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June 26, 2001
By
Mindy Gratwicke
Website:
http://www.1st-choice-credit-cards.com
>
What is a credit rating and how does it affect you?
A credit rating system is essentially a computer program that grades your ability to repay debt. These credit rating computer programs combine information from your credit bureau files with details you provide, such as your income and job history.
Though, these credit rating systems are now tiptoeing into many aspects of your financial life where you never thought to be possible. Examples of this are; (1) Insurance policies, if you have a bad credit rating this could force you to deal with an insurer specializing in high-risk policies which would cause you to pay a 50% or more higher premium. (2) Collection tactics, if you are a top scorer who has a late payment, the bank sends a reminder letter. Where if you are ranked as a very low scorer a collection officer calls if your cheque hasn’t arrived five days after the due date. And (3) are telephone services, which decide how large a deposit they will require from you when you sign up for service.
Given this credit rating score mania, it is crucial that you make certain your lender is sizing you up correctly, and that you do all you can to boost your grade. After all would you like to have all the best financial opportunities available to you?
For
more information on credit rating - click here!
> About The Author:Mindy Gratwicke is a successful author and the
publisher of http://www.1st-choice-credit-cards.com. A one-stop resource on on-line credit reports, credit rating, and report repair. *Webmasters,
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