It’s a universal fact that your credit score can help you save thousands of dollars in interest when getting any type of loan. That’s why we’re pleased to announce a free credit monitoring tool to help you track your score. With this new feature, you’ll be able to manage the entire personal finance spectrum from one single web or mobile interface.
The Importance of Tracking Debt Repayment and Credit Score
Our main focus is to help millions of Americans to become debt free. We’ve decided to add a free credit monitoring tool to help you track your credit score as you pay down your debts. The biggest two factors that determine your credit score are:
1) Payment History (35%)– Your payment history accounts for 35% of your score. Creditors place a heavy emphasis on making sure you’re making timely payments, so it’s no surprise that this is the single biggest factor that determines your score.
2) Credit Utilization (30%)– The second most important factor is your overall credit utilization. This is determined by how much overall credit you’ve used out of your available credit. The higher you’re using, the more negative impact it’ll have on your score. The rule of thumb is to keep your overall credit utilization under 30%.
So how exactly will monitoring your credit help you get out of debt? It’s actually pretty simple. As you begin to slowly pay off your debts and make payments on time, you should see a gradual increase in your credit score.
Now of course, this is assuming that you haven’t opened new accounts or closed existing accounts. As you’re making your monthly payments, you can now check to see the impact on your credit score.
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What Credit Scoring Model Is Used?
ReadyForZero users will have free access to their latest VantageScore 3.0 score from Transunion. Different lenders use different credit modeling scores based on the type of loan you’re applying for. The Vantage 3.0 can score up to 30 million more people by incorporating a broader set of data.
How do I Get Started?
You can begin to track your credit score one of two ways. The first step is to login to your existing ReadyForZero account and click on the “credit score tab”. Simply fill in your basic information and verify your identity.
Or if you prefer to update it within our mobile app, simply click on the credit score tab and fill out the information to get your free credit scoreWe’d love to hear your feedback- If you have any questions, don’t hesitate to contact us at firstname.lastname@example.org