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It’s your right to know what credit scoring agencies are saying

about you. Finding out this information is doesn’t cost a lot and

takes only minutes to do – which may be Marketplace Clearnet
time very well spent.
So what is credit scoring? Simply put, credit scoring is a method
of assessing the credit risk of a loan applicant. It uses mathematical

models to evaluate a person’s credit worthiness based on their credit history

and current credit accounts.The system was first developed in the 1950s, but has come into widespread use in just the last couple of decades.

In the early ’80s, the three major credit bureaus (Experian, Equifax and Trans Union)

each developed scoring models that allowed them to offer a score based solely on the data of one individual. Creditors, especially those in the home mortgage industry, frequently use these scores when deciding who gets a loan and at what rate. However, it’s worth remembering that creditors also consider other information, such as your salary or employment history, when making loan decisions.

What’s in a score? Credit scores are reported as a number, usually in the 300-900 range. The higher the number the better the score. Creditors see the number as an indicator that an individual will repay a loan. Typically, scores are determined by reviewing the following data

by http://news-credit.blogspot.com

It’s your right to know what credit scoring agencies are saying

about you. Finding out this information is doesn’t cost a lot and

takes only minutes to do – which may be time very well spent.
So what is credit scoring? Simply put, credit scoring is a method
of assessing the credit risk of a loan applicant. It uses mathematical

models to evaluate a person’s credit worthiness based on their credit history

and current credit accounts.The system was first developed in the 1950s, but has come into widespread use in just the last couple of decades.

In the early ’80s, the three major credit bureaus (Experian, Equifax and Trans Union)

each developed scoring models that allowed them to offer a score based solely on the data of one individual. Creditors, especially those in the home mortgage industry, frequently use these scores when deciding who gets a loan and at what rate. However, it’s worth remembering that creditors also consider other information, such as your salary or employment history, when making loan decisions.