What does a bad credit history really mean to your lenders
Procuring a loan whilst having bad credit can be a nightmarish experience. To avoid the unpleasantness, it is imperative to choose a lender who is transparent about fees and rates, has flexible terms and will consider you as more than just a credit score. The things to stay clear off are predatory lenders, scams which have the potential to pull you into a vortex of debt.
According to a recent poll conducted by the National Foundation for Credit Counseling, it’s been found that most Americans don’t even know their credit scores. About 65 percent of the people in the US haven’t even tried to find their credit scores in the last few years. Although some people do understand the importance of credit scores, there is a need to teach the public about how important it is to keep track of their credit history.
If you don’t know what a credit score is, then you’re not alone. About half the people in the US don’t know what a credit score is, and how it affects them. According to financial experts, credit scores are something that everyone should know about, since even retailers use this data to find out whether you’re a reliable person to do business with.
What to look for in your free annual credit report
The three major credit bureaus TransUnion, Experian, and Equifax are required by federal law to provide you with a free annual credit report. You have the option of getting all the three credit reports at the same time, or you may also order them individually as per your need. If you choose to order all three reports at the same time, you have the opportunity to compare them all and verify information.
Your credit report provides a snapshot of your credit history and your overall financial health. Credit reports help lenders decide whether or not to lend you money or extend your line of credit and what interest rate they will charge you. Other than lenders, prospective employers, insurers, rental property owners may also look into your credit report.
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