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Credit Monitoring Services, Applications and Available Options

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Many people tend to ignore the movement of their credit report; However, it is necessary to pay more attention and focus on maintaining a clean record, as many things depend on it, such as approval of a loan, obtaining preferential rates and even success in applying for a job.

What and how is the service

This service is based on having a personal assistant 24/7 supervising the movements that the person has made, in order to take care of their score and credit report. The purpose of this is that, if any anomaly occurs, such as an identity theft or an error, the damages can be mitigated as quickly as possible. When you trust an agency to monitor your credit movements, you can check your score as often as you want and closely monitor your report, unlike that, if you do it yourself, you would only have free access to your credit report once a year, and that doesn’t include the score.

What would you need it for?

The monitoring service can be very useful if you constantly ask for credits, or if you want to request one, but you have had a bad history and want to clean it, and even to take care of identity theft that are so frequent in the United States.

Here we explain how it works in each situation

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Build better credit: if you have a bad score, either because of bankruptcy or have experienced a tax aggravation, you can request credit monitoring to improve your history and thus be able to opt for future loans and maintain a credit record that generates confidence to financial or other institutions. You want to keep a good record at all times: if, on the other hand, you are one of the people who is constantly using your credit cards or borrowing frequently, you could need this service permanently. It will help you keep your score maximized at all times to continue with your transactions.

Identity theft: With the information stolen, these people can get new credit cards, acquire loans or open bank accounts, and you would not notice it until weeks later. With credit monitoring, you have a security guard 24 hours a day, so if this were to happen, you can instantly reduce damage.

Score and credit report and the factors that are taken into account if you want to request a loan

What is the importance of knowing how my credit score is doing? This is a three-digit number that represents the status of your creditworthiness; the more points you have, the less risky it is for lenders – or other institutions – because you maintain a good track record that builds trust. How is that score calculated? According to the different factors that are reflected in your credit report, in which a detailed summary of all the personal financial history of the consumer is obtained. There you will find all the times you have applied for credits, the details of your current and previous accounts and even information about bankruptcies. Here is a brief summary of the factors that are examined in your personal credit report, if you want to apply for a loan:

1) Payment history: making timely payments is essential to demonstrate your responsibility. Having late payments or not paying, question your responsibility.

2) Pending debt: if your debt is very high, it can be difficult to entrust you with the payment of new commitments.

3) New accounts: if you apply for credits and get several credit cards in a short period of time, you could raise suspicions about financial difficulties.

Being in constant supervision of your accounts is essential, either because you are interested in keeping your accounts clean in order to carry out projects or because you want to keep your information safe from fraud; That is why at Hispanic Factor we offer you the service for free. If you want more information or advice, do not hesitate to contact us.

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