Credit report - Free online credit report - Online credit report - Credit report repair - Free credit report - Credit bureau report - Consumer credit report
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Credit Score and Credit Analysis
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Your credit score is 671
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Based on your credit report data, this is a
numerical depiction of your creditworthiness.
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Your credit ranks higher than 55% of the population
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Based on your credit score, this is how your credit
standing compares to the rest of the nation.
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Your creditworthiness falls between Good and Very Good
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Based on your credit score, this is how you may be viewed from a lender's perspective.
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Your Credit Score Analysis
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Background
Credit Bureaus track your personal credit history in a customer record. The customer record can then be used to generate a credit score. It is advantageous to have a higher score because there is greater chance of being qualified for additional credit or the loan that you need for that new house or car. It is important to note that when lenders consider a loan or credit application, additional information is usually required for making credit decisions. A creditor will usually ask for information like your monthly income, employment history, and your current outstanding debts to make an assessment as to whether or not you are capable of repaying your loan.
Summary
Given that you have a high credit score, lenders should be able to conclude that you are capable of repaying your debts. This would then enable lenders to provide you with better interest rates and loan offers. Credit cards may be harder to obtain because lenders still see room for improvement. To improve your credit score, continue to pay your debts on time. Lender offers will differ based on the attribute information you provide concerning your monthly income, employment history, and monthly debt. This information will aid in the determination of whether you receive an excellent offer, or just a respectable offer.
Explanation
There are several factors taken into account that help determine your credit score. The factors making the largest impact are listed below. Remember that these factors vary in how strongly they impact your credit score. For example, if you have a very high credit score, the negative factors in your analysis are likely to have a small impact. For very low credit scores, the opposite is true in that negative factors have a very large impact on your credit.
Here are the top factors that make your score lower:
1. Average balance of retail accounts is too high. High credit balances for revolving accounts (credit cards) and some installment accounts (mortgages and auto loans) are considered by lenders to be a negative factor when determining credit worthiness. This is because high credit balances suggest a sense of living outside your means, which is a high risk for creditors if they are trying to gain repayment. In addition, never using your credit cards is also considered a negative factor because it does not provide lenders with enough information about your creditworthiness. Lenders evaluate how much you owe other creditors in relation to your income. To contrast, low balances for revolving accounts (credit cards) and some installment accounts (mortgages and auto loans) are considered by lenders to be a positive factor. This is because lenders are at less of a risk if you become unable to repay them. The best deals from creditors are always given to people who display a high level of financial responsibility.
2. Length of time finance accounts have been established is too short. Open credit accounts over a long period of time are considered a positive factor by lenders because a sufficient credit history can be evaluated as to how you handle your financial responsibility. An optimal credit report will contain about 30 years of credit history. Credit reports that are too short generally present up to 7 years of credit history. Credit reports with less than 3 years of history are considered not adequate. To allow yourself an ability to get the best deal from a lender, check your credit report against your credit history to insure your active accounts are accurate with your credit history. The item that matters most is how long your accounts have been in your report.
3. Too many inquiries. An "inquiry" is noted on your credit report whenever you apply for new credit. The lender considering your application checks your credit history, which generates an inquiry. Although inquiries are considered common when applying for credit, lenders do not like to see many inquiries within a short period of time. This is because lenders do not understand if you are searching for the best deal or if you have become financially unstable. It is important to limit your credit search to a small number of lenders when searching for the best offer.
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Legal Helpmate® gives you resources that allow you to find information
about Banking and Finance Law, Credit Report and Credit History affairs
and to understand what is Credit Score and Identity theft:
* Read credit report related information
* Read credit report Frequently Asked Questions
* Read credit report related news
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Top page
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Credit report correction techniques
Many times the credit bureau is busy and does not handle your dispute properly ...
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Basic rights under The Fair Credit Reporting Act
All Federal Laws are in consumer's favor and you will have the advantage ...
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Credit Scoring and the Lending Industry
Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...
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Shkreli's Lawyer Calls Him 'Strange' but Berates Fraud Case Against Him
New York Times
When his debt for the trading loss came due, “he stole money from MSMB Healthcare” to pay the debt, which the health care fund did not owe, Mr. Srinivasan said. Mr. Shkreli then told investors that he was shutting down the two funds, and told them they ...
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Feds take down local debt collection operation
Niagara Gazette
Prosecutors in the U.S. Attorney's Office identified Ciffa as the ringleader of the conspiracy. Ciffa is accused of operating debt collection businesses since at least 2013. Since March 2015, investigators said, Ciffa operated his collection businesses ...
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Illinois Medicaid-bill backlog case will be decided Friday
Peoria Journal Star
Since then, negotiations have failed, according to a court filing from lawyers for the Medicaid recipients who asked Lefkow to order Illinois to pay $1.1 billion a month to catch up on new and old bills. “Anyone who cares about the state's financial ...
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What to know if you maxed out a credit card and then stopped ...
The Boston Globe
The thing to know and pass along is that you don't have to be bullied.
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Student Debt, Female Lawyers and Marriage
Inside Higher Ed
Women who take on substantial student debt to attend law school have different marriage patterns than do other women who enter the law, according to a new report by the National Bureau of Economic Research (abstract available here). The women with ...
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