Do you know much about a Credit Score???

CREDIT RATING

Did you know you and everyone you know have a credit rating? Many people are not aware that their credit report not only shows a missed payment, but it also carries a rating that lenders will use to determine your interest, or if you even qualify to get a mortgage loan for your next home or even refinancing your current home.

 Why does it matter?  Well anyone that is going to borrow money to another person wants to know what type of "risk" they are before lending money for anything (home, car, student loans).  Lenders have equations they will use to determine the risk which in turn effects the borrowers interest rate and even how much money they qualify for.  With rise of loans in default in the media today, there is no doubt that lenders are taking more care when they are lending out money.

 You can order your personal credit report by contacting the three major reporting agencies: Equifax at 800-685-1111; Transunion at 800-888-4213; Experian at 888-397-3742. Be sure to order a copy from each agency because many times one agency will have information on your credit that another doesn't. If you see a mistake on any one of the credit reports, now is the time to make the corrections, before you see a lender.