Free Military Credit Reports

A personal credit rating is determined differently in each country; however, there are many factors that are similar, which include the following:

• Payment history:  a record of late payments will significantly lower a person’s credit rating.
• Record of responsible and stable debt repayment:  lenders look at how long a person has lived in one area and how long they have been at the same job as signs of responsibility and stability.
• Living within means:  lenders look at a credit history, including an income-to-debt ratio to make sure a person is not living beyond their means.
• Re-aging: the date of last activity on the account is changed, which can have an important impact on overall credit rating.
• Hard inquiries:  lenders look at how many previous creditors have made inquiries on the account.
• Utilization of accounts:  lenders check to see how many credit accounts are at or near their limit.
• Unused credit cards:  having to many credit cards can have a negative impact on credit rating, but so can closing lines of credit.  Closing a line of credit will reduce your total credit available and may result in lowering a credit score.

Having an adverse credit history can be very damaging and result in a person being turned down for mortgage loans, car loans and other types of capital.  The information within a person’s credit history is compiled by credit agencies and credit bureaus and obtained by reporting creditors.  The information in a credit report is reviewed by a lender anytime a person requests a loan.

It is important to know what is on your own credit report and to make sure the information is accurate.  Having a good credit score can allow you to get a loan at a lower interest rate and with better terms.

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