Thursday, August 04, 2005

Credit Score Repair & The Local Business


We know the effects of a bad credit score on an individuals's life right?

It can ruin eveyrthing and you can't even get a cell phone on your name as the article I am quoting from so clearly explains it.

Now, this individual was affected by an identity theft and she is in such a bad position that she is not able to get a car she badly needs.

That brings us to our topic for the day.

When a person's credit score is ruined because of an Identity theft, more than the person involved it is also the local business which suffers huge. They are not able to do any business whatsoever with her.

I think that's a huge loss for the economy as well.

Normally what happens is when a person whose identity is stolen applies for a loan her credit score is checked and is turned down when they find it is low.

An aside here for the uninitiated:

700 and above means you have a great credit score and you'll get without any problem.

Between 500 to 700 means, you can barely get by but you have to pay little more points.

Below 500 means normally you'll be turned down

So what does a person do now on improving credit score??

a. Keep reading this blog for sure :)

b. Keep a close watch on your credit card statements and dispute immediately whatever wrong transaction that has happened.

c. Pay off your bills much before the due date. 7 days before the due date would be just fine.



Johncy Edward

Journal Gazette | 08/04/2005 | Identity theft fallout lingers long after fraud


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