TopConsumerReviews.com
      May 21, 2018

Home  >  Credit Reports  >  Articles

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

Latest Reviews

Business Cards

Dancewear

Fitness Clothing

Golf Clubs

Graduation Invitations

Green Cards

Home Warranties

Personal Checks

Refrigerators

VPN Services

 

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.

When Can I Get a Bankruptcy Off My Credit Report

Filing for bankruptcy in order to deal with overwhelming debts can be a frightening and confusing prospect. But if you're among those who have opted to use this approach in order to turn a troublesome financial picture around, you're probably wondering ...

Published:  Mon, 21 May 2018 07:42:00 GMT



Consumers with Bankruptcies, Tax Liens, or Civil Judgments on Their TransUnion Credit Reports May Be Affected by a Settlement

TransUnion agreed to settle litigation claiming it included inaccurate public records on its credit reports and failed to disclose the vendor from whom it obtained public record information. TransUnion denies that it did anything wrong. If the Settlement ...

Published:  Mon, 21 May 2018 07:11:00 GMT



F&D Reports / Creditntell Release 2018 Store Activity &"¶

Crew Group, and provides each company's store activity, TTM EBITDA margin and credit ratings. The report also identifies those retailers that are growing their brick-and-mortar locations, including TJX, ALDI, Dollar General, Dollar Tree, Walmart ...

Published:  Mon, 21 May 2018 07:04:00 GMT



Build Your Credit Score By Having This App Report Your On-Time Rent Payments

Building your credit up from scratch or trying to recover from a few screwups that made your score drop takes time. Making on-time payments on your loans and credit cards are a good way to do that, but your credit score doesn't take into account one big ...

Published:  Sun, 13 May 2018 05:52:00 GMT



'Free' credit report scam

Joel Hesch spent 15 years as an attorney in the Fraud Section of the Department of Justice helping administer the national whistleblower reward program. He is the author of "Whistleblowing: A Guide to Government Reward Programs: How to Collect Millions of ...

Published:  Thu, 10 May 2018 07:27:00 GMT



How requests about your credit report can hurt your score

A. We're glad to see you're paying attention to your credit reports. You want to make sure they're accurate because of the direct effect they have on credit scores, the ability to obtain credit and in some cases, the interest rates that come with it.

Published:  Mon, 05 Mar 2018 13:17:00 GMT



Credit reporting vital to bad loan management-CBAN

The Chairman, Credit Bureau Association of Nigeria, Mr. Tunde Popoola, says proper and timely credit reporting plays a significant role in managing or mitigating credit or operational risk in the economy as a whole. He said the system was an enabler to ...

Published:  Thu, 05 Apr 2018 09:12:00 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