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What is a Credit Score and Why is it Important?

Age may just be a number, but a credit score can make or break your financial future.

What exactly is a credit score? The easy answer is that itís a number assigned to an individual consumer based on their credit history. Failure to pay back debt in a timely fashion or, worse yet, defaulting on a loan or payment entirely is likely to result in a very low credit score. A stellar credit report, which includes a consistent history of on-time bill payment and loan repayment, will result in a high credit score.

The more complex answer to the question of what is a credit score is that it is a three-digit number assigned through a mathematical algorithm using information pulled from a consumerís credit report. The numbers range from a low of 300 to a high of 850. The number is supposed to predict the risk associated with doing business with that particular individual. A credit score higher than 700 is a good indicator that the consumer has an excellent credit history and is in the low-risk category for defaulting on a loan or payment.

Creditors with scores in the 500 and 600 ranges are considered medium risk and may have a history of failure to pay or consistently paying late. Scores below 500 indicate a high-risk consumer. These are the folks who may find they are having trouble obtaining loans, utility services or even employment due to their credit scores. They have consistent histories of failure to pay or of paying late, making them undesirable with which to do business.

Every credit score consists of five criteria: payment history, amounts owed, length of credit history, new credit and types of credit used. Payment history counts for 35 percent of the total score, and includes things like account payment information. The balance owed to creditors consists of 30 percent of your score, and is a reflection of how much is owed on every open account a consumer holds. The length of the credit history is 15 percent of the total score. This covers how long ago accounts were opened and how often they register activity by the consumer. The types of accounts the consumer holds counts for 10 percent of the total score and new credit consists of the remaining 10 percent.

A consumerís age, sex, race, address, marital status, income level or employment status have no effect on the credit score. However, there is one credit-score model that dominates the industry Ė FICO. Over 90 percent of all U.S. financial institutions use FICO scores when determining credit worthiness.

Consumers who wish to review their credit score can do so by requesting it from any of the three credit reporting agencies (Experian, Equifax and TransUnion) or from www.myfico.com. While federal law requires that all consumers receive one free credit report annually, that provision does not cover the receipt of a credit score. Credit scores cost $20 and up, depending on the agency used to obtain them.

Clients Find Debt Relief with Quality Credit Repair

Philadelphia, PA -- (SBWIRE) -- 09/18/2017 -- Quality Credit Repair is a company that fully comprehends the significance of a credit score and is dedicated to assisting those who have a bad score. For more than 20 years, they have been repairing their ...

Published:  Mon, 18 Sep 2017 14:28:00 GMT



Man indicted in alleged Macon credit repair scam, theft

Bibb County grand jurors indicted a 56-year-old man Tuesday on allegations he pocketed a woman's money, saying he'd repair her daughter's credit although he was only pretending to be affiliated with a credit repair company. Kenneth Alan Inboden is ...

Published:  Tue, 19 Sep 2017 13:40:00 GMT



'Credit repair' agencies charge through the nose for what you can do yourself

Hi Nicole, I'm not sure why but I was just turned down for a car loan. I have a steady $80,000-a-year income. I don't have much in savings but have started putting away $200 a fortnight. I suspect there might be something dodgy on my credit record back ...

Published:  Sat, 09 Sep 2017 11:28:00 GMT



Bestcreditrepair.Co Use Expert Ratings to Compare the Best Credit Repair Companies

Using this information, you will be able to ignore the marketing tactics of these companies and instead use genuine, helpful information to fix your credit once and for all. On the site, you can find in depth expert ratings and customer reviews to make the ...

Published:  Tue, 12 Sep 2017 16:06:00 GMT



'Credit repair' agencies charging a fortune for something you can do yourself

No Mike if this is not a scam, it's darn close to it. So-called credit repair agencies have the same ability to rescue your record as you do yourself. Many will also try and migrate you onto other products - everything from a "budget management" program ...

Published:  Tue, 12 Sep 2017 16:17:00 GMT



Editorial: Historic churches worthy of tax money to repair, maintain

Since its inception, the Act has been used to shore up historic religious structures. Here are a few such projects in our area: In Northfield, CPA money helped repair the foundation and preserve stained glass windows in First Parish Church, built in 1879.

Published:  Mon, 18 Sep 2017 08:00:00 GMT



Do the Best Credit Repair Services Really Work

You've seen the ads claiming to be able to fix your bad credit, but do credit repair products really work Honestly, many of the companies are a scam. But the best credit repair reviews of services that have been around for a couple decades show that these ...

Published:  Mon, 28 Oct 2013 02:20:00 GMT



Can Credit Repair Companies Really Improve My Credit Report

The answer is maybe -- but they can't do anything that you couldn't do yourself, for free. Anything on your report that's bringing down your credit score is going to stay on, if it's accurate information. So if a credit repair company promises to remove ...

Published:  Thu, 14 Feb 2013 16:00:00 GMT



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