Before you can rebuild your credit report scores, learn what is considered to be a bad score and see where you stand, you must know why a creditor may deny you a loan.
These negative marks on your report can destroy your chances to obtain a loan.
What Are These Credit Report Scores, Killers?
Your accounts may be labeled: slow pay, no pay, or charge off which means a creditor has stopped trying to collect on your account and does not expect repayment.
Any large discrepancy between your application and file will count against you. The lender may wonder what you are hiding.
A lender may assume you are trying desperately to obtain a loan and are being rejected elsewhere.
This too may cause problems. Since the bureaus handles millions of files, the possibility for error is tremendous.
The only way these errors can be found and corrected is to carefully review your file for accuracy and then take the necessary steps to correct discovered errors.
You must develop your history more fully before you can qualify for the loan you now want.
These negative marks will kill your score fast because they are the most serious. But don’t despair, they too can be overcome.
Always request your file and review it prior to applying for a loan. Periodic checking is important because a credit bureau can and do make mistakes in compiling information.
They may confuse you with another individual, carry erroneous information in our life, or perhaps include incomplete or one-sided information provided by a creditor.
Most of these problems can be resolved once you understand the procedures available to you.
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