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Follow on Google News | A Must Read Before You Apply for CreditBefore applying for credit, find out what you can do to improve your rate, fees or even the difference of being approved or denied credit.
The idea behind it: Let's say you applied for a credit card, loan, mortgage or any type of credit, and you were approved by XYZ Bank. You were given an interest rate and/or terms, you know your credit score and what type of accounts are in your credit report (positive and negative accounts). At CreditLibrary.org you can submit information about your approval or denial, which is in no way identifiable, with the intention of having someone review this information later on to make an informed decision on which lender they should apply to. The non-identifiable information include: which lender you applied to, what your credit score was when you applied, which credit report(s) did that particular lender pull, rates/fees given to you and so on. There is no personal data, no name, account numbers, social security number and so forth. With this information supplied by past applicants, the next viewer or reader can perhaps apply to a bank that typically approves applicants with similar credit scores. If a bank typically pulls from 1 credit bureau and it's your best credit report and/or score, wouldn't you want to apply to a lender who would likely pull your best credit report and use your best score for determining your rates? If you have a 700 FICO score and see multiple approvals but 1 particular bank is giving the best rates for that score range, perhaps that's the bank to apply to. In short, there are multiple benefits for this database, and if you are savvy, this information could be the difference of being approved or denied credit or it could be the difference of potentially thousands of dollars from a higher interest rate. Finally, you and everyone else can have an edge when you're shopping for credit, and that was our idea behind it. There is certainly more to this site than what's stated above, including a similar database about collection agencies at: http://www.creditlibrary.org/ # # # A credit website that not only offers the basic credit information all the other sites do, but a revolutionary way of gaining insider knowledge on a lender and their credit decisions, as well as collection agencies. End
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