%20and%20501-990%20(The%20Vantage%20Scoring%20Method).%20The%20score%20will%20also%20be%20based%20on%20a%2024-month%20review,%20although%20sometimes%20the%203%20major%20credit%20reporting%20companies%20(Equifax,%20Experian%20and...){kind=link}
Facts to Remember Regarding Your Credit Score
Author: Tony Francis
Author: Tony FrancisRegardless of what might be your actual credit score, the facts about it remain the same. It will always be the basis of credit companies. It will also range from 300-850 (FICO or Fair Isaac Scoring Method) and 501-990 (The Vantage Scoring Method). The score will also be based on a 24-month review, although sometimes the 3 major credit reporting companies (Equifax, Experian and TransUnion) can report of a 6-month review if requested.
It is also good to remember that above anything else, a consumers payment history remain to be the most important factor when it comes to the calculation of scores regardless of the scoring method used. Payment history makes up 35% of the total score. This factor focuses on 3 points (delinquency, frequency and severity). Delayed payments (30 days is forgivable while a 90 - day delay is unacceptable) are also considered to be very important details.
Another fact about credit scores is that, it is not true that cancelling old account or credit cards will improve your ratings. On the other hand, this will actually lead to the shortening of one's credit history which in turn will lower a consumers' score card. Remember that the average score in the U.S. is a mere 678. This is quite difficult to have especially if a small detail like the effects of cancelling old accounts is unimportant to a consumer.
Although it is a fact that indeed, prospective employers can request for a potential employee's credit report, always be reminded though that this is only possible only with a written permission from the consumer. A request without one is considered to be illegal as stated in the FCRA or The Federal Fair Credit Reporting Act. This law not only makes sure that consumers are protected, it also assures of the privacy of all the information in one's report. The Act states that a consumer must be informed with regards to anything concerning his credit report to assure accuracy and fairness.
Aside from the fact that the credit reports are given free on an annual basis, regular inquiries about it either manually or online will not hurt a consumer's scorecard. Such inquiry is termed by credit reporting companies as "soft inquiry" or "soft pull" which does not affect one's score. Inquiries about the said reports just shows a consumer is being responsible and maybe on guard for possible identity theft cases (not to be easy about because more than a lot of Americans are already suffering the nasty consequences of the said crime).
The relationship between a consumer and his lender should be of importance. It is a fact that lenders and creditors are supplying information (voluntarily) regularly about a consumers' account to major credit reporting companies. So if there will be any discrepancies, it is sure to reach the eyes of credit companies.
The paragraphs above are not just facts about credit scores, but it also serve as reminders to consumers who would want to get a grip at their financial stability.About the Author:
If you are in need of more advice regarding your credit scores, go online and visit Free-Credit-Reports.com. Not only will this site give free copy of credit reports, it will also check your credit reports for possible fraud. Why Learn Internet Marketing Before Starting Your Own Online Business Fitness Business Marketing 2.0 Teaching Online Marketing Strategies: An Internet Business Opportunity Create an Internet Business Education Site to Make Money From Your Personal Key to Business Success How Running an Internet Business Education Venture Can Make You Money A Business Opportunity Online: Selling Internet Marketing Secrets and Tricks How Internet Marketing Education Can Be an Ideal Business Opportunity Online Choose the Best Online Business Opportunity Think twice before consolidating private student loans Knowing More About Products With Make Your More Successful In Your Business Car Loan After Bankruptcy Why Use The Internet In Marketing Plans For Your Internet Business?