NO effect on your credit file
A credit rating is affected by a number of factors, including but not limited to the profile of the individual, the number of credit enquiries on their file and the number and severity of negative listings on their credit report, such as defaults or judgments.
A credit score can be described as a way of determining risk. To a credit provider, a low credit score would represent a high risk, while a high score would be seen as a low risk transaction. Credit ratings are used by lenders as a subjective means of judging potential borrowers. However, a person’s credit rating does not always accurately represent the risk of lending credit to them.
So what is a credit rating? The actual formula used to determine a credit score is a tightly kept secret by the credit reporting agencies.
What is universally accepted however is that the lower the score, the worse a credit report is considered to be by a potential credit provider.
Credit scores can go as low as -200 and as high as 1200, -200 being a very poor credit score. While it is impossible to predict the outcome of an individual credit application, a general rule of thumb is that any credit score less than 500 may be considered an issue and could result in an application to be declined.
Clean Credit specialises in helping people remove negative items from their credit files. This credit repair service helps to improve their credit rating and allows them more financial opportunities both now and in the future.
If you need help with your credit rating, get in touch with Clean Credit today.
