• 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…

  • Finance

    How Credit is Calculated and How to Improve Credit

    One of the most important measures of your creditworthiness is your credit scores. A credit score is a three-digit number that ranges between 300 and 850. The higher your credit, the lower your risk to lenders while the lower your credit, the higher your risk to lenders. Understanding how the credit score is calculated and what impacts it will take you a step closer to improving your credit. The five factors of credit The credit score comprises of five factors and the calculation is based on these five factors. The payment history This accounts for 35% of your credit score. It shows if your payments are made on time, it also shows…

  • Finance

    10 Credit Mistakes That Are Hurting Your Score

    Whether you are just starting out in college or breaking into retirement, having good credit is important when considering large purchases such as a mortgage, auto loan, even a job application or credit card. FICO scores are the predominant choice for credit scores for lenders in America. The scores for FICO range from 300 to 850. Anything under 620 is generally considered a poor score, while a score above 720 is considered very good. Compare credit score ranges here. Here are few things to consider when you are applying or trying to improve your credit score. 1 Not checking your credit report every year. Check it for free each year…