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What is Self-Storage?

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Often when we explain what services we offer; the recurring question always appears: what does it mean? self-storage? Self-storage is the term used to refer to the temporary rental of private storage spaces. According to the best caloundra storage facility Association, it implies “self-service storage for private users, professionals or companies that need a small warehouse, a small storage room or a safe and exclusive space, which they want to manage themselves with total freedom”.

Born in the United States after World War II, self-storage was developed until leading the world market in this country, and having Australia and Spain as strong competitors.

In Argentina we know them as bailers and storage, in Spain they say storage rooms and in Anglo-Saxon countries, self-storage (and you probably recognize them having ever seen the reality TV show Who gives more?). The high rate of consumerism together with the high cost of the land made offering private spaces the perfect solution: it allows access to a personal space for a lower price than that of a property.

Self-storage, whose fundamentals are privacy, security and comfort, is a service for both private clients and corporate clients. The particular customer serves when:

  • you need to have a larger space than the one physically owned in the home
  • you have to vacate a home without having another available
  • the home is going to be remodeled and the environments need to be cleared
  • moves to a smaller house than the one that was owned
  • He decides to leave his home for a long time and wants to avoid paying a rent
  • acquires inheritance
  • redecorates his house and has not yet gotten rid of the previous decoration or wants to keep it
  • You need to store cars, boats, ATVs or other vehicles and do not have their own garage

At the corporate level, self-storage is a solution for businesses and offices that need to store:

  • documentation that they do not access frequently
  • merchandise, supplies, packaging material and pre or post season products
  • promotional and advertising material in large quantities or dimensions
  • furniture, equipment and machinery in the face of remodeling or temporary cessation of activity

Likewise, the spaces function as distribution points for companies that do not have their own premises, as is the case of distributors and online sales companies. For these cases, the providers of self-storage spaces have diversified and offer specific spaces for these transactions, such as the courtesy offices that Metro box provides for the encounter with private clients.

The self-storage industry continues to grow and has already come to standardize services and conditions worldwide through organizations such as Inside Self-Storage, which summons annual fairs to discuss the state and future of the industry, while offering seminars on different areas of the business, opens the debate for the resolution of frequent problems and generates statistics to understand the evolution of the market.

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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