Shortly after surviving the death of her husband and a life-threatening medical crisis, Ann Howe of Seattle decided to refinance her home mortgage. Everything went smoothly until the bank informed her that the refinance couldn’t be completed because the credit bureau Experian was convinced that she was dead.
Thanks to federal regulations, when you dispute an account on your credit report and the dispute is resolved in your favor, the credit reporting agency is required to remove or correct the account. Credit reporting agencies often don’t do this, though, and the Washington Post notes that it can come back and interfere with your next home loan application.
The problem with annualcreditreport.com—other than its name—is that getting your reports from the site is a little like dealing with GoDaddy: you have to deal with upsells and side-sells at every step. You can indeed get your free credit reports from the site, but you’ll also have to keep turning down other offers from the three participating bureaus. Hell, there are even ads (sorry, “sponsor” links) on the home page, the one place where you’d hope for the least consumer confusion.
John’s fiancee bought an Apple computer earlier this year, financing it with a Juniper Visa account, then paying the account off early. That’s the responsible thing to do, right? Not according to Juniper, which branded her as a filthy, filthy deadbeat. The bank marked the payment she sent in as “late” for arriving three hours before the end of the billing cycle.
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,
A great way to improve your credit score is to get rid of errors on your credit report that are dragging you down, but how do you start?
Since posting an article about Craiglist apartment listing scams a month ago, we’ve heard from lots of people who fell for the scam. If you’re one of them, here’s what you need to know.
Kathy has an unusual problem. She thinks that there might be a problem with some of her public records and/or her credit report, but she isn’t sure how to find out how it got there, let alone remove it. See, there’s a man named Hipolito, with the same relatively common last name as Kathy, who keeps popping up in public records questions used to verify her identity. She has no idea who this man is, and neither does anyone in her family.
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
If you aren’t planning on getting a big loan in the next couple of years, you probably shouldn’t be worried about your credit score right? Wrong.
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.
A new system for determining your credit-worthiness, FICO ’08, rolls out this Thursday, and there’s nothing you can to do stop it. By these 6 changes, ye shall be judged:
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.
FICO score isn’t the only credit score game in town. That’s good news for people who have low scores thanks to being an immigrant, divorcee, or don’t have the means to acquire the credit in the first place. It’s one of those quirks of the system. To get credit, you have to have a credit history. To get a credit history, you need to be able to get credit. Thusly, some people find themselves a bit stuck. To meet the needs of these these “thin credit file borrowers”, some alternatives to the standard FICO score are out there. Let’s look at three.
If you have bad credit and have been thinking about working with a credit repair firm, think again. Credit repair services aren’t doing anything that you can’t otherwise do for yourself. They review your credit history, lodge disputes, follow up, rinse and repeat. The appeal of a credit repair service is that they spend all that time resolving issues so that you don’t have to. They can’t take legitimately negative things off your record and they can’t work magic. Any firm that promises or guarantees to improve your score isn’t telling you the whole truth and you should watch out.
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: