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There are many people who get loans fairly easily, while there are many others who do not get loans from banks and other lending companies at all. Many people have to tackle difficult financing terms as well as pay high rate of interest on their loans. Have you ever wondered why it is? Why so much difference? The reason is simple – different people have different credit score.
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There are many people who get loans fairly easily, while there are many others who do not get loans from banks and other lending companies at all. Many people have to tackle difficult financing terms as well as pay high rate of interest on their loans. Have you ever wondered why it is? Why so much difference? The reason is simple – different people have different credit score. Credit score tells how financially stable a person is and if there are any default, bankruptcy records, lien against the user, debts, outstanding dues, is a defaulter or not, and so on.
It basically provides a comprehensive picture of the financial history and analytically presents it, for the banks and other lending companies to decide whether the loan applicant can be a risk or not. Credit score clearly shows if the person on the other end would be able to pay their loan instalment or premiums on time or not.
The credit Karma provides credit information from three major credit companies and therefore, provides comprehensive information about the credit and financial standing of the user. It helps in knowing who has had access to their credit report, what can be done to improve the credit score, check if there are any errors in the credit report being made available to all the banks and the lending companies, protects against identity and credit fraud, and gives access to your past financial transactions and important credit events like foreclosures, evictions, bankruptcy records, and more.
The credit Karma helps you get all the information regarding your credit at one place, without having to request credit report and credit score at two different places. The credit score is a judging factor that can make or break your financial planning and therefore, keeping a check on it is necessary, else you might have to face a tough time getting your loan sanctioned or might have to pay huge interests on your loan.
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