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Women Pays $5K to Contractor for her House, Still not Satisfied with its Safety

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RICHMOND – Carolyn Robinson claims that she paid over $5000 to a contractor for some work related to home improvement. She said even after paying the mentioned amount, she has not received the kind of service she wanted which left her unsatisfied with the contractor’s work. On the other hand, the contractor said that he did exactly the same as discussed before starting the work. Now, the conflict has sprouted out of this matter which has resulted in a troubling situation.

Robinson pointed out some problems in the work of the contractor, Mark Payne. The lady has claimed that she paid construction liaison Mark Payne $5250 to do the pre-discussed work. The contractor said that there is nothing wrong with his work. He further said that he did the work discussed between them and the problems in the work are created by the other contractor which was hired to do the siding work in the home.

The lady, Robinson counting the problems said there is a sloping porch which needs to be fixed. It should have been leveled but it is not actually the case. The top porch is fine but the bottom porch should be fixed so that she could place the ball over and also she wanted to put some siding on there but eventually, she could not do so now.

She questioned the work of the contractor, Mark Payne and said since the porch columns were not properly installed so a safety railing was taken down by a different contractor to install the siding. Robinson also said her gutters were also sealed and rainwater doesn’t flow through them but it just accumulates in the yard.

In his clarification, Payne said his work was just to replace rotted boards on the porch. He even showed the photograph to support his claim that safely railing was in its place when he finished his work. Also, he said that the columns were installed correctly and the contractor who installed the siding has been responsible for creating a problem in the work.

Everyone aims to get service like that of siding contractor in Trumbull but sometimes things do not go hand-in-hand. The work was done by Jose Villatoro and Empire PMTH Inc. And the State Board of Contractors released a statement that it has a Class C contractor’s license. Robinson has said that she is not thinking of the other work which was supposed to be completed in a decided fashion.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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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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