TopConsumerReviews.com
      April 24, 2018

Home  >  Credit Repair  >  Articles

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

Latest Reviews

Air Purifiers

Business Cards

Candy Clubs

Dancewear

DIY Home Security

Dog Beds

Golf Clubs

Graduation Invitations

Makeup

Web Hosting

 

Related Articles

How Fast Can Your Credit Be Repaired?

How Repairing Your Credit Can Save You Money

Improving Your Credit Score

Quality Credit Repair Companies

The Basics of Credit Repair

What is a Credit Score and Why is it Important?

What is Credit History and Why is it Important?

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.

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.

No Sweat It Credit Announcement Makes Traditional Credit Repair Obsolete

No Sweat It Credit announces, as of April 1, 2018, their customers may have up to five negative accounts permanently removed from their personal credit report. And, this can happen within five business days. No Sweat It Credit, Inc a technology and ...

Published:  Mon, 23 Apr 2018 08:00:00 GMT



Key Credit Repair Launches New Website

The top-rated credit repair service offers solutions for individuals who have negative or incorrect information on their credit history. An unlimited number of disputed items can be removed permanently and completely. Boston MA - April 16, 2018 - Key ...

Published:  Sun, 15 Apr 2018 22:23:00 GMT



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:  Fri, 13 Apr 2018 17:00:00 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



Experts stress importance of knowing signs of credit repair scheme

SPRINGFIELD, Mass. (WWLP)- If you don't have good credit you may have been approached by a credit repair company at some point.. but if you don't do your research you could become a victim. "People always look for a quick fix, an easy fix and that ...

Published:  Tue, 06 Mar 2018 17:31:00 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



$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



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure