TopConsumerReviews.com Best Credit Reports
      November 17, 2018

Home  >  Credit Reports  >  Articles

Best

Credit Reports

  1. Free Credit Score
  2. My FICO
  3. Credit Reporting
  4. Credit Report
  5. Free Score 360

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

Latest Reviews

Bunk Beds

Charm Bracelets

Dating Sites

Eczema

Flower Delivery

Guitar Lessons

Hair Loss

Lice

Menopause Relief

Online Stock Brokers

Watches

 

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.

Universal credit claimants driven to consider suicide over stress caused by welfare reform, report finds

A study by leading academics of claimants and support staff in Gateshead and Newcastle found the new benefit to be a "complicated, dysfunctional and punitive" system that forces people into debt and r...

Published:  Fri, 16 Nov 2018 03:16:27 GMT



How And Why You Need To Monitor Your Credit Report

Planning is important to make sure your financial house is in order. It is vital to know where you are today, where you want to be in the future and to have a game plan on how to get there. Many times ...

Published:  Fri, 16 Nov 2018 06:00:00 GMT



Fair Credit Reporting Act Remains Fertile Ground for Compliance Issues and Litigation

The Fair Credit Reporting Act ("FCRA" ) has been a fertile area for lawsuits against employers. Recently, the Third Circuit Court of Appeals provided yet another warning for employers regarding complia...

Published:  Fri, 16 Nov 2018 16:53:00 GMT



Nordstrom Analysts Pick at Credit Card Issue, Margin, Full-Price

Kohl's Corp. is the next to report earnings on Nov. 20 ... it would be an unexpected charge of $72 million ($0.28 in EPS) related to its credit card accounts." But the charge is "a one-time item and t...

Published:  Fri, 16 Nov 2018 05:04:00 GMT



Alogent and SavvyMoney partner to enhance digital banking with integrated credit score and report solution

PEACHTREE CORNERS, GA (November 15, 2018) - Alogent (@AlogentCorp), an innovator in end-to-end enterprise payment processing, content management, and digital account opening solutions for financial in...

Published:  Thu, 15 Nov 2018 15:27:00 GMT



Sugar Shack owner reports credit card thefts

A former employee has been charged with identity theft for allegedly stealing customer credit card information from the owner of Sugar Shack exotic dance club. A criminal complaint alleges that Daniel ...

Published:  Thu, 15 Nov 2018 13:49:00 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