That’s why it is critical to make sure your credit report is accurate.
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A higher credit score is taken to mean you are less of a risk, which, in turn, means you are more likely to get credit or insurance — or pay less for it.
Using a statistical program, creditors compare this information to the loan repayment history of consumers with similar profiles.
For example, a credit scoring system awards points for each factor that helps predict who is most likely to repay a debt.
The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to know how credit scoring works.
Credit scoring is a system creditors use to help determine whether to give you credit.
Ever wonder how a lender decides whether to grant you credit?For years, creditors have been using credit scoring systems to determine if you’d be a good risk for credit cards, auto loans, and mortgages.They may consider this information when they decide whether to grant you insurance and the amount of the premium they charge.The credit scores insurance companies use sometimes are called “insurance scores” or “credit-based insurance scores.”Your credit report is a key part of many credit scoring systems.A total number of points — a credit score — helps predict how creditworthy you are: how likely it is that you will repay a loan and make the payments when they’re due.Some insurance companies also use credit report information, along with other factors, to help predict your likelihood of filing an insurance claim and the amount of the claim.