Finance

Oct 7 2016

How To Check Credit Score For Free – My Free Credit Report- My Free Credit Report #credit #credit


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Credit-based rejection

The FACT Act also gives you the right to request for a free copy of your credit report and score when you have been rejected a loan or offer because of credit-based reasons. The lender should give you a copy of the credit report that they based their reasons on, be it TransUnion, Equifax or Experian.

Whichever method you choose to check your credit score, once you have it, do you know what it means. If you have a credit score of 720 and up, that means you have the highest rating and will be getting the loan no doubt. Not only that, you will also get the best possible repayment terms and interest rates. If you are looking into a major purchase, be sure that you have a credit score of 720 or higher.

The average rating falls between 621 and 719 although more specific ratings fall into this. This rating is the minimum required to get fair terms. Your rates and terms will not be as good as when having an excellent rating but should be fair enough. You could benefit financially by improving your credit score .

The lowest rating that you can get is a risky rating with a score of 620 and below. If you fall on this range, you ll certainly want to get your credit score up to be approved for a loan. Even if you do get it, you’ll get very demanding rates and conditions that it will hardly be beneficial to you anymore.


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