BrandoCreditConsulting
News

Recent Updates on Credit Score in the U.S.: What’s Changed?

In recent years, the credit score system in the United States has undergone several important changes. In 2023, the release of FICO 10 introduced new rules that are impacting millions of American consumers. This new version of the credit scoring model places more emphasis on the past two years of credit history, penalizing more severely those who have recently increased their debt or opened multiple credit accounts in a short period of time. Another significant change is the inclusion of…

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Finance & accounting

The Relationship Between Personal Accounting and Credit Score in the U.S.

Personal Accounting and Credit Score

Maintaining good personal accounting is one of the most important factors for improving and maintaining a healthy credit score in the United States. Accounting practices directly affect how credit is managed, from organizing payments to tracking expenses and income. A high credit score is the result of smart financial decisions over time, which depend on good financial control. The credit score is based on five main factors: payment history (35%), amounts owed (30%), length of credit history (15%), new credit…

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Economics

Credit Score and the U.S. Economy: Cause and Effect

Credit Score and the U.S. Economy

The credit score is not just a tool for determining whether someone can secure a loan or credit card; it plays a broader and more critical role in the U.S. economy. By influencing  consumer and investment decisions, the credit system directly impacts economic growth, inflation, and even employment policies. The average credit score in the U.S. is around 716, according to 2023 data. This number reflects the recovery of the American economy after the challenges posed by the COVID  19…

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Biggest Mistakes People Make with Their Credit Score in the U.S.

Biggest Mistakes People Make with Their Credit Score

Improving and maintaining a credit score in the U.S. can seem like a challenging task, but there are several common mistakes that people often make, sometimes without even realizing it. Here are the biggest errors to avoid if you want to protect your credit score and maintain a healthy financial profile: 1. Making late bill payments This is the most common and damaging mistake. Payment history accounts for 35% of your credit score, making it the most important factor. Each…

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Business plans

The Role of Credit Score in Business Plans Execution in the U.S.

Credit Score in Business Plans

Starting a business in the U.S. often involves overcoming a major hurdle: securing financing. Banks and financial institutions use credit scores as a key metric to assess an entrepreneur’s ability to repay debts. While having a well-structured business plan is essential, another critical factor is the personal and business credit score. An entrepreneur with a credit score above 700 is far more likely to secure loans with competitive interest rates. The credit score reflects the financial history of the individual…

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Finance & accounting

Countries around the world are implementing fiscal measures under the threat of the coronavirus.

Countries around the world are implementing emergency fiscal measures to strengthen weakened economies under the threat of the coronavirus (COVID-19). Providing tax breaks to the most affected people and companies, until the emergency subsides, is welcome. Countries should consider tax reduction measures, because the health issue is creating a substantial economic shock. Taxes requiring regular payments will affect the liquidity of businesses and households. Therefore, governments should consider fiscal relief as a way to minimize the economic impact of the…

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Economics, News

The importance of establishing your credit in the United States.

Many people who intend to move to the United States or even those who have already taken up residence, be aware, your positive credit history will not travel with you. Because, in general, credit history is not transferred from one country to another. It is important to create new credit in the United States to qualify for loans, financing, credit cards and other business activities that require a good credit score. What is credit? “Credit” is when a party, usually…

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Economics, News

FICO – how to repair, improve or create good credit.

Having good credit is extremely important in financing your property, car or any purchase involving financing. If you do not have good credit, you will not qualify for a loan or pay high interest on financing. Here in the United States there are several companies that monitor our credit. The most important are Equifax, TransUnion and Experian. Based on the report of these companies, the lender / banks stipulate the interest on your loan, the period in which the debt…