Last week’s blog discussed the potential negative consequences caused by having a low FICO score from any of the three credit agencies (Equifax, Experian and TransUnion). However, it is difficult to improve your credit score if you do not know what is on your reports from these agencies. There are several places where you can check your credit rating and report, including annualcreditreport.com. This is the website where you can pull one free report from the three credit bureaus each year. However, this website involves some preparation, which we have explained in a prior blog. If you get your personal information wrong during this process, then you may have to start over and call the credit bureaus directly. There are other places where you can pull your credit reports. Unfortunately, many of these services are not free. com: You can pull your credit scores from MyFICO.com. This website is operated…
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An article published by the Wall Street Journal suggests that the average FICO credit score has increased to 700. In addition, fewer borrowers have poor FICO credit scores. FICO credit scoring models, which are used by the three credit reporting agencies (Experian, Equifax and TransUnion) were created by the Fair Isaac Corporation to assess whether borrowers are a credit risk. Borrowers with a credit score of 720 have an excellent rating. On the other hand, borrowers with scores below 620 are considered subpar. The Wall Street Journal article has very important implications because FICO scoring models are used by a majority of lenders. For example, if you have a poor credit score, then you may run into problems that include: Less favorable loan terms. With a poor credit score, you may only qualify for loans with higher interest rates. You will be forced to pay more in interest payments over…
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It is not uncommon for potential bankruptcy filers to be concerned about how their filing status will affect their present and future job prospects. Bankruptcy discrimination is a legitimate concern and it may be legal in some cases. Government employers cannot refuse to hire jobseekers because they have filed for bankruptcy. However, this rule is less clear for private employers. Appellate courts have ruled the private employers can refuse to hire jobseekers based on their bankruptcy status. Both public and private employers cannot discriminate against existing employees who have filed. It is against the law for employers to fire employees who have filed for bankruptcy. Fortunately, your current employer is unlikely to ever discover your filing status. However, this would not be the case if you owed your employer money, as they would be included in the bankruptcy. Can Waiting to File for Bankruptcy Cause Problems with My Employer? If…
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