If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. This file is known as your credit report. It is information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. This report is compiled by Consumer reporting companies and they sell the information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it. This information will be used to evaluate your applications for credit, insurance, employment, or a lease.
Whether you are an individual or a business owner, you now have the ability to dramatically boost your credit score literally overnight. Yes, you can raise your credit score up to 200 points.
Having a good credit report would mean it will be easier for you to get loans and lower interest rates when you need them. Lower interest rates usually translate into smaller monthly payments and thousands of dollars saved on your most important financial matters.
There are 5 major factors that make up a credit score - see the 5 factors and the "weight" they carry:
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