Understanding Credit & How it Works

Have you ever wondered how a creditor decides whether to grant you credit for a loan? The decision is based on what is called a credit scoring system. This is how credit scoring works to help lenders whether or not you are a good candidate or risk for a loan.

What Exactly is Credit Scoring?
Credit scoring is a system used by lenders/creditors to help them make a decision about your ability to repay a loan.

How is Credit Scoring Developed?
Creditors develop a credit scoring system based on statics of previous customers.

How Can I Improve My Credit Score?
When trying to improve your credit score there are a few areas to focus on.

What if I am Denied Credit? What Can I Do? If you are denied credit, the Eqal Credit Opportunity Act (ECOA) requires that creditors give you a notice that tells you exactly why your application was declined

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