Do you know what your credit score means? Test your credit score knowledge.
A credit score is a numerical interpretation of your credit worthiness based on information on your credit report. Credit scores are used in a number of events including employment, residential lease agreements, insurance as well as mortgage loans to determine your ability to pay the debt and what your risk of default.
Starting this year, based on the Fair and Accurate Credit Transactions Act a bank will send you a Risk Based Pricing Notice or a Credit Score Disclosure Notice which explains how they made their determination. Most banks will probably use the Risk-Based Pricing Notice. If you are not approved, the bank will send you an Adverse Action Notice which will explain why you were denied credit and how to get a free credit report.
Yvonne A. Russell,
Buyer's Agent and Texas REALTOR®
RE/MAX Associates
10940 Ben Crenshaw, Suite C
El Paso, Texas 79935
CELL (915) 873-8646
FAX (915) 594-9253
P Think “Green” before you print
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