• Finance

    14 Crazy Things You Must Know About A Credit Bureau

    Credit Bureau Definition A credit bureau compiles data on an individual or a business including commercial credit information to sell to consumers, creditors, and lenders. The data collected is then combined into a credit report. A credit bureau is also referred to as a credit agency. There are many different credit bureaus, however, there are three main credit bureaus: Equifax, Experian, and TransUnion. What is a credit report? A credit report is a detailed snapshot of how you have dealt with credit in the past. Credit reports are analyzed by all types of businesses but especially banks, credit card companies, insurance companies, and employers amongst others. Your credit report is…

  • credit utilization and why it matters
    Finance

    What is Credit Utilization and Why It Matters

    Credit utilization comes down to how much of your credit limit you are using. The higher your credit balance is to your credit limit, the lower your credit score. Lower credit utilization means higher credit scores. So when it comes to improving your credit score, it’s pretty important. Why does credit utilization matter? Did you know that amounts owed on accounts contribute 30% towards your credit score, right behind payment history? That means that your high balances are hurting your credit score. And a lower credit score typically means higher interest rates and other fees. When it comes to your credit balances, credit bureaus compile the information onto your credit…