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** PLEASE DESCRIBE THIS IMAGE ** Experian, Equifax and Trans Union are the 3 major credit bureaus that record and report your credit information.
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The Truth About Credit Scores

Many people know that they need a good credit score to get a home loan. They often do not know what makes a good credit score, how it is figured, or how they can improve theirs. They may not know all of the other ways their credit score is used. This is essential information for people looking to get a loan or apply for credit.

Who Uses the Credit Score

Those looking for a home loan usually know to expect their credit score to affect their ability to get a loan as well as the terms of the loan. There are many other instances where a credit score can have a positive or negative effect on a person that they may not be aware of.

Credit scoring is used for decisions with other loans, such as auto loans or personal loans. Your credit score will determine if you are offered personal loans from a company or a traditional bank loan for a company like Wells Fargo. It is also used in other credit decisions, including cell phone plans. Retail stores and gas companies also rely on credit scores to decide if they will extend credit to a person. Car rental companies can also deny use of a car based on their credit history.

Other companies will look at a person's credit even they won't be giving them credit. The best known type of company to do this is the auto insurance company. They examine the information on a person's credit report to decide the rate they will charge for an insurance policy.

The view is that people with good credit scores will be a better insurance risk. There are many theories as to why this is true. It may be because people who are responsible in financial matters are responsible in other areas, such as driving. There are other possible reasons that this works, but insurance companies believe in this method for determining the best insurance risks.

Insurance companies have created what they term as an insurance score. It is based on a person's credit score, but it gives more weight to paying bills on time rather than how much credit they have or are using.

Another company that uses the credit scoring system is the property insurance company. They give rates to homeowners based on their score. This is noncontroversial to most people since home loans are based on the same system. It would stand to reason that if they get a good home loan rate, they would also get a good insurance rate.

People may be surprised to find out that their credit score also helps determine if they will be hired for a job. This is especially true in fields that deal with finances and money such as banking and investments. The likelihood that someone will embezzle money or steal from the company is higher if they have financial issues.

  1. The Truth About Credit Scores
  2. Factors that Affect the Credit Score
  3. How a Credit Score is Calculated
  4. The Three Credit Agencies
  5. What is the FICO Score?
  6. Laws That Affect the Credit Score
  7. What Companies and Institutions Look For
  8. How to Improve Your Credit Score

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