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Credit Tip:
Why Check your Credit Report before applying for a Loan?
When applying for a loan, 2 or more recent credit checks (inquiries) will negatively affect and damage your credit score. To prevent this from happening and still be able to apply at several companies if you are turned down, you can go to the next lender and apply without worry about your credit being affected.
How?
If you purchase a copy of your credit report in advance, a lender can pre-approve you with a faxed current copy of your credit report. If they decide to reject the loan, you can continue to apply at varies loan or credit card lenders until you find one that accepts you.
Before completion of the loan process your actual lender will probably need to do a final check on their own, but now you have only one inquiry on your records instead of two or three or more!
Positive Benefit of applying for your credit report =
When you purchase your credit report, it does not show up as an inquiry!
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