A friend of ours recently took his Air Force application tests and was told he qualified for every job, except those with Top-Secret classification, because his credit score was too low.
credit reports
One Unpaid Bill Is Not Going To Ruin Your Credit Score
By 9.18.07
We get many tales of consumer disputes and a common situation we hear of us is where customers are dissatisfied with a product or service, refuse to pay until its fixed, and the business, usually a small business, threatens to “ruin” the customer’s credit score over the item. (For some reason, the word “ruin” is always used).
FICO Expanding Number Of Bad Credit Categories, Overall Score Fluctuations Expected
By 8.13.07
Besides closing the authorized user piggyback loophole, another change in the new FICO score system is that the number of categories for risky debtors will go from two to four, reports the News&Observer. There will remain 8 categories for good credit, brining the total number of rankings to 12.
FICO Removing "Authorized Users" From Calculations; Credit Piggybackers Scores Dropping
By 8.13.07
No longer will consumer credit scores be able to get a free ride on another’s credit report; FICO has removed “authorized user” accounts from their calculations.
You're Never Too Young To Have Your Identity Stolen
By 7.25.07
The NYT has an article about Gabriel Jimenez, a 25-year-old who has been battling an identity thief for half his life. His SSN was stolen and used by an illegal immigrant when he was 11, and it’s been a nightmare ever since.
By 7.24.07
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Most so-called “free credit report” sites are total fucking scams. [The Red Tape Chronicles]
By 7.16.07
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Updated old Reach TransUnion Executive Customer Service post with new information: Cindy Hennessey, assistant to David Wolff, VP of Consumer Service. (312) 985-2000, press 2, dial extension 3802
Consumer Sues Choicepoint For Saying She Was In An Accident She Wasn't In
By 7.16.07
Angie Duckworth is suing Choicepoint and State Farm for $75,000+ for reporting her as being in an accident she wasn’t in, and messing up her credit report.
By 7.13.07
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20 must-know credit scoring terms so you will know how to understand your credit report [Bankrate] (don’t forget you can get your free credit report at annualcreditreport.com)
By 7.9.07
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Straight talk about the convoluted world of credit scores from author Evan Hendricks, who says it’s all a game to make you cough up more dough.
How Frank Abagnale Protects Himself From Identity Theft
By 7.4.07
How does Frank Abagnale, an infamous check forger in the 60’s, protect himself from modern day identity thieves?
By 6.29.07
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Money Crashers shares some ideas for fighting Universal Default, the practice whereby if you fall behind on your payments with one lender, they alert other lenders, who then use that as an excuse to jack up your rates.
Key Parts Of 2003 Fair And Accurate Credit Transactions Act Still Unimplemented
By 6.20.07
Major parts of the 2003 Fair And Accurate Credit Transactions Act (FACTA) still haven’t been put into practice, says Chi Chi Wu, staff attorney at the National Consumer Law Center, in an LATimes article. Here’s some of the things that are missing:
House Financial Services Committee Holds Hearing On Credit Report Inaccuracies
By 6.19.07
The House Financial Services Committee wants to know why it is so difficult to dispute inaccurate information on your credit report. You can watch the hearing live thanks to a webcam connected to the tubes.
The hearing will examine factors that continue to contribute to inaccurate consumer credit reports and evaluate the adequacy of the consumer dispute process under the Fair Credit Reporting Act (FCRA). In addition, the Committee will hear recommendations for improving the process and efforts that furnishers, credit bureaus and the regulators are taking to improve the accuracy of credit report information and will review the status of key rule makings and studies mandated by the Fair and Accurate Credit Transactions Act of 2003 (FACTA) related to the accuracy of information furnished to consumer reporting agencies and the adequacy of the dispute resolution process.
Hot! The Committee will hear testimony from the FTC, the Federal Reserve, consumer advocates, and industry representatives. Not invited to testify: The Consumerist. Don’t worry Chairman Franks, you can invite us to the next hearing. — CAREY GREENBERG-BERGER
6 Things To Do When You Lose Your Wallet
By 6.18.07
Losing your wallet is a major drag but if you act quickly you can mitigate the fallout, writes The Mint Blog:
Be Your Own Credit Repair Service
By 6.3.07
Ever wonder how credit repair services work? According to the FTC, they take your money, often illegally, and then perform services that are available to any and all consumers. The shops start by charging an initial registration fee from $20 to $100. This is against federal law, which prohibits payment until the repair has been performed. The shops then charge a fee to obtain your credit report, even though you can access one free copy of your report each year at AnnualCreditReport.com.
Beware Address Fraud
By 5.14.07
Identity thieves can take over your accounts, just by swapping their address for yours with your financial institutions. Banknet360 elucidates how this works:
