What Is A Credit Report And Why Does Your Score Matter?
There are three major credit bureaus in the United States. Whenever you apply for any type of credit or financing, a credit report is pulled from at least one of these three credit bureaus. While there are hundreds of smaller credit bureaus around the country, virtually every credit bureau is affiliated with Trans Union, Experian, or Equifax. These credit bureaus collect and maintain information on the vast majority of Americans. These three bureaus are not affiliated with the United States government. They are for-profit corporations that sell your personal information for money.
These major credit bureaus receive your personal information through the lenders who give you credit. They have agreements with each of these credit grantors that require the credit grantor to inform the credit bureaus of everything that occurs in your relationship with the credit grantor. If you make a payment late, the negative credit listing is quickly reported to at least one of the three major credit bureaus and is added to your credit history. This information is then used to give you a "credit score". With a good high score, you can expect to qualify for lower interest rates. If you score is low, then you will be required to pay higher interest if you are granted credit in the future.
Credit reports are not just a record of how you are currently managing your credit accounts. Credit reports are histories of everything you are doing with your credit now, and everything you have done in the past. The credit bureaus collect this information, list it on your credit report, and then sell it to credit grantors who wish to see your credit history before they decide to lend you money.The business that you are wanting to grant you a loan or credit (credit grantors) are especially interested in any negative credit you might have on your report. If you have shown any tendency to pay late, or to disregard your financial commitments in the past, then the creditors' computers will immediately reject your application, or charge you much higher interest if a loan is granted. Just like when you were in grade school, your credit report is your financial report card to the world.
Learn More: What Kind Of Information Appears On My Credit Report
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Why Use the Professional Team at Lexington Law...
Individuals can certainly repair their credit without the help of anyone; however, it can be a long complicated process. Be smart - Let experts work for you. Lexington Law has a team of credit repair experts that can turn your credit around very quickly. For as little as $39 a month, you can have legal experts correcting your credit scores! The substantial gain in saved interest and fees will more than pay for the small cost - it is smart to put credit repair into the hands of professionals.
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What Does It Cost
The more important question is what is bad credit costing you? Repairing your credit is affordable, and will quickly pay for itself in saved interest and penalties. Learn more about how to have professionals repair your credit - affordably!
No Risk - Refund Policy
If Lexington Law doesn't remove enough disputed items from your credit, you will be given a refund... no questions asked. Lean more about the no-risk refund policy today!
Benefits Of Higher Credit Scores
▪ Save Thousands In Interest
▪ Lowers House Payments
▪ Make Car Payments Affordable
▪ Make Saving Money Possible
▪ Provide Resources For Children
▪ Reduce Family Stress
