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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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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What is your Credit score?
To speed the process and cut costs, lenders are relying heavily on automation to underwrite their loans. And to help them judge your credit, they use statistical modeling to come up with a Credit score, which is nothing more than a computer-generated number based on the data in your Credit Report.
The Credit score takes into account the same things human underwriters do: 1.The number and frequency of late payments; 2. The number of credit cards you have; 3. Whether you consistently live at your credit limits; 4. Whether you have savings; 5. The frequency with which inquiries are made about your credit.
But the computer is much faster because it can make recommendations in a matter of minutes. And because it is blind to your race, religion, gender, national origin, marital status and income, it's more objective, too. Furthermore, applicants who don't score high enough with the computer aren't rejected. Rather, they are referred to a human who may be able to take "compensating factors" into account.
It's also important to note that besides your Credit score, automated underwriting looks at several other credit factors that have a bearing on your loan application. These include: 1. Whether you are buying or refinancing; 2. Whether occupancy is full or part-time; 3.The amount you have for a downpayment; 3. The type of loan and its duration; 4. The type of Property; 5. Your employment; 6. How much money you will have in reserve after you close the loan.
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Return to all Credit Report legal information
Legal Articles about Credit Report
Credit Report Frequently Asked Questions
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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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Top 7 Reasons for Home Loan Rejection: Looking to buy a house? Why it may fail
Financial Express
Keep a close eye on the repayment of the loans guaranteed by you as any delay or default in them would also reduce your credit score. Top News ... Frequent job-hopping: It's common today to frequently change jobs for higher income and better career ...
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Student defaults on loans drop off in Arkansas
Arkansas Online
"Our college completion rate is one of the lowest in the country, and then also, if you look at credit scores, we have one of the lowest average credit scores in the country. You take all those factors, and it's just ... At least two of Arkansas ...
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