Credit Check
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A credit score in the United States is a
number representing the creditworthiness of a person or the likelihood that
person will pay his or her debts. It has shown to be very predictive of
risk, made credit more widely available to consumers and lowered the cost of
providing credit.[1][2] A credit score is primarily based on a statistical
analysis of a person's credit report information, typically from the three
major American credit bureaus: Equifax, Experian, and TransUnion. Lenders,
such as banks and credit card companies, use credit scores to evaluate the
potential risk posed by lending money to consumers and to mitigate losses
due to bad debt. Using credit scores, lenders determine who qualifies for a
loan, at what interest rate, and to what credit limits. The Fair Isaac
Corporation, known as FICO, created the first credit scoring system in 1958,
for American Investments, and the first credit scoring system for a bank
credit card in 1970, for American Bank and Trust.[3]
Each of the three credit bureaus may have different information about any
particular person, and there are many different credit scoring models in
use, which means a person may have several different credit scores
simultaneously. Many lenders use third-party credit scoring systems, such as
the FICO scoring model, NextGen, VantageScore, and the CE Score, to evaluate
the creditworthiness of a borrower. Because a score does not consider race,
sex or ethnicity, it is generally considered to be the most fair and
objective underwriting tool available to lenders. The Federal Reserve Board
did a study that noted scores have increased the availability of credit and
reduced the cost of credit.[4] Scores have also proven to be very predictive
in assessing risk.[4]
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More related links about
Credit Check
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Credit history or credit report is,
in many countries, a record of an individual's ... A consumer can
check his or her own credit report without impacting ...
en.wikipedia.org/wiki/Credit_history
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uk.biz.yahoo.com/cr.html - United Kingdom
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4 Sep 2009 ... Brief and
Straightforward Guide: What is a Credit Check?
www.wisegeek.com/what-is-a-credit-check.htm
You can remove credit report errors
by submitting aa credit report dispute to the credit bureaus.
Find out how to submit a credit report dispute to clean up ...
credit.about.com/od/creditreportscoring/a/disputereport.htm
Order government free anual credit
report to be certain that you are safe!. Yet many issuers pay rather
than was charged to collector and any. ...
webcal.dec.uwi.edu/lib/grep.php?Government-credit-report-for-free/
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