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Hope Business Solutions Group Newsletter: August 2023
What's In Your Credit Report?
Have you recently applied for funding and you were denied even though you have good credit? How can this happen? Well, though there are many factors that go into determining your credit score, lenders will review your entire credit report when assessing eligibility. If you have read our previous newsletters, you probably understand how your credit score is factored, but have you actually read your full credit report recently? If not, you should! Let's break down how to understand everything that is in your credit report...
Section By Section
Your credit report will always consist of SIX main sections, though they may be formatted differently depending on individual credit history and what type of report you get. When reading your credit report, it is important that everything listed is 100% accurate. If you notice any inaccuracies, in any section, you should make a note of it, as it may be harming your ability to be funded! Usually, the very first thing on your credit report is your Personal Information, so we will start there:
1. Personal Information: Just as it sounds, this section lists your name, including any former names or aliases, current and prior addresses, and sometimes your employment history. This section may also include anyone who has co-signed a loan with you. You can (and should) remove any information that is outdated, misspelled, or incomplete.
2. Tradelines: Typically this is the most lengthy section of the credit report, which contains your credit history. Here you will find both active and closed credit accounts, mortgages, loans, bills, and more. This section will include: the name of creditor, date the account opened, payment history, past missed payments, account type, and balance.
3. Hard Inquiries: What is a hard inquiry? A hard inquiry occurs when someone accesses your credit report while you are applying for a new line of credit, such as a a credit card or car loan (as opposed to a "soft inquiry" which is not attached to any credit application). Hard inquiries show up on your credit report and can affect your credit score - which is why it is best to be familiar with what is on your credit report, and know you will be approved, before applying for funding.
4. Soft Inquiries: Similar to a hard inquiry, a soft inquiry is when someone accesses your credit report. A soft inquiry does not impact your credit score as much as a hard inquiry because it does not necessary indicate you are trying to open any new accounts.
5. Public Records: Relatively self-explanatory, this section will include any public records to which you are financial tied. This includes public records that are related to credit worthiness, such as liens, bankruptcies, repossessions, judgments, foreclosures, and court ordered child support arrears.
6. Collections: This section will include any accounts that are delinquent and have been sent to a collection agency. These can include your credit accounts as well as accounts with doctors, hospitals, banks, retail stores, cable companies, or mobile phone providers.
Want to Know How to Take Your Personal Credit to the Next Level?
We hope this information was useful to you, but if you want to take the next step in improving your credit score and your financial health, we have some additional resources for you....
If you would like a more in-depth guide to improving your credit, we have an amazing new e-book, "The DIY Credit Restoration Guide", including, "The Shocking Truth of What LexisNexis Has on YOU!" You can use it to take your credit to the next level. VISIT OUR ONLINE STORE for more information.
Thinking About Starting A Business? Want to Know More About Business Credit?
We provide a comprehensive assessment and consultation to discuss your best path toward financial success for your business. Complete our Business Assessment today and get a jump start for your business! CLICK HERE to complete the assessment.
And we have a NEW E-Book to help guide you through the process of establishing business credit and obtaining funding for your business, "The Business Credit and Financing Guide" by HOPE BSG now available in our online store!
Whether you are a self-paced learner and want to take each step of the process at your own rate, or you just want to learn more about the world of business financing and how to take your business to the next level - this book is for you.
One more thing...
We deeply appreciate all of our clients and affiliates, it is our sincere pleasure to serve you and be able to interact with all of our prior class attendees, contacts, and clients. Please consider leaving us a review on Google if you have enjoyed our services or one of our classes.
Get In Touch With Hope Business Solutions Group Today!
1300 Ridenour Blvd NW, Suite 122 Kennesaw, GA 30152
Office: (678) 383-2836
Fax: (678) 349-0664
Email: info@hopebsg.com
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