What you don’t know about credit scores could hurt you

By | May 16, 2012

What you don’t know about credit scores could hurt you
News from msnbc.com:

Paul Sakuma / AP

A bad score could cost you a job or a loan. That’s why it’s so important for you to understand how credit scoring works.

By Herb Weisbaum, The ConsumerMan

Your credit score, which is based on your credit history, can have an enormous effect – positive or negative – on your life. That score is used by employers, lenders, landlords and insurance companies. A good score could save you thousands of dollars a year in interest. A bad score could cost you a job or a loan. That’s why it’s so important for you to understand how credit scoring works. 

A new surveyby the Consumer Federation of America (CFA) and VantageScore Solutions shows overall knowledge about credit scores has improved significantly in the past year. But the results also make it clear there’s still a long way to go.

Many consumers still need to learn about what scores represent, how to get access to them and how to improve them,” notes CFA’s executive director Stephen Brobeck.

Fewer than half (44 percent) of those surveyed are aware that a credit score typically measures risk of not repaying loans,…………… continues on msnbc.com

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Related News:

Credit scores, with a little help from your friends
News from GigaOM:

Would you want your Facebook friends or LinkedIn contacts to help determine your creditworthiness?

An emerging crop of companies believe that our online identities – and our social data in particular – are valuable sources for evaluating and even managing credit risk. This week, Lenddo, a New York-based startup that helps the middle class in emerging markets use their online social connections to build credit, announced that it had raised $ 8 million in new funding.

Almost like a Grameen bank for the digital era, Lenddo provides an online microlending platform that uses social dynamics and positive peer pressure to keep people creditworthy and provide capital they might not otherwise be able to access. Members receive loans as individuals, but their trustworthiness — expressed as a FICO- or Klout-like “Lenddo score” — is evaluated in the context of their community.

“Character, for hundreds of years, was really the foundation of lending… [lenders] would…………… continues on GigaOM

… Read the full article


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