Improving your credit score can take a long time and be a frustrating process. But a new study from credit bureau Experian suggests that one way to help people boost their credit would be to reflect their on-time utility payments on their credit histories.
Experian’s research concluded that including utility and rent payments on credit histories would improve scores for the majority of consumers, giving them the benefit of heftier credit files, longer credit histories, and higher credit...
It seems that on a daily basis, another company announces that they have fell victim to identity theft, security breaches or a massive compromise of data. Today, we can add Adobe to the list.
The software giant has confirmed that a massive data breach occurred on its servers within the past two months and that more than three million customers may have been affected. The firm discovered the breach after learning that its source code had been accessed and tampered with earlier in the...
You might have a higher credit score than you think! Fair Isaacs Corporation in a partnership with CoreLogic created a new credit scoring system that includes customer's credit history and information from public records.
The two companies believe that historical financial data is best combined with public information like tax liens, and short-term loans previously "off-limits" for old credit scoring models. According to the public statement, the new scoring system is more favorable to...
Borrowers can feel elated with the first gift of the New Year. Starting the first day of 2011, borrowers will have the new right of seeing their credit scores for free. Credit scores are amongst the most important indicators of one’s creditworthiness and until recently they were quite concealed. The credit scores without any charge would be quite a welcome change. On the back of a new federal regulation, credit card issuers and creditors in general have to provide millions of applicants the...
Continue readingThe economic downturn has gotten the entire country in an uproar. Prices of basic goods are soaring, employment is going down, and interest rates are jumping from as low as 1.7% to as high as 25%. One thing that the economic collapse has proven is how important good credit rating is.
Banks have upped their interest rates to astronomical heights since the economic crisis began. They have also drastically lowered the credit limits for most credit holders. In most cases, those who have bad...
According to industry experts, credit card debt is one of the leading financial problems that many Americans are facing today. The economic crisis that began last year has resulted in massive unemployment, rising interest rates and an ongoing economic instability which the U.S. government is still trying to contain. All of these things mean only one thing to the common American, they are now struggling to make ends meet and every “cash drain” has to be plugged. One of the biggest drain that...
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It used to be that identity theft meant an unauthorized purchase on a credit card. But criminals have advanced alongside technology and suddenly identity theft can involve a stolen Social Security number used for filing false medical claims or applying for mortgages. When you swipe your card at the ATM, gas pump, or in the RedBox for your next video rental, how do you know there isn't a fake front added to the swiper - capturing your credit card number and pin?
You'll know when you...
Visa has noticed the trend of increased debit card use during this recession. They're running several TV ads that promote Visa debit cards for everything from buying pizza, going to an aquarium with your daughter on a Tuesday, and paying for products online.
On April 29th, Visa Inc. reported that their branded debit card total dollar volume of purchases surpassed credit card purchases for the first time during the last three months of 2008 - making the debit card transactions processed by...
Americans aren't the only ones dealing with credit card problems. While President Obama met with executives from card issuers including American Express Co. and Bank of America Corp. to review credit-card policies for fees and interest rate limits, the Canadian government Prime Minister Stephen Harper is responding to consumer groups and lawmakers who insist the banks should have lower rates, and more information for consumers for understanding how the credit cards work. Namely, consumers...
While many Americans are struggling to survive during an economically trying time, many consumers may be surprised to learn what they fear most. Beyond the concerns of war, acts of terrorism, and health crisis on the rise, it a legitimate fear of credit card fraud. Research conducted in early 2009 indicates that as many as 68% of the 1,000 respondents surveyed have a greater fear of being the victim of credit card fraud and having someone access their credit or financial information than of any...
Continue readingWith so many consumers struggling with debt these days, there seems to be a major increase in the amount of organizations that are working to improve the financial literacy of the country at large. April is dedicated to be Financial Literacy month, with National Credit Education week being observed April 20-26 so there are many launches of new educational programs to help with debt.
Research shows that many Americans are not fully prepared to deal with their own financial issues. Many of the...