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Ways to Build Up a Credit History
by Jane J. Kim
St. Journal 8-15-04
you've ever been denied a loan because you don't have a
credit history, here's a new way to qualify - pay your rent
consumers, mainly young people, recent immigrants and low-income
individuals - should now have an easier time obtaining lower
interest credit cards and loans, thanks to a new scoring
process developed by Fair Isaac Corp.
years, the major credit bureaus, Equifax, Experian and Trans-Union,
excluded information from noncredit sources because that
data was typically hard to collect and maintain. As a result,
as many as 55 million people lacked enough information to
quality for a standard credit score, Fair Isaac says.
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now some firms have begun providing other credit scoring options
to lenders. Fair Isaac's system generates a credit score based
on how well consumers handled their bank accounts or payments
on retail purchase plans,. Consumers can also build a credit
history by having their rent and other bill-payment activity
tracked on PayRentBuildCredit.com,
an Annapolis, MD credit bureau. Meanwhile, Lexis Nexis uses
public records from its database - such as telephone and address
listings, property-ownership records and bankruptcy filings
- to do developed a risk assessment score.
sure, it still pays to build your credit the old-fashioned
way because you'll likely get a much lower interest rate.
A good way to start is to sign up for a secured card, requiring
you to open a savings account and deposit an amount that's
equal to your credit line. As long as you pay off charges
on time, you'll build up your credit and qualify for an unsecured
card - after about six months.
way to kick start your credit history is to ask a family member
or close friend to add you as an account holder on their account,
says David Chung, president of CreditXpert, a Towson, MD maker
of credit assessment technology tools used by businesses.
If you that person has a long and solid credit record, you'll
immediately inherit that entire history. Any credit dings.,
of course, will hurt the credit ratings of both people.
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