Over 80% of credit reports have errors on them, errors which could be lowering your credit score and keeping you from getting credit or paying more for it than you should. Here’s how to fix them: [More]
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FreeCreditReport.com Just Got Even Less Free
By 4.8.10
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]
Who Is The Weird-Looking Guy In This Ad?
By 2.20.10
If you’ve spent enough time on the Internet without good ad-blocking software, you’ve probably seen the odd-looking fellow on the left. He’s clearly the product of either a very polluted gene pool or a graphic designer with an odd imagination. But why has he become a mascot for mortgage refinancing and other financial products? MainStreet’s Michael Schreiber decided to find out. [More]
Experian Sued Over Deceptive FreeCreditReport.com Ads
By 2.4.10
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]
Sorry, No Mortgage: Experian Says That You're Dead
By 11.21.09
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.
36 Risk Factors Creditors Use To Deny You Credit
By 8.11.09
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.
Will My Credit Score Hurt If I Pay Off And Close My Credit Card?
By 8.7.09
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,
McDonald's Remains America's Favorite Fast Food Restaurant
By 4.20.09
Consumer research company Experian Simmons (yes, owned by Experian), has released a new study of fast food industry covering the past 5 years, and it looks like we still love going to McDonald’s more than any other fast food restaurant.
Experian Stoppped Selling FICO b/c Contract Dispute (FICO '08 Related?)
By 2.17.09
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
VantageScore And PlusScore Are Garbage Credit Scores
By 2.9.09
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.
Experian Yanks FICO Score Away From Consumers
By 2.6.09
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.
How Credit Bureaus Correct, Or Fail To Correct, Errors On Your Report
By 2.3.09
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.
Debunking Five Credit Score Myths
By 1.24.09
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.
Check Your Credit History Year-Round, For Free
By 12.7.08
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:
Hard And Soft Credit Inquiries, And How One Hurts Your Credit Score
By 12.6.08
Did you know that when a company checks out your credit report, it can damage your credit score temporarily? It depends on if the inquiry is “hard” or “soft.” Hard inquiries ding your score, soft don’t. If you’re going to get a mortgage or a car loan, a few points difference translates into a big chunk of change. So how do you know when an inquiry is going to be “soft” or “hard?”
Judge Orders Credit Reporting Bureaus To Strike Forgiven Debts From Records
By 10.1.08
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.
Consumer 101: Get Your Free Credit Report From "Annual Credit Report.com"
By 9.25.08
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.
Really, Credit Bureaus, I'm Not Dead
By 9.5.08
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)…
