Moody’s Investors Service lowered the debt ratings for Bank of America Corp., Wells Fargo & Co. and Citigroup Inc., saying it is now less likely that the U.S. government would step in and prevent the lenders from failing in a crisis.

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Could the U.S. lose its top credit rating even if a deal is reached to raise the debt limit?

Market analysts and investors increasingly say yes. The outcome won’t be quite as scary as a default, but financial markets would still take a blow. Mortgage rates could rise. States and cities, already strapped, could find it more difficult to borrow. Stocks could lose their gains for the year.

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Obtaining a free credit report is essential to prevent identity theft. Checking your credit report rating regularly is necessary for every credit card holder for several reasons. Lenders rely on credit report scoring or FICO scores to ascertain the credit worthiness of an individual. Credit report rating is a value that indicates to the lender whether said individual is able to pay on the time stipulated.
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