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Do I have to pay for credit scores?

By Derek Brown
Published: Saturday, December 12th, 2009

There is a need for you to pay separately for the credit scores because the three credit reporting agencies only give you credit reports as per the FCRA. Some of the factors that are projected payment histories of consumers including the debts cleared. Some pending credit card bills, late fines and penalties, default reports and various other finance related details. 

You can get your credit scores along with their free credit reports and a number of websites offer debtors with free credit scores. With the help of these free credit scores you can get many financial benefits. Basically all lenders, financial institutions and even some employers scan your credit scores before hiring people. 

These are tools that help in evaluating and assessing the financial potential of a debtor to repay loans. This also implies good creditworthiness and hence availability of low interest loans. Bad credit scores replicate poor creditworthiness and hence debtors have to pay very high interest for loans and mortgages. All financial institutions mobile phone companies, retailers and other sources verify the credit scores of prospective clients. Scores that range from 700 to 800 are considered to be very good credit while the scores below 500 are considered to be very poor.

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