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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.

The Ultimate Guide to Starting to a Profitable Credit Repair Business at Home

If you want to start your credit repair business from the comfort of your home, here is a guide that will help you to get started. Why Should You Start This Type of Business Starting a credit repair business is quite easy and this is the best time to do ...

Published:  Fri, 10 Nov 2017 03:11:00 GMT



Quality Credit Repair Helps Clients Practice Smart Spending

Philadelphia, PA -- (SBWIRE) -- 11/08/2017 -- With the holiday season soon approaching, Quality Credit Repair, one of the elite credit counseling agencies serving Bucks County, PA and the surrounding areas, urges everyone to practice intelligent spending ...

Published:  Wed, 08 Nov 2017 05:06:00 GMT



Quick Tips to Repair Damaged Credit

Once your credit score falls, it can feel a bit disheartening and many people do not know where to start to fix it. Begin the process by getting your scores from a reputable website, such as freecreditreport. Once you have a starting point it will be ...

Published:  Mon, 13 Nov 2017 12:47:00 GMT



Jimarcus Blandin releases new financial literacy book, "GOOD CREDIT IS COOL, GREAT CREDIT IS SEXY"

GREAT CREDIT IS SEXY" where he teaches the art of financial literacy and credit repair Jimarcus Blandinis the CEO of a couple of companies with the list including FYI Business and Financial Solutions Inc, J. Blandin Enterprises, and Conversion Real ...

Published:  Fri, 17 Nov 2017 07:44:00 GMT



Why Having Good Credit Is Important If You Want to Invest

Not only do they engage credit repair services to eliminate negative trade lines and improve their credit scores, they're also interested in building investments for retirement, becoming homeowners, and balancing their debt to income ratios. If you are ...

Published:  Tue, 14 Nov 2017 06:59:00 GMT



Credit Repair: The Ultimate Guide to Increase Your Credit Score, Decrease Your Debt, and Manage Your Finances

Is your credit score and debt making you life difficult Improving your credit will improve your quality of life allowing you to get the things that you have always want. A bad credit score can stop you from buying a house for your family, buying your ...

Published:  Sun, 19 Nov 2017 08:16:00 GMT



How Poor Credit Could Affect Your Business

A credit repair company can give you tailored advice on what to do to improve your credit rating, and the best way to start is by paying off as much debt as you can.

Published:  Sun, 12 Nov 2017 02:40:00 GMT



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