Credit Rating

You’re never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees. To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them
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In September 2017, America learned about the massive data breach at the credit reporting agency Equifax that affected approximately 148 million consumers – one of the largest breaches ever. Identity thieves suddenly acquired a new batch of Social Security numbers, names, addresses, phone numbers, and other personal information. Consumers were advised to take steps immediately
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Finding a job can be a stressful and difficult task – and if you have poor credit, you may have an even harder time finding a job. A 2016 CareerBuilder study found that almost one-third of employers run credit checks on their potential hires, on the assumption that people with good credit are more likely
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The Crushing Effects Of Medical Debt How pervasive is America’s medical debt problem? According to 2017 data from the credit bureau Experian, unpaid medical debt in America topped $127 billion. New data from Consumer Reports shows that almost 30% of insured Americans had unpaid medical debt turned over to collection agencies in the past two
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Thanks to large data breaches in recent years, both credit freezes and credit locks are gaining in popularity. What’s the difference between these two important identity protection tools, and which one is the best for you? Both tools stop lenders from accessing your credit information – and lenders won’t extend credit if they can’t assess
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Do you know how to read your credit report? If not, it’s time to learn. Your credit score is one of the primary items that lenders check when approving your credit request, and the information in your credit report is used to calculate your credit score. If you never check your credit report, you can’t
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By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm I just got off the phone with a senior couple who have a timeshare they can’t afford and don’t use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television
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Credit Scores Trending Upward Congratulations, America! Your average FICO credit score reached 704, continuing the upward trend of the last eight years. According to a recent FICO blog, the 704 average score is the best average ever recorded on the 300-850 standard FICO scoring scale. America’s average score sank to 686 in October 2009 thanks
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Further Rewards for Good Credit You’ve worked hard to keep your credit score high. Why shouldn’t you be rewarded for your effort? Banks agree and are looking for innovative ways to urge you to keep your credit score as high as possible. Financial institutions have always used negative reinforcement for poor credit scores – higher
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Clerks at most department stores or retailers often ask if you’d like to apply for a store credit card, pleasantly pitching special deals and perks that the credit card provides. Why not accept? How can you go wrong opening another account? When you’re tempted to accept a store card offer, think of two things –
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By Stephanie Braun, Director of Auto Product Management at Esurance Companies have collected data on their customers for decades. It allows them to offer more tailored services and products, and provide more relevant messaging. The reason data collection has gotten so much press lately is because it’s reached unprecedented levels. Already, we create 2.5 quintillion
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Are you looking for a mortgage that features a low down payment but can’t find a suitable conventional loan because of various restrictions?The Federal Housing Administration (FHA) offers loan products with down payments of just 3.5% for borrowers with FICO credit scores as low as 580 – an attractive combination for potential homebuyers with lesser
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Small Changes, Big Impact Sometimes a seemingly small difference can have a large effect, like the straw that broke the proverbial camel’s back. According to a recent study by the credit bureau Experian, that same principle applies to millennials and their borrowing behaviors. With a small change in financial habits, more millennials could significantly shift
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Have you checked your credit report lately? If not, what’s keeping you from doing so? A recent survey by WalletHub found several reasons, ranging from complexity to fear. Your credit report is a history of all your loans and credit transactions as reported to the credit bureaus. The information in your credit report is used
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Are you planning to retire within the next 10 to 15 years?If so, are you ready to take retirement preparedness to the next level? Retirement is no longer an abstract concept when you reach your 50s. It’s important to take a closer look at your financial plans now, while you have time to make any
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Applying for credit for the first time is a bit like applying for your first job. People are hesitant to hire you because you don’t have any job experience, and you can’t get any job experience because nobody will hire you. In the case of credit applications, creditors are leery of extending credit if they
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Have you been denied a mortgage loan recently? Rejections usually don’t come down to a single reason, because lenders look at your overall financial status. However, some factors increase your risk of rejection. According to NerdWallet’s 2018 Home Buyer Report, three issues stand out as primary reasons for mortgage denials based on the most recent
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Just like assets can be sold, so can debts. It’s possible that your auto loan or mortgage could be sold by one lender to another. If your debt is in good standing, the terms and conditions of your agreement generally apply, but things relating to the servicing of your loan such as due dates and
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By Sandra Parsons While Cardi B is topping the charts, “Card Cracking” is ruining some music fans’ lives. Rapper Young Ash and five others were recently indicted for running a card cracking ring that recruited accomplices through her Snapchat channel. Learn how card cracking works and how you can avoid falling victim to
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