# Dating site based on credit score

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It can intervene if it sees worrying trends or serious matters of concern. Certain enterprises including telecom carriers use the list on a regular basis.\
&#x20;![dating site based on credit score](http://abcnews.go.com/images/Travel/ht_airport_dating_nt_121207_wblog.jpg)\\

Lenders instead use their own internal scoring mechanism. Philadelphia couple Amanda and Devon Buchanan who split from partners with bad credit history met on the site in July 2014, nine months later the two were married. The revealed that New York has an average credit score of 682. It allows the person to see how well their significant other knows how to prioritize and helps them determine whether they are civil. Love is great, but beyond cloud nine, a hot guy with a poor credit score will obliterate your dreams of homeownership. Veda was acquired by Equifax in Feb 2016making Equifax the largest credit agency in Australia. The generic or classic FICO credit score ranges between 300 and 850. Adios out our new podcast, I Want It That Waywhich delves into the difficult and downright dirty parts of a relationship, and find more on.

Until March 2009, holders of credit cards issued by were offered a free FICO score each month through the bank's Web site. Under the , a consumer is entitled to a free credit report but not a free credit score within 60 days of any adverse action e. For this reason, a person might have a higher credit score for a revolving credit card debt when compared to a mortgage credit score taken at the same point in time.\
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**Does Your Credit Score Matter in Dating?** - Sussman, the family and marriage therapist, said she sees this scenario often. Lenders use credit scores to determine who qualifies for a loan, at what , and what credit limits.\
&#x20;![dating site based on credit score](http://uk.experian.com/assets/consumer/sample-credit-report/images/panel-1.png)\\

This article is about an individual's credit score. For organization's credit rating, see. A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the of an individual. A credit score is primarily based on a information typically sourced from. Lenders, such as and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to. Lenders use credit scores to determine who qualifies for a loan, at what , and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or prior to authorizing access or granting credit is an implementation of a. Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques. Digital finance companies such as online lenders also use alternative data sources to calculate the creditworthiness of borrowers. Credit scoring also has much overlap with , which uses many similar techniques. These techniques combine thousands of factors but are similar or identical. Australia In Australia, credit scoring is widely accepted as the primary method of assessing creditworthiness. Credit scoring is used not only to determine whether credit should be approved to an applicant, but for credit scoring in the setting of credit limits on credit or store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company's existing client base. Although or probability modelling is still the most popular means by which to develop scorecards, various other methods offer powerful alternatives, including , , , and. Prior to March 12, 2014 , the main provider of credit file data, provided only a negative credit reporting system containing information on applications for credit and adverse listings indicating a default under a credit contract. Veda was acquired by Equifax in Feb 2016 , making Equifax the largest credit agency in Australia. A free site that provides you with your Equifax credit score is. With the subsequent introduction of positive reporting, lending companies have begun an uptake of its usage with some implementing to set lending rates. Austria In , credit scoring is done as a blacklist. Consumers who did not pay bills end up on the blacklists that are held by different. Having an entry on the black list may result in the denial of contracts. Certain enterprises including telecom carriers use the list on a regular basis. Banks also use these lists, but rather inquire about security and income when considering loans. Beside these lists several agencies and credit bureaus provide credit scoring of consumers. According to the , consumers must opt-in for the use of their private data for any purpose. Consumers can also withhold permission to use the data later, making illegal any further distribution or use of the collected data. Consumers also have the right to receive a free copy of all data held by credit bureaus once a year. Wrong or unlawfully collected data must be deleted or corrected. Canada The system of credit reports and scores in Canada is very similar to that in the United States and India, with two of the same reporting agencies active in the country: and. There are, however, some key differences. One is that, unlike in the United States, where a consumer is allowed only one free copy of their credit report a year, in Canada, the consumer may order a free copy of their credit report any number of times in a year, as long as the request is made in writing, and as long as the consumer asks for a printed copy to be delivered by mail. This request by the consumer is noted in the credit report as a 'soft inquiry', so it has no effect on their credit score. According to Equifax's ScorePower Report, Equifax Beacon scores range from 300 to 900. Trans Union Emperica scores also range from 300 and 900. The Government of offers a free publication called Understanding Your Credit Report and Credit Score. This publication provides sample credit report and credit score documents, with explanations of the notations and codes that are used. It also contains general information on how to build or improve credit history, and how to check for signs that has occurred. The publication is available online at the. Paper copies can also be ordered at no charge for residents of Canada. China Private companies have developed credit score systems, these systems include and. Part of the government's uses credit information about citizens. Denmark The credit scoring is widely used in Denmark by the banks and a number of private companies within telco and others. For businesses it is either made by the creditor or by a third party. It is very restricted by legislation compared to its neighbouring countries. Germany In Germany, credit scoring is widely accepted as the primary method of assessing creditworthiness. Credit scoring is used not only to determine whether credit should be approved to an applicant, but for credit scoring in the setting of credit limits on credit or store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company's existing client base. Consumers have the right to receive a free copy of all data held by credit bureaus once a year. At present , the main provider of credit file data, provides scores for about three-quarters of the German population. India In , there are four credit information companies licensed by. The Credit Information Bureau India Limited has functioned as a Credit Information Company from January 2001. Subsequently, in 2010, , and were given licenses by to operate as Credit Information Companies in India. Although all the four credit information companies have developed their individual credit scores, the most popular is credit score. The credit score is a three-digit number that represents a summary of individuals' credit history and credit rating. This score ranges from 300 to 900, with 900 being the best score. Individuals with no credit history will have a score of -1. If the credit history is less than six months, the score will be 0. Norway In , credit scoring services are provided by three credit scoring agencies: , and Lindorff Decision. Credit scoring is based on publicly available information such as demographic data, tax returns, taxable income and any Betalingsanmerkning non-payment records that might be registered on the credit-scored individual. Upon being scored, an individual will receive a notice written or by e-mail from the scoring agency stating who performed the credit score as well as any information provided in the score. In addition, many credit institutions use custom scorecards based on any number of parameters. Credit scores range between 300 and 900. South Africa Credit scoring is used throughout the credit industry in , with the likes of banks, micro-lenders, clothing retailers, furniture retailers, specialized lenders and insurers all using credit scores. Currently all four retail offer credit bureau scores. The data stored by the credit bureaus include both positive and negative data, increasing the predictive power of the individual scores. The Empirica score is segmented into two suites: the account origination AO and account management AM. South Africa likewise has a Delphi credit score with their fourth generation about to be released late 2010. In 2011, released Compuscore ABC, a scoring suite which predicts the probability of customer default throughout the credit life cycle. Six years later, Compuscan introduced Compuscore PSY, a 3-digit psychometric-based credit bureau score used by lenders to make informed lending decisions on thin files or marginal declines. Sweden Sweden has a system for credit scoring that aims to find people with a history of neglect to pay bills or, most commonly, taxes. Anyone who does not pay their debts on time, and fails to make payments after a reminder, will have their case forwarded to the Swedish which is a national authority for collecting debts. The mere appearance of a company, or government office, as a debtor to this authority will result in a record among private credit bureaus; however, this does not apply to individuals as debtors. This record is called a Betalningsanmärkning non-payment record and by law can be stored for three years for an individual and five years for a company. This kind of nonpayment record will make it very difficult to get a loan, rent an apartment, get telephone subscriptions, rent a car or get a job where you handle cash. The banks, also use income and asset figures in connection with loan assessments. If a person gets an injunction to pay issued by the Enforcement Authority, it is possible to dispute it. Then the party requesting the payment must show its correctness in district court. Failure to dispute is seen as admitting the debt. If the debtor loses the court trial, costs for the trial are added to the debt. Taxes and authority fees must always be paid on demand unless payment has already been made. Every person with a Swedish must register a valid address, even if living abroad, since sent letters are considered to have been delivered to that person once they reach the registered address. As an example, Swedish astronaut got a Betalningsanmärkning since a car he had ordered, and therefore owned, passed a toll station for the. At the time, he was living in the USA training for his first and had an old invalid address registered for the car. Letters with payment requests did not reach him on time. The case was appealed and retracted, but the non-payment record remained for three years since it could not be retracted according to the law. United Kingdom See also: Credit Scoring in the United Kingdom is very different to that of the United States and other nations. There is no such thing as a universal credit score or credit rating in the UK. Each lender will assess potential borrowers on their own criteria, and these algorithms are effectively trade secrets. Lenders instead use their own internal scoring mechanism. The most popular statistical technique used is to predict a binary outcome: bad debt or no bad debt. Some banks also build regression models that predict the amount of bad debt a customer may incur. Typically this is much harder to predict, and most banks focus only on the binary outcome. Credit scoring is closely regulated only by the when used for the purposes of the Advanced approach to Capital Adequacy under regulations. Consumers can also send complaints to the Financial Ombudsman Service if they experience problems with any Credit Reference Agency. It is very difficult for a consumer to know in advance whether they have a high enough credit score to be accepted for credit with a given lender. This situation is due to the complexity and structure of credit scoring, which differs from one lender to another. Lenders need not reveal their credit score head, nor need they reveal the minimum credit score required for the applicant to be accepted. Owing only to this lack of information to the consumer, it is impossible for him or her to know in advance if they will pass a lender's credit scoring requirements. However, it may still be useful for consumers to gauge their chances of being successful with their credit or loan applications by checking their credit score prior to applying. If the applicant is declined for credit, the lender is not obliged to reveal the exact reason why. However industry associations including the oblige their members to provide a satisfactory reason. Credit-bureau data sharing agreements also require that an applicant declined based on credit-bureau data is told that this is the reason and the address of the credit bureau must be provided. United States Main article: In the United States, a credit score is a number based on a statistical analysis of a person's credit files, that in theory represents the of that person, which is the likelihood that people will pay their bills. A credit score is primarily based on information, typically from one of the three major : , , and. Income and employment history or lack thereof are not considered by the major credit bureaus when calculating credit scores. There are different methods of calculating credit scores. As of 2018, there are currently 29 different versions of FICO scores in use in the United States. Industry-specific FICO scores produced for automotive lending are formulated differently than FICO scores produced for bankcard lending. Nearly every consumer will have different FICO scores depending upon which type of FICO score is ordered by a lender; for example, a consumer with several paid-in-full car loans but no reported credit card payment history will generally score better on a FICO automotive-enhanced score than on a FICO bankcard-enhanced score. Industry-specific FICO scores range from 250 to 900, whereas general purpose scores range from 300 to 850. FICO scores are used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender. For most mortgages originated in the United States, three credit scores are obtained on a consumer: a Beacon 5. Previously, the credit bureaus also sold their own credit scores which they developed themselves, and which did not require payment to FICO to utilize: 's RISK score and 's PLUS score. However, as of 2018, these scores are no longer sold by the credit bureaus. Trans Union offers a Vantage 3. In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models. Studies have shown scores to be predictive of risk in the underwriting of both credit and insurance. Some studies even suggest that most consumers are the beneficiaries of lower credit costs and insurance premiums due to the use of credit scores. New credit scores have been developed in the last decade by companies such as Scorelogix, , L2C, etc. Scorelogix's JSS Credit Score uses a different set of risk factors, such as the borrower's job stability, income, income sufficiency, and impact of economy, in predicting credit risk, and the use of such alternative credit scores is on the rise. These new types of credit scores are often combined with FICO or bureau scores to improve the accuracy of predictions. Most lenders today use some combination of bureau scores and alternative credit scores to develop better understanding of a borrower's ability to pay. It is widely recognized that FICO is a measure of past ability to pay. New credit scores that focus more on future ability to pay are being deployed to enhance credit risk models. L2C offers an alternative credit score that uses utility payment histories to determine creditworthiness, and many lenders use this score in addition to bureau scores to make lending decisions. Many lenders use Scorelogix's JSS score in addition to bureau scores, given that the JSS score incorporates job and income stability to determine whether the borrower will have the ability to repay debt in the future. It is thought that the FICO score will remain the dominant score, but it will likely be used in conjunction with other alternative credit scores that offer other pictures of risk. Usage of credit histories in employment screenings has increased from 19% in 1996 to 42% in 2006. The three credit bureaus run , where users can get their free credit reports. Credit scores are available as an add-on feature of the report for a fee. If the consumer disputes an item on a credit report obtained using the free system, under the FCRA , the credit bureaus have 45 days to investigate, rather than 30 days for reports obtained otherwise. Alternatively, consumers wishing to obtain their credit scores can in some cases purchase them separately from the credit bureaus or can purchase their FICO score directly from. Credit scores including FICO scores are also made available free by subscription to one of the many services available from the credit bureaus or other third parties, although to actually get the scores free from most such services, one must use a credit card to sign up for a free trial subscription of the service and then cancel before the first monthly charge. Websites like , and provide free credit scores with no credit card required, using the VantageScore 3. Until March 2009, holders of credit cards issued by were offered a free FICO score each month through the bank's Web site. Under the , a consumer is entitled to a free credit report but not a free credit score within 60 days of any adverse action e. Under the bill passed on July 22, 2010, a consumer is entitled to receive a free credit score if they are denied a loan or insurance due to their credit score. The generic or classic FICO credit score ranges between 300 and 850. The old VantageScore was between 501 and 990. The first step to interpreting a score is to identify the source of the credit score and its use. There are numerous scores based on various scoring models sold to lenders and other users. The most common was created by FICO and is called FICO score. FICO produces scoring models which are installed at and distributed by the three largest national credit repositories in the U. S TransUnion, Equifax and Experian and the two national credit repositories in Canada TransUnion Canada and Equifax Canada. FICO controls the vast majority of the credit score market in the United States and Canada although there are several other competing players that collectively share a very small percentage of the market. In the United States, the generic FICO score was 723 in 2006 and 711 in 2011. The performance definition of the FICO risk score its stated design objective is to predict the likelihood that a consumer will go 90 days past due or worse in the subsequent 24 months after the score has been calculated. The higher the consumer's score, the less likely he or she will go 90 days past due in the subsequent 24 months after the score has been calculated. Because different lending uses mortgage, automobile, credit card have different parameters, FICO algorithms are adjusted according to the predictability of that use. For this reason, a person might have a higher credit score for a revolving credit card debt when compared to a mortgage credit score taken at the same point in time. The interpretation of a credit score will vary by lender, industry, and the economy as a whole. In 2010, the Federal Housing Administration FHA tightened its guidelines regarding credit scores to a small degree, but lenders who have to service and sell the securities packaged for sale into the secondary market largely raised their minimum score to 640 in the absence of strong compensating factors in the borrower's loan profile. In another housing example, Fannie Mae and Freddie Mac began charging extra for loans over 75% of the value that have scores below 740. Furthermore, private mortgage insurance companies will not even provide mortgage insurance for borrowers with scores below 660. Several factors affect individual's credit scores. One factor is the amount an individual borrowed as compared to the amount of credit available to the individual. As an individual borrows, or leverages, more money, the individual's credit score decreases. Retrieved 28 February 2013. Archived from on 2011-01-01. Retrieved 11 December 2017. Retrieved 16 August 2015. Retrieved 16 August 2015. Retrieved 16 August 2015. Retrieved 16 August 2015. Retrieved 23 October 2011.
