Credit Scores Experts

💁‍♂️❓🤓 Ever heard of Credit Privacy Numbers? What are they for and will they improve your credit score?

❗☝️ A Credit Privacy Number or CPN is a 9 digit number that is formatted like a Security number (XX-XX- # # ).

🤓 CPNs are a product of the Privacy Act of 1974 which ensures that you are not forced to provide your Social Security Number to a 3rd party unless it's required by federal law.

🤔 A CPN is not inherently illegal. What makes it illegal is once you use it for credit purposes. There are credit repair scams that often market CPNs to those who are trying to improve their credit. If a credit repair company is marketing CPNs as legal, this is considered a fraudulent act because there is no such thing as legal CPNs. You should also know that CPNs will not actually help with improving bad credit.

🧐❓ Have you ever come across CPNs?

💁‍♀️☝️ There are employers that check the credit of applicants. Do you know your rights when it comes to employment credit checks?

👇The following are your employment credit check rights.

✅Your consent must be provided.
Before a company can obtain your credit report, you must give them written consent first.

✅Companies cannot see your actual credit score.
Employers only have access to modified reports like reports that lenders get when you apply for loans. They will only be able to see negative items, account balances, and payment history. They cannot see your credit score. Any information that could violate anti-discrimination laws will be eliminated from the report as well.

✅An explanation is owed to you if a company denies you a job based on your credit report.
A company might deny you a job because of your report. You have the right to get an explanation, right to a copy of the credit report, and the company must inform you of a right to dispute.

❓❓Are you familiar with your employment credit check rights?

🤓🤔❓ What is rapid rescore and how can you take advantage of it?

☝ A rapid rescore is when mortgage lenders help clients quicken the update of credit scores when the client applies for a mortgage.

👉 Credit scores are usually updated monthly and this causes delays in mortgage applications. This is when lenders will advise a rapid rescore. You cannot apply for a rapid rescore on your own. It can only be done through a lender or a broker.

👉 A rapid rescore result does not mean you improve your score. The new score will still rely on the actions you did just like for the normal update of credit scores. The score you get in rapid rescore could be lower or higher depending on what you recently did which could affect credit standing.

🙋‍♀️Have you known about credit rescore before?

☝️🤓 Most financial products are only available to people at the age of 18. Here is how you can start building credit early.

👉Get a Secured Card
Most credit card companies might not be willing to approve you for an unsecured credit card. Applying for a secured card will be a great option for you instead. Make sure though that the transactions you do with the secured card will be reported to credit bureaus.

👉Use Alternative Reporting
Alternative reporting lets you build credit by letting your rent and utility payments, phone payments, and many others be reported to credit bureaus.

These two are just one of the many ways you can start building credit. Share this to any 18 year old you know who may want to start building credit early.

Optimism has its place but it still takes action and planning to get to your goals. What are your thoughts on this? ❓❓

☝️❓ What is considered a Fair Credit Score?

👉 For the FICO score, a Fair Credit score would fall between 580 and 669.

👉 If you use VantageScore as a scoring model, a fair score would be in the range of 601-660.

💁‍♀️❓ Would a Fair Credit Score get you loans and good interests?

☝️A fair credit score could get you into a category of a subprime borrower so you will be considered a risky borrower. It could still get you qualified for credit cards or loans but it will have higher than average interest rates. Different lenders might have different qualifications and requirements though so you may just have to check on lenders whether you qualify or not.

💁‍♀️❓❓ Would you agree?

❓🤔 Do you agree? Share to us in the comments your financial freedom why's. 👇👇