Credit.com Empowers Consumers with Free Financial Tools, Personalized Advice, and a Comprehensive View of their Credit Profiles
Over the years, I’ve become the go-to person in my circle of friends for advice on buying a new car. I’ve made plenty of recommendations and even visited the dealership with some of them to help them get the best deal. So, when a friend called me up saying she was looking to buy a car, I stepped up.
My first question was, “What’s your credit score?” She said she thought it was around 650, and I explained that her score was an important factor in the type of loan she could qualify for. Her score could mean the difference between a subprime, double-digit APR and a prime rate at half that amount. She said she knew she could get a loan with her score, but had no idea it could mean she’d pay thousands of dollars more over the life of the loan.
That response reminded me how many people don’t understand the full picture of their credit. Some know they have a credit score, and the higher the better, but still lack a basic knowledge of what it all means. According to the Consumer Federation of America, only 41% of American consumers understand that their credit score measures the risk of their not paying back a loan.
Since 1995, Credit.com has been working to help consumers understand not only their credit scores but also the complete picture of their credit profiles. And the platform provides tools and resources designed to encourage users to take a more active role in managing their credit.
“Our goal is to provide consumers with an easy way to digest their credit profiles and understand where there’s an opportunity for improvement,” said David Lord, General Manager at Credit.com. “A lot of misinformation is out there, which leads to a misunderstanding of financial products. The difference between a 6% interest rate and a 30% interest rate over the life of a loan is enormous.”
The consumer credit website aims to improve the financial knowledge of anyone, regardless of where they fall on the credit spectrum. Consumers on the low end of that spectrum are a particular focus, and Lord said he believes they are an underserved sector of the financial industry.
“We’re interested in serving the consumers who have credit scores in the 500s and 600s and who want to move up the credit ecosystem. We want to help them improve their position,” he said.
For its commitment to providing resources that help consumers improve their financial standing, Credit.com earns our Editor’s Choice™ Award.
Read the full article on BadCredit.org here.