Are
you looking for a loan? Or perhaps looking for employment? For fact loans,
employment and many other monetary transactions require your credit score.
If
you don’t know your credit score, it’s time you apply for
Today,
any financial transaction requires your credit score-- one of the reasons you
should request your credit score even if you aren’t purchasing anything; it
always helps to be ‘in the know’.
Let’s
share some insider news with you. Certain credit agencies in the US are
entrusted with the duty of storing credit information of users which they can
sell to other companies that need to evaluate people on the basis of their
credit score. You can order a free credit report annually through these
companies just to know where you stand.
We’re
now going to touch base on the top 3 reasons why Americans are ordering
individual credit reports.
You
need a loan
You
could be hunting for a loan for various reasons. The very first thing you need
to do before applying for your loan is to find out if you are eligible for a
loan. No matter the purpose of the loan, all of these loan applications would
require your credit score.
Here
are the top 3 reasons you might want to sign up for a loan
•
To buy a property
•
To buy a car
•
To set up your own business
Let’s
assume that you have been waiting to buy a house for a long time. Maybe you
already have something in mind and want to buy it before it’s taken off the
market. You might have saved up some cash for this purpose as well, but as
property prices are shooting up by the day you may end up invariably requiring
a loan.
If
you have perfect credit scores, you can wrap up the transaction in a jiffy, but
if you don’t, it takes you back to square one—requiring you to save up and
wait, hoping against the odds that your dream house will still be available.
You must also understand that your request for a loan could be rejected if you
have low credit scores; don’t push it too long to realize that you aren’t
eligible for a mortgage at the last moment.
Additionally,
your credit scores can affect the terms and conditions of the loan. It’s the
same principle even if you are looking to be an entrepreneur. You know that you
have the potential to succeed in your business, but don’t have the capital
required for a start-up.
Let’s
face it. Whether you are trying to buy a house, a car or setting up your own
business, you need money. Unless you have someone to help you by lending money
personally without charging any interest, the next option is to request a loan.
As any bank offering a loan requires your credit scores, you’d want to know
your score before you apply for the loan.
You
want to help someone by co-signing a loan
Sometimes,
there are certain situations that need your attention. If you decide to co-sign
a loan, the banks or anybody else lending a mortgage are sure to check your
credit report.
You
might want to co-sign a loan for many reasons.
•
To help your children
•
To help your spouse
•
To enter into a business agreement with your partner
Though
it is extremely risky to co-sign a loan--- no matter how close that person is,
you need a credit report. Even if you want to help your son or daughter buy
his/her own car or want to help your spouse buy a property, it is very
dangerous to co-sign a loan. If they fail to pay, then the banks will sue you,
as you have given them the authority by signing a contract.
This
may affect your credit scores very badly. Plus, you also need to be aware that
co-signers are accountable for the terms and conditions mentioned in the
contract. For instance as a co-signer, you will be liable to pay off the loans
if they are unable to do it.
However,
if they pay their loans on time, it will boost your credit score. Bottom-line,
your credit report needs to be perfect, in case you decide to help someone. And
you should check in on your credit score every once in a while to make sure the
person you’ve co-signed the loan for is actually paying it off.
You
need to be aware of identity theft
If
you think that your financial information has been compromised, it’s time for
you to request a credit report immediately. In such cases, you might notice that
someone else has been enquiring for a loan under your name. If that’s the case
then chances are that your data has been compromised. As preventive measure,
you may need to request your credit scores from different credit bureaus to
understand how bad the situation is.
You
can apply for your credit score now from
• Auto Credit Express (For those
with bad credit!)
In
cases where your financial information has been stolen or misused, it is
possible that your credit scores could vary. If you notice that the scores from
one company are way too low compared to the others, you need to start taking
action. In addition, these companies don’t share information with each other.
Therefore, the best way to handle this situation is to request your reports and
contact each of these companies individually to understand why it happened.
Even
if you have never been a victim of identity theft, it helps to check your
scores to figure out if someone else has been looking at your credits. It is
safe that way and moreover, if you discover any fraudulent activity, you can
always file a report.
Conclusion:
As
you can see, it is critical for you to check your credit scores regularly: it’s
better to be safe than sorry. If you have never taken a look at your reports,
you should start today. It’s important to have a complete control over your
credit history, and making sure any erroneous entries are reported to the
credit bureaus as you spot them. Start today and you won't regret.
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