Fix Bad Credit Now

A credit report is basically a consolidated account of your previous borrowings and repayments

. Every time you borrow, pay or delay, it will be reflected in your credit report. Money lenders use it to assess how much of a risk it would be to lend to you.

Through your credit report you will be issued a credit score. They will compute your borrowings and repayments against the time taken to repay and come up with a score of between 300 and 850.

The higher your score, the more financially stable you are considered to be. It means that you are more likely to be offered a credit card, a loan or a mortgage. If it is low, it means that your application for borrowing is unlikely to be accepted.

If you have a credit score of over 700, you are in excellent credit health. If your credit score is below 600, then you need to improve your credit health by paying your debts off.

So, why exactly is it important to have a good credit score?

- Once you have gotten yourself a healthy credit score, it means easy access to more finances. This could be a car, an apartment, or even just a simple bank loan for your business. Today, it is almost impossible to mortgage a house if you don't have a good credit score.

- If your credit score is above average, you're considered to be a reliable person who promptly takes care of their debt. This encourages lenders to give you better deals. You will likely get healthy discounts and longer repayment periods.

- When applying for a job, most employers will do a credit and background check on you. Applicants with high credit scores are looked on favorably, as they are seen as being more reliable and honest.

- One of the most important and little known values of a credit report is that it can be used to track identity theft. If someone steals your identity, and is using up your finances, it will appear on your credit report.

by: Brian Zack Johnson

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