TopConsumerReviews.com Best Credit Monitoring
      April 9, 2020

Home  >  Credit Monitoring  >  Articles

Best Credit

Monitoring Services

  1. My FICO
  2. Credit Sesame
  3. LifeLock
  4. Equifax
  5. Experian
  6. Credit Reporting
  7. Free Score 360
  8. Free Credit Score

Your Information Is Secure
101 Tips to Raise Your Credit Score Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Latest Reviews

Andropause

Auto Parts

Auto Warranties

Bad Credit Loans

Credit Monitoring

Home Gyms

Online Backup

Popcorn Clubs

Rowing Machines

Vehicle Inspections

 

Related Articles

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

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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. TopConsumerReviews.com has reviewed and ranked the best credit repair services available today.

Anyone Worried About Their Credit Score Right Now Can Check It for Free

All you have to do is sign up for the service, and you'll get a free FICO credit score - along with access to free credit monitoring. "We believe complete financial transparency is a consumer right, ...

Published:  Mon, 06 Apr 2020 18:54:00 GMT



How to watch your credit score for free during the current crisis

All you have to do is sign up for the service, and you'll get a free FICO credit score - along with access to free credit monitoring. Load Error "We believe complete financial transparency is a ...

Published:  Mon, 06 Apr 2020 16:06:32 GMT



US is monitoring China's new coronavirus cases to try and stop a second deadly wave this winter

THE UNITED States is reportedly monitoring China's new coronavirus cases to try and stop a second deadly wave this winter. The Trump administration is keeping an eye on China's numbers and pulling ...

Published:  Tue, 07 Apr 2020 14:48:00 GMT



'Jamf Parent' watchOS app targeted at monitoring remote learners

The new Jamf Parent app ties in with existing Jamf suites and gives parents real-time management over school-issued devices that may be at home now. Image Credit: Apple As school closures continue ...

Published:  Wed, 01 Apr 2020 10:39:00 GMT



Applied for a small business disaster loan? Monitor your credit ASAP

Business owners around the U.S. may have just had their identities compromised by the SBA site designed to help them. If you had trouble accessing the SBA.gov site the past few days to apply for ...

Published:  Tue, 31 Mar 2020 02:30:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure