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Step-by-step explanation:
1 The creditor can also assess the financial strength of new borrowers to determine their ability to pay back the loan amount plus interest in a timely manner. Depending on the findings of the evaluations, the lender can decide to approve or reject the loan application.
2 If you have a good credit score, you'll almost always qualify for the best interest rates, and you'll pay lower finance charges on credit card balances and loans. The less money you pay in interest, the faster you'll pay off the debt and the more money you have for other expenses.
3 You're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228.
4 Put simply, maintaining all three of your credit reports is the only way to ensure that the credit information used by future lenders is accurate. At the very least, all consumers should review all three of their credit reports once a year, which can be done for free online at AnnualCreditreport.com
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The benefit lenders get from reviewing a prospective borrower’s credit report is that the lender examines new borrowers' financial strength to repay.
What is a credit report?
Credit history is a history of a borrower's timely debt repayment. A credit report is a record of a borrower's credit history obtained from many sources such as banks, credit card companies, collection agencies, and government authorities.
Who are lenders and a borrower?
A lender is a person who buys a bond. A bond's seller is a borrower. In basic terms, a lender is someone who loans money, whereas a borrower is someone who borrows money.
1. The benefit lenders get from reviewing a prospective borrower’s credit report is that the lender examines new borrowers' financial strength to determine their capacity to repay the loan amount plus interest on time. The lender might approve or reject the loan application based on the outcomes of the assessments.
2. You'll nearly always qualify for the best interest rates and pay reduced financing costs on credit card balances and loans if you have a strong credit score. The less interest you spend, the sooner you'll be able to pay off your debt and have more money for other things.
3. Each of the three major credit-reporting firms is required to provide you with one free copy of your credit report every 12 months. Call 1-877-322-8228 or order online at annualcreditreport.com, the only approved source for free credit reports.
4. Simply said, monitoring all three of your credit reports is the only way to ensure that prospective lenders have accurate credit information. Consumers should at the very least examine all three of their credit reports once a year, which they can do for free online at AnnualCreditReport.com.
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