The general population doesn’t know enough about Credit in general to be able to determine what exactly is and is not factored into your overall credit score. Nationwide Credit Clearing has compiled a list of these factors for you to review on your own. This is good information for everyone to understand.
Federal laws including The Consumer Credit Protection Act and the Equal Credit Opportunity Act prohibit some things from being factored into overall credit scores.
These things include:
- Religion, Color, Race, Sex, national origin, & marital status. In Fact, US law prohibits credit scoring from even considering any of the above factors. Just as well, any receipt of public assistance, or the exercise of consumer rights under the Consumer Credit Protection Act.
- Your age cannot be factored into your credit score
- Your employer, occupation, salary, title, employer name, as well as date employed or any of your employment history. Lenders can consider this information for certain purposes, but it is not used in the credit scoring process
- The state, city, or address of where you live
- The interest rates you are being charged on any of your current credit cards or loans
- Rental agreements.
- Anything reported as child and/or family support obligations
- Any type of information that is not found in your credit report.
- If information is not proven to be predictive of future credit performance, it will not be factored in
- Certain types of inquiries such as:
- “consumer-initiated” inquiries — requests you may have made for your credit report while simply checking your score
- “promotional inquiries” –- requests made by lenders in order to make you a “pre-approved” credit offer
- “administrative inquiries” – requests made by lenders to review your account with them.
- Requests that come directly from Employers
If you or someone you know is having trouble with their credit, and needs some guidance on how to increase a credit score, Nationwide Credit Clearing can assist you.
Stop letting bad credit affect your finances! At Nationwide Credit Clearing, We help you work on your credit report and dispute unfavorable or inaccurate/outdated information. In Turn, this it will help to improve your credit score and ultimately allow you reach your future financial goals.
Don’t wait! Better Credit is just a click away! Call the experts at Nationwide Credit Clearing. “Home of the Free Credit Report and Consultation”
Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647
Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com
http://mynationwidecredit.com
