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How Safe are Home Safes?

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Making sure that your valuables are safe at home is very important and there are different ways to make this happen. Home safes are one of the ways to protect valuable items from theft, destruction by water, destruction from fire, and other unpredictable events. With so many options to choose from, it’s not easy to know where to start because some of your belongings are much more valuable than others. If you want to invest or improve your home security, consider the following tips when thinking of buying a home safe.

Not as Safe as You Think

Storing cash, gold, jewellery, or important documents in a home safe may not be a very safe choice after all. Firstly, some small home safes that are said to be fireproof are actually fire-resistant.

Besides, most home safes undergo 30 minutes of testing. 

Industry experts say a room will burn for about 20 minutes in a house fire, which is why it is recommended that you buy a 30-minute fire safe for your valuables. But what happens when the fire burns at a very high temperature and for longer than 30 minutes? You stand a very good chance of losing the contents of the safe.

Also, the mere presence of a safe at home can be an invitation for thieves. Besides, the average home safes are not so large that they cannot be easily stolen by someone who knows that the safe exists.

What You Buy is What You Get

Getting serious about home security is the first concrete step in keeping your valuables safe. The next step is choosing the right safe for your needs. If you search online, the selection can quickly overwhelm you. There are dozens of options, each one looking similar to the other and all sporting similar features. With all of these similarities, choosing the right safe can be difficult. However, one important thing to keep in mind is to beware of “microwave safe”. This is an English term for safes that can be opened as easily as a kitchen appliance, so it practically does not provide protection against theft. Sometimes, a simple blow from a hammer is enough to break the safe open. In some cases, you can open a safe with a correctly bent paperclip. While you may not be able to tell them apart, except for the price, burglars with a well-trained eye will know when they see it. While a really expensive safe does not necessarily mean the most security, a really cheap safe may be no different from a metal cabinet.

Are Wall Safes a Good Idea?

Wall safes are wonderful little safes that can be hidden and do not take up much space, but they have a significant number of restrictions in terms of resistance to burglary and fire. Wall safes are usually made of thin metal, and they are not the best place to store large amounts of cash, high-quality jewellery, or precious metals. There is no need for a burglar to break the safe with heavy tools because the walls can simply be breached to remove the safe completely intact. Keeping prescription drugs away from children, family members, or employees is basically what a wall safe is good for. It’s possible that it may protect a few valuables that are not so valuable. Of course, high-quality jewellery can be stored for very short periods, provided that an alarm system is installed and used to monitor your home.

Safe Cash Rating

Cash can be one of the items that you want to keep in your home safe. However, make sure to have home and contents covered if you intend to keep large amounts of cash in your home safe. You should also check your policy paperwork to find out what the cash rating is for your specific safe. The cash rating refers to the amount of money that the insurance company can cover for you in the safe.

Home safes’ cash ratings typically start at $1,000 in cash and can reach $100,000. However, it is not recommended that you keep this much money in a cash safe unless you have other security features in place. If you also want to store jewellery in the safe, you can multiply the safe cash rating by 10. This is the limit most insurance companies will allow. For example, if your safe has cash worth $1,000, you can store jewellery and other valuables up to $10,000. It is also important to remember that your home safe must be professionally installed and assembled to meet the requirements of most insurance companies. This is a factor that is taken into account for any claim for damages or theft.

Do I Really Need a Safe at Home?

Protecting valuable items is always a wise idea. There are so many things that can go wrong. From accidents to floods, fires, and theft, one way to keep the things you value is to place them in a home safe that is within reach and that you can keep an eye on. Unless you have a strong home insurance policy, home security system, and other home protection in place, it may not be a very good idea to keep very expensive items in a home safe. Where you have valuables you don’t use often, it may be a better idea to rent a safety deposit box in the bank and store them there.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That

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Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®

What’s Keeping Millennials From Accessing Credit?

The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.

Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.

The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:

  1. Payment history
  2. Amount owed
  3. Length of credit history
  4. Credit mix
  5. Hard credit inquiries

You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.

The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.

The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.

Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.

It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.

How Credit Bureau 2.0 Fixes Those Problems

Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.

Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.

The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.

Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”

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