15

Oct

How Frequently Your Credit Score Is Updated

As the information on your credit report gets updated, your credit score fluctuates. New balances, bill payments, and account openings are just a few of the elements that appear on your credit report and affect your credit score. Your credit score should be updated at least once a month, but it may be updated more regularly if you have various financial products. Your credit score may be refreshed each time one of your creditors forwards information to one of the three credit bureaus.Because lenders do not all give updates on the same day, new data may be updated to your […]

08

Oct

How Your Credit Score Is Calculated

Credit Scores are determined by Credit scoring models that evaluate one of your consumer credit reports and then give a score (ranging from 300 to 850) based on complicated computations. A higher credit score indicates that the person is less likely to miss a payment, which is why having a higher credit score can help you qualify for better rates and terms from lenders. Elements that influence your credit score Payment History Amounts Owed Credit History Duration New Credit Payment History The most essential factor in determining your credit scores is your payment history, as it shows on your credit[…]

30

Sep

What Is A Credit Bureau?

Credit Bureau A credit bureau is a company that collects and analyses personal credit information and sells it to creditors for a fee so that they can make loan decisions. They keep track of borrowers’ credit histories in order to generate credit reports and credit scores.  Credit bureaus look into the credit histories and habits of potential clients. Financial institutions, banks, credit card issuers, and even utility companies provide them with credit-related and non-credit data. What They Do With The Data Collected However, this data is purchased to assist in assessing a customers’ credit risk and decide whether or not[…]