A 700 credit score is usually enough for a consumer to get an approval on his loan application. The problem is that most consumers get only an average of 615 in their scores. This is mainly because there are a lot of available credit scoring methods that also results to different score cards. Not only that, some independent credit companies have their own way and criteria in getting a consumers score card, thus prompting the difference.
Now, what does a good credit score mean and how does one get a good a score? Before anything else, it is helpful to have one s credit report prior to finding ways on how to improve it. Remember that these are given freely annually by the 3 major credit reporting companies. But in case a consumer is in need of a copy after availing of his free copy, he can always get one, either online or by simply visiting one of the 3 credit bureaus in minimal fees.
A consumer is also allowed by law to subscribe to monthly copies of his credit report. Experian, for example offers the said report with just a $10 off on one s monthly budget. This credit reporting company is also charging $5 for every inquiry regarding a one s credit score. Another online service that Experian boasts of is the availability of a consumers Vantage Score 24/7 in a fee of $7.95 when one subscribes on a monthly basis. Although the Vantage Scoring System is developed by the 3 major credit reporting companies (Experian, Equifax and TransUnion) is most accessible in the Experian website.
A credit score is very important not just because credit companies are basing a consumers ability to pay a loan. Nowadays, even prospective employers are giving a peek to the said report to have an idea about a person s ability and organizational skills (if he can t pay his dues on time, I bet he can t submit a report at 8:00 am) and trustworthiness (too many unpaid dues does not exactly shout trustworthy ).
If this is how a 3 digit score affect one s life it therefore imperative for such a score to be monitored and improved. So how does a consumer make sure that he is on the right track? To avoid surprises on sudden changes in scores, be sure to have an update on a regular basis. There a lot of ways to acquire a copy of the said report and score. A consumer can choose to go online or to have it manually.
It is also important to note changes especially those that are suspicious. Remember that identity theft have just made it to America s fastest growing crime and it can be the reason a consumer is suddenly having high interests in his loans. Identity thieves will do anything just to get what they are after for. The consequences of this crime are difficult to erase once it found its way into a persons file. Being careful with regards to one s records is a must in a world where scores make or break the deals.
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This article has been provided by http://www.free-credit-reports.com , where you can compare credit report and identity theft protection services with this comprehensive chart of all credit report and credit score service providers.
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