New York, NY (PRWEB) October 28, 2013
Fox Business published an article on October 11, 2013 entitled “Lenders Look for Good Risk in Bad Credit Scores“ that argued lenders are in the market for more borrowers who exhibit responsible money management, which may not directly correlate to a high credit score. In light of this report, FinanceAcceleration.com provides simple steps for those with a bad credit score that may not guarantee a higher credit score, but will greatly increase their ability to secure a loan.
Janna Herron asserts in the article that lenders are starting to look at new metrics to determine if someone is a good risk for a loan besides the typical credit score. This non-traditional data has allowed lenders to better discern the overall risk in providing a loan to an individual. The emphasis has historically been on the FICO credit score, but lenders are now taking public records, utility payments and rent payments into consideration.
Because lenders are starting to look at other metrics besides a bad credit score, FinanceAcceleration.com suggests those with bad credit to focus on other aspects besides tips and tricks to raise a credit score including:
1. Pay rent and monthly bills on time.
2. Pursue professional certifications.
3. Maintain a clean public record.
“While there is no instant fix for a bad credit score, there are things borrowers can do to secure a loan in a fiscally responsible manner,” says the senior editor of FinanceAcceleration.com. For those interested in learning more about acquiring a loan with bad credit, FinanceAcceleration.com recommends watching this video on getting credit loans for people with poor credit.
Fox Business published an article in which Janna Herron reports that lenders are looking for more borrowers who exhibit qualities that represent a low risk including paying monthly bills on time and professional certifications. In response, FinanceAcceleration.com provides areas of focus for those with a bad credit score hoping to secure a loan.
FinanceAcceleration.com is a website that shows people how to accelerate financial growth to achieve their goals. Young couples in particular benefit from the advice and insights as they create a financial plan.