The companies that regulate credit scores may begin to use your money transfer data to help calculate your creditworthiness.
As of right now, money transfers are not factored into your credit score at all, but some consumers and financial institutions are saying that they should be. Lots of people use money transfers instead of relying on banks and credit cards. For these people, getting an auto loan or mortgage can be very difficult because they aren’t capable of showing a positive credit history.
That’s why the Consumer Financial Protection Bureau is beginning a study to determine whether money transfers should start being factored into our credit scores. The official report is quoted as saying “A finding that consumers who send remittance transfers are more likely to repay their debts than other consumers with similar credit histories could suggest that adding remittance data to credit scores would tend to raise credit scores relating to remittance senders.” In laymen’s terms this means that if people who use money transfers are more likely to repay their debts, then adding this information to credit score calculations would raise credit scores for people who use money transfers.
Including money transfer data could be a valuable tool for some consumers to build their credit score, but it may be difficult to incorporate that information into the way credit scores are calculated. In addition, many people who use money transfers may not want to use their money transfer data to calculate their credit scores. The majority of money transfer customers do their transactions anonymously. Without a name to put down the reporting agencies will have no one to attribute the positive credit history.
This change has the capacity to be either problematic or really helpful to consumers. If you use money transfers a lot this change could really bolster your credit score but if you don’t use them then you may be missing out on a way to keep out of bad credit. It can be easy to fall into bad credit by accident, and at least now there may be a way to build credit for those of us who can't use traditional credit building means.
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