#free credit report for military
Free Military Credit Reports
A personal credit rating is determined differently in each country; however, there are many factors that are similar, which include the following:
- Payment history: a record of late payments will significantly lower a person’s credit rating.
- Record of responsible and stable debt repayment: lenders look at how long a person has lived in one area and how long they have been at the same job as signs of responsibility and stability.
- Living within means: lenders look at a credit history, including an income-to-debt ratio to make sure a person is not living beyond their means.
- Re-aging: the date of last activity on the account is changed, which can have an important impact on overall credit rating.
- Hard inquiries: lenders look at how many previous creditors have made inquiries on the account.
- Utilization of accounts: lenders check to see how many credit accounts are at or near their limit.
- Unused credit cards: having to many credit cards can have a negative impact on credit rating, but so can closing lines of credit. Closing a line of credit will reduce your total credit available and may result in lowering a credit score.
Having an adverse credit history can be very damaging and result in a person being turned down for mortgage loans, car loans and other types of capital. The information within a person’s credit history is compiled by credit agencies and credit bureaus and obtained by reporting creditors. The information in a credit report is reviewed by a lender anytime a person requests a loan.
It is important to know what is on your own credit report and to make sure the information is accurate. Having a good credit score can allow you to get a loan at a lower interest rate and with better terms.
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