When most people travel they want to get to their destination as fast as possible. Whether this is driving down the motorway, or flying further distances. However, there is something to be said for taking a train. It’s not just a mode of transport that will take you from A to B. It allows you time to work, as well as time to appreciate the planet. Why should you start thinking about taking the train more?
When you travel by train it allows you to do so much more with the journey time. Rather than be stuck behind the wheel, and in rush hour traffic, your commute is yours to spend how you want to. Whether you want to get ahead in your working day, read for fun more, or even start crafting – you’ve got plenty of time. London commutes can be pretty hectic – trains to Peckham Rye can get quite full, so make sure to get a good seat to make the most of your trip.
When you travel by train, you’re also doing your part in helping the planet. Cars make up roughly 71% of C02 emissions. If more people get off the road and onto a train, it could help reduce the country’s carbon footprint. It can help cut down on pollution and improve the quality of air for everyone. Also travelling by train can help cut down on road accidents because it means there are fewer people driving on the road.
There is something to be said for simply sitting back and watching the world go by. When you board a train, you get a chance to see some stunning views. Railway routes cut through the countryside, and it offers you a chance to see some spectacular scenery that you couldn’t see any other way. There are some truly breath taking journeys you should look into going on.
When it comes to long-distance travel trains are much roomier than planes or buses. The seats are bigger and you’ve got more legroom, so it’s much easier for you to get settled and comfortable on your journey. Depending on your trip and how long you’ll be on board for, you may even get a bed to sleep in. This is a much better option than reclining your seat and hoping your neighbour doesn’t snore too much. Also if you fancy getting up and having a stroll, you’ve got much more to explore on a train. Drink in the dining cart, anyone?
There’s something special about taking the train. Even if it’s part of your regular commute, it still offers you some quality time to focus on what you need to. What’s your favourite part about taking the train.
How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That
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:
- Payment history
- Amount owed
- Length of credit history
- Credit mix
- 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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