Michelle Singletary at the Washington Post notes that the FTC is attempting to correct this oversight. They're also asking the general public for input on what would make the service less confusing to use.

In an effort to help keep people from ending up on impostor sites or falling for promotions for free credit reports that aren't really free, the FTC is seeking public comment on proposed amendments to the free-report rule. The credit card legislation passed this spring requires the agency to create amendments to the law by Feb. 22, 2010, to prevent deceptive marketing of these reports.

Over the next two months, you'll have a chance to weigh in on the FTC's rulemaking effort. Do take the time to comment, especially if you feel you've been deceived. This isn't a trivial matter. These rules will dictate how you get your credit reports. Most of what the FTC is proposing will make things better, but the agency needs to be tougher.

"We are encouraging consumers and anybody else to comment," said Katherine Armstrong, an FTC lawyer. "We want to know if we got it right."

Here are three rule changes they're proposing:

1. All credit bureau advertising and upsells would be removed from the process until after you have received your free credit report(s).

2. The "sponsored" links from the credit bureaus would be removed.

3. Other companies (like our much-hated "freecreditreport.com") would have to send customers to a landing page that reads, "This is not the free credit report provided for by federal law."

What do you think? Whether you agree or disagree, or have other suggestions, you should send them in to the FTC:

To read the text of the Federal Register notice with all the proposed changes, go to http://www.ftc.gov. Comments must be received by Nov. 30.

To submit your comments electronically, go to http://public.commentworks.com/ftc/FreeCreditReportNPRM. Comments on paper should be mailed or delivered to Federal Trade Commission, Office of the Secretary, Room H-135 (Annex T), 600 Pennsylvania Ave. NW, Washington, D.C. 20580.

"Underlining 'Free' in 'Free Credit Report'" [Washington Post]

TMZ says:

TMZ has learned that in 2007, Jacko's average credit score was 563.67 (Equifax 592, Transunion: 524, Experian: 575) which most experts consider very low. (According to creditreport.com, the average credit rating for people in California is 672.)

He apparently had some delinquent accounts and Barney's supposedly shut down his credit line after he charged more than $224,000 in on a single billing cycle.

Michael Jackson Flunked His Credit Report [TMZ]

Hector writes:

On Tuesday June 23 I went down to my local bank to deposit some money. Things started out weird right away with the teller I got, as she didn't seem to have a working computer, and as so she had to go into the back to place a money. She also ended up putting my funds into my checking account, instead of a savings account but hey, no biggie. When she came back with my deposit slip she informed me I was approved for a 3, 500 credit line. The interest she quoted me was actually lower than the one I had in one of my credit cards, so I was kinda interest. I asked her how long the interest held up for and what the interest would be after the initial offer. She couldn't give me that answer, so she waved a personal banker over to answer that.

The personal banker gave me the information I needed, and I told her I would think about it and would come back I I decided to take up the offer. Please keep in mind that at no point did I agree to anything, nor did I sign any paper or such. The total time I spent discussing this credit line was about five minutes.

I didn't think about BOA and their offer until Thursday evening when I logged into their website to check my funds. This is when I found a powermaster visa card now under my name, with a 3,5000 credit limit. To say I was surprised was an understatement.

I instantly called up BOA customer support, who told me that the card was opened by the bank location on June 23. I then I asked about filing a complaint and wanting to find out how exactly this happened. The woman on the phone was more than happy to take my complaint, but told me that the only answer I would receive would be through mail two to three weeks from now. I asked if I could have anyone phone me or email me, as I didn't want to get some sort of form letter and she told me that there was no way to do that.

On Friday morning I headed to the bank and asked to speak to a manager. I ended up speaking with a Tony, who sat me down on the personal banker side of the location. I gave him all my information and he once again verified that yes, a credit was opened under my name. I told Tony not to do anything with the account yet, as I needed to find out whether this would affect my credit. I also told him that I wanted someone to contact from their location to provide me with some answers.

I have not heard from anyone yet, but I just logged into my BOA website and see that the card is no longer there. I'm slightly bothered by the fact that they just closed the card even though I told them I first wanted to be contacted and find out whether this would affect my credit.

[Experts] say many credit card issuers have revised internal guidelines to give front-line employees the power to cut deals with consumers. The workers do not even have to wait for customers to call and ask for a break.

"Now it's the card company calling you and saying, ‘Let's talk turkey,' " said David Robertson, publisher of the credit industry journal The Nilson Report.

One thing to be aware of is after six months of non-payment, "regulations require the card company to reduce the value of the debt on its books to zero." In addition, collection companies are buying old debt at about a third of what they were paying before the recession. As that six month deadline approaches, banks are far more willing to negotiate a lower amount, which is good for you (assuming you can't pay the full amount) and better for the bank than selling the debt for 5 cents on the dollar.

Just remember the costs of going this route: a massive hit on your credit score, and the amount of the debt that's forgiven will come back to haunt you as taxable income.

"Credit Bailout: Issuers Slashing Card Balances" [New York Times] (Thanks to Megan!)

RELATED
"Got Debt So Bad It's Defaulted? 3 Ways To Deal"
(Photo: Zanastardust)

Ossenfort's response:

Unless you remember signing a credit card agreement where you would be solely responsible for the charges made on behalf of your former company, it is likely that you are only an authorized user on your account. As such, you are in no way financially responsible for the balance on the account.

Should the collector make good on the threat to report the account to the credit bureaus in your name, the report would not be accurate and you would need to dispute the item with the credit bureaus that report it. Dispute the item as "not mine" with the credit bureaus. The credit bureau must remove the item if it finds no proof the account belongs to you. I would also report the collector's actions to the Federal Trade Commission, which enforces the rules of the Fair Debt Collection Practices Act.

An exception comes into play if you took out the card in your own name, used it solely for company expenses, then paid it off via reimbursements from your employer. If you were laid off before the company reimbursed you, Ossenfort explains, you're on the hook for clearing the balance or risking a hit to your credit report.

Laid off, stuck with credit card bill [CreditCards.com]

(Photo: northernplateguy)

Your Lender: Lenders realize that this is a terrible time for everyone. You may be able to return your house and call things even, avoiding foreclosure with what's known as a deed in lieu. Your bank might also be willing to allow a short sale, where you sell the house for less than the value of the mortgage.

If you're already in foreclosure proceedings, you may be able to walk away without a chase. Several states, including Arizona and California, prohibit lenders from pursuing foreclosed borrowers. Don't try this if you have lots of cash and are tiring of the payments on your beach house. A lawyer will be able to guide you out of your house toward the path to solvency.

The Taxman: Several states are following the federal government's lead and won't treat forgiven debts as income at least through 2012. Again, a lawyer can help you figure out if you qualify.

Your Credit Score: Yeeaahhhh, no way to escape this one. You're going to take a big nasty hit and it's going to stand out on your credit report for seven years. If it's your only black mark, don't sweat it too much. FICO may have to change their algorithm to downplay foreclosures. "To the extent that foreclosure doesn't predict future behavior as much as it did in the past, you'd expect that the FICO algorithm would change to adjust for that," said Todd J. Zywicki, a law professor at George Mason University.

Regardless of what you choose, if you're unwilling to spend any more money on your mortgage payments, spend a few dollars on a lawyer to help figure out your options.
Thoughts on Walking Away From Your Home Loan [The New York Times]
(Photo: jetsetpress)

So how do mistakes show up on your credit report in the first place? Some problems can be attributed to false matches by algorithms, and human error by data entry employees:

If the name or Social Security number on another person’s account partially matches the data on your file, the computer might attach it to your record. The credit bureaus also employ contractors who gather tax lien and bankruptcy data from courthouses and government offices. If these workers transpose a digit or misread a document, their error winds up on your report.

Many of the remaining errors come from mistakes made by lenders or other businesses that report information to the credit bureaus (like a bank that assumes you're dead, in one real life example used in the article).

Bureaus usually contact lenders whenever there's a dispute—but to save money, they funnel the disputes through outsourced data processing centers where actual human workers are expected to spend a fraction of an hour on each case:

Here’s where the trouble begins. Rather than call the lender or send it the consumer’s letter and supporting evidence, the bureaus zap the documents to a data processing center run by a third-party contractor. This system yields considerable savings. Equifax reduced its per-dispute cost from $4.50 to 50 cents by outsourcing the work to Costa Rica and the Philippines, for example. But consumer advocates say these workers are under enormous pressure to process disputes and forward them to lenders as quickly as possible. While the bureaus say quality is the overriding factor, employees deposed in civil suits describe a harried pace. One TransUnion manager testified that workers were expected to complete up to 22 cases an hour. An Equifax worker estimated she was allotted four minutes per dispute. To process the letters so rapidly, the workers summarize every complaint with a two-digit code selected from a menu of 26 options. The code “A3,” for example, stands for “belongs to another individual with a similar name.” The worker can also add a single line of commentary. The two-digit code and short comment is the only information the lender receives about the dispute.

Consumer advocates say these summaries omit the background banks need to understand a complaint, and banks agree.

Currently, there are only a couple of ways to get around this broken robot system. The first is to contact your lender directly, which can be hit or miss because they're only required to investigate the dispute if a credit bureau asks. The second is to try to bump your case up to VIP treatment—where it might actually receive some human oversight—by getting a politician, judge, lawyer, celebrity, or member of the media involved.

We frequently suggest you should read the full linked article when we write about something, but in this case, you really should, because it has so much illuminating, infuriating info about the credit bureaus that will remind you of just why we need to change the laws governing credit reporting.

"Why the Credit Bureaus Can't Get It Right" [SmartMoney] (Thanks to Chris!)
(Photo: hassan1980)

I know that freecreditreport.com and all those other ads are a bunch of phony junk, but how is it that they can scare people into checking their credit scores because "it may even effect where you get a job."

How can a job check your credit report, and what kinds of jobs would want to?

Well, first of all we want to say that you should check your credit report by going to annualcreditreport.com, rather than freecreditreport.com, because the former is actually free, while the latter is a promotional offer for a credit monitoring service.

Now that we have that out of the way, let's talk jobs. The sad truth, Brandon, is that yes, a company can check your credit report (if you let them) and many will want you to. What kind of jobs? Well, probably not the kind of jobs that were depicted in the commercials you mentioned.

Here's an example from MSNBC. The potential employee in question was applying for a high-paying job at the State Department — when his job offer was rescinded because his credit report showed a bankruptcy in his past. This apparently put him at high risk for accepting a bribe.

It's also worth noting that these types of employers are generally interested in your credit history — not your credit score. (Your credit score is a number based on your credit history, but it's not the same thing.)

In any case, it's a good idea to check your credit reports and dispute any inaccuracies that you find there. You never know when you might want to work for the State Department.

AnnualCreditReport
(Photo:The Joy Of The Mundane)

Rebekah asks:

I was wondering about Credit Cards. Specifically having to do with keeping multiple with no balance vs. none at all. How much does your credit rating get hit when you open a credit card, even if it is a store card? My husband & I pay off our credit cards every month but put everything on them for points reasons & to track our spending. We like to take advantage of the credit card offers with points attached to them since its an actual reward you can use, but is it really worth it?

Would we better off in the long run paying for the reward to ourselves?

First of all, congratulations on paying off your balances every month! Now, as far as having multiple credit cards open with no balance, I'll assume that we're talking about a few credit cards — and not some crazy high amount. Sound fair? Ok.

There are several factors that go into your credit score. You're asking about two of them: Recent credit inquiries, and total available credit.

Credit inquiries fall in a section of your credit score called "New Credit." This section makes up 10% of your total score. When you apply for new credit, (like a store card, or a credit card) a note is made on your credit report and it is figured into the "New Credit" portion of your score. Everyone's credit is different. Here's how Fair Isaac, the company that issues FICO scores, explains the situation:

Inquiries are a subset of the "new credit" category shown above, which accounts for 10% of the total FICO score. Their importance depends on the overall information in your credit report. For some people, a given factor may be more important than for someone else with a different credit history.
...
For many people, one additional credit inquiry (voluntary and initiated by an application for credit) may not affect their FICO score at all. For most people, a credit inquiry will only decrease their FICO score by a few points.

Inquiries can have a greater impact, however, if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk: People with six inquiries or more on their credit reports are eight times more likely to declare bankruptcy than people with no inquiries on their reports.

So unless you've applied for six credit cards in the last few months, you should be OK, which is why for the sake of this answer we're assuming that you're not a compulsive credit card collector.

Now, on to the second part of your question. Is it OK to have multiple credit cards with no balances? Yep, that's just fine. Having multiple cards affects your "credit utilization ratio." Only you know how many cards we're talking about here, but the basic idea is that your credit score is affected by how much of your total available credit you've used.

Think of all of your credit cards as a big pizza. When you borrow money, that's like eating a slice of the pizza. The FICO score reflects how much pizza you have left. When you close an account — you're starting with a smaller pizza!

Now, this doesn't mean you should go out and apply for 90 million credit cards, but it also means that you shouldn't worry about having more than one card.

Here's how Fair Isaac explains it:

Say you have 3 credit cards. Credit card 1 has a $500 balance and a $2000 credit limit. Credit card 2 is an unused card with a zero balance and a $3000 limit. Credit card 3 has a $1,500 balance and a $1,500 limit. In this scenario your credit utilization ratio looks like this:

Total balances = $2,000 ($500 + $1,500)
Total available credit = $6,500 ($2,000 + $3,000 + $1,500)
Credit utilization ratio = 30% (2,000 divided by 6,500)

Now, if you decide to close credit card 2 because it's an old card that you never use, your credit utilization ratio looks like this:

Total balances = $2,000 ($500 + $1,500)
Total available credit = $3,500 ($2,000 + $1,500)
Credit utilization ratio = 57% (2,000 divided by 3,500)

You can see that your utilization ratio rose from 30% to 57% by closing the unused credit card.

And finally, are credit card reward points worth it?

If you follow a budget and are not spending more in order to "earn" points — then yes. There's nothing wrong with using a credit card to collect points on things you would have bought anyway. The trouble is that many people don't actually do this.

Reward points are there to get you to spend more, and if you're worrying about it enough that you're writing in to us, perhaps you should take a look at your budget and decide if you're really getting a good deal.

Will closing a credit card account help my FICO score? [MyFICO]
Credit Inquires [MyFICO]
(Photo: ChrisB in SEA )

Pierre says:

I just received a shocking call from American Express.

My small business has had an American Express Business Account for the past two years. Our credit limit was around $25,000 and our average bill was approximately $12,000/month.

We have NEVER had a single late payment and, according to Amex's customer service reps, our spotless payment history is considered "perfect." In fact, most of the time, we pay our full bill prior to the date it is due.

So imagine our surprise when Amex called us today to inform us that our new credit limit on the account was $1,800. When pressed for details, the Amex rep made some vague references to a credit report.

However, our credit report is spotless. The only possible factor could be the fact that, since we are a private company, we do not share our financial information with Dun & Bradstreet.

Our company has bank lines worth several millions of dollars. We have been a loyal Amex customer. In an era where defaults are soaring through the roof, we have consistently paid our bill in full and prior to its due date. Doesn't that count for anything anymore?

Maybe not. The Wall Street Journal says:

Credit-card issuers have been decreasing credit limits in the wake of the subprime meltdown. Folks with good credit scores and solid credit histories are now getting caught in the fray.

"Most banks are cutting their credit limits," says Carol Kaplan, spokeswoman for the American Bankers Association. "They're doing it to everyone."

(Photo: Getty)

Credit Karma [Official Site]

• CreditKarma.com: Gives you your TransUnion score. Advertising-supported.
• E-Loan: Experian score. Scroll down to "One-Time Credit Snapshots" and "Free Credit Score (Credit Score Only)"
• Prosper: Experian score. Information on how to do it here.
• LendingClub: Gives you a letter grade score, which you can use this chart to translate to a numerical score.
• Washington Mutual Credit Cards: Get your Transunion score when you log in.

• Another way these are useful is that if you check in periodically and keep track of the results, you can see how your score fluctuates and try to correlate its delta with any credit-related actions you took during that time. But, if you're shopping for a loan or a mortgage, you will definitely want to pony up the cash and get your real FICO score.

  [via MyMoneyBlog]

In fact, the WSJ says that at the peak of the subprime boom in 2005 over half of the subprime loans went to people with good credit.

By 2006, 61% of subprime loans were going to people with good or even excellent credit scores.

Why?

The surprisingly high number of subprime loans among more credit-worthy borrowers shows how far such mortgages have spread into the economy — including middle-class and wealthy communities where they once were scarce. They also affirm that thousands of borrowers took out loans — perhaps foolishly — with little or no documentation, or no down payment, or without the income to qualify for a conventional loan of the size they wanted.

The analysis also raises pointed questions about the practices of major mortgage lenders. Many borrowers whose credit scores might have qualified them for more conventional loans say they were pushed into risky subprime loans. They say lenders or brokers aggressively marketed the loans, offering easier and faster approvals — and playing down or hiding the onerous price paid over the long haul in higher interest rates or stricter repayment terms.

So why did the borrowers fall for it?

Many borrowers figured they would refinance in a few years before the rate on their loan moved higher — but falling home prices and tighter credit standards in the past year have suddenly made that unrealistic in many cases. "Brokers and agents were telling" borrowers with high credit scores for the past several years "that it was OK" to get subprime loans, "and borrowers were wanting to take on more debt," says Mark Carrington, director, analytical sales and support at First American LoanPerformance.

Subprime Debacle Traps Even Very Credit-Worthy [Wall Street Journal]
(Photo:Getty)

Starting November 1, Experian will allow victims of identity theft to freeze and thaw their accounts for free. Others will have access to the same services, though the charge will vary by state.

Under a law that took effect in July, District residents can place, lift or remove a freeze for $10. Maryland's law will require consumers to pay just $5, but it does not go into effect until January. Virginia has no credit freeze law.

At least 39 states and the District have laws that allow or will allow consumers to freeze their credit files, but many do not take effect until 2008 or 2009.

The credit reporting agencies' newfound willingness to offer credit freezes is a boon to consumers, one made all the more potent by regularly checking your credit report for free.

Agency to Offer Credit Freezes [Washington Post]
(Photo: eva101)

A change can stem from late payments of any kind, a drop in your credit score or the addition of new lines of credit. Bryan found out limits on three cards were actually cut after he took out a home equity loan to pay off some debt.

"Taking out the home equity loan may have possibly been the factor that lowered the credit line," Bryan said.

Consumer advocates say lowering limits is a better way to manage risk than hiking interest rates, but these cuts can lead to trouble if you are not aware and prepared.

"If you don't know your credit line has been dropped, you could go over the limit. And, with most card issuers, that means you'll pay a hefty over the limit fee," Gerri Detweiler, a credit card expert, said.

Some Companies Lowering Credit Card Limits [Chicago Tribune]
(Photo: mojojornjorn)

Utilization basically boils down to this: If you've got a card with a $5,000 credit limit and you're carrying a $4,750 balance, you've got a 95 percent utilization rate. FICO's scoring system — which runs from 300 to about 850 — subtracts points for high ratios. The rationale is that people who are maxing out their cards are perceived as riskier and more likely to fall behind on payments.

On the other hand, say you're carrying a $500 balance on that same card — a 10 percent utilization rate. The FICO system rewards you with extra points because of your moderate and responsible use of available credit.

When a creditor withholds or neglects to report your limit, the FICO software cannot compute a utilization ratio. Typically, it either doesn't use that credit line to compute the score or substitutes your highest reported balance on the account for your actual limit.

A Boost for Credit Scores [Washington Post]
(Photo: garibaldi)

One interesting part of the interview delt with new "alternative" credit scores:

Something right around the corner and clearly here to stay are "alternative credit scores." These are scores, such as the FICO Expansion score, that lenders can use to help assess the risk of a consumer who has had no credit relationships. It could be a teenager applying for credit for the first time, a recent immigrant, a spouse whose partner is gone for whatever reason and has never had credit in his or her own name. Now lenders are beginning to use alternative credit scores in larger and larger numbers. So, for consumers who are just starting out managing credit, the day may soon arrive when instead of filling out long applications and expecting high interest rates and low credit limits, consumers may be treated with the same speed and convenience as the rest of the people who already have an established credit history and a good credit rating.

Credit Scores Demystified [Bankrate]

I emailed you about 2 weeks ago complaining that Progressive Insurance only runs it's credit check every 3 years. Knowing my credit history improved, I thought this unfair and called them.

Since them I received an updated bill and it was $67.50 cheaper (for 6 months)—just based on a new credit check! Obviously if readers credit history worsens, wouldn't recommend an updated credit check, but for most people, if you don't ask for the current credit check, you could be losing dollars.

(Photo:foundphotoslj)

Hello. I read the consumerist every day and since I turn 18 later on this month I wanted to ask how do I start a credit score or getting credit or a loan to start my credit score?

Thank you for your time. :D

• Secured Credit: With secured credit you put down a deposit. If you have no credit history, this is a way to get one. Make sure not to use a shady bank, and make sure the bank is reporting your payment history. This is probably your least attractive option.

• Becoming an authorized user on your parent's account: This can establish a payment history for you if the bank reports it. You'll want to ask.

• Signing up with a credit card that markets to students: Credit card companies like to offer credit to students in the hopes that they'll keep the card after they graduate.They also probably want you to spend a bunch of money. Don't do that part.

To establish good credit, don't apply for a ton of cards at once. Get one and establish a good payment record. Pay off your balance every month to avoid paying interest and getting yourself into debt. Credit card debt is bad. Bad. Bad. Bad.

All things considered, using a credit card wisely is an excellent way to start a credit history. Just make sure it's a good credit history. —MEGHANN MARCO

First Credit Card Tips [Bankrate]
(Photo: hey-gem)

The new version provides collectors with notification when a debtor's ability to pay appears to be improving.
This is especially critical for financial services organizations looking to optimize late stage and charged-off receivables.
The introduction of additional trigger criteria and attributes within Collection Triggers increases the ability for companies to act quickly when new information is available. Subscribers to Collection Triggers are notified within 24 hours when the financial status of a consumer within their collection portfolio has improved.

Experian Now Empowers Collectors With 'Improved Ability to Pay' Consumer Intelligence [PRNewswire]

Unfortunately, companies aren't always equipped to efficiently handle email inquiries, especially if you're responding to a bulk email. Pull your thumb out your mouth and pick up the phone. You might be surprised at the results. — BEN POPKEN

Previously: Help! Gambling Site Threatening To Ruin My Credit

Then, one day, Max read the provisions of the Fair Credit in Reporting Act (FCRA). The FCRA (in so many words) dictates that every person has the right to dispute the accuracy or validity of any item on their credit report with the three credit reporting bureaus (Equifax, Experian, and Transunion). From the date that each bureau receives notice of the dispute, the bureau has 30 days to investigate the dispute. If, at the conclusion of 30 days, if the bureau cannot verify the accuracy of the information in that person's credit report, or the investigation just doesn't get completed in time, the offending item is automatically deleted. Gone. Done. Case closed.
...
Max started his journey with a credit score in the low 500s, and now, in a matter of months, it had crested above 600. Eventually, and through great discipline, Max managed to eliminate every negative item on his credit report, simply by asking for proof that they belonged there in the first place.

As a result, Max's credit score improved to the point where he was able to buy a new car and move into his first house. Before losing contact with Max, I could tell that he had learned from the foolish mistakes of his youth and appreciated the opportunity to reboot his credit history.

How to Lawfully Reset Your Credit History [Make Your Nut]
(Photo: metavariable)

streetlamp: This has been about the 3rd or 4th email
streetlamp: The first one which I responded to they never responded back
streetlamp: But this is the first time they have included a threat of bad credit
streetlamp: Now on my bank statement it says that $20 was sent because I figured maybe my bank was aware it was a gambling site and froze the payment
benpopken: Tell 'em to piss off
streetlamp: That was my latest email to them
streetlamp: But can they do anything about my credit?
benpopken: Even if they ding your credit slightly, it's probably not going to affect your life. You can easily dispute it, and get it removed
streetlamp: Very well then, I just have a very good credit for a 18 year old and that has been the only part that has worried me
benpopken: Do you have a credit card?
streetlamp: 2
streetlamp: and a debit card
benpopken: Do you pay them off in full every month?
streetlamp: Indeed I do
benpopken: Do you have, or are planning to get, a mortgage or any other kind of loan?
streetlamp: I highly doubt that at least while im in college
benpopken: Then you can set up a filter to direct their email to your trash and forget about it
benpopken: Check your credit report in a few months and if they did do anything, dispute it saying they had no basis and it will probably get removed
streetlamp: Okay, sounds good
streetlamp: I never imagined I would ever need to contact you guys but you were the first to pop into my head when I saw this latest email
benpopken: We like to help!

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