What really is a credit score?

first_img 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Christina Camacho Christina Camacho is the Founder and CEO of Ivy Lender. Christina spent her banking career working with SME businesses as well as Fortune 500 companies at the top Financial Institutions … Web: www.ivylender.com Details A credit score in the United States is a number representing the creditworthiness of a person and the likelihood that person will pay his or her debts. Lenders, such as Credit Unions and credit card companies, rely on credit scores to evaluate the potential risk associated with lending money to consumers.Statistics show that the current credit models are not inclusive.  The current scoring models favor privileged individuals with capital in a different way than the working-class.  Millions of Americans do not have a score at all because of limited credit history. “If you think about the credit-invisible population in this country, their ability to enter the financial mainstream and access affordable credit instead of payday lenders, pawnshops and check-cashing services is tied to what’s in their credit report,” says Michael Turner, the president of the Policy and Economic Research Council. “They’re caught in the credit catch-22: In order to qualify for credit you have to have already had credit.”Companies such as Upstart, are attacking this problem by considering “outside-of-the-box” data points such as: education, area of study and job history to determine lend-worthiness.  By harnessing big data, machine learning and other technological advances FinTechs are getting a more accurate estimation of a consumer’s creditworthiness outside of traditional data points.Lending to credit-invisible individuals represent both opportunity and risk for Credit Unions. While they offer the opportunity to gain customers, they also pose a significant risk if credit is extended without sufficient analysis of their ability to repay debt. Individuals who lack credit scores are at risk, too, because access to credit is increasingly important in the modern economy.“The current credit system is not an accurate representation of how borrow-worthy each individual is.” – David Potter, CEO of CuruCuru, a credit building application, is supporting this mission of eliminating credit rejection by providing tools that empower consumers to be included in the current FICO model.  Unique to Curu, is their platform’s user offering that matches consumers with forwarding thinking lending products. Their application identifies products that their users are pre-approved for based on the data collected through their mobile application.  Their mission is to make these”credit-invisible” individuals “visible.”last_img read more

McDowell up to eighth

first_img McDowell, who defeated US Open champion Webb Simpson in a play-off at Hilton Head, moves from 18th to eighth in the latest standings, while Luke Donald’s share of third place was enough to see him climb from sixth to fifth. France’s Raphael Jacquelin, who won a record-equalling nine-hole play-off in the Spanish Open, climbs from 146th to 94th. Graeme McDowell’s victory in the RBC Heritage has lifted the Northern Irishman back into the top 10 of golf’s world rankings. Latest leading positions in world rankings: 1 Tiger Woods (12.05), 2 Rory McIlroy (10.90), 3 Adam Scott (8.01), 4 Justin Rose (6.80), 5 Luke Donald (6.64), 6 Brandt Snedeker (6.37), 7 Louis Oosthuizen (5.78), 8 Graeme McDowell (5.56), 9 Steve Stricker (5.53), 10 Matt Kuchar (5.33), 11 Phil Mickelson (5.15), 12 Lee Westwood (5.07) 13 Keegan Bradley (5.01), 14 Sergio Garcia (4.86) 15 Charl Schwartzel (4.859), 16 Bubba Watson (4.858), 17 Ian Poulter (4.85), 18 Webb Simpson (4.78), 19 Dustin Johnson (4.57) 20 Jason Dufner (4.53). center_img Press Associationlast_img read more

Alumna’s book follows family struggle

first_imgJean Guerrero, a USC alumna and PEN Award-winning writer, explains how writing allowed her to better understand her father. She spoke Tuesday at Wallis Annenberg Hall. (Dimple Sarnaaik | Daily Trojan)Jean Guerrero grew up knowing her father as a paranoid schizophrenic. To better understand him and his story, the USC alumna wrote “Crux: A Cross-Border Memoir” and returned to USC to debut her book at a talk at Wallis Annenberg Hall Tuesday. Guerrero’s book rejects the notion that the world is composed of dualities. Using the underlying metaphor of crossing the border from Mexico to the U.S., Guerrero said the writing process taught her that human beings should never be labeled or stereotyped. Guerrero said her father, who was diagnosed with schizophrenia, always told her stories of his alleged travels to “escape CIA operatives.” Because of her father’s condition, Guerrero believed it was her job to learn more about his past. “I felt that it was my duty as his daughter and as a journalist to investigate the possibility that what he said was true,” Guerrero said. While Guerrero was conducting research for her book, she learned to separate journalistic work from her obsession with her father and the parallels she found between their lives. “I started being extremely self-destructive, experimenting with drugs, self-mutilating, and I saw the book as an opportunity to finally separate myself from my father,” Guerrero said.During the talk, Guerrero focused on a chapter depicting the garden her family tended during her childhood. She said that the animals they owned began to die when her father became depressed. According to her, the excerpt was written to link the lives of the animals to the loss of their main caretaker, her father. “My awareness of death arose from my father’s deterioration,” Guerrero said. Guerrero explained that developing her book involved a lot of research and traveling, including going to Mexico to learn more about her father’s past, especially his childhood. Through her research, Guerrero discovered that her father’s great-grandmother was clairvoyant. Although his great-grandmother was praised and celebrated for her ability to “speak to spirits,” Guerrero said she thought it was ironic how her father was viewed as ill and dangerous for telling similar stories. “The book is all of the different rabbit holes I went into trying to figure out the truth about what was going on with my father,” Guerrero said. “One of those rabbit holes included going to Mexico where he’s from and learning that he had a great grandmother who was allegedly a curandera, clairvoyant … but she was attributed with having a gift, whereas my father was always seen as having an illness.” Guerrero hopes that her book will allow readers to feel less lonely and imbue them with a sense of hope. She also said she wants readers to reflect on the idea that reality is never as simple as it seems, and that people must open themselves up to different perspectives and outcomes.last_img read more