Considering Points while apply for Credit

As economy is growing so every one is in queue for getting credit. Most important part is, when some is going to take the credit how much interest rate he got. Now considering this point we will have to look the aspect which needs to improve for a debtor. There are following points which may be improve a debtor financial worthiness. There are lots of agencies who work for borrower and help to improve their credit score.

An applicant who is facing the same problem and lender is denying to give the credit, so he may be take help to this agency. There is one of the renowned credit agency called Equifax which collect the information about applicant. Information can be divided in to five phases ; Your personal Information, Inquires, Credit History, Public Record and Your over all Credit Score.

Personal Information:

Personal Information can be your details e.g. you’re Name, Your spouse name; Job Status; Security Status, Current & Formal Address, Job History & Financial background. This information should be appropriate and correct. If necessary you can take out help of Equifax Credit Agency to collect all information. This should be authenticated or updated as per your current status.

Inquiries:

Next is your Inquiry section that is most important part for an applicant. In case of Equifax report there are two types of Inquiries; one is Hard and second is Soft Inquiries. Hard Inquiry is like which is initiated by you and made by company, e.g. an applicant who applies for Mortgage loan or Credit Card. But in case of Soft Inquiry that does not show the creditor unless until you request for it. So it’s totally depends on the initiative taken by applicant.

Credit History or Public Relation:

Third is Credit History & Your Public Relation that all shows your financial status and worthiness. It include how you done your debts and payment. Credit history lies between the credits score & would be a major factor for considering applicant financial strength. Long pending debts or overdue can be reduce your credit score. Even if your public relation is not strong that can also effect on your credit score. They usually will stay on your Equifax credit report for six to ten years.

Credit Score:

Last is your credit score. That credit score shows how credit risk taker you are. More creditors are interest in applicant credit score. In UK and America credit score lies “Between” 350 to 850 considered as best credit score. Creditors consider that more credit score means you are less risk taker and eventually that decided your credit amount. If the score is lower, you will be seen as a higher risk and while you still may get loans, you will likely be headed toward higher rates of interest.

Your Equifax credit report has a big influence on your ability to make purchases on credit. Many state and federal laws allow you to receive a copy of your Equifax credit report either for free or at a low cost. Take the time to get a copy of your Equifax credit report, as well as ones from the other companies. That way you can be sure that all information are correct and decided how risky you are while taking loan.