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Most Recent News in Credit Score News

  • Bill to hinder employers’ use of credit report and score

    by Brian Anderson
    Bill to hinder employers’ use of credit report and score

    New Jersey is now working its way to stop most employers from considering credit score or credit reports in determining who to hire, promote or fire. A new bill that is now being under the state Senate’s consideration is aimed at limiting the becoming more rampant use of credit reports and credit scores. This bill will restrict employers in judging their applicants and employees based on their financial status or credit history. The only exemption considered by this law will … (more) November 18, 2010

  • Credit score use in the insurance industry is becoming more rampant today

    by Brian Anderson
    Credit score use in the insurance industry is becoming more rampant today

    People in Canada are now becoming more troubled with the increasing numbers of insurance companies who are making use of credit scores to determine their policyholders’ premium rates. Today 55 percent of major insurance companies in Canada are turning to these three-digit scores to guide them in assessing how risky a person could be as revealed by the Canadian Council of Insurance Regulators. Not all insurance companies are informing their policyholders whether they are making use of credit scores or … (more) November 16, 2010

  • 25% of consumers’ population with low credit scores – why it is alarming

    by Brian Anderson
    25% of consumers’ population with low credit scores – why it is alarming

    According to the recent analysis performed by FICO as many as 43.3 million people are now falling into the category of lowest credit score holders. This is 2.4 million people more from the past two years. The score of 599 and lower is becoming more common to consumers and this is not a good sign neither for the consumers, lenders nor the economy itself. With a poor credit standing people are narrowing their chances of getting credit cards, mortgage, car … (more) November 14, 2010

  • Understanding credit scores better

    by Brian Anderson
    Understanding credit scores better

    NEW YORK CITY- FICO announced that consumers who have scores of 599 and below have now gone up to 25 percent.  This event as experts would say happened as a result of several factors coming in together. The recession still is making people feel its effects until now. According to the Labor Department there are about 26 million people who are still unemployed or underemployed. Moreover millions of people are also faced with lowered credit scores due to foreclosures. Another … (more) November 12, 2010

  • Understanding credit scores and what makes a good credit score

    by Brian Anderson
    Understanding credit scores and what makes a good credit score

    Since credit scores can define how worthy we are of credit or not we should be careful about it. The representation these scores are giving us is a serious matter especially nowadays. There should be no chance our credit scores would reflect others’ delinquencies on our own credit reputation. To avoid such thing to happen we have to make sure that what is written in our credit records are all true. A regular review of your credit card will save … (more) November 10, 2010

  • Fed provides regulation on credit scoring

    by Brian Anderson
    Fed provides regulation on credit scoring

    Credit scores cannot be generated by just anyone; if that’s the case no one will have a low score at all. Credit scores play a pivotal role to both borrowers and lenders therefore they have to be generated using a specialized system. In generating credit scores a statistical model is necessary and this must not be in any way counter federal regulations. According to the Federal Reserve Board’s Regulation prohibited biases must not be incorporated directly or indirectly within the … (more) November 8, 2010

  • Fico reveals how credit scores are computed

    by Brian Anderson
    Fico reveals how credit scores are computed

    FICO recently revealed the “damaging points” that can influence credit scores. Although the exact way on how FICO is generating credit scores remain unknown to the public this transparency of how much points are taken away from consumers when they make some credit mistakes are expected not just by experts but by most people to largely help consumers understand their credit scores.  Today a credit reputation is one thing worth investing. The world now makes use of credit more than … (more) November 6, 2010

  • Fair credit reporting act: providing consumers the protection they need

    by Brian Anderson
    Fair credit reporting act: providing consumers the protection they need

    The widespread use of credit scores started in the mid-1990s however how it was handled during these times is different from how it is today. Well it was primarily serving the needs of merchants in evaluating their customers thus credit scores were used without the customers’ knowledge. It was a total secret at first and when people started learning about the credit score’s existence it remained mysterious for them. Now the face of credit score has changed. Consumers are now … (more) November 5, 2010

  • Consumers with 800+ credit score increasing

    by Brian Anderson
    Consumers with 800+ credit score increasing

    According to FICO report there has been an increase of 2.4 million people to the number of consumers who cradle the score of 599 and below from the past two years. This makes 25.5 percent of consumers unlikely to be good candidate for credit card or loan approval. Also being part of the category that is labeled as carriers of worst credit scores high rates await these people. Looking at a brighter side, FICO’s report reveals that consumers who have … (more) November 2, 2010

  • Fico report shows worsening credit scores

    by Brian Anderson

    Despite having left and right tips on how to get your credit score in a good standing still results show that more and more people are continuously struggling to keep up with at least a good credit score. According to the latest information presented by the leading scoring agency, FICO, in the past two years there has been an increase of about 2.4 million people in the category of lowest credit score. This result was extracted from the consumer credit … (more) October 30, 2010