Experian Debt-to-Income Blog Review
As per my last blog, I did some extended research on the topic of DTI to confirm my belief and discovered it gets a little tricky. Experian has a blog that clearly states "income is not part of your credit report". Lies! Yes, it is true that your income is not part of your credit report but the more money you make the better your DTI gets. As long as your debt stays the same that is. Three sentences after stating income is not a part of your credit score it reads; “There are some customized credit scoring systems, however, that also pull in details from your credit application, including your income. Scores from those systems would be affected by your income.” So which is it?
The Experian Team
Clearly The Experian Team loves contradiction. It is true that income alone does not affect a credit score, however income calculated within the confines of a ratio with debt does. That’s like having an all you can eat Chinese Buffet with a limit on chicken wings! Bottom line, if your income is calculated in a ratio with debt (DTI) that clearly affects your credit score then obviously your income does have an effect on your score. Word play at its finest.
The Truth Revealed
The good thing about this blog despite the contradiction is that it does offer some good tips about DTI and increasing your score. The Experian Team went on to say in a linked sub-blog “Making all Payments on Time is the Most Important Factor in Credit Scores”. Nothing like stating the obvious, thanks Experian. They did offer one solid piece of advice. If you do not qualify for a free report described on their website, you can get a copy free one. There are several options but you can get one by clicking here.
In The End
The information you can get while searching the internet is endless. You will find blogs that have truths and contradictions in the same paragraph. Taking your personal finances into your own hands is the only way to control it. Don’t believe everything you read about finances including this article! Go online search and educate yourself. The only person that is truly in your way is yourself. Hold yourself accountable for your financial failures and applaud yourself for your financial success! Best of Luck and thanks for reading!