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      June 18, 2018

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Why Good Credit Is Important

 

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 Good Credit Is Important

It used to be that good credit only mattered if you wanted to take out a loan for a large purchase such as a house or a car. Those days are long gone.

A person’s credit is now being used as a barometer for approving car insurance rates, utility services and even for purposes of employment. If you have poor credit, a lot of doors will be closed to you that just a few years ago would have remained open.

How, exactly, are credit reports being used nowadays?

Employment
Roughly 69 percent of employers polled in a nationwide study said they use an applicant’s credit report as consideration for employment. Under the Fair Credit Reporting Act – which is administered by the Federal Trade Commission – employers are required to seek permission from applicants prior to running a credit check. Because employers can and do look at credit during the hiring process, it is a good idea to check your credit through the three reporting agencies (Equifax, Experian and TransUnion) at least once a year. Every person is entitled to one free credit report annually. You can request a report from all three agencies at the same time, or stagger your requests one at a time so that you receive a new report every three months. By doing so, it gives you a chance to correct any mistakes that may affect employment.

Credit Cards
It only makes sense that a person’s credit history would be considered by any credit agency. Credit cards are no exception. If you have a history of failure to repay debt, you can expect to either be turned down for a credit card, or be granted one with an extremely high interest rate.

Houses and Cars
If you plan to own your own home, or to purchase a vehicle, having good credit is essential. Mortgage lenders, as well as car loan companies, want to be assured you won’t default on a loan before granting one. As with credit cards, persons with a bad credit history can either expect to be totally denied for a home or car loan – or be subjected to an incredibly high interest rate.

Utilities
Most utility companies – electric, gas, water, phone and cable – will conduct a credit check prior to providing you with their service. Because most utilities are paid for a month after their actual usage, utility companies want to make sure you’ll be good for the payment. And unlike a car or home, utilities can’t be repossessed once they’ve been used. The worst that can happen if failure to make payment occurs is that the utility company will discontinue their service to you. But it may not be able to recoup what it already has lost. For that reason, utilities want to know your credit history before ever agreeing to open an account for you.

Starting a Business
If you have dreams of owning your own business, having bad credit can put a damper on them. Business start-ups generally require a large start-up cash flow. Many entrepreneurs do not have that kind of cash on hand; therefore, they find themselves in need of a business loan. Without good credit, you can kiss the possibility of obtaining a loan goodbye.

The Myth Of Credit Repair

The ads from credit repair companies pop up everywhere-on telephone polls, in newspapers, on TV and radio, in your email and on the internet. You'll see similar claims over and over. But can credit repair companies be trusted Consumer credit ...

Published:  Sun, 10 Jun 2018 17:00:00 GMT



Avoiding credit repair scams

LAKE CHARLES, LA (KPLC) - Each year, hundreds of thousands of Americans find themselves in financial ruin and many often turn to third parties, like credit repair organizations, for help. But according to the Lake Charles Better Business Bureau, many ...

Published:  Fri, 01 Jun 2018 20:26:00 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:  Wed, 02 May 2018 14:00:00 GMT



How to Repair Your Credit When You're Still in College

If you're in college, you're probably already worrying about getting good grades, covering your living expenses, and repaying student loans when you graduate. So, worrying about your credit score might not be your biggest concern. But it should be.

Published:  Tue, 06 Mar 2018 03:43:00 GMT



Montgomery credit repair company shut down, accused of deception

A Montgomery credit repair company has been permanently closed for deceptive and illegal practices, according to Alabama Attorney General's Office. Attorney General's Steve Marshall's office reached a settlement with Scott's Credit Repair and its ...

Published:  Mon, 30 Oct 2017 21:29:00 GMT



Four Credit Repair Agencies Accused Of Misleading Customers, Charging Illegal Fees

Four different "credit repair" operations have been ordered to pay a total of more than $2 million in penalties for allegedly tricking people into thinking their bad credit could be easily fixed. The Consumer Financial Protection Bureau announced today ...

Published:  Tue, 27 Jun 2017 11:12:00 GMT



$2-million settlement ends accusations that L.A. credit-repair firms misled consumers

Credit-repair services promise to help consumers fix their credit scores, but there's only so much they can do. They can help clear up inaccurate or outdated information on a consumer's credit report, but they can't erase legitimate dings. But the Consumer ...

Published:  Wed, 28 Jun 2017 04:30:00 GMT



Quality Credit Repair Creates Solutions to Bad Credit

Philadelphia, PA -- (SBWIRE) -- 09/01/2017 -- For over 20 years, Quality Credit Repair has been working to make their customer's credit scores better. They are able to review client's credit report and help them figure out what is causing their credit ...

Published:  Fri, 01 Sep 2017 08:16:00 GMT



CFPB cracks down on 'credit-repair' companies

WASHINGTON -- You've almost certainly seen or heard pitches for "credit repair" services promising to clean up your credit problems, reduce your debt, or even raise your credit scores by 100 points or more. Come-ons like these can be especially seductive ...

Published:  Fri, 07 Jul 2017 11:00:00 GMT



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