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Credit Score & Analysis
(Based on data from
TransUnion)
Khail J Mills
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Your Credit Score is 579
| Based on your credit report data, this is a numerical depiction of your creditworthiness. |
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Your credit ranks higher than 32% of the population
| Based on your credit score, this is how your credit compares to the rest of the nation. |
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Your creditworthiness is poor
| Based on your credit score, this is how you may be viewed from a lender's perspective. |
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Background
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Your credit score is created using a mathematical formula that measures data from your credit report. Credit scores evaluate your payment behavior, debt levels and credit history. Factors like income, race and gender are not measured in the scoring process. Credit scoring systems are used by lenders, insurers, landlords, employers and utility companies to evaluate your credit behavior. Having a high credit score will help you receive the best rates on new credit and loans.
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Summary
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You have a low credit score and will probably have trouble qualifying for new credit or loan offers. Lenders will most likely require you to pay high fees, interest rates and down payments to receive a loan. However, your income, employment and debt information will also be evaluated to determine your interest rates. It could be especially difficult for you to open a credit account. Consider opening a secured credit card if you have trouble receiving new credit. You should start working to improve your credit now. Paying your bills on time, reducing your debts, and using credit responsibly can all help you improve your score significantly within a year.
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Explanation
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There are several factors taken into account that help determine your credit score. The factors making the largest impact are listed below. Remember that these factors vary in how strongly they impact your credit score. For example, if you have a very high credit score, the negative factors in your analysis are likely to have a small impact. For very low credit scores, the opposite is true in that negative factors have a very large impact on your credit.
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Here are the top factors that make your score lower:
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- There are too many late payments on your credit report. Payment history is a significant factor in the credit scoring process. Regular on time payments make you appear more creditworthy to potential lenders. On the other hand, late payments indicate that you may be in financial distress. If you have trouble remembering to make payments, consider signing up for an online bill payment service that will make it easier to pay on time.
- There are too many collection accounts on your credit report. Negative records such as collection accounts, charge-offs, judgments and bankruptcies can cause substantial damage to your credit score. These records will remain on your credit report for 7-10 years, whether or not you have paid the debt. You can help your credit recover from these derogatory records by paying your bills on time, reducing your debts and using credit responsibly.
- There has been too much collection debt on your credit report. High levels of debt can signal to potential lenders that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limits. If you have balances above 35 percent, you could see your credit score start to drop.
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Additional Information
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The TransUnion TransRisk New Account Credit Score is provided to help you better understand how lenders view your credit report. It is not an endorsement or a determination of your qualification for a loan. Lenders use credit scores to help determine whether or not you are a good candidate for a loan and what interest rate you will pay. However, each lender has specific underwriting standards, so you should not assume that you will receive the same evaluation from each lender. As part of the underwriting process, they will incorporate additional information you provide and may obtain references. In addition, even if you are approved, the terms and conditions of loans vary from lender to lender. The information used to determine your credit score comes from TransUnion, one of the major credit bureaus. Credit reports are a compilation of credit information that is reported to the bureaus by the various lending institutions with which you have accounts. The information contained in your report reflects the latest information provided. If you recently made a payment, opened a new account, or authorized an inquiry, it may not yet be reflected in the credit report you receive. Likewise, it will not be reflected in your credit score. Also, disputed items are not incorporated in the assessment of your credit score. Your credit score will change each time new information is captured in your record. TrueLink is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company.
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