Between their irritating ads and misleading name, FreeCreditReport.com has been a target of Consumerist’s derision for years. And now the “service,” which was never free to begin with, will actually cost you a dollar to use. [More]
Freecreditreport.com is getting class action sued, baby. Their ubiquitous singing ads make it sound like you’ll go their website and get a free credit report, but they don’t tell you that’s only after you sign up for a $14.95 monthly credit monitoring service. “FreeCreditReport.com tells people they will get something for free, and you do, but you have to pay for something else, and there’s not sufficient notice,” said John Balestriere, lead attorney. I agree, so I made up my own parody Freecreditreport song: [More]
The downside to responsible lending is that the lenders will need more information about you, says the WSJ. [More]
Monique X. is trying to get a loan to consolidate her debts into a more affordable payment. She writes that she’s been careful with her credit history and knew that her credit score was adequate to get approved at her bank, “even with the economy the way it is.” That’s when she discovered that someone else’s accounts had been folded into hers, and that Experian’s solution to their error was as bad as the problem. [More]
Lenders can use the data from your credit report to deny you credit for any one of several reasons. If you are denied, you receive a letter identifying the credit reporting agency that provided the report, along with a risk factor reason code. Bargaineering published a list of the common risk factor codes that lenders use to deem you unworthy of credit. For all three reporting agencies, the cardinal sins are owing too much and failing to pay your bills. The list of codes, inside.
Does paying off and closing a credit card hurt your credit score? That’s a two-part question. The answer to the first one is no, it helps, and the answer to the second is yes, closing your credit card hurts your credit score. Credit bureau Exerpian’s “Ask Max” says,
Just like I figured, the reason Experian won’t sell you your FICO score anymore is because of a contract dispute with the Fair Issac corporation, and I’m guessing it has to do with the rollout of FICO ’08
Would you buy a credit score that lenders don’t even use? Check it, when Consumer Reports went over the the fine print, Experian’s “VantageScore” says that it’s “for educational purposes only.” And their “PLUSscore” is “not currently sold to lenders.” What good does that do you? None. It’s just something for them to market and make money money off people who don’t know any better.
Soon consumers will only be able to see two out of the three credit scores lenders use to judge their credit worthiness. Out of nowhere, Experian announced it will no longer be selling its version of the FICO score through myFICO.com.
SmartMoney’s Anne Kadet looked into the process by which the three major credit bureaus—Experian, TransUnion, and Equifax—investigate and correct errors on credit reports. What she found was that the process is “almost entirely automated,” and that “many lenders respond by simply rereporting the erroneous data.” Here’s how it works, and your meager options when something goes wrong.
Your credit score. It’s amazing how one little score can have such an impact on our finances and how misunderstood that number can be. We’ll debunk five common myths about it right here, right now.
Statistics show that 80% of credit histories have at least one error. Most of them are minor and inconsequential but some can have an adverse effect on your credit score, often costing your thousands on mortgages and car loans. I believe credit bureaus were so lackadaisical about accuracy because it forced consumers to buy their credit reporting services. You wouldn’t know there’s an error unless you paid Equifax for a copy of your report. Fortunately, federal law now makes it possible for us to police our own records and force bureaus to correct them, all on their dime. Here’s how:
The three big credit reporting agencies—Experian, TransUnion, and Equifax—have been inaccurately reporting debts on millions of consumers’ credit reports even after the debts have been forgiven during bankruptcy filings. Once forgiven, the debts are supposed to be removed from credit reports, but the agencies are continuing to report them as active. They have until October 1st to comply with Judge David O. Carter’s order to “revamp their systems,” writes Jane J. Kim on the Wall Street Journal’s finance blog. Now if you’re in debt trouble, you can look forward (?) to having either unpaid debts on your credit report, or a bankruptcy filing, but hopefully no longer both at the same time.
You’ve probably seen those commercials featuring a friendly looking jackass and his factually inaccurate songs about what can happen to you if you don’t check your credit report. It’s true, checking your credit report is a good idea, but you can avoid subscription-hawking pay sites and, instead, go to AnnualCreditReport.com.
I have been battling with a silly preconception the federal government has concerning my status as a deceased person, that causes them to routinely shut down credit cards that I am using, and stresses my ability to build credit. (All this despite being actively enlisted in the US Navy)…