Like it or not, we live in a world that uses credit scores. Credit scores focus on risk. The lower a credit score, the higher the risk of a future missed payment. The higher the risk of a future missed payment, the higher the interest rate to compensate for the additional risk (assuming you get approved at all). Higher interest rates equal less money to consumers and higher profits to the banks and insurance companies.
Credit Reporting / Scoring Expert, Chris McConville is the President of Credit Education at CureMyScore.com and founder of myexpertcreditwitness.com where he works as an Expert Credit Witness in both Federal and State Court. With working in the credit and mortgage fields since 1991, he’s dedicated to sharing his knowledge to educate consumers.
