Why Annualcreditreport Without any Credit Scores Just isn't Good Enough

Annualcreditreport will give you a credit report free once a year, but they don't give your credit score. I've been a lender for seven years, and think me when it is about getting your loan done everyone looks at credit scores. The credit rating of yours is a bench mark for banks to market your mortgage on the secondary market. Usually investors use your middle credit score to figure out the creditworthiness of yours. Here is what myFICO® - http://ccmixter.org/api/query?datasource=uploads&search_type=all&sort=ra... says in respect to how important it is to know your credit score.

How credit scoring helps you

credit repair service best rated - https://www.vashonbeachcomber.com/national-marketplace/best-credit-repai... Score gives lenders a faster snapshot of the credit risk of yours. The majority of lenders are now using FICO® to figure out your score. Before the scoring process was applied there became a biased opinion of your credit. At this point there's much less none bias opinion of the creditworthiness of yours with credit rating automation process with all three credit bureaus. When pulling the credit report of yours with all three Credit Bureaus you typically get a score. Since annual doesn't provide this, you have to get your report through some other service providers.

Here are some advantages of credit scores.

* You get loans more quickly Your credit scores will be shipped with a few key strokes with present day technology. together with the quick process this helps lenders speed up the choices making process. Even mortgage programs may be made within ours, rather than weeks.

* Credit Decisions are fairer Credit selections might be made of information rather than feelings. Factors like your gender, religion, race, marital status and nationality are not considered by credit scoring.

* More Credit is Available

Lenders are able to approve more loans as the credit scoring process - http://kscripts.com/?s=process gives them the information where to base there choice on. It allows lenders to identity people that are prone to work well in the future although they have had issues in the past. Each lender has its own credit score recommendations, so if someone denies you, you may get approved elsewhere. The use of credit scores gives lender the self-confidence to supply more credit to individuals since they better are aware of the risk they're taking.