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What is Credit History and Why is it Important?

From that first bank account to the latest credit card, an individual's credit history is the complete synopsis of how that consumer has managed their finances over their lifetime. For better or worse, it's all included in one handy document, which can be accessed by financial brokers, credit card companies and even potential employers.

A credit score - a three-digit number that is assigned through a mathematical algorithm which pulls data from a person's credit report - is partially determined by a consumer's credit history. A credit score, in conjunction with a person's credit report, is used to determine credit worthiness. It consists of 15 percent of a consumer's credit score.

Knowing how a credit history can affect everyday living is the best tool a consumer can possess. Landlords, insurance providers and even cell phone companies use a person's credit history to determine if they want to risk doing business with that person. Having a bad credit report - which is the result of not paying bills on time or forfeiting loans and other debt - will have lifelong repercussions for the potential borrower.

It's best to build a solid credit report from day one. The ways to create a positive report include:

If you're among the estimated 220 million Americans who have bad credit, all is not lost. There are steps to take to help repair credit damage and improve your credit rating. The best way to repair poor credit is to consult with a consumer credit consolidation service, which can help consumers consolidate monthly loans and other debt into more reasonable payments.

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Credit Repair In The News

Market update: Rail-car repair

Shop officials credit their steady - and ... as we have a dedicated facility in Alberta's Industrial Heartland to perform repair services," he added. "We also are now managing a large dedicated grain ...

Published:  Mon, 19 Nov 2018 23:15:00 GMT

The Credit Repair Fairies

How do I get my business listed Our directory features more than 18 million business listings from across the entire US. However, if we're missing your business, just click the button below to reques...

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Credit repair: Six top tips to improve your credit rating

Q: I've recently turned 25 and have been doing a lot of thinking about my finances and the steps I need to take to improve my overall financial situation. With some help from my mom I've set up a budg...

Published:  Mon, 05 Nov 2018 03:24:00 GMT

Mortgage Credit Repair

You have more chance of your lender approving your mortgage or offering you low interest rates if you have a good credit score. Your credit score tells lenders how reliable you are as a borrower. The ...

Published:  Wed, 24 Oct 2018 17:00:00 GMT

This Credit Card Can Help You Repair Your Credit. Here's Why It's the Best of 2018

If you have a checkered credit history or none at all, secured credit cards can be the best way to build a positive credit file. If you're going to apply for credit card with bad credit, there are a f...

Published:  Mon, 24 Sep 2018 03:16:00 GMT

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