Credit Scores in Everyday Life

Companies have found a correlation between credit scores and personal responsibility. Employers can even deny you a job if your credit score is low. A good credit score is more critical now than ever before. Your homeowner's insurance, car insurance, mortgage, so many things in life now are based off credit score.

Simply put, credit scoring is a way to assess the credit risk of a loan applicant. It determines who qualifies for a loan, it can determine at what interest rate that loan is issued at.

The key to keeping your score high is to pay your bills on time. And look at balances on credit cards and seeing what we can do to bring those down so credit scores will be increased.

(May 1, 2007)

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4/23/08

A credit inquiry typically lowers your score by five points or less. Credit inquiries reduce credit scores because lenders believe that multiple inquiries are associated with high risk of default.

1/20/08

With the introduction of the VantageScore in addition to the FICO score, consumers are confused about the credit score range and about the credit scoring in general. Here are the main differences between the two credit scoring systems.

11/28/07

Zopa Ltd., a United Kingdom player in the person-to-person online lending market, is starting operations in the U.S. where it will join a handful of other companies, including Prosper Marketplace Inc.'s Prosper.com, that have popularized the market in recent years.

6/25/07

Equifax Inc. emphasized that VantageScore(sm) and the Equifax Risk Score 3.0 are not - and never have been - impacted by the authorized user manipulation. Authorized user information is excluded in calculating both VantageScore and the Equifax Risk Score 3.0.

6/18/07

Although Fair Isaac Corp., the Minneapolis company that created the FICO score doesn't give out many details about the changes, the company spokesman said there will be more segments in their scoring model.

6/11/07

As credit scores take more important role in many parts of our lives, more ideas are popping up everyday to boost our credit scores. Recently, some borrowers with low credit scores are turning to a fast-growing business on the Internet: “Credit Renting.”

6/8/07

The Supreme Court ruled in favor of two large insurers, limiting the circumstances under which companies must tell customers their credit ratings are affecting the amount they pay.

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