If you have recently been denied for a loan or line of credit, it may not be your fault. When lenders evaluate you for a loan, the primary focus is your credit score. There are a variety of things that go into determining your score; your credit history, defaulted loans, and your credit to debt ratio are a few of the major factors. If you have maxed out credit lines, even if you pay the minimum balance on time, that will work against your score. Likewise, if you don’t have any credit that can also be a factor for your low score.

Another major reason, that many people aren’t aware of are errors on your credit report. In fact, 3 out 4 credit reports contain inaccurate information. Sometimes the credit reporting agencies attribute account information from someone who shares your name to your account and sometime it is just a simple mistake when entering in a social security or account number. Whatever the reason, these errors can negatively affect your score and may be the reason you’ve been denied for loans.

The good news is, the mistakes can easily be removed, but it is up to you. By law, credit reporting agencies must correct any misinformation on your report, but they need you to point it out. In order to do that you need to regularly monitor your credit report. Checking your report is free and it only takes a few minutes, but it can save you the headache and embarrassment of being denied for another loan and it can even alert you at the early onset of identity theft. If you haven’t checked your credit report lately it’s time you should.

See your credit score for free, and find out what kind of loan you qualify to receive. See where you stand on the credit score scale and how you compare to the national average.

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