Debtfree Issue September 2022 DebtBusters Special Edition
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WHO REALLY OWNS YOUR CREDIT REPORT?<br />
THE MAGIC THEY DO<br />
WITH NUMBERS<br />
Credit Bureaus calculate your credit<br />
score based on the following:<br />
• Your debt repayment history (missing<br />
payments is bad);<br />
• Amounts owed;<br />
• Types of credit applied for and<br />
how often;<br />
• How long your accounts have<br />
been open;<br />
• How much of your available credit<br />
you’re using (are you maxed out?);<br />
• Whether there is any history of you not<br />
honouring a debt obligation that resulted<br />
in bankruptcy or a judgment against you.<br />
Ironically, if you never use credit then your<br />
score is lower and credit providers find it hard<br />
to figure out if you are a good payer or not.<br />
This is often why people will advise you to<br />
have “some credit” so that you can build up a<br />
reliable credit history and repayment pattern.
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