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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.

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Almost 50 percent of people in the Southern states had collections notations on their credit reports, meaning they were likely locked out of any conventional means of credit. Billions of dollars are ...

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Here's exactly how I used credit card points to take 3 incredible trips I never would have been able to afford otherwise

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EPA to roll out slimmed-down biofuel credit reform - Reuters

The Environmental Protection Agency will unveil a less ambitious version of its proposed biofuel credit market reform ... more time to study, Reuters reports. Pres. Trump had asked that reforms ...

Published:  Thu, 23 May 2019 17:15:00 GMT



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Published:  Thu, 23 May 2019 09:09:00 GMT



Chinese Regulator to Take Over Baoshang Bank Due to Credit Risks

BEIJING (Reuters) - China's financial regulators said on Friday the country's banking and insurance regulator will take control of Inner Mongolia-based Baoshang Bank due to the serious credit ...

Published:  Fri, 24 May 2019 05:26:00 GMT



I have a small business and these are my 4 favorite business credit cards

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Published:  Fri, 24 May 2019 06:32:00 GMT



Experian report finds consumers have improved their credit management

Consumers' credit behavior has improved in the decade since the start of the financial crisis, according to Experian's annual State of Credit Report. Researchers at the credit reporting agency circled ...

Published:  Wed, 22 May 2019 07:42:00 GMT



Credit and debit cards have more germs than cash and train station urinals, study says

"One might expect cash to be the filthiest since cash stays in circulation a lot longer and can travel across the country by changing hands," he wrote in the report. However, debit and credit cards ...

Published:  Wed, 22 May 2019 05:23:00 GMT



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