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How to Improve Your Credit Score

How to Improve  Your Credit Score The first thing that lenders will check when you apply for credit – whether a loan, mortgage, or a credit card purchase – is your credit score. That’s because before they decide to lend you money, they want to know how good a risk you would be. Lenders are business people and as business people they always consider the risks involved when they make an investment. The investment is you, of course. Or more precisely, your capacity to pay. If the risk far outweighs the investment, then naturally lenders would turn away from such a deal.  The credit score helps lenders make their decisions easier and faster. Because your credit score is the closest thing to accurate information determinative of your future credit performance, they base their decisions concerning your credit application on this three-digit number.  In short, your credit score is that thing that could make or break your credit application. For this reason, many consumers have decided to take steps to learn how to improve credit score. Even if you already have good credit standing with your lenders, it still pays to learn more ways on how to improve credit score even further. A good credit score can help ensure that you get the most favorable interest rates. How much more if you’ve got close to perfect credit score? Below are some steps to help on how to improve credit score: Improve Your Payment History Paying your bills on time is [...]

By |2021-11-16T16:14:45+00:00November 16th, 2021|Credit Scores|0 Comments

Fixing Credit Score Report

Fixing Credit Score Report For you to obtain the best interest rates, there is a need for fixing credit score report. There are times that reporting agencies such as Equifax, TransUnion and Experian, may have bad information about you and this will matter much when financing institutions will give their decisions on your application.  In fixing credit score report, you just have to follow some simple steps then go back and grab the terms that you want. There are two most effective ways:  fixing credit score report through appraisal bureaus. fixing credit score report through the lender who made the mistake. With the appraisal bureaus, initially there is a requirement on your end to discover what is wrong, If ever you were not able to obtain a written copy, you can get a free government data and find out what is said. The next is to collect all the evidences that will authenticate that such appraisal bureau has to do something with the mishap done. Scout for copies of related documents, do not give the original but only those that you have duplicated. It is not easy to file for another replica because it means that you will have to go through the hassle of the process.  After having accomplished it, you are ready to send them a letter with all the legal files and indicated instructions on how they should overhaul the damage done. Enclose your complete name, address, birthdate and Social Security number. Include as well any [...]

By |2021-11-07T20:49:57+00:00November 7th, 2021|Credit Scores|0 Comments

Credit Rating Scores

Credit Rating Scores At this modern time coupled with all the innovative technologies, people have been wanting things to be quick. Even when eating, which is why fast- food chains have been created. Even when researching, which is why encyclopedias are rampant over the internet. Even when shopping, which is why automated- teller machines are scattered all over. Even when luxury- spending, which is why credit rating scores are very much beneficial nowadays. Credit rating scores are distinguished by the reporting agencies that issue the points based on disparate assessment methods which are all grounded on different factors. There are times that people only take into consideration the information found on their accounts which is actually based on several matters such as payment history, current debts, time length, type mix and application frequency. All of those mentioned are essential in calculating a person’s points.  Equifax, TransUnion and Experian are the three major reporting agencies in the United States. They all have variegated criterions used which are weighted differently. Making it the reason why the points they give are not the same as the others. However, they are all rooted from lone credit rating scores. FICO, acronym for Fair Isaac Corporation which is the brain- child behind the software that has been applied since the 1960’s, is the reference of Equifax, TransUnion and Experian. Credit rating scores range between 350, an extremely high risk condition, and 850, a tremendous low hazard status.  In a gathered statistics in 2003, almost a [...]

By |2021-11-07T20:41:28+00:00November 7th, 2021|Credit Scores|0 Comments

Checking Your Credit Score

When you have started to purchase a car or acquire a land through mortgage, it is just but wise to keep on checking your credit score. Those are the magic numbers that lenders deliberately look into when they make decisions as to extending your limit and granting you incentives. Checking your credit score regularly will avoid any complications. As for the lenders, it is where they will identify how you are going to reimburse the money you borrowed from them. It is actually a snapshot of your “risk” at a particular point in time. The higher points you have accumulated, the more likely you are to accomplish your bills on the dot. With that, you will also be receiving exciting perks. The most widely known software calculator used since the 1960’s is the one developed by the Fair Isaac Corporation. Checking your credit score through FICO is more reliable than the others as it is also been patronized by United States’ three major agencies namely Equifax, TransUnion and Experian. However, it is not perfect so it is still subject to errors that will occur in your account.  FICO develop points solely on the data of a particular person. Checking your credit score as often as possible is very crucial when you enroll for the next mortgage program. It is where it will be compared to the other thousand of applicants. Afterwhich, computation will follow that will project the level of future appraisal risk for a specified individual. As you [...]

By |2021-11-07T20:35:18+00:00November 7th, 2021|Credit Scores|0 Comments

9 Types of Credit Scores You Didn’t Know Existed

9 CREDIT SCORES YOU NEVER KNEW EXISTED You already know about your credit risk score, more commonly known as your FICO Credit Score. That is the one we normally think of when we talk about credit scoring but are your aware that you are being analyzed based on other lifestyle choices and these Nine other types of Consumer Scores that are relatively unknown — that affect you tremendously: Revenue Score - This score measures how much money you are likely to make the creditor. This is measured by rank-ordering your revolving credit accounts by how much of a revenue source you might be in the future. Bankruptcy Score - Predicts if you are likely to declare bankruptcy. It looks at data such as how many high-balance and delinquent accounts you have. Creditors know that anyone who has a high number of late payments or maxed-out accounts is headed for trouble. Response Score - You know all those “pre-approved” offers you get in the mail? Someone is tallying the number you throw away. The more offers you accept, the higher your response score. Attrition Score - This score addresses the likelihood that you may leave one lender for another. If your score is high enough, you will get convenience checks in the mail; or even a personal phone call from the creditor, offering you incentives to stay with them. Behavior Score - This very specific score measures your overall performance with one creditor. Information includes how long you have had [...]

By |2021-11-04T02:09:08+00:00November 4th, 2021|Credit Scores, Education|0 Comments

Financial Institutions Use of Artificial Intelligence and Its Effects on Lending Decisions

AUTOMATED UNDERWRITING VS MANUAL UNDERWRITING Just this month the CFPB (Consumer Financial Protection Bureau) reported FIVE Federal Agencies are looking into how Financial Institutions use Artificial Intelligence to support risk evaluations before approving a consumer request for a financial loan. Ironically, the investigation will indirectly involve some of the elements mentioned in last month’s article titled the 9 Credit Scores You Never Knew Existed by providing insight into how a consumer’s credit behavior as well as credit reporting errors support quick pros and cons within the automated decision-making process. The early question, is how does it affect consumers? How is AI affected by a creditors input of adverse data? Could the FICO score be considered AI? Can it disrupt loan approvals when data is input incorrectly by your creditors or whom you do business with? Let us take a closer look at one example that is a hot topic right now by using a borrower identified as Sam to provide insight in how the insertion of correct data will negatively impact his credit report by using one of Sam’s creditors. Sam has 1 collection account reporting on Equifax, Experian, and TransUnion from the US Department of Education. Sam has been avoiding his owed debt for years, finally the US Department of Education closes Sam’s account because of no payments received for the last 270 days or 9 months. The account reports closed/transferred with a zero owed balance reporting a 120 day late pay within the account/pay status section and [...]

By |2021-11-03T19:33:32+00:00November 3rd, 2021|Education|0 Comments

Resource Helps Renters and Landlords Find State and Local Programs Distributing Federal Rental Assistance

The Consumer Financial Protection Bureau (CFPB) July 28th 2021 released an online tool to help renters and landlords impacted by the pandemic easily find and apply for payment assistance for rent, utilities and other expenses. The Rental Assistance Finder, available at www.consumerfinance.gov/renthelp, connects renters and landlords with the state and local programs that are distributing billions of dollars in federal assistance nationwide to help renters stay housed during the pandemic.   “Millions of people are behind on their rent and at risk of eviction as a result of the pandemic,” said CFPB Acting Director Dave Uejio. “The Rental Assistance Finder will make it easier for renters and landlords to locate the financial assistance available in their area. People across the country are already receiving billions of dollars in assistance, and with this new tool, we hope even more renters and landlords will take advantage of this emergency relief. This money is a win-win for both landlords and renters and a better outcome for all than costly, needless evictions.”   According to a CFPB analysis of Census Household Pulse Survey data from June 23–July 5, 16 percent of adults living in households who rent said they are currently behind on their payments. Of adults living in households behind on rent, 49 percent, or approximately 3.6 million of them say that eviction in the next two months is somewhat or very likely.   As part of an unprecedented economic recovery effort, the federal government has allocated more than $46 billion to assist [...]

By |2021-09-19T20:27:00+00:00July 29th, 2021|Resources|0 Comments

Lifestyle Choices That Effect Your Credit

9 CREDIT SCORES YOU NEVER KNEW EXISTED You already know about your credit risk score, more commonly known as your FICO Credit Score. That is the one we normally think of when we talk about credit scoring but are your aware that you are being analyzed based on other lifestyle choices and these Nine other types of Consumer Scores that are relatively unknown — that affect you tremendously: Revenue Score - This score measures how much money you are likely to make the creditor. This is measured by rank-ordering your revolving credit accounts by how much of a revenue source you might be in the future. Bankruptcy Score - Predicts if you are likely to declare bankruptcy. It looks at data such as how many high-balance and delinquent accounts you have. Creditors know that anyone who has a high number of late payments or maxed-out accounts is headed for trouble. Response Score - You know all those “pre-approved” offers you get in the mail? Someone is tallying the number you throw away. The more offers you accept, the higher your response score. Attrition Score - This score addresses the likelihood that you may leave one lender for another. If your score is high enough, you will get convenience checks in the mail; or even a personal phone call from the creditor, offering you incentives to stay with them. Behavior Score - This very specific score measures your overall performance with one creditor. Information includes how long you have had [...]

By |2021-02-28T22:21:27+00:00February 22nd, 2021|Education|0 Comments
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