WHAT IS A CREDIT SCORE?
Your credit score is a numerical figure based on your credit files that represents your creditworthiness. Your credit score is typically primarily based on a credit report sourced from credit bureaus.
Lenders (i.e. banks, credit card companies and businesses) will check your credit score to determine their potential exposure or level of risk created by lending you money. This is typically done to attempt to mitigate any losses due to your non-repayment and/or bad debt. Lenders will use your credit score to determine if you qualify for a loan, and then what for what amount and associated credit terms (i.e. interest rate, length of loan, prepayment schedules, etc.). Lenders will also use credit scores to determine which customers are likely to bring in the most revenue for their business.
Credit scoring is not only limited to traditional lenders such as banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques.
INDUSTRY LEADERS IN CREDIT REPAIR
A custom restoration plan will help you prioritize payments and keep your accounts in a positive status. Avoiding newly negative account information will help you make the most of your journey.