Coming changes in the way America’s major credit bureaus compute credit scores (see our previous post) is expected to increase demand for credit repair professionals. Credit industry concern about changing consumer attitudes and behavior has prompted an overhaul of the two primary software systems used by U.S. credit bureaus to determine credit risk and assign credit scores. [...]
The next time you apply for a loan, you’re likely to face even tougher standards than those already clamped on the consumer credit market by wary lenders. The still-soaring foreclosure rate is prompting changes in the way the nation’s major credit bureaus evaluate credit risk and determine credit scores. Changing consumer attitudes about credit responsibility [...]
Many consumers know their credit score number, but few understand how scores are determined. As we noted yesterday, algorithms assign weighted values to five key financial factors to derive credit scores. By addressing these five factors, credit repair professionals can help consumers repair their credit and rebuild their credit scores. Having already covered payment history and credit report inquiries, [...]
More that 25% of Americans have such a low credit score that they are considered bad credit risks and are unable to qualify for a loan. People with credit scores of 550 or below can’t get a car loan to buy a new car. If they want to buy a house, they won’t qualify for a [...]
Americans older than the age of twenty five may recall acquiring their first credit card through a parent’s mailbox unsolicited around age 18, enabling them to be a credit card holder and to incur any debt associated with it. In the past, young adults received credit cards having no credit history and no proof of income. As [...]
