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Prospective homebuyers seeking a mortgage loan may use several strategies for improving low creditscores. Examples include reviewing credit bureau reports for possible credit account errors, avoiding late payments, paying down debt, and getting a credit builder loan.
Often referred to as credit reporting agencies, these companies work independently. Credit Reports vs. CreditScores. Your creditscores are also influenced by your credit reports. The reason for this is that creditscores are calculated using information from your credit report.
Without a credit history, there is no way for lenders to verify eligibility for loans, rentals, jobs, and insurance policies. On the other hand, your creditscore is the number calculated from your credit history and credit report information. FICO scores range from 300 to 850.
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