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Your credit report contains information about every account you have had for the past 7-10 years, including information on judgements and collection accounts. The type of account, the credit limit, the payment amount and whether or not those payments were made on time is included in the file. Creditors use this information to determine whether or not to lend you money and how much interest you will have to pay. The difference between having a 750 credit score and a 450 credit score can mean paying an additional $11,000 in interest on a $20,000 loan! As you can see, there is a high price for not being responsible with your finances.
The most important thing you can do to improve or maintain your credit is pay your bills on time. One late payment shows up on your credit and can lower your score for 7 years!
There are three major credit reporting agencies in the United States: Transunion, Experian and Equifax. Pivot Rock Solutions reports your payment history to all three. If you would like more information on credit scores, visit http://www.myfico.com/crediteducation/creditscores.aspx.
Why is your credit important?
Your credit score affects whether or not financial institutions will lend you money and how much interest they will charge you. With long term debt, such as a mortgage, a small difference in interest rate will equare to tens of thousands of dollars over the life of the loan. Addtionally, your credit history will follow you for years. Good credit can remain on your report for your lifetime; bad credit can remain on your report for 7-10 years.
Why do I need credit?
Eventually, almost everyone needs some form of credit. You may need credit when renting an apartment or house. You may need credit when purchasing big ticket items such as TV’s, refrigerators, homes and vehicles. Many utility and car insurance companies will even use your credit report to determine your rates or deposit requirements.
Why is good credit important?
Maintaining a good credit rating will allow you purchase items on credit when you do not have the cash available. In addition, having good credit usually lowers the interest rate you pay. A person with bad credit will likely pay a substantially higher interest rate compared to a person with good credit. For example, a $10,000 loan financed for 48 months at 21% interest will cost $4863.68 in interest charges. The same loan at 7% interst will cost $1,494.08, a difference of $3,369.60. Same amount financed, same term, just a difference in interest rate. Good credit can save you a lot of money over the course of time.
What is a credit score?
A credit score is a numerical value assigned to your credit history. Credit scores range from 300 to 850. It is important to maintain the highest credit score possible: the higher the score, the better the credit. The score can be affected by many variables such as length of credit history, the number of open accounts you have, negative credit history, and how much credit capacity you have. To see additional information regarding credit scores, click the following link: http://www.myfico.com/crediteducation/creditscores.aspx.
How can Pivot Rock Solutions affect my credit score?
Pivot Rock Solutions provides credit bureau files to their dealerships who wish to report. This data is then uploaded to the credit bureau repositories. Additional information on each can be found by utilizing the attached links.
Trans Union: http://www.transunion.com/