Annualcreditreport gives you a credit report free once a year, however, they don't give the credit score of yours. I've been a lender for 7 years, and believe me when it is about having your loan done everybody looks for credit scores. Your credit rating is a bench mark for banks to market your loan on the secondary market. Typically investors use a middle credit score to determine the creditworthiness of yours. Here is what myFICO® says in regards to how crucial it is to know your credit score.

Just how credit scoring allows you
Credit Score gives lenders a quicker snapshot of the credit risk of yours. The majority of lenders are currently using FICO® to figure out your score. Before the scoring process was applied there became a biased opinion of the credit of yours. Today there is less none bias opinion of the creditworthiness of yours with credit score automation process with all three credit bureaus. When pulling the credit report of yours with all 3 Credit Bureaus you typically get a score. Since annual doesn't provide this, you have to get your report through some other service providers.
Here are a few benefits of credit scores.
* You get loans faster The credit scores of yours can be shipped with a number of key strokes with present day technology. with the fast process this helps lenders speed up the decisions making process. Even mortgage programs can be made within ours, instead of weeks.
* best bad credit loans 2021 (linked web site) Decisions are fairer Credit choices could be created of information rather than feelings. Things like your gender, race, religion, marital status and nationality are not considered by credit scoring.

* More Credit is Available
Lenders can approve far more loans as the credit scoring system gives them the information on which to base there decision on. It allows lenders to identity individuals that are likely to do well down the road even though they have had issues in the past. Each lender has a credit score recommendations, so if one denies you, you might get approved everywhere else. The application of credit scores provides lender the assurance to offer a lot more credit to people since they much better grasp the risk they are taking.