Credit worthiness of a person is therefore determined by a credit score, which is included as part of the Equifax FCRA credit report. FCRA stands for Fair Credit Reporting Act, a federal law enacted by the government.
What is a Equifax FCRA credit report?
Equifax is an institution that is widely recognized for their credit reports. A report from Equifax is a legal document with which you can negotiate various financial matters. Equifax is recognized and authorized by the FCRA.
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An Equifax credit score report will tell you where your credit ratings stand with a scale of anywhere between 280 and 850. 280 is the worst possible credit rating you can have while 850 is the best you can have.
What do the credit ratings given out by Equifax FCRA credit report mean?
The score that is awarded to you will basically summarize your financial standing. It is estimated that the average American credit rating was about 692 in the year 2009. If your credit score is lower than this number, it would mean that you have less credit worthiness than the average American. This would mean that you will sometimes see your loan applications being denied and incur higher interest rates and payment terms.
Although most financial institutions will not completely deny you of a loan, they will make it harder for you to repay by imposing higher interest rates and fees if you have low credit worthiness. If your credit score is about average or similar to many other Americans, you will get terms and conditions that are considered normal or average in the financial industry.
If your credit ratings are better than average, you will get a great loan at a prime rate. Prime rate is when you get the best possible interest rate on a loan.
How do you go about getting a Equifax FCRA credit report?
Getting a credit report from Equifax is a fairly simple procedure. Ordering your report online is the simplest way to access it. All you have to do is enter your personal information such as name, address, social security number and so on to get a report instantly.
An Equifax FCRA credit report will also allow you to analyze your financial standing. The report will give you many details apart from your credit score. You will be able to see which financial transactions in your past are the reason for your poor, good or average credit ratings. You will also be able to check for any fraudulent transactions that may have been entered into without your knowledge. In cases such as this, you will be able to file a dispute directly online and get your credit score reassessed.
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