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July 10, 2001
By
Mindy Gratwicke
Website:
http://www.1st-choice-credit-cards.com
>
What is a credit report score?
What is a credit report score? Well, a credit report score is a number used by lenders as an indicator of how likely you are to repay your loans. Utilizing the data from your credit report your credit score is generated by a mathematical formula. For more than thirty years lenders have been using the credit report score as part of the lending decision.
There are various factors that determine an individual’s credit report score, including the following.
1. Payment history
2. Outstanding debt
3. Length of credit history
4. Severity and frequency of negative credit information such as bankruptcies, charge-offs, and collections
5. The amount of credit used compared to the credit available.
Your credit report score is one of the most important indicators of your financial health. Lenders use your credit score to determine whether or not you are a good candidate for a loan. Plus, what type of interest rate you will have to pay, and we all know the lower the rate the better.
For
more information on credit report score - 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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