Without a doubt, we’ve come a long way with blockchain technology, from the dark days of the “Bitcoin Pizza” to 2017’s ICO boom. Now, blockchain solutions have advanced considerably, so much so that they’re tackling various challenges in the world.
Thanks to decentralized finance, the cryptocurrency space has enjoyed participation from everyday people in recent years. ‘DeFi’ gives users control of their assets, allowing them to perform transparent transactions and grow their wealth without hassles.
It’s probably noteworthy that, as some would say, decentralized finance isn’t out to “kill off” traditional finance. On the contrary, DeFi aims to revamp the finance industry towards making existing financial solutions accessible in a transparent, fair and decentralized environment.
Indeed, the DeFi ecosystem features a swathe of financial solutions. However, there’s still a lot of potential in the space, particularly the credit repair industry.
In the current financial clime, the credit score holds the key to unlocking a wealth of opportunities in finance. Quite simply, your credit score can make or break a loan application. Even better, a high credit score could mean saving a lot of money on loans with a lower interest rate.
The sad truth is, the current credit repair landscape is largely centralized. To make matters worse, the existing infrastructure of credit data is rife with inconsistencies arising from foreclosures, bankruptcies among others. Moreover, credit rating algorithms are often plagued with security, efficiency and transparency setbacks. These increase the chances of fraudulent/malicious behavior and human error.
Thankfully, this is set to change, as Credit Cleaner prepares to launch the world’s first decentralized credit reporting and repair platform built on the Eureka network.
The Credit Cleaner sidechain will allow users to tap into the credit repair industry. More specifically, the CC ledger will serve as a hub for decentralized credit repair and data tracking. The sidechain will house a secure database and a community-backed credit rating system.
Credit Cleaner’s integrated services will help you dispute and remove outdated, unverifiable, or downright unfair data on your credit report. In the same vein, the sidechain will introduce a robust, transparent, secure, and fair Credit Database for decentralized storage of credit records. Once it’s launched, the Credit Database will be used to develop one of the most accurate credit rating algorithms currently available.
The Credit Cleaner sidechain itself will be an extension of the company’s credit restoration services launched about a year ago — only this time in a decentralized environment. The CC sidechain will follow strict consensus rules set by CC staking nodes to guarantee full autonomy. Thanks to blockchain, the sidechain will be highly secure and transactions will be conducted fast, for a fraction of the cost.
The Credit Cleaner sidechain is powered by Credit Cleaner Token (CC), the native token serving various utility functions. The token implements deflationary tokenomics, as 30% of CC revenue will go to the upcoming buyback and burn program.
The total supply of CC tokens is 19.5 million. Of the total supply, 2 million will be used for further development of the sidechain, while 7.5 million will be used for marketing campaigns. CC will fuel transactions and cover various user interactions with the platform.
Besides that, staking nodes will stake CC to verify transactions and receive a share of transaction fees as staking rewards. CC holders will equally be able to vote on proposals in the governance process. This will put users in the driving seat on key decisions, as the sidechain grows into a trusted global Credit Data source. For instance, staking nodes will vote on the favoured Credit Score algorithm and how credit data will be stored in the CC ledger.
Prior to the official launch of the CC sidechain, Credit Cleaner has secured key partnerships with some popular projects in the crypto space like IPX DeFi, Crypto Trading Pros and Eureka’s high-liquidity exchange, EurekaX.
Credit Cleaner and IPX share a similar vision of the future: a world in which anyone, in the world, is able to gain full control over their financial freedom thanks to the power of blockchain-based decentralized finance solutions. The full details of the partnership are available here in the Q&A:
Crypto Trading Pros is one of the leading providers of crypto trading educational resources like training, news and analysis. New users registering on the trading school will be rewarded with a set amount of CC tokens.
Similarly, new users who complete KYC on EurekaX will receive a set amount of CC tokens as a reward. By partnering with a popular exchange like EurekaX, Credit Cleaner will leverage their vast user base to onboard new users through token incentives.
Finally, as part of the company’s growth strategy, users can participate in the affiliate program and refer new clients to the credit repair service. In return, they’ll get paid in CC or fiat currency, depending on their preferred mode of payment.
Given the growing importance of credit repair in our everyday lives, Credit Cleaner aims to leverage blockchain technology to facilitate accurate credit reporting and create unique opportunities for users through decentralized credit repair.
Ultimately, the CC platform will evolve into a reliable and transparent source of Credit Data on the back of decentralized blockchain technology. This would help everyone realize their true credit potential and enjoy better, more accurate scores to unlock a wealth of financial opportunities.
Dave says: If you need a cosigner, you're not ready – Northeast Mississippi Daily Journal
How to improve your credit score in 2021: Easy and effective tips
If you’ve ever wondered “What is my credit score?” it’s probably time to find out. Having a good credit score can make life a lot more affordable. If you’re about to buy a house or car, for example, the higher your credit score is, the lower your interest rate (and therefore, monthly cost) will probably be.
Your number may also be the deciding factor for whether or not you can get a loan and ultimately determine if you are even able to buy something you want or need.
So, yes, the goal is to have the highest possible credit score you can, but increasing the number doesn’t just happen overnight. There are important steps to take if you want to increase your score, and the sooner you start working on it, the better.
“If you’re trying to increase (your credit score) substantially to accomplish a goal, you’re really going to have to have as much lead time as possible,” said Thomas Nitzsche, director of media and brand at Money Management International, a nonprofit financial counseling and education provider that advises people on how to legally and ethically improve their credit score on their own.
If you have fair credit and you’re trying to improve the number for a house purchase, for instance, you’ll want to start working on it at least a year in advance, he explained to TMRW.
But even though that sounds like a long time away, you can (and should!) start doing things right now to bump that number up. Below, see seven things you should do — and not do — to help improve your credit score:
1. Review your credit report
The first thing you’ll want to do is pull up a copy of your current report so you know where you stand. You can get free reports from all three agencies — TransUnion, Experian, and Equifax — at annualcreditreport.com. Nitzsche said it’s important to take a moment and understand the financial snapshot of where you are today and where you want to be.
You’ll also want to take some time and look for any errors on your report, which could negatively impact your score. “If your name is misspelled, that’s not going to hurt your score,” he explained. “But if you see a late payment or missed payment (that’s in error), or maybe you have an account that should be reporting but isn’t, then that’s a problem and that will impact your score.”
If there is an error, you should dispute it and try to provide as much proof as you can.
One other thing: You can also ask a creditor to remove an issue if it’s been corrected (i.e., if you paid off a collection debt). Nitzsche said it doesn’t hurt to ask and the worst thing they could say is no.
2. Have good financial habits
“The biggest part of your credit score is payment history, so the most critical thing is never missing a due date,” Nitzsche said. Set up a monthly autopay or add all due dates to your calendar so you never miss a bill.
You can also achieve a higher score when you mix different types of accounts on your credit report. It may seem counterintuitive to get extra points for having debt in the form of student loans, mortgages and auto loans, but as long as you’re paying them off responsibly, it shows that you’re reliable.
3. Aim to use 30% or less of your credit at any given time
Know your credit card limit, and try not to use any more than 30% of that number each month, otherwise your score could lose points for too much credit utilization.
Another thing you can do is ask your bank to increase your limit. “That will give you more flexibility to spend more,” Nitzsche said. You could also pay it off twice a month to keep the balance low. But he does warn that you never know when the balance is going to be reported to the bureau. It can happen at any point during the month, so it might be the day after you make the payment or the day before. “You don’t necessarily want to use the card and pay it the next day because that doesn’t give the bureau the chance to know that you’re using it,” he said.
4. Avoid requests for new credit
If you’re looking to increase your score around the time you want to buy a house or car, you won’t want to open up a new line of credit, like a retail card, credit card or loan. That’s because “hard” credit inquiries like those can lower your score, and sometimes it comes down to a few points over whether you’re approved or what your rate will be, Nitzsche said.
“Soft” credit inquiries, like when an employer checks your credit or when you pull your own report, won’t affect your score.
5. Keep all accounts open, even ones you don’t use anymore
Even if you don’t use that credit card from college, it’s a good idea to just keep it open because closing it could hurt your score. Nitzsche explained that you’ll be dinged some points for each account that is closed. If you want or need to mentally break up with a card, just cut it up instead.
6. Build your credit if needed
If you haven’t established credit yet, you might not even exist … in the credit report space, that is! “If someone has never fallen in delinquency on any subscriptions or utilities or never had collections on anything and they have not utilized credit cards or loans in the past seven to 10 years, they may not have a credit profile at all,” Nitzsche said. “That presents a challenge when you want to buy a home.”
If this sounds familiar, you may have to get a secured credit card where you put down a deposit, he advised. “You still have to make payments and use it responsibly. Not all banks offer them but you can usually check with your local bank or credit union.”
7. Reach out for help
There are many apps and credit-monitoring services that can help you stay on top of your credit score. You could also reach out to a professional credit counselor who can help you navigate your specific situation. (Here’s a good resource about finding a reputable service.)
One last thing: Nitzsche warned that everyone should beware of credit repair scams that claim to be able to increase credit scores for an advance fee to get accurate negative information removed (even temporarily) from credit reports.
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