Personal Credit Coach

Credit Repair Scams are Out There – Here’s How to Avoid Them

Stephen Leifer - Tuesday, September 13, 2016
Anyone who has credit issues and is struggling to better their financial situation, might be tempted to work with a credit repair company. It is true – these companies can really help your situation and make it possible to get your credit profile back on track, but not all of these companies are looking out for your best interests. As a matter of fact, some credit repair companies prey on desperate individuals, looking to make a buck off of their anxiety and confusion about credit.  ..

Surely the Creditors Want Accurate Information, Right?

Stephen Leifer - Monday, December 14, 2015
One would assume that the creditors would want to base their lending decisions on the most accurate information. After all, they are in the business of calculated risk and accuracy stands to lower their risk, right? Well, not exactly. Creditors actually benefit when there are errors on the consumers’ credit report. For example, a woman applies for a car loan. She has 25% down and seeking to borrow a conservative amount of money in relation to the salary she makes.  ..

The History of Credit Scoring and How It Affects Consumers

Stephen Leifer - Tuesday, December 08, 2015
Credit scoring is a frustrating process for many consumers, especially when it interfere with their ability to live the life and borrow the money they desire. Understanding a bit about how credit scoring began and how the system works can put your mind at ease and help you understand how to build a solid credit score. Credit scoring began in the late 1950s. The goal was to help department stores determine if they wanted to lend to consumers, but eventually the practice sp ..

The Business of The Credit Bureaus

Stephen Leifer - Wednesday, November 25, 2015
Credit bureaus make money selling data. They sell date about you to people who want to offer you credit. What data is most valuable to them? The data that's the most valuable is data of bad credit people. People with bruised, or sub-prime credit make the banks the most amount of money because these people will pay the most for credit. They will pay the highest interest rates, and the highest annual or monthly fees. So what’s wrong with that, you may ..