Dec
29

New Criteria May Affect Your Credit Scores

December 29, 2011

credit cardsIf you’ve recently been denied a credit card or loan because of insufficient credit history, you’re not alone. Millions of people in the United States have thin credit files. However, some proposed changes to the criteria used to determine credit may work in your favor. The credit experts at FreeScore can you navigate these changes and how they affect you.

A recent post on the FreeScore Blog, “How Will New Credit Criteria Impact Your Credit Scores,” reveals some of the new credit parameters being explored.

The post cites an article in the Atlanta Journal-Constitution that talks about the millions of people who have little to no credit. People with thin credit often don’t use traditional banks or own credit cards. While this may keep them from having bad credit, having no credit isn’t good either. As a result, credit bureaus want to start using payment records from services such as telephone, Internet, utilities, etc. By using a wider range of data, lenders can make safer decisions when determining eligibility for loans or new credit card accounts.

Some companies like Equifax are already using a broader set of criteria to determine credit worthiness. Roughly 35 million people in the credit bureau’s database have thin credit files, but Equifax hopes that the changes will affect millions of households.

Regardless of your past history, it’s clear that keeping up with your current credit situation is more important than ever. Luckily, FreeScore can provide you with access to your credit scores and reports from the top 3 credit bureaus: Equifax, Experian and TransUnion. If you sign up for FreeScore’s Power of 3, you’ll also receive 24/7 credit monitoring and automatic credit alerts at all 3 bureaus. These services will give you a better idea of what lenders see when they pull your credit history, and keep your credit protected against fraud and errors throughout the New Year.

Categories: Economy

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

Leave a Comment

Copyright © 2008-2017 mRELEVANCE, LLC | Chicago Real Estate News | Chicagoland Real Estate Forum. All rights reserved. Thank you for visiting Chicago Real Estate News Chicagoland Real Estate Forum, Real Estate Listings and Information Provided by MLC Realty, Inc.
Internet Marketing by Marketing RELEVANCE

Equal Housing Opportunity

1819 W Grand Ave | Chicago, IL 60622