Expanding Credit Checks Beyond Scores

It used to be that you when you took out a loan or applied for a
store credit card, the lender would check your credit
score
. Today, the credit checks go beyond the score.

The major lesson that lenders have learned from the recession is
that traditional credit
scores
do not determine the whether or not the borrowers could
repay back the loan. Lenders need more information than the credit
score of the borrower. Now lenders are taking more time
scrutinizing the borrower’s financial health and seeking more
personal information about the borrower. In response, data
companies are gathering more personal information about the
consumers.

Consumer advocates support taking more care into the reviewing
the consumers’ credit
history
. However, this can still hurt borrowers. The
information complied in the reports is not always
accurate
. Credit files can have serious errors.

Equifax, the Atlanta-based credit bureau, has been branching out
into new areas of credit
reporting
by offering products with varying degrees of new
consumer information. They have made new purchases and hold data
containing income, new worth and job history for tens of millions
of Americans.  To read, click here

SmithMarco, P.C., can help the consumer
with credit history
problems
.  Call now for a free case review or to speak with one
of our attorneys

Larry Smith

Consumer Rights Attorney at SmithMarco, P.C.
Larry P. Smith is a consumer attorney and the founder and Managing Partner at SmithMarco, P.C. He has tried dozens of consumer rights cases to verdict and has arbitrated over 700 cases. Additionally, he has amicably resolved over 3,000 consumer fraud, Fair Credit Reporting Act and Fair Debt Collection Practices Act cases via settlement. Mr. Smith has been a guest on multiple radio outlets including WLS and WGN in Chicago providing consumer advice. Mr. Smith also provides leadership and delivers lectures to the National Association of Consumer Advocates, The National Consumer Law Center, and the Chicago Bar Association.
Larry Smith

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