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All about credit report rating
from transunion
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Credit
Report Ratings Can Affect Lending Terms
How Credit Report Ratings
from Transunion Can Impact Interest Rates and Other Terms for Loans
Credit report ratings rate
consumers based on different variables of like consumers.
These include income brackets, amount of money borrowed, how long
you typically take to pay off a loan and if you make your payments on
time. A scale for these
factors are then put into a formula that spits out a credit report rating
indicating how likely you are to pay back the loan as scheduled.
The lenders and reporting agencies alike figure that the way you
handled credit in the past will dictate how you will handle credit now.
Transunion is simply putting a label on that information. Credit report ratings
affect interest rates in that the better your rating, the lower the rate
for which you may be eligible. The
risk is lower to the lender, so they can theoretically afford to lend you
money for less. On the chance
that you may not make timely payments, based on your Transunion report
then they may make you pay higher interest to cover any loses the lender
may experience.
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