Why College Students Should Only Have 1 Credit CardNews from Fox Business:
It’s tempting for college students and grads to sign up for an in-store credit card or a rewards card to snag discounts and special offers. But experts warn these short-term gains could be counterproductive to building a positive credit history.
“Every time you apply, you’re potentially putting strain on your new and burgeoning credit history, even if you don’t use the credit, just having it available to you can make you look risky to future lenders,” says Ben Woolsey, […] Continue Reading…
Disputing errors on credit reports must be done rightNews from Dallas Morning News:
Letting an error on your credit report go unchallenged could cost you a loan.
Your credit score is based on information in your credit report, so it’s critical that you correct any mistakes, especially if you’re planning to apply for a loan soon.
Under the federal Fair Credit Reporting Act, the credit bureau and the company that provided the credit information about you are responsible for correcting inaccurate or incomplete information in your report.
If you’re planning to make a […] Continue Reading…
Your Legal Rights: Study shows 1 in 5 have credit report errorsNews from Alexandria Echo Press:
Editor’s note: The following is a “Your Legal Rights” column provided by the Office of Minnesota Attorney General Lori Swanson.
One out of five people have errors on their credit report, according to a new study released on February 11, 2013 by the Federal Trade Commission. Even worse, for five percent of people, the errors were serious enough to change their credit risk classification, making it more
expensive to borrow money.
What is a credit report? The […] Continue Reading…
Improve your credit score by raising your credit limitNews from MyFox Houston:HOUSTON –
Americans are spending more, according to the Federal Reserve, which says an increase in home, car and credit card purchases may suggest improved confidence.
But as consumers pull out their credit cards, more, there may a way to improve their financial health by asking their bank to raise their credit limits.
At credit reporting agencies, 30% a credit score is determined by a ‘debt-to-available credit’ ratio. In other words, the closer consumers are to maxing-out their cards, the worse-off […] Continue Reading…
LI Congressman Works To Fight Credit Report ErrorsNews from CBS Local:
Rep. Steve Israel (file/photo by Joe Raedle/Getty Images)
MELVILLE, N.Y. (CBSNewYork) — A Long Island congressman is calling on the federal government to make sure people’s credit reports are not marred by the activity of identity thieves.
If you buy a car or a home, and you need a loan, one of the first questions you will be asked is your Social Security number.
L.I. Congressman Works To Fight Credit Report Errors
WCBS 880’s Sophia Hall Reports.
But as WCBS 880’s Sophia Hall reported, […] Continue Reading…
Israel, Rice Report Big Increase in Credit Report ErrorsNews from Patch.com:
Rep. Steve Israel, D-Huntington, and Nassau County District Attorney Kathleen Rice say there has been a sharp increase in credit report errors and tax identity theft.
In a press conference at the Bethpage Federal Credit Union Friday, Israel and Rice offered tips to keep consumers safee during tax season. According to a recent study, one in four had at least one potentially material error. Also, in the first nine months of 2012 alone, the IRS identified almost 642,000 incidents of […] Continue Reading…
What’s in a point? In credit scores, big bucksNews from Walla Walla Union-Bulletin:
A 619, 639, 659, 679, 699, 719 or 739 credit score …
… Can cost you thousands. A 620, 640, 660, 680, 700, 720 or 740 credit score can therefore potentially save you thousands.
One of the primary factors in how lenders assess risk is by your credit score. The credit scoring system is a mathematical formula that will be a major factor in the interest rate you obtain for your mortgage loan, and how much your […] Continue Reading…
Stay on top of your credit reportNews from Canon City Daily Record:
A person’s credit rating can determine how much interest they pay on loans — or if they can get a loan at all — their insurance rates and whether they pass a background check for a job.
So it is disturbing that a Federal Trade Commission study, commissioned by Congress, has found 26 percent of those reports — 40 million — contain errors, and 10 million had serious errors.
It’s even more disturbing how difficult it can be to get […] Continue Reading…
Consumers need better way to fix credit reporting errorsNews from Los Angeles Times:
About 10 million consumers, through no fault of their own, have serious errors on their credit reports, raising troubling questions about people’s ability to secure loans and the fairness of interest rates they’re charged.
In the first study of its kind, the Federal Trade Commission looked at credit reports for 1,001 consumers obtained from the three major credit bureaus — Experian, Equifax and TransUnion.
It found that about a quarter of consumers had at least one “potentially material” error […] Continue Reading…
Credit Counseling Agency Offers Tips to Dispute Report ErrorsNews from KTVN:
The accuracy of credit reports has been in the news lately, causing consumers to wonder how error-free their own report is. Since credit reports are the backbone of the all-important credit score, it is indeed important to fully understand what a credit report is, what consumer protections are in place, and what actions can be taken if errors are found.
“Consumers can be their own best advocate to ensure the accuracy of their credit file, but education is key,” said […] Continue Reading…