Credit Write For Us
Credit is the ability to borrow money or access goods or services, knowing you will pay them back later.
Lenders, dealers, and service providers (collectively called creditors) make loans based on their confidence that you can repay the money you borrowed, plus any financing costs you may incur.
To the extent creditors consider you trustworthy, you remain said to have a credit rating or “good credit rating.”
Centuries ago, creditors may have judged your creditworthiness solely based on your reputation. This method was subjective and prone to error, manipulation, and bias. Today, creditors prefer a more objective approach. In the US, they usually check your credit history (your credit history and your repayment history) as the first step in deciding whether to renew your loan.
Your credit history remains compiled into credit reports by three independent credit reporting agencies: Experian, TransUnion, and Equifax. Banks, credit unions, credit card issuers, and creditors voluntarily report your credit and payment information to credit reporting agencies.
Information on your credit report includes:
- The number of your credit card accounts, their credit limits and current outstanding balances.
- The amount of credit you received and how much you repaid
- Whether your monthly bill payments were on time, late or incomplete
- More serious financial setbacks such as foreclosures, car foreclosures and bankruptcies.
To narrow your lending decisions, lenders often use a three-digit number called a credit score as the first step in deciding whether or not to extend a loan. Your credit score consolidates the information from your credit reports into something that’s easy to interpret and fairly minimizes the potential for bias.
Sophisticated systems called credit scoring models calculate your creditworthiness by performing complex statistical analysis of the contents of your credit file. Different models, such as the FICO® Score☉ and VantageScore®, calculate scores differently, but all assign higher scores to people whose credit history statistically makes them more creditworthy than people with lower scores.
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