Factors Impacting A Credit Score

Are you registered to vote? Not being on the voting registry may mean a refusal of a loan, credit card application or home mortgage. It seems that the voting registry is one place where financial institutions check to verify your identity. Students, for example, may have a difficult time because their names have yet to appear on a voting data base. Further, if the student moves often, which may be the case if the student lives in one place for the school year and in another place for the summer months, that student’s name will not be on a voting data base for the current address.

Matthew Plowright has an article where he reviews some of the reasons why your credit score may give the financial institution some qualms:

Link: Five reasons your credit score could be a surprise

Personally, it still baffles me that a person with no debt is considered a poor credit risk. One might think that having no debt or no debt history shows responsibility and good money management skills. But such is not the case. No previous debt means that you might have to take out a small loan to pay back (to create a loan history) - just to prove that you can manage being in debt. Argh!

Catherine Forsythe

[tags]credit score, voting registry, identity, security, data base, loan, credit, mortgage, students, debt, money management[/tags]