Women Create Healthier Working Environments

Are you aware that companies who hire more women can greatly benefit; it is estimated that companies with three or more women in senior management functions score higher in all dimensions of organizational performance?

Not to mention, “women’s economic equality is good for business. Companies greatly benefit from increased employment and leadership opportunities for women, which is shown to increase organizational effectiveness and growth.” (McKinsey & Company, n.d.)

As a highly successful credit repair advisor, Chayo Briggs is driven to obtain the highest standards for his clients, especially the woman who come to him for help with rebuilding their credit. His success in working with a woman in general with credit problems has proven to be highly advantageous for them in the empowerment of their personal and professional life.

Women entrepreneurs have become a force to be reckoned with in the business world. As the market grows, it is proving to be a critical source of innovation plus job creation to fuel economic growth.

Nonetheless, woman-owned businesses are not granted equal capital in investment opportunities, which roughly shows to be more than a $300 billion-dollar credit gap. (WGDP , n.d.) The concepts are basically simple, however in today’s society, having just an average credit rating may not be enough. If you are female with a lower score, the chances of credit approval decrease. Employers are beginning to check credit history to make sure an employee is a good fit. Think of your credit score as a resume, your life history.

On average men have an average credit score of 630 out of a possible 850, but many women lag behind at 621. In most cases, credit scores do improve with age, but women tend to never draw even, let alone pull ahead. (Morad, n.d.).

In case you are wondering why the difference, it mostly boils down to the gender pay gap. Yes, the imbalance has improved since 2016 but women are generally paid about 22 percent lower than the average men’s salary. Because of the lower annual income, causes many women to use a larger portion of their available credit.

“That hurts their creditworthiness,” Steve Millstein, a certified credit counselor at Credit Repair Expert. (WGDP , n.d.)

But Chayo does not want anyone thinking the credit bureaus prefer one gender over another. It is simply a numbers game; they care about creditworthiness, which is influenced by income, outstanding debt, and the history of repaying loans or making timely payments for goods and services.

“They simply use numbers and facts to draw their inferences,” Millstein said. (Morad, n.d.).

The basic concepts of credit stability are simple, but most people see these topics as taboo, when in fact they are essential to becoming a successful financially independent individual. Chayo knows such issues are daunting, but you may need to borrow money at some point in the future.

Your credit score determines two things that can affect your loan approval. First, lending money entails risk; lenders need to know you are reliable. Second, it determines the terms of your loan.

Chayo always recommends as a rule of thumb to keep the credit utilization under 30 percent; that is the amount of credit you owe compared to the credit limit. In other words, the limit is $1000 then the balance should stay below $300 on average. Remember, think of your credit as a resume, it tells everything about your habits in daily life.

The women who pursue higher education and find meaningful work prove to be more impactful on their families, community, and economy.

A study by UNESCO indicated that for every year a country’s average year of schooling increases, the country can expect long-term economic growth by as much as 3.7%. Today, there are more social enterprises, celebrities, and philanthropists dedicated to empowering women than a decade ago. And influential leaders such as Jack Ma, Richard Branson, and Kevin O'Leary have also championed the narrative for more women in leadership and management positions (Today, n.d.).

As an author Chayo’s books, especially offer readers inspiration to help them learn the fundamentals of rebuilding their credit, as well as entrepreneurial and financial skills. For over seventeen years Chayo’s mission is to educate minority communities on the importance of having good credit in today’s society. When someone can build a positive credit resume, they can easily obtain passive income to increase their financial investments.