Debt Consolidation

The Facts About Debt

A Primer on Interpreting Credit Risk Reason Codes

Filed under: Family Finance
Tags: , , , — Written by: Simos
August 13, 2010
Let’s break the credit risk code!

Let’s break the credit risk code!
Photo by: jaylopez (Stock Exchange)

Earlier on UWSA we discussed your credit score and how to interpret it. Now, we introduce a new tool for raising your scores: your Credit Risk Reason Codes.

These codes are part of your credit report, and a few of the most pertinent ones may also be provided if you are rejected for a new credit line. Since descriptions are vague – numbers are sometimes all that’s included – many consumers do not realize these Risk Reason Codes can be extremely useful in diagnosing credit.

In the long run, tailoring your debt management strategy to take your personal “risk factors” into account can lead to lower credit card balances and a much easier time dealing with creditors of all kinds. (more…)

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