Credit Score Concerns

If you have experienced being declined for a credit card or any loans, most likely, you have been offered a free credit report through snail mail in order for you to review and see why you have been declined. Unluckily, the numeric score that will determine the approval process cannot be found on these free credit reports, which makes consumers more confused. That being said, how does a free credit report given through snail mail 10-14 days later with no numeric score actually help educate an individual as to how why exactly they were declined? It actually doesn’t. You now have your 20-30 page credit report a week after the fact filled with verbiage that reads about as easy as mumbo jumbo.

Such free credit reports have the status and payment history of outstanding lines of credit and other financial obligations that include credit cards, charge accounts, home mortgages, car notes, as well as negligent medical and utility bills that were sold or outsourced to collection agencies. Such data will be used by the credit bureaus in order to generate your credit worthiness on their 300 to 850 numeric credit score scale. Lenders mainly use the credit score itself so as to approve a loan process, so it’s a must to get an understanding what they are seeing that coincides with the data on the credit report.

There may be a lot of questions when it comes to credit score, but one thing we know for sure is that it’s important. How about you, what are your concerns when this subject is being brought up?