The credit scoring system in our country was created as a tool to measure risk for lending money to consumers. The credit score, in essence, was designed using a virtually top secret algorithm that produces a 3 digit number that reflects a borrower’s ability to repay a loan. This method of consumer lending is known as risk-based lending.
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Few consumers understand that changing the date their credit card bill is due each month could save them hundreds of thousands of dollars. Yeah, you read that correctly…hundreds of thousands!
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Ever wonder how it is that you receive so many offers in the mail? If your daily pile of mail looks anything like mine, it is likely littered with offers for credit cards, 3rd party car warranty programs, home loan refinancing, reduced car insurance premiums, etcetera. The good news is, you can stop these solicitations – or at least the majority of them.
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Bankruptcy – immediately after hearing this word, several people who remain affiliated with business react as if it is the worst word to ever speak of. But what exactly is it and why is it surrounded with a layer of negativity?
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To get a good understanding of how to improve your credit rating, you need to understand the components of a credit rating score. Then you can work on each of these things, either simultaneously or in turn. This article will explain to you what these components are and how they work.
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