The higher your credit score, the more creditworthy you become. And ultimately, that’s what lenders are all about: minimizing risk by approving and funding loans to creditworthy consumers. You then get better interest rates and you also get better terms with fewer conditions. Thus, if you want to improve your chances of being seen as a “safe bet” to a lender and convince them that you will repay your borrowed funds in a timely manner, you must maintain a solid FICO® score. This score will determine what your interest rate will be and if you get a loan in the first place.
Understanding the factors influencing your credit score empowers you to enhance your eligibility for loans on favorable terms. Surprisingly, more than 70% of consumer credit reports harbor errors detrimental to your score and borrowing prospects. Credit Analyzer presents four unique services worth exploring to address these concerns.