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Managing your credit can help you save money
Whether you're buying a new home, renting an apartment, looking for a new job or shopping for a car, maintaining good credit will provide long term benefits.
Credit Report 101 - Introduction
With more consumer credit extended each year through home mortgages, car loans and
credit cards, understanding the role of credit reports is important for anyone planning
to borrow money. A credit report is simply a document containing a detailed history
of a consumer’s credit. Creditors—banks, lenders, credit card issuers and retailers—provide
information to credit bureaus about the status of each borrower’s accounts. They
also rely on the information contained in the reports when deciding whether to offer
credit to a consumer and when determining what terms—down payment, interest rate,
loan length—to offer.
Credit Score 101 - Introduction
Maintaining a good credit history helps ensure borrowers have access to credit when
they need it. But how do creditors decide whether to extend credit and loan you
money? Their decision is based largely on your credit score. Credit bureaus, creditors
and insurers assign everybody a numerical credit score based on the information
contained in their credit report. A high credit score reflects lower risk for the
lender and improves the borrower’s chances of getting approved for a loan with better
financing terms than someone with a lower score.
Click Here to See What's in Your Credit Report
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