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Credit Repair and Credit Scores Explained |
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 By: Ian Webber
The Credit Bureaus
Many people starting a credit repair program are under the misconception that the credit bureaus are in some way connected to the government. It is easy to understand this perception. But, as influential as they are, the credit bureaus have no government blessing, charter, or otherwise. They are big business. There are three credit bureaus that count. They are Experian, Equifax, and TransUnion. They are in the business of gathering credit data about you and selling it to potential creditors. |
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Borrowers May See Change in Credit Scores |
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 By: R. Smith
People looking to finance a home or a new car may experience a substantial change in their credit scores since the FICO credit scoring model was recently modified. If you are in the market to finance a major purchase, buy a home, or refinance, your ability to qualify for financing may be affected by how the new scoring formula calculates your credit scores.
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How credit rating is determined? |
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Credit ratings are determined differently in each country, but the factors are similar, and may include: - Payment record - a record of bills being overdue, generally being more than 30 days, will lower the credit rating.
- Control of debt - Lenders want to see that borrowers are not living beyond their means. Experts estimate that non-mortgage credit payments each month should not exceed more than 15 percent
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