America’s credit bureaus haven’t exactly covered themselves in glory when it comes to protecting your private data. So you might well be skeptical about two new credit-enhancing products that require not just credit information but also access to your bank accounts. Experian and credit scoring company FICO introduced UltraFICO last year as a way to elevate credit scores based on how people handle their checking, savings or money market accounts. UltraFICO currently is in a pilot phase and expected to be more widely available this summer. The credit bureau also launched Experian Boost, which allows people to add on-time cellphone and utility payments to their Experian credit reports. The positive bill payment history can add points to certain credit scores, but people have to link their bank accounts so Boost can scan for those payments. Both free products are aimed at people with “thin” credit reports – which Experian defines as having fewer than five … [Read more...] about Weston: Is better credit worth exposing your bank data?
Transunion credit score range vs fico
A recent creditcards.com survey found a large majority of Americans with debt would not be willing to cut spending on leisure travel or clothing and shoes by 50%. But that could be a mistake, according to CBS News business analyst Jill Schlesinger, who joined "CBS This Morning" Friday to explain how your spending choices can impact your credit score and your ability to borrow money. First, it's important to understand what a credit score actually is, Schlesinger said. She explained that companies like Experian, Equifax, and TransUnion compile your financial information (Do you pay your bills on time? How much credit do you have?) That information is then used to determine your credit score. "That score is basically saying to the world, 'you are credit-worthy, or not so credit-worthy,'" Schlesinger said. Ensuring your credit score is as high as possible is critical, she added, because the figure is used when you're buying a car, seeking insurance or a mortgage, and in some … [Read more...] about How changing your spending habits can raise your credit score
Lyle Daly The Motley Fool Published 7:00 AM EDT Jul 14, 2019 Your credit score doesn’t need to be stuck in neutral anymore. For the credit-conscious consumer, it’s annoying when your credit score just won’t seem to budge. You check it every month, and it’s the same as it was the last time you looked. With all the different factors that affect your credit, it’s normal for your credit score to have the occasional growing pains. After you’ve pinpointed what the problem is, you can correct it and have your score on the way up once again. If you’re wondering why your credit score hasn’t been increasing lately, here are the most likely causes. 1. You’re using too much of your available credit Of all the factors that determine how your credit score is calculated, the one that has the largest impact on a month-to-month basis is your credit utilization, which is the portion of your total available credit that you’re using. As a … [Read more...] about How to raise your credit score if it’s stuck
EVERY WEEKDAY Lika Koplatadze, who sells consumer loans for TBC Bank, one of Georgia’s largest, calls between 170 and 250 of her compatriots. She does not choose her targets. An algorithm crunches the credit scores (a number between 0 and 400 indicating the likelihood of repaying a loan) of millions of Georgians, selects the best prospects and auto-dials them. Something like this has been happening in rich countries for decades, but in Georgia it is a recent development. In 2005 a handful of Georgian banks joined with Creditinfo, an Icelandic group, to set up the country’s first credit bureau. Within two years the bureau had records on 232,000 people. Now it covers 2.6m Georgians, in a country with about 3m adults. Get our daily newsletter Upgrade your inbox and get our Daily Dispatch and Editor's Picks. The impact has been profound. Loan officers used to make around ten decisions a day, says Vasil Verulashvili, who runs credit-risk management for Bank of Georgia, the … [Read more...] about A brief history—and future—of credit scores
The three-digit number that makes up our credit score rules our financial lives. It can mean the difference between bagging the cheapest deals or paying way over the odds in interest. It’s what lenders use to help them decide whether to accept or decline applications for low score could even see you denied a mobile phone contract. As well as the key to being accepted for these accounts, a good score can be kind to your pocket as it will increase your chances of getting the best deals. Keeping an eye on your credit report, a history of your financial life and credit score, can help you to spot early signs of fraud. But despite its importance, almost three-quarters of us don’t know our score. We need to make checking our credit report part of our everyday finances. Certainly, before applying for any James Jones, head of consumer affairs at credit report firm Experian, said: “People should think of their credit report as their financial CV. "You wouldn’t apply … [Read more...] about What your credit score really says about you