Credit Reporting Agencies

The three main credit reporting agencies are:

Lenders and insurance companies can access the information reported by either or all of the credit reporting agencies before they provide you with rates and terms for your loan or auto, home or business insurance. Not all lenders and insurance companies use the reports from all three agencies. Continue reading Credit Reporting Agencies

Factors Impacting Your Credit Score

The following factors have an impact on your Credit Score. The credit reporting agencies use them as basis in their calculations.

  • 24-month review of your credit report and history of payment punctuality: DYK? even late payments on medical or cable and phone bills may affect your Credit Score
  • the total amount of your available credit: DYK? keeping your available credit higher than your debt helps improving your Credit Score
  • the total amount and the type of debt you have: DYK? real estate loans paid on-time may improve your Credit Score
  • the number of open and active accounts: DYK? most of the store credit cards report your credit / debit and payment history information which may have an impact on your Credit Score
  • the longevity of your relationship with your creditors: DYK? the longer your good standing relationship with your creditors, the better for your Credit Score

Insurance Scores

Insurers use your credit behavior as a basis for predicting the likelihood that you will file an insurance claim. (Transunion)

Poor credit behavior over a period of time, associated with a lower credit score, may raise your insurance rates for your car, home or, if you are a business owner , for your business. While a credit score is a key determinant of your creditworthiness, insurance companies also examine the information on your credit report.

A credit repair company, such as Fast Credit Solutions, can help you correct any inaccuracies, thus ensuring that your credit data is a true depiction of your credit record and increasing your chances of getting insurance under the best possible terms.

 

Keeping Your Credit Score High

Every creditor has its own definition of what is considered “good” vs. “bad” credit. With more lenders today keeping credit standards tight, you need to do everything possible to get your credit in great shape. A low credit score today does not have to be permanent. (TransUnion)

Call us to find out what you can do to enhance the health of your credit over time.

Continue reading Keeping Your Credit Score High