The information contained in your credit reports will be what the loan company uses to determine if you are eligible for a loan and if so, the interest rate that will be charged. This is generated by using all the information contained in three credit reports and compiling it so the highest score can be obtained. This falls within a range of being excellent, good, fair, poor, and no credit. The higher the score, the better loan and interest rate you will be offered.
If you have ever been turned down for credit for any reason no matter what you were requesting a loan for, you can send an email or call the credit bureau to request a copy of your credit report. This is allowed by law to let you know what is contained in your report that would cause you to be turned down for the loan. A free credit bureau report will be made available to you either online or they will mail a copy to you.
