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Credit Score and the importance of it

The term credit score is an expression which is based on a statistical analysis of a personís credit files and history. Your credit score is a representation of the financial situation of a person. Your credit score is based on credit report information and is typically secured sources of information taken from credit bureaus and credit reference agencies.

Your credit score is important due to the fact that you will most likely need to borrow money at some point in your life and every time you do your lenders will check your credit ratings to decide whether you are a suitable person to lend money to. This is why it is important that you review your credit report on a regular basis; however studies have revealed that a third of us admit we have no idea what their credit report is used for and nearly one in five of us are completely unaware that a credit report detailing their financial records is held in their name. Meanwhile, only a quarter of people have checked their credit report in the past five years.

If you are hoping to gain a loan, mortgage, credit card, contract mobile phone or even monthly car insurance, lenders will score you in a way of predicting your likely behaviour. Your credit scores are never published and differ lender to lender and product to product. This means just because one company rejects you, it doesnt automatically mean another will.

Your credit score is important on a personal level but is also important on a corporate level as well. This is because if you are hoping to start up a business you will need a good credit score in order to gain the start-up finance that you need to be able to get your business off the ground.

If you would like more information about what your credit score is or what Edge of Bankruptcy can do for you investment wise then feel free to contact us today and we will help you in any way that we can.

Below are some useful articles on Credit Score:

How to Understand your FICO Score
Good Credit Score Number
How Can You Calculate Your Credit Score?
Common Credit Mistakes - That affect your Credit Score

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