5Linx SafeScore – Important Aspects About Monitoring Your Credit

October 25, 2013 | Author: | Posted in Credit

People want to avoid bad credit for the following reasons:

  • With a bad credit, a consumer is at risk of getting unfavorable interest rates on loans. The loans could be student’s loans, business loans or even the mortgage
  • It is possible that leasing your property is blocked due to bad credit
  • Every time a consumer has bad credit, they may end up being marked as bad debtors. This may prevent them from getting good jobs among other things.

It is therefore very important that everyone monitors their credit. This means that you are able to view your own credit report. The report should also indicate how you have scored so that you can make better financial decisions. A credit report has the following:

  • The borrowing history and
  • Repayment history
  • New and closed accounts
  • Unpaid and late bills

Credit score is calculated using a number of formulas and is normally a three digit number. The number ranges from 300 to 850. Many lenders will normally ask for this score before they give you any loan facility. Poor score means that you will never be able to secure loans in reputable organizations. Therefore, it is important that you consider looking for a service provider who is willing to calculate the credit score for you early in advance.  5linx Safescore is one of the agencies that assist people to know their credit score.

High credit scores will enable an individual to not only access loan facilities but also get lower interest rates.  5linx Safescore will also help you to detect any malpractices as far as your credit is concerned. There are many people who have been subject to fraud, but have failed to detect any of these activities until it is too late. As such, the consumer may end paying a lot of money and high interests. One of the fraudulent activities, very common this day, is the identity theft. Another individual may borrow money in your name, and obviously will not be held accountable for the same.

5linx Safescore will help you detect some of these things in advance and further help you to validate your identity. Further, 5linx Safescore is helpful in as far as getting the annual reports on your credit is concerned. These reports are essential to help a consumer to find out the changes that may have occurred in the course of the year in as far credit is concerned. This way, adjustments can easily be made to avoid bad credits in the future.

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