Your Credit Score, the 100 word statement
Your credit score can open up the door to numerous opportunities including home ownership, jobs, low insurance rates, or the rental of an apartment. However, it is not just the score that opens the door to these opportunities. It is also how you manage the credit you have. Let’s begin with employment. When applying for a job these days it is not unusual for an employer to ask for your permission to look at your credit reports. Employers have found that employees that have money problems tend to spend more time away from their job. So if there are two candidates and one has a low credit credit score and the other applicant has a high score it is generally thought that the employer may look more favorably on the applicant with the higher credit score. However, that does not have to be the case. If you have had a history of paying your bills on time and you went through a job layoff or medical emergency you have the option of requesting a 100 word statement explaining the medical emergency or job layoff to be added to your credit reports. You can also use a 100 word statement to explain that you were a victim of fraud or that someone else in your family has the same name or a name that is similar to yours. You can also request that creditors contact you at your home number before a request for a application is granted. That way each time a lender, employer, or landlord looks at your credit report there is an explanation for the low score. When consumers apply for mortgages, lenders will often ask for a letter of explanation if there is a period of 30, 60 or 90-day lates or other unexplained occurrences. Consumers are allowed to add a 100-word statement to their credit reports explaining circumstances such as medical emergencies and job layoffs.
Dr. Christine is a International Speaker & Transition Coach. As a cancer overcomer she helps others navigate through the pain of loss, whether the loss of a loved one, a job or a dream. She has experienced the tragedy of widowhood and inspires others to keep getting up no matter how many times you've been knocked down. She is the Author of "Wealth Building 10 Cents at a Time" & "Reverse Side of Love". She is the Managing Partner of Spread the Wealth & Founder of Spirit Song International Training Center.