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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.

Monitoring your credit report and score: What to know

KNOXVILLE, Tenn. (WATE) - If you have a credit card or have ever taken out a loan, then your credit history is part of a credit report. Do you know what's in that credit report or how often you should ...

Published:  Wed, 20 Mar 2019 14:52:00 GMT



How long does bankruptcy really stay on your credit report

If your debt has you feeling overwhelmed and you're considering filing for bankruptcy, it's important to consider all of your options before making a final decision. Bankruptcy can have a lengthy ...

Published:  Fri, 22 Mar 2019 05:21:00 GMT



Your Complete Guide to Dealing With Collections and Charge-Offs on Your Credit Report

Don't be intimidated or discouraged if you have collection accounts or charge offs on your credit report -- here's how to formulate a game plan for dealing with them. Image source: Getty Images. There ...

Published:  Sun, 17 Mar 2019 23:11:00 GMT



Watch out: Your private health app data may impact your credit report

It's a sad fact of our late capitalist world that data is one of the hottest currencies. Every move you make online-and sometimes off, too!-is likely being tracked in some way and then sold to the ...

Published:  Fri, 22 Mar 2019 04:25:00 GMT



11 reports of credit card fraud in Bossier

11 reports of credit card fraud in Bossier Investigators are currently working to determine how and where the theft of the account numbers, which are all from one local financial institution, occurred ...

Published:  Wed, 20 Mar 2019 10:42:00 GMT



Police reports: Weekend "Ę March 23-34, 2019

Theft. A wallet and credit cards were stolen from an unlocked vehicle on Sixth Avenue, it was reported at 8:08 p.m. Wednesday, March 13.

Published:  Sat, 23 Mar 2019 04:18:00 GMT



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