The FCRA is a critical federal law that governs how consumer credit information is collected, reported, and used by credit reporting agencies. In this blog post, we'll delve into the key provisions of the FCRA and explain how MSI Credit Solutions can help you navigate its complexities to safeguard your credit rights.
Credit mix refers to the variety of credit accounts you have in your credit profile. It is one of the five major factors that influence your credit score, accounting for approximately 10% of your FICO® Score. Lenders consider credit mix as an indicator of your ability to manage various types of credit responsibly.
A late payment occurs when you fail to make the minimum payment on your credit account by the due date. Even one late payment can have repercussions on your credit score, making it crucial to prioritize timely payments.
Hard inquiries can have a temporary impact on your credit score. Each hard inquiry may cause a small decrease in your score, usually around 5-10 points. While the impact is minor, being aware of the potential effects can help you manage credit applications strategically.
