Credit Report and Credit Score
Credit Report and Credit Score is used to check credit worthiness of a person. Credit score is based on the data provided by the credit report that indicates payment history, accounts, etc. Today many lenders and retailers take the help of credit report and credit score to lend credit. Credit report and credit score helps the bank lenders to judge the credit worthiness of a person at the time of allotting him credit.
Person with bad credit report and score find it difficult to raise the credit whereas the person with good credit score and report does not face any financial stake. The credit report and score provides a true picture of a person’s financial position. But it is the initiative of individual or financial institution to ask for it. This credit report and score are provided by credit bureau within few days of your request.
It is advisable that every person must understand his/her credit report. Initially the law prohibited for its disclosure but later on it was made available on request. It is vital that one should check his/her credit score and report any errors found. Remember a small error in your credit score can harm your credit report in a big way. Generally credit score ranges from 300-750 but many people have their credit score within 600-750. In business terms, score above 700 is regarded as excellent credit score.
Why Check Free Credit Report and Score?
Checking Credit Card does not harm your credit score. Checking removes the bad remark in your credit report and similarly in the credit score. It indicates your financial position in the business. Regular updating of credit report also helps to rectify any major financial error. If you find any error or mistake in your credit report assure that you rectify it immediately.
How can you get your Credit Score?
It is true that credit score is totally based on the content in credit report. As the content in credit report varies there is variation in your credit score. It is possible to view your credit report online just by requesting for it. The credit report and credit score that you get through these online services do not cost much.
Isabel
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Can your current credit card company make a hard inquiry on your credit report/score whenever they want?
I got an answer earlier that your credit card company can pull a soft credit report/score on you anytime they want. A soft inquiry (i'm assuming) does not affect your credit score/report. So can they get a "hard" inquery whenever they want?
they are the same, one effects (hard) you the other one doesn't (soft). and yes they can, they use that as a reason to raise your interest rate.
References :
If their name is Chase, they could do anything they want. I have a very good credit and they keep raising my rates. For no particular reason, other than, well, they want more of my money. I found Discover to be somewhat better than others
References :
They will only do soft pulls after you are customer with them. They don't need to do hard pulls periodically, they have your credit file on information. They will however do soft pulls periodically to see if they need to adjust your rates, increase your balance, or change your terms. They can do this without your permission, especially if they are a "universal default" lender, which means they can change your terms, raise your rates, lower your limit or close your account completely….if you are negligent on a completely different account from a totally different lender.
References :
Yes indeed, they can pull up your credit report any time they see fit and that is the way they will assess how much credti they can give you etc.
References :
http://www.allcreditinformation.net
Yes credit cards can pull up your credit score whenever they fell the need to. That is how they assess your account at various intervals.
References :
http://www.allcreditinformation.net