|
1. Experian, Equifax and TransUnion. These three credit bureaus are
responsible for reporting your credit scores to banks and other lending
institutions. The basic idea behind reporting and tracking your credit history
is to get an idea on how prompt and reliable a person is in repaying the loans.
2. The three digit credit score is one of the most important numbers that
you will require for getting any loan. A good credit score means low interest
rates, better and bigger loans and easy repayment options. On the other hand,
low credit score means the opposite.
3. Your credit score is updated regularly. So, don't even think of
missing a payment to the lenders. Default on this front could cause a shift in
your credit scores and thereby make the loans dearer. Checking your credit score
regularly, guards you against any such unpleasant situations. Credit reporting
agencies are bound by law to send you a free credit report every year when you
ask for it. 4. Credit reports can be questioned and got corrected if
found incorrect. Keeping track of every single financial transaction and
repayment detail will help you confront the credit rating agencies, when you
find any discrepancy in your credit report. Being proactive in tackling such
situations with ample proofs to substantiate your point will keep your credit
report clean. 5. Taking secured loans like auto loans, personal loans,
mortgages, credit cards, lines of credit and repaying them promptly will keep
your credit score healthy. It will enable the lending institutions to have more
faith in you and hence give you more loan next time on even better terms.
|
Furl It