Credit Reports without Credit Scores are useless

Credit Reports without Credit Scores are useless
Credit Reports with no Credit Scores are useless. Have you
got your credit report lately from
www.annualcreditreport.com ? If you did, it did not come
with your Credit Scores. Have you ever wondered if you
really needed to know your scores? In this article I will
discuss how important it is to know your Credit Scores.

Here is a list of people that look at your Scores to
determine your likely hood to pay back a debt.

1. Electric Companies
2. New Employers
3. Mortgage Companies
4. Banks
5. Car loan companies
6. Credit Card Companies
7. Insurance Companies
8. Cell Phone Companies
9. Its not uncommon to have your new spouse check your
personal credit score

It is amazing how just about everyone that provides a
service to you these days wants to know your credit risk.
Your personal credit is not longer a secret; it's a part of
our everyday life. So if all these companies pull your
credit, what are they looking at? They look at your score
first; your credit score is how the 3 Credit Bureaus
measure your creditworthiness. The same goes for anyone
that wants to see your credit report. They look at your
credit score as well. Your credit history is important, but
when it comes to getting loans, your credit score is what
determines whether you will get the loan.

All Credit Scores have one thing in common: they read the
data from your credit report and predict your future credit
performance. The scores indicate the probability of you
paying back your bills in a timely manner. These credit
scoring models used by all 3 credit bureaus are
extraordinary at predicting what kind of risk you propose
to potential lenders. Since lenders know this, it is very
important you know as well. Since you now know how
important it is to know your credit score make sure you get
a credit report with your scores. It does not hurt your
credit to check your report every 60 to 90 days.

So the conclusion to all of this is yes you need to know
your scores. If most creditors determine whether they will
extend credit to you based on your 3 scores, I would
recommend you learn them quickly. You might have good
scores and not even know it. This is the type of customer
creditors love, they can make more money on you because of
you lack of knowledge.

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About the Author: Mike Clover is the owner of
http://www.my720fico.com . My720fico.com is one of the most
unique on-line resources for free credit score reports,
Internet identity theft software, secure credit cards, and
a BlOG with a wealth of personal credit information. The
information within this website is written by professionals
that know about credit, and what determines ones credit
worthiness.