What Are Good Credit Rating Scores?
A credit score is a number, which represents the eligibility of a person to apply, and then pay for a credit. The credit scores are mainly based on information of the credit report of a person, as well as the credit rating scores. It is basically a financial verdict, of how healthy you are, in a financial way. Having a good credit score, means that you are not a risk for the people lending you the money. In some countries, there are free government credit report possibilities, by which you can get reports for your credit scores. It is a service that many people use.
Credit score rating explained
There are various scales for determining credit rating scores, and all of them are defined by different agencies. One possibility is that you have a scale with a rating from 1 to 9. If you are rated with a 1, that means that you will pay your dues and bills with a maximum delay of 30 days. If you have a rating of 9, that means that you never pay your bills, or you have signed a proposal with the lender, for repayment of your consumer debt. As an addition to the number, there is also a letter, which completes the rating. If the letter is I, it means that the credit you received is on an installment basis. A perfect example of an installment-based credit is a car loan. You borrow the money all at once, and then you pay it back in fixed amounts, regularly, for a period of time until you pay off the loan. If the letter is O, it means that you have received an open credit. You borrow money, but you have a limit, and you cannot exceed it. An example of open credits is the student loan. If the letter is R, it means you have received a revolving credit. With credits based on revolving, each month you pay a different amount of money, which is dependent on the balance of your bank account. As an example of revolving credits, there are credit cards. All of these ratings are included in a free credit reports for government. The most common credits, and therefore ratings, are revolving credits.
Free government credit reports
Credit rating scores are useful, especially for the lenders, because they express your eligibility for returning the loan you have received. These rating are usually embedded in a free credit report government. Every person is entitled to one free credit report from the government. Because there are 3 bigger credit bureaus, you can order three reports at once. That is completely up to you. After you have ordered the report, you can also order a copy from the specific bureau.
How to order a free government credit report
It does not matter if you ordered one or three free credit reports from the government. The only thing you should not do is to contact all the credit bureaus by yourself. There is a special web site, and a telephone number that is toll-free, if you want to order a free government credit report. We mentioned before that credit rating scores are a part of the credit report. Those ratings are valid for the whole year, and that is why you order these free reports only once a year.
Credit score rating explained
There are various scales for determining credit rating scores, and all of them are defined by different agencies. One possibility is that you have a scale with a rating from 1 to 9. If you are rated with a 1, that means that you will pay your dues and bills with a maximum delay of 30 days. If you have a rating of 9, that means that you never pay your bills, or you have signed a proposal with the lender, for repayment of your consumer debt. As an addition to the number, there is also a letter, which completes the rating. If the letter is I, it means that the credit you received is on an installment basis. A perfect example of an installment-based credit is a car loan. You borrow the money all at once, and then you pay it back in fixed amounts, regularly, for a period of time until you pay off the loan. If the letter is O, it means that you have received an open credit. You borrow money, but you have a limit, and you cannot exceed it. An example of open credits is the student loan. If the letter is R, it means you have received a revolving credit. With credits based on revolving, each month you pay a different amount of money, which is dependent on the balance of your bank account. As an example of revolving credits, there are credit cards. All of these ratings are included in a free credit reports for government. The most common credits, and therefore ratings, are revolving credits.
Free government credit reports
Credit rating scores are useful, especially for the lenders, because they express your eligibility for returning the loan you have received. These rating are usually embedded in a free credit report government. Every person is entitled to one free credit report from the government. Because there are 3 bigger credit bureaus, you can order three reports at once. That is completely up to you. After you have ordered the report, you can also order a copy from the specific bureau.
How to order a free government credit report
It does not matter if you ordered one or three free credit reports from the government. The only thing you should not do is to contact all the credit bureaus by yourself. There is a special web site, and a telephone number that is toll-free, if you want to order a free government credit report. We mentioned before that credit rating scores are a part of the credit report. Those ratings are valid for the whole year, and that is why you order these free reports only once a year.