About credit scores
While applying for credit; be it a car loan, credit card or a mortgage, lenders want to know what risk they face for lending the money to you. Most lenders use FICO credit scores to determine the credit risk. Credit bureaus such as Experian, Equifax and TransUnion each have their FICO scores. Each of these scores is based on the information the credit bureau maintains on you. You credit scores tend to change as and when this information changes. FICO scores affect the amount of loan sanctioned and the terms of repayment for said loan. Maintaining your FICO scores will only help you qualify for better rates from your lenders. A credit report needs one account which is active for the last 6 months or more, for a FICO score to be calculated. Also, each of these reports needs to have at least one account that is updated within the past six months. This, in turn, ensures that there is enough recent information in your report for a FICO score to be calculated. FICO scores are credit bureau scores that are produced from software developed by Fair Isaac and Company.
As a certified credit score builder, you are certified to raise/change credit scores for clients and consumers, whose scores currently prevent them from applying for new credit facilities.
- Sign up with the Credit Score First website and get your own study materials. This website ensures each participant receives credit score training and knowledge.
- The study materials provided during your course online is easy to understand, all you need to concentrate on is how to use these credit enhancement tips that raise credit scores. As you master this process, your understanding and knowledge will help increase your client’s credit scores confidently.
- Answer and submit quiz to get certified
- You will receive a quiz at the end of the 3-phase program that tests your knowledge of building credit scores. Passing with 80% or more will earn you a successful certification.
You can look at using this certification to request for a raise or promotion within your company or start your own business. Millions of people look for expert assistance to help them with increasing their credit score. Look at this as an additional opportunity to earn money as a certified credit score builder.