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Most Recent News in Credit Score News

  • The average credit score is different across the country’s states

    by Brian Anderson
    The average credit score is different across the country’s states

    Numerous Americans had serious problems when the economy started to slow. The biggest problem for them was that the credit scores significantly dropped. The foreclosure rates became huge, while some became unable to pay their mortgages. Experian, a credit reporting company, created a compilation containing the national score index. Credit profiles belonging to three million creditors have been used for the compilation. Minnesota stands on top of the list, with a 718 credit score, a much bigger one than the … (more) April 28, 2012

  • Poll reveals the eagerness of consumers to improve credit score

    by Brian Anderson
    Poll reveals the eagerness of consumers to improve credit score

    The spokesperson for the National Foundation for Credit Counseling, Gail Cunnigham, said that most of the consumers still are unaware about the fact that the credit score is computed based on the information that goes into the credit report. She said that consumers need to be made aware about this aspect since the only way to increase the credit score is to start working on that credit report. In order to do so, they have to first understand the various … (more) April 22, 2012

  • Paying off tax dues on time to avoid poor credit scores

    by Brian Anderson
    Paying off tax dues on time to avoid poor credit scores

    Credit scores have always been calculated using various factors. While some customers are still unsure about how their scores are calculated, there are a few others who track it to the last detail. This year, in addition to the regular factors that have an impact on your scores, not paying your taxes on time can also pull it down significantly. This year, tax payers in the country have been given an extended deadline so they can pay off their taxes. … (more) April 19, 2012

  • Credit scores now impact jobs as well as loans

    by Brian Anderson
    Credit scores now impact jobs as well as loans

    Credit scores now have a bigger impact on our lives than ever before. Though it can be difficult to understand certain nuances of this score, it is important to make an effort since effective management of your scores can help you secure your financial future. Financial experts and analysts opine that it is time customers are educated about their credit scores and its importance. The recession that just passed by has indeed shown the importance of the credit report and … (more) April 11, 2012

  • Micromanaging credit scores not recommended

    by Brian Anderson
    Micromanaging credit scores not recommended

    The Senior Vice President of the Analytics Division at VantageScore Solutions, Sarah Davies, says that the credit score is updated whenever some new information get added or updated. The model credit score that is created by the three major credit bureaus in the country, TransUnion, Experian and Equifax, is termed as VantageScore. However, the most common type of credit score that is used by banks and other credit lenders is the FICO score that is a credit score model which … (more) March 6, 2012

  • Blue States Have Better Credit Scores Than Red States

    by Brian Anderson
    Blue States Have Better Credit Scores Than Red States

    In the month of January it was observed that the blue state residents who voted for the democracy during the elections of United States have better average credit scores of 661 as compared to the people of the red states, those who vote for the Republican Party. The people of red states have average credit scores of 657. It has been seen that the consumers do need to possess a credit score of 660 or greater than that in order … (more) February 29, 2012

  • CFPB plans to enhance the process of credit reporting

    by Brian Anderson
    CFPB plans to enhance the process of credit reporting

    As per the stipulations of the FCRA (Fair Credit Reporting Act) every customers in the country can obtain one complimentary credit report every year from Experian, TransUnion or Equifax which are the three main credit bureaus in the country. One of the main drawbacks at the moment is that this credit report does not mention current credit score of consumers. Consumer Union’s senior policy counsel, Pamela Banks, says that the union strongly encourages the move for consumers to get at … (more) February 28, 2012

  • There are more than 3 important credit scores to take care of now

    by Brian Anderson
    There are more than 3 important credit scores to take care of now

    It has been often told that we need to take care of our credit scores, because the big 3 as they are referred to, keep track of all our records. The 3 credit bureaus, Experian, TransUnion and Equifax are the biggest agencies whose services the lenders take to review the credit scores and creditworthiness of an individual. A missed payment, irresponsible repayment or a bill not paid could affect our credit scores significantly. In fact, Experian alone holds the records … (more) February 5, 2012

  • Home buyers drastically affected by poor credit scores

    by Brian Anderson
    Home buyers drastically affected by poor credit scores

    It is a very good question to ask how much your credit history was affected and by how much your credit score came down during the economic distress that followed housing slump. Whether the credit score didn’t come down at all or whether it came down by more than 100 points is a question that is potentially affecting millions of home buyers who are hoping that they would qualify for the mortgages. The same is the case with current home … (more) January 26, 2012

  • Now is the right time to clear off holiday debts, say credit experts

    by Brian Anderson
    Now is the right time to clear off holiday debts, say credit experts

    If you have been one among the millions of customers who used their credit card excessively during the holiday season, get ready to pay off your debts now. The credit card statements will arrive anytime soon and it is time to consider options to pay off your dues at the earliest. Main officials from prime shopping centers in Birmingham reported they catered to larger number of people than they expected during the weeks between Thanksgiving and New Year. The best … (more) January 16, 2012