January 23, 2018

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How Often Should You Check Your Credit Report?

Why Is A Good Credit Score Helpful?

What Kind Of Information Will Your Credit Report Contain?

What Can You Do If Your Credit Report Is Wrong?

How You Can Raise Your Credit Score If Itís Low


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Why Is A Good Credit Score Helpful?

A consumerís credit history is the barometer for their financial health.

There was a time when good credit was only important in securing a loan for a large purchase, such as a house. Nowadays, a personís credit history affects every aspect of their life, from jobs to rates on car insurance. Consumers with poor credit will have a lot of doors closed to them.

There are three major credit reporting agencies in the United States: Equifax, Experian and TransUnion. Each agency compiles a credit report on consumers based on their financial histories. Financial histories include bank accounts, credit card accounts, auto loans and even bankruptcies and foreclosures. Any time a consumer has taken out credit, it is included in their report.

Credit reporting agencies use that information to assign a credit score to consumers. The score is ascertained through calculating a mathematical algorithm, which extracts data from the report to generate a three-digit number. Scores can range from 300 to 850. Consumers who have a credit score of over 700 are considered financially stable and desirable individuals with whom to conduct business. Individuals with scores under 500 generally do not secure new loans or credit, and can be subjected to much higher interest rates than their financially-stable counterparts.

There are many reasons why a good credit score is helpful.

In addition to resumes and interviews, employers also have begun to give credence to potential hiresí credit histories. In a recent nationwide survey, 69 percent of employers admitted to using an applicantís credit report as part of the hiring process. The Fair Credit Reporting Act requires any employer who wishes to view a potential employeeís credit report to first seek permission from the person. Persons with higher credit scores are seen as more honest, hardworking employees and employers will lean toward hiring someone with an excellent credit score over someone with a poor one.

Credit card companies also use a consumerís credit score to determine whether they wish to extend credit to that individual. Consumers who have excellent reports can expect to receive unsolicited offers from credit card companies quite frequently. Credit card companies want to do business with those who are financial stable, offering lower interest rates and other incentives to encourage them to open accounts.

Mortgage lenders also tend to provide better interest rates and loan terms for those with a good credit score. When applying for a mortgage, most brokers prefer consumers whose credit score is at 700 or higher. These are borrowers who have solid financial lending histories and are seen as very low risk for defaulting on a mortgage. Those with scores under 700 can find themselves subject to higher interest rates, which in turn results in larger monthly payments.

Utility companies also determine whether to provide service based on a personís credit score. Most utilities are paid for after they have been used by the consumer, making this a very risky venture for the utility company if a person has bad credit. Utilities have little recourse other than stopping service if a person fails to pay for the gas, electricity, water, phone or cable services they already have used. If a consumer has a bad credit score, it can affect whether a utility company chooses to provide service. has reviewed and ranked the best credit repair services available today.

How to Get Additional Free and Discounted Credit Reports

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Published:  Fri, 19 Jan 2018 00:00:00 GMT

Trump asked South Korea's president to give him credit for talks with North: report

President Trump Donald John Trump Dems flip Wisconsin state Senate seat Sessions: 'We should be like Canada' in how we take in immigrants GOP rep: 'Sheet metal and garbage' everywhere in Haiti MORE asked South Korean President Moon Jae-in to publicly give ...

Published:  Sun, 21 Jan 2018 07:55:00 GMT

How to Get a Free Credit Report

Your credit report is a history of past and current credit activity. Lenders use it to assess the risk of extending new or continuing credit - everything from credit cards to auto and home loans. If you're looking to apply for new credit, you should ...

Published:  Thu, 18 Jan 2018 06:37:00 GMT

Report: The average consumer has more than $6,300 in credit card debt

Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here. The average consumer has a ...

Published:  Fri, 19 Jan 2018 10:00:00 GMT

Solve These 3 Problems And Improve Your Credit Score Fast In 2018

They can hire a credit reporting agency to pull a non-traditional or manual credit report, showing accounts that normally don't report to credit bureaus. These might include utility payments, rent-to-own furniture, apartment leases and personal loans.

Published:  Wed, 17 Jan 2018 08:27:00 GMT

OnePlus website Was Hacked, Credit Card Information at Risk

It is a frequent target of hackers. A number of reports have noted that the attack attempts had come since the first year they used the credit card to purchase items and make payment from the manufacturer's website. Most people blamed OnePlus for the ...

Published:  Sat, 20 Jan 2018 11:39:00 GMT

Treasurer Webb intends to release full credit report in month or two

Lindsay Webb takes oath of office from Toledo Municipal Judge Michelle Wagner on Jan. 10 at One Government Center in Toledo. Lucas County Treasurer Lindsay Webb said Friday she expects to release her full credit report within 30 to 60 days, a disclosure ...

Published:  Fri, 19 Jan 2018 21:22:00 GMT

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