Credit Score
A credit score is a number that represents an estimate of an individual's financial creditworthiness as calculated by a statistical model. A credit score attempts to quantify the likelihood that a prospective borrower will fail to repay a loan or other credit obligation satisfactorily. A credit score is based on a subset of the information in an individual's credit report. Lenders such as banks and credit card companies use credit scores to manage the risk posed by lending money to consumers. Examples of such uses include determining who qualifies for a loan, assigning an interest rate, assigning credit limits, and managing accounts that are already open (for example, treatment of accounts that are in default). The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
Various credit counseling organizations exist. Their services are often free of charge. These organizations have by-the-book approaches to money and debt management, and gradually improving your credit over a period of time.
Important
As a result of the FACT Act (Fair and Accurate Credit Transactions Act), each U.S. resident is entitled to one free copy of their credit report from each credit reporting agency each year. For those with internet access, this information is available at the U.S. government-operated http://www.annualcreditreport.com. However, this report does not contain credit scores. Mostly useless consumer "credit scores", not used by any businesses, are offered for purchase at the time these reports are generated. Many other commercial websites offer free credit reports; usually these sites attempt to steer consumers to pay services.
Helpful Links For More Bad Credit Info
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