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Triple Credit Score | Triple Credit Report
By Robert White
Credit Reports versus Credit Scores Folks often use the terms "credit report" and "credit score" as if they were the same thing. They are actually quite different. First let me explain what a credit report is. A credit report is a document that shows pertinant personal information about you such as full name (including alias's and variations used in the past), address (past and present) and social security number. It also shows the types of credit that you use, such as credit cards, mortgages, installment loans etc. It shows the limit of theses loans as well as how much you have borrowed against the limits. It also displays your payment history on these loans, showing how many payments have been timely and how many have been late. The credit report shows whether you have been looking into getting more credit and what type of credit you have been applying for. All public records such as bankruptsy, tax liens, judgments and collections will also show up on the credit report.
Credit Scores Credit scores take the information from the credit report and assign a numerical score to it based on the risk you are at paying back debt. Scores typically range from 325-810. The higher the score, the less risk you are. There are three credit bureaus and they will all usually have a different score. Most lenders look at the middle score of the three bureaus, but some will only look at one bureau based on your location. Your credit score is very important. In todays economy, credit has become very hard to get. Once your score falls below 680-700, you will typically be charged more in interest rate and have to put more money down, especially when it comes to mortgages and auto loans. Many insurers and employers also look at credit scores now too. Insurers often look at those with good scores as less of a risk and will offer better insurance rates. Many employers will not hire a prospective employee if they fear the person is irresponsible. Before making any large purchase such as a home or auto, it is a good idea to get a copy of your credit report to see if there are any errors or glitches that need attention before you apply for credit.
This intel first appeared on: http://www.triplecreditscore.co.uk
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The copyright for this content entitled "Triple Credit Score | Triple Credit Report" has been specified by the contributor as:
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This intel was contributed by Jake
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May, 2012
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