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Credit Score Tips: Its Role to Borrowers

By George Hauser
Published: Tuesday, November 17th, 2009

Americans are fond of using credit cards to pay for goods they purchase or pay for services they need. About 91.1 million are cardholders. However it is surprising to know that more than one-third of American adults admitted they do not know their credit scores according to the statistical survey report in 2009 by the National Foundation for credit counseling.  Experts believe one must not neglect to know his credit scores if he wants to stay in the world of lending and loaning business.  Perhaps the role of credit score tips must come into play.

While it is true that it is the responsibility of an involved individual to see after his credit scores and reports, there is still a need for them to be reminded of some credit score tips. They might have forgotten a single tip which they might regret in the future. There are times when people are confronted with financial and personal problems that they tend not to pay attention to other things like credit scores, report and debts which are very important matters too.

Credit score tips are very important for borrowers to keep them abreast of their credit scores, credit report and other financial matters. If an individual is updated with his credit report, it is likely that the information written is accurate because she has time to scrutinize and correct whatever erroneous entry there might be. Along this line, this may also spare one from identity thief.  Sometimes unattended credit scores and report can be manipulated and stolen. In the end the true owner of the credit report may suffer the consequence he did not commit.

Aside from the fact that credit score tips serves as a reminder, it also plays a crucial role for improving individual’s performance in the world of lending. If a borrower has a good credit record, it is most likely that creditors will grant him his loan. Although, there are some who are turned down with good credit scores, in general this will not happen to everybody.  It is believed that individuals following the tips have a higher percentage of loan approval. Apart from that, they would not be confronted with dispute letters and harassing collection calls.

In the long run, without Credit score tips to guide borrowers, creditors would not want to invest in lending business. Every borrower would be disqualified. They might not meet the required credit scores lenders want. Many would be a delinquent borrower. This could lead to bankruptcy of credit companies. Others who are dependent on credit cards may have a second thought of keeping a credit card account open. Still others might not be interested on tracking down their credit scores and report.

Over all, even if credit score tips are mostly applicable to borrowers, it affects the credit companies as well. For both to be benefitted, borrowers must adhere to it. It will not let you down. Even in this times where more and more individual are living with debts, one can still belt it out when he observes these tips every time he borrows.

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