If your credit score has suffered due to a tax lien, a civil judgment, or medical debt, you could benefit from updated policies that change the way the three major credit bureaus – Equifax, Experian, and TransUnion – calculate consumer credit scores.
The credit bureaus have already begun phasing out millions of entries on credit reports that reflect such information; it’s estimated that as many as 12 million people could see a better credit score due to the changes.
Experts say that...
A big emergency like a hurricane or earthquake can be hazardous to more than just your life and your home, according to the National Foundation for Credit Counseling (NFCC). It can also impact your finances—and your credit score, if you are unable to pay bills for a period of time.
This may not seem like such a big deal, in comparison to the other things that can happen when a big storm or other natural disaster hits. However, financial disasters are real as well, and can have a long-term...
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...
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 readingAmidst all the shouting of credit cardholders over how they are being fleeced by credit card companies, it is sometimes difficult to see that credit card companies themselves are suffering in the current credit card crisis.
Credit cardholders, both good and bad, have a huge effect on how a credit card company flourishes or flounders in the current economy. In the case of bad credit cardholders, the cause and effect are quite obvious to see. Bad credit cardholders cost credit card companies a...
Survive The Economic Crisis, Keep Your Credit Score HealthyYour credit score is one of the most important financial records that you have.
Your credit score serves as a check on how good of a credit owner you are. This is very important for loan and credit companies. By getting your credit score, they can determine if you are fit for getting a loan or credit or not. The better your credit score is, the better your chances are of getting a loan. Therefore, you should keep your credit score as...
With the way the economy is going, you really don't want to get yourself into credit card debt. That's why, as much as possible, you should try to make smart choices whenever you use your credit card. If you are thinking that you are better off getting rid of your credit cards, don't. Your credit cards are the primary link to your credit score and, if you surrender your credit cards, you will most definitely lose out on your credit score.
One of the worst ways that you can get into credit...
Three Ways The Internet Can Help You Secure Your FinancesFrom school research to booking vacations, when you go online, you can find a solution for them all. With the current economic climate, one particular use for the internet is growing fast: securing finances.
Here are three ways how the internet can help you secure your finances.
Making A Budget
If this sounds like a no-brainer to you, think again. Making a budget can be a very complicated task and most people don't realize that...
If you find yourself in heavy debt, panicking is probably the worst thing that you can do. So, first relax and take a deep breath. Remind yourself that it is not the end of the world and you can get over it, with a bit of luck and a lot of hard work. Now you've probably researched a lot on how to get out of debt and have run across these two words: “debt consolidation”. If you're thinking about using this to help you get out of debt, then read on.
Because of the state of the economy and...
If you've followed the news, you'll know that the credit card industry is in a state of turmoil nowadays. Defaults are up, debts are not falling and the credit card bill just got passed. The credit card industry, in a preemptive attempt to stem their foreseen profit losses are raising interest rates and cutting credit. You'd think that keeping your credit score good and having zero debt would save you from these. You'd be wrong.
Still, the whole doom and gloom credit scenario does not mean...
If you have been following the news, you probably are probably worrying right now about your credit card and how it's going to or is affecting your finances. If you are like the majority of American consumers, then you are probably thinking that credit cards are twice as dangerous as they are convenient. So why get your college kids credit cards?
College students and credit cards don't mix very well, if recent survey figures from Sallie Mae are to be believed. According to the survey, more...