Consumer credit ratings have an impact on so many facets of the daily lives of consumers, and, conversely, so many of the things consumers do have an impact on their credit rating. Despite the oversized role played by credit ratings, far too many consumers remain largely unaware of the specific actions that positively or negatively affect their credit ratings. Perhaps more worrisome is the fact that these same consumers are not entirely sure how to go about measuring the progress they are making in improving their overall credit score.
This situation is somewhat analogous to the one found in the field of software development, a field in which software testing is a particularly critical component in development. During the software testing process, testers are responsible for completing a wide array of tasks, some of which are more important than others. The managers in charge of overseeing these teams must be able to accurately measure the progress being made while also tracking the overall efficiency and productivity of the teams they are responsible for leading.
According to one resource produced by QASymphony — “64 Test Metrics For Measuring Progress, Quality, Productivity & More!” — it is necessary for software development team leaders to have access to metrics that clearly demonstrate the progress made by the development team across several critical areas. These metrics often include predictive and results metrics, both of which can also help consumers understand the manner in which they should be reviewing their credit rating as well as the efficacy of the specific actions they have undertaken as they strive to improve their consumer credit score.
In essence, consumers should look at their credit score as a results-oriented metric, or one that indicates how previous actions have contributed to a specific credit-score outcome. Predictive metrics are a bit more nuanced due to the simple fact that they involve a measurement of various indicators that might ultimately lead to a favorable or unfavorable result. Fortunately, many credit score monitoring services provide consumers with access to a number of tried-and-true predictive metrics.
Attentive consumers must understand the many different cause-and-effect relationships that influence their credit score, especially if they wish to make meaningful progress in improving their current credit rating. The major credit reporting bureaus must offer access to consumer credit reports at least three times per year, and these reports certainly provide the kind of results-oriented metrics utilized by software development teams.
Consumers looking to create a more comprehensive approach, however, should take steps to incorporate predictive metrics as well, as these types of metrics will help consumers understand the specific kinds of actions that will lead to substantial progress in improving their overall consumer credit rating.