Results tagged “loans” from Payday Loan Quotes Blog

Your FICO score is based on a mathematical equation. It is set up to evaluate information from your credit report and compare it against patterns of other credit users to identify your credit risk, that is, how likely it is you'll pay back loans. Scores may differ among the bureaus for three reasons:

1. Not all lenders report to all three bureaus.
2. Not all lenders report to the bureaus at the same time of the month.
3. The Fair Isaacs software for creating the credit score is different (but similar) at each bureau.

A relatively high percentage of credit reports contain errors. These errors can lower your credit score and cost you big bucks in terms of interest rates or qualifying for an interest-only mortgage loan rather than a 30-year traditional fixed-rate, for example. Therefore, it's a good idea to check your credit report for mistakes.

Look for the following:

• Identifying information that has you mixed up with someone else's activity
• Incomplete information
• Accounts that don't belong to you
• Payments reported as late but that you paid on time
• Debts paid in full that still show an outstanding balance
• Late payments and other negative events that took place more than 7 years ago, 10 years for bankruptcy