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If it ain’t broke…

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The United States has one of the best credit reporting systems in the World. It seems hard for some Americans to believe that, given that the Federal Trade Commission has issued a congressionally mandated study on credit report accuracy that found that one in five consumers found an error on at least one of their three credit reports.

Four in five of those errors were corrected or modified once reported to the credit reference agencies. The errors do not appear to be material as the FTC reports that nine in ten of those modifications and corrections resulted in no change to their credit scores.

This has led to some astonishing claims that the US credit reporting system in the US and/or the credit scoring systems used in th .....

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6 Aug 2019 by Barry Stamp Credit Reports
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Comparing Free Credit Scores

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TV adverts for free credit scores are lifting demand for both credit scores and credit reports as consumers are prompted to satisfy their curiosity to see how they measure up. But with quite a choice of providers, which one can you trust, and how do the scores measure up against each other? And how do the scores compare with those used by lenders when assessing your applications?

The first thing to understand is that there is no standard credit score. Credit scores are simply a measure of creditworthiness – the higher the score, the less likely you are to default on a credit facility. Credit scores replaced manual credit assessment way back in the 1970s – the men in suits were no match for a proven system that is fairer, more c .....

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10 Aug 2016 by Barry Stamp Credit Reports
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Common queries about credit scoring

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When checking a credit report or evaluating financial situations there are many common queries regarding credit scores, the information reported and the impact of different markers. This article aims to address some of the common queries that arise in these situations.

Having an excellent or high credit score will not automatically mean you will be accepted for every form of credit. Most lenders will use their own scorecard and criteria when evaluating an application. An application form may request information that is not held on a credit report for example income, length of time at an address and type of employment, all these factors will impact the decision of a lender.

Although your score may be high, a lender may have ce .....

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Myths surrounding your credit report

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When applying for credit, lenders will take into account a number of things that will be used to establish whether or not they are willing to lend to you. Having a good credit rating is especially important for many of life’s big moments, such as buying a car, getting a mortgage or taking out loans for weddings or education. By showing to lenders that you are a responsible and stable borrower, this will improve your chances of being offered the best interest rates as well as minimising the chances of being declined for credit outright.

Many consumers still have misconceptions about things that may or may not harm their credit score. A common misconception is that previous occupants of your address can harm your credit score. Unless .....

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13 Jul 2015 by Kirstie Brown Credit Reports
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