another important reason to stay on top of your credit information is because mistakes are occasional made by credit reporting companies. The only way to amend a mistake is to be aware of it and make sure the proper action is taken to correct any errors.
Additional Information about Vantage Credit Scores Through Experian:
Contact:
1 855 206 4475
Sources:
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