Category: Credit Score & Credit Repair
A Credit Score That Tracks You More Closely
By: Tara Siegel BernardAnyone who has recently applied for a mortgage knows that lenders are already looking much more closely at your financial affairs. But soon, they’ll be able to easily delve into the deepest recesses of your financial life, accessing information that never before appeared on your credit report.This week, a company called CoreLogic introduced a new type of credit file, which is based on the giant repository of consumer data it maintains on just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history. The new report also includes any property tax liens and whether you’ve
The Worthless Online Dispute System
I do not recommend using the online dispute system that Equifax, Experian and Transunion offer because they are pretty much useless in regards to attaining true deletions of negative credit items.The online dispute system, otherwise known as the “Expedited Dispute Resolution” is outlined in Section 611a(8) of the Fair Credit Reporting Act. The key phrase to note is:”the agency shall not be required to comply with paragraphs (2), (6), and (7) with respect to that dispute” if they delete the tradeline within 3 days.”• Paragraph 2 states that it is mandatory for the CRA to forward your dispute and all of the associated records you present to the creditor.• Paragraph 6 states that the CRA must supply you with written proof and
Girl Scouts Add New "Good Credit" And "Finance" Badges
By Ben Popken on October 20, 2011 2:00 PM (Girl Scouts USA)The Girl Scouts just finished their first redesign of their badges in 25 years, adding several new ones that will appeal to Consumerist readers.There’s now a “Good Credit,” “Money Manager,” “Budgeting,” and a “Financing My Future” badge. But It’s not just the consumer credit side that’s getting represented, but also the other side of business. There’s a new “Customer Loyalty” badge in the cookie sequence, as well as Meet My Customers and Business Plan badge.For an Ambassador level scout in the 11th or 12th grade to earn the “Good Credit” badge, for instance, one of the tasks to accomplish is meeting a loan officer at a bank to discuss how one becomes a good candidate
Six Ways to Beat Late Fees
By Naomi Mannino Did you know late fees are assessed on just about all your monthly bills? These include bills related to your mortgage, cellphone, cable, utilities, insurances, credit cards, library books, traffic tickets and even kids’ activities. And, of course, Uncle Sam assesses severe late fees and penalties if you’re past due with your tax payment.”Issuers claim they are a way to account for risk, but our research in the credit card industry shows that is not the case. They are trying to maximize revenue with late fees,” says Josh Frank, senior researcher for the Center for Responsible Lending.Financial experts agree that credit card late fees have been reined in somewhat by the Credit Card Act of 2009, which limited late fees to $25
Navigating the Three Credit Score System
From: Mint.comEach of us has three credit reports housed by the three major credit reporting agencies; Experian, Equifax and TransUnion. And, for most of us those three credit files are scoreable.Most lenders will make decisions using just one of our credit bureau risk scores. That means when you apply for a credit card or an auto loan, the lender is going to buy one of your three credit reports and one of your three FICO scores (or, less frequently, one of your three VantageScores) to make their lending decision. The only exception to the “one report for one loan” rule is in the mortgage environment. the mortgage lender will almost always pull all three of your credit reports, all three of your FICO scores, and
