FICO 08 May Change Your Credit Score
The credit scoring formula has been periodically updated over the past 20 years, with changes in technology. FICO 08 will make the scoring system more sensitive to multiple late payments and less sensitive to isolated incidents of late payment or those that occurred a few years ago,� states Craig Watts, Public Affairs Manager, for Fair Isaac Corporation, the creator of the credit scoring system.
CreditReportBlog.com - As credit reports are increasingly being used as the basis of making major decisions concerning many facets of a person’s life, it is more and more important that the FICO score be as precise as possible in giving a true picture of one’s financial well-being. As we all know, your FICO score can affect possible employment, all loan applications ( big or small ), rental applications, etc. Read more
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Settlement results in free credit monitoring service
You can sign up today to receive free credit monitoring services from the credit bureau TransUnion due to a settlement the company reached on a class-action lawsuit.
Credit Report Blog.com would like to advise all consumers that a settlement has been reached in the class-action lawsuit filed against TransUnion Credit Bureau. The lawsuit was filed because TransUnion irresponsibly sold customer information in the form of marketing lists to other businesses. TransUnion denied any wrongdoing, while at the same time, stating that they had stopped the practice as far back as 2001.
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Low Credit Scores hurt in more ways than you know
CreditReportBlog.com has done extensive research on how low credit scores hurt innocent buyers. We are all aware of the obvious ways in which a low credit score hurts us like higher mortgage and credit card interest rates. What we don’t realize is that there are many other unsuspecting ways that a low credit score may affect our lives.
EMPLOYMENT
You may find it surprising that some employers care about credit scores as well. Close to 70 percent of companies, especially large organizations will check credit before they hire a person. The logic behind it is that they assume credit problems at home create stress and distraction at work. They don’t want to have an employee get collection calls at work or have to get involved in garnishing wages.
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What is a “credit score”?
Wondering what a “credit score” is? Well, let’s break it down into a few basic terms. Your credit score is a number that is derived from your credit report that tells lenders or others how likely you are to make credit payments on time. This score will affect whether you are able to obtain credit and if so, what interest rates you may pay for credit cards, mortgages, car loans, or whatever the case may be. For the most part, a higher credit score will mean that you will most likely be approved for a new credit at a lower interest rate.
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