Credit Score Report
Credit score reports are full of helpful information. It shows all debt accounts in one location and if the accounts were paid on time. There is also contact information about each lender, when the account was opened, if there have been deferments, when the loan will be paid out to completion, and much more. When examined several times a year, credit scores can be monitored for inaccurate information, which can then be disputed and investigated by the credit bureau. If there is an account that slips through the cracks, it can be taken care of quickly instead of lowering your credit score.
Motivation to have a good credit score comes from knowing there are benefits when looking to borrow. The higher the credit score, the lower monthly payments. The opposite is also true. The lower the credit score, the higher your monthly payments. Even a difference in 30 credit score points can save more than $30,000 on a $300,000 mortgage. This inequality is based on the amount of risk the lender is taking when loaning an amount of money.
A higher credit score often reflects a responsible consumer who is making sure all payments are made on time, and talking to the lenders when the bills aren’t able to be paid so arrangements can be made to avoid a ding to the three credit bureaus. If you find your credit score isn’t allowing you to purchase the new home or a car, it’s not too late to repair your credit. With us at EGF Credit Solutions, our free, no obligation consultation offers you the opportunity to gauge where your credit is with a $1 charge for all three of your credit score reports. Contact us to schedule your free credit consultation and we can help you take steps in repairing your credit.