Thursday, May 3, 2012

What are credit rating bureaus and what do they mean for Bucks County bankruptcies?

Credit bureaus gather information on Bucks County debtors provided by lenders you deal with and compile it into a report . Frequently, Bucks County bankruptcy clients already have unfavorable credit scores.  I often tout the benefits of a Bucks County bankruptcy and how they normally overshadow a potential "hit" to one's currently low credit score.  

A numerical credit score is assigned to your report which reflects your likelihood of repaying your debts.  The most used credit score is the FICO score;  ratings range from 300 to 850. The higher your score, the better your rating and chance to be approved for the loan or product you are seeking. The FICO score is a proprietary number, and each credit bureau guards the algorithm behind what goes into a credit score.  

There are three major credit bureaus: TransUnion, Experian and Equifax.  You are entitled to receive a free credit report annually from each of these bureaus.  

Here are the phone numbers for you to call but remember that to get your FICO score, there is a fee:
TransUnion: 800-888-4213
Experian: 888-397-3742
Equifax: 800-685-111


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