The score is an indicator of that level of risk These entities, of course, don’t want to lend money to or get involved with a company that has a high risk of being unable to pay back financing. The main purpose of Experian Intelliscore Plus is to help companies, vendors, investors, and potential commercial credit grantors make well-educated decisions about who they should or should not do business with. Quite simply, the Intelliscore Plus credit score is a statistically-based credit risk evaluation. What is the Intelliscore Plus Credit Score? The truth is, any credit-related score should be on your radar for both your business and personal finances, but the Intelliscore Plus credit score, provided by Experian, one of the leading credit bureaus in the United States, is definitely a top contender for business owners to check, monitor, and understand. What is it? How is it created? How can I improve my credit score? Individual consumers typically find that much of their borrowing power hinges on the FICO score, but what about a company? For small business owners, what credit score is important? Proactively monitoring your credit report is a great way to help stay in control of your finances, and ultimately achieve your goals.The Experian Intelliscore Plus℠ Credit Score Explainedįor many consumers and business owners, the term “credit score” is often shrouded in mystery. A good credit history and credit score may be the difference between being able to purchase a home, buy a car, or pay for college. Responsibility is keyĪbove all, it’s important to use credit responsibly. To learn more, view How your credit score is calculated.ĭid you know? Wells Fargo offers eligible customers complimentary access to their FICO ® Score - plus tools, tips, and much more. Lenders use your credit score to help evaluate your credit risk – generally, the higher your credit score, the lower your risk may be to the lender. Scores can also be referred to as credit ratings, and sometimes as a FICO ® Score, created by Fair Isaac Corporation, and typically range from 300 to 850.įICO ® Scores are comprised of five components that have associated weights: Your credit score is a numerical representation of your credit report that represents your creditworthiness. If you spot an error on one of your consumer reports, you should submit a dispute to the agency. It’s a good idea to request a credit report from each of the three credit reporting agencies and to review them carefully, as each one may contain inconsistent information or inaccuracies. You’re also entitled to see your credit report within 60 days of being denied credit, or if you are on welfare, unemployed, or your report is inaccurate. You can request a free copy of your credit report from each of three major credit reporting agencies – Equifax ®, Experian ®, and TransUnion ® – once each year at or call toll-free 1-87. Financial issues that are part of the public record, such as bankruptcies and foreclosures, are included, too. It also documents each time a lender requests your credit report, as well as instances where your accounts have been passed on to a collection agency. It includes your personal information and lists details on your past and current credit accounts. Your credit report provides a detailed summary of your reported credit history. What can lenders see on your credit report? When you apply for credit, lenders can request this document from one or more of the consumer reporting agencies (Experian ®, Equifax ® and TransUnion ®) to help assess how risky it is to lend to you. Your credit report tells potential lenders how responsible you’ve been with credit in the past.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |