Free Credit Summary
If you are looking to get a better understanding of your current financial and credit standing, a credit summary or credit report is one of the most effective ways to do that. By looking at a snapshot of your current standings through a report, you get an understanding of what lenders see when they review your credit report and how they make decisions regarding terms and loan amounts. If you would like to get the most from your credit report and understand how to make it work for you, then contact us today and request a free credit summary.
What is a credit report?
Before a potential lender will approve or decline a credit application based on their finding from your credit report. A credit report is a summary of how you manage and pay your credit accounts. A credit bureau creates your report based on a few factors, such as the payment history of accounts and information reported by lenders and creditors. This report is not impervious to errors though and can occasionally unfairly reflect the nature of your payment history. Keeping a watchful eye on your credit report ensures that it reflects your payment history accurately and does not stand in your way of life-changing financial aid.
Why is your credit report important?
This important document is essentially the ticket that allows you to apply for a certain amount of credit, at preferential terms. When your report reflects poor repayment history, the terms that are offered to you for credit are often less than favorable, so keeping a close eye on these reports and ensuring that the information is positive and accurately reflected is essential.
The two kinds of credit inquiries
There are two kinds of credit inquiries that can be conducted on your report. The first is a “soft” inquiry. Soft inquiries are done for a few reasons. The first is when you conduct a review of your credit report yourself. Other reasons that a soft inquiry may occur include when a company preapproves you for credit or insurance or when a debtor conducts an account review. A soft inquiry will not adversely affect your overall credit score. The second is a “hard” inquiry. These occur when a credit company (or other lenders or accounts) review your credit report to determine whether they should grant you credit (or an account). Hard inquiries can remain on your credit report for years and can hurt your report, which is why you should ensure that no one is performing these inquiries without your consent.
The benefit of using a professional service
There are three different credit bureaus that provide lenders and other facilities with reports on your credit score. Because of this, there is a high likelihood that your credit score will differ between each one. When you employ Credit Repair Services, Military, Fort Hood Killeen TX, we ensure that we analyze and report on findings from all three bureaus, to accurately provide you with a summary of your credit facilities. If you would like more information on how this works or would like to request a free credit summary, contact us today!