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The Online Loan & Credit Service Finder
LoanInfoSearch.com is an online directory of a variety of loan and credit services, along with a custom search engine for local services. The published directory lists loan and credit services from selected major cities in the U.S. The search engine extends service lookup throughout all cities in the country.
Using the custom designed Loan & Credit Service Finder (LCS Finder), users can efficiently locate nearby services for their financial needs. The LCS Finder allows users to look for local services such as loan agents, credit repair service, FICO score reporting, throughout the U.S. By supplying a zip code or city & state, the finder will locate services on the fly within the vicinity under the chosen category.
Just because you have a poor credit report does not mean you won't be able to get credit everywhere. Creditors set their own credit-granting standards. Some may look at more recent years to evaluate you for credit and may grant credit if your credit history has improved. Sometimes it may be worthwhile to contact creditors informally to discuss their credit standards. If you still can't get the credit you want, consider using a credit repair service.
- The Credit Repair Organizations Act
By law, credit repair organizations must give you a copy of the Consumer Credit File Rights Under State and Federal Law before you sign a contract. A written contract that spells out your rights and obligations must also be given to you. Read these documents before you sign anything. The law contains specific protections for you. For example, a credit repair company cannot:
- make false claims about their services
- charge you until they have completed the promised services
- perform any services until they have your signature on a written contract and have completed a 3-day waiting period. During this time, you can cancel the contract without paying any fees.
Your contract must specify:
- the company's name and business address
- the payment terms for services, including the total cost
- a detailed description of the services to be performed
- how long it will take to achieve the results
- any guarantees they offer
A credit score is a numeric representation of an individual's financial credibility calculated using a statistical model. It's a key element for quantifying the likelihood that a prospective borrower will fail to repay a loan or other credit obligation satisfactorily over a specified period of time. Lenders such as banks and credit card companies use credit scores to evaluate the potential risk posed by lending money to consumers. Such credit scores are frequently used to determine who qualifies for a loan, assign an interest rate, assign credit limits, etc.
- FICO Score:
FICO is the best-known credit score model in the U.S. It is calculated using mathematical formulae developed by Fair Isaac Corporation. FICO scores are designed to indicate the likelihood that a borrower will be delinquent within the next 24 months. It is primarily used in the consumer banking industry. Banks and other institutions that use FICO scores as a factor in their lending decisions may deny credit, charge higher interest rates or require more extensive income and asset verification based on the credit score.
- Credit Score Components:
Credit scores are designed to measure the risk of default by considering a number of factors in an individual's financial history. While the exact formulae for calculating FICO credit scores are closely guarded secrets, Fair Isaac has publicized the weighted components as follows:
- 35% Punctuality of Payment
- only includes payments later than 30 days past due
- 30% Capacity Used
- the ratio of current revolving debt to total available revolving credit
- e.g. credit card balance versus credit limit
- 15% Length of Credit History
- 10% Types of Credit Used
- installment, revolving, consumer finance
- 10% Recent Amount of Credit Obtained
- Credit Score Range:
A FICO score generally ranges from 300 to 850. It exhibits a left-skewed distribution with a U.S. median around 725. Generally, 660 is regarded as potentially subprime and represents an important break point for credit worthiness. The performance of the scores is monitored and the scores are periodically aligned so that a credit grantor normally does not need to be concerned about which score card was employed.
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