Most Recent News in Credit Report News

• Why You Should Learn to Read Your Credit Report

  by Faye Mergel
  

  A common mistake amongst a lot of credit cardholders is that they do not really take time to learn how to read credit reports. Back in the day, this would be understandable because credit reports were quite difficult to read. Today, however, credit reports are much easier to handle. Moreover, cases of identity theft have been increasing not just in America, but all over the world. Thus, there really is no reason cardholders should not take initiative in learning how … (more) March 3, 2010

• Fed Takes Steps Against Shady Web Sites Offering “Free” Credit Reports

  by Faye Mergel
  

  Owing to the delicate situation of the economy, consumers are keeping a close eye on their finances and making sure that they will not be getting any surprises in their credit standings. The increased consciousness among consumers regarding their credit standing has led to an increase in consumers taking the time and effort to check out their credit reports. Checking out their credit reports is perhaps one of the healthiest things that consumers can do regarding their financial standing. In … (more) March 1, 2010

• Juggling With Debt To Rebuild A Damaged Credit Score

  by Faye Mergel
  

  A high number of consumers are dealing with bad credit scores right now. A lot of them got surprised by the economic crisis and overextended their credit. A few were irresponsible borrowers to begin with. Some may have had to take out loans and lean on their credit cards due to some emergency such as serious health problems. Whatever the case, consumers with bad credit scores need to rebuild their credit as quick as they can considering the importance of … (more) February 25, 2010

• Safer Credit Report Checks Through The FTC

  by Faye Mergel
  

  The economic climate right now has really forced consumers to be very critical of their finances. Failing to keep an eye on their finances in this economic downturn could be disastrous for consumers. Now more than ever, it is very important for consumers to check their credit reports. The need for constant credit report monitoring is not going unnoticed among the more entrepreneurial in the credit industry. A lot of consumers are getting offers, especially online, for credit report checking … (more) February 23, 2010

• Easier Fraud Detection When Consumers Monitor Their Credit Reports

  by Faye Mergel
  

  One of the biggest concerns among consumers today is identity fraud. It was bad enough a few years ago and now, with the current economic scenario, cases of identity fraud have gone up considerably. According to a research done by Javelin Strategies, there was a one in twenty chance of a consumer being a victim of identity fraud in 2009, an increase of 11% compared to the previous year. The risk exposure among consumers differentiate considerably depending on the consumer. … (more) February 20, 2010

• U.S. Consumers Get Free Credit Reports Annually

  by Faye Mergel
  

  Consumers from the United States will be happy to know that they are entitled to a free credit report annually courtesy of the U.S. government. This is part of the regulations included in the Fair Credit Reporting Act or FCRA. A credit report is an important document for American consumers because it helps them keep track of their finances and understand their credit scores. Most consumers know very well the impact that their credit scores can make in their financial … (more) February 16, 2010

• 7 Year Limit For Foreclosures In Credit Reports

  by Faye Mergel
  

  Foreclosures, though consumers are loathe to admit it, have been wide spread during the past two years. Driven primarily by the economic crisis, foreclosures have become the bane of consumers. A foreclosure is a disastrous event for consumers. It can severely damage the confidence of a consumer and can dash their hopes and dreams in one fell swoop. An even more daunting and long term effect of foreclosures is the negative mark that it will make in a consumer’s credit … (more) February 14, 2010

• Guessing Consumer Income From Credit Reports

  by Faye Mergel
  

  Come February 22, the new Credit CARD Act goes into effect. This will mean a lot of changes in the credit industry, most of which are going to require a lot of adjustments not only from credit card issuers but from credit card holders as well. Case in point: credit issuers may soon be using credit reports to guess just how much income a consumer is making so that they can properly gauge whether they should be giving credit to … (more) February 9, 2010

• Legislation Loopholes Can Damage Credit Report

  by Faye Mergel
  

  Legislators are eager to promote the interest of consumers and protect them from unfair lending practices. However, analysts say new legislations have unintended consequences which are costing consumers big time. Cardholders know that keeping their credit report impressive can save them lots of money. They could avail cards at lower interest rates and even get credit cards with very high limits. But as the CARD Act nears its full implementation date—February 22—banks have tried to change policies and terms in … (more) February 2, 2010

• Not So Fast, Say Creditors

  by Faye Mergel
  

  Several consumer advocates have recently called out on homeowners to walk away from their mortgage if their property is way underwater. Despite the damage it will cause on a credit report, it will at least free consumers from an enormous financial burden. But John King knows things are not that easy. Two years ago, he stopped paying the mortgage for his home in Coral Gable, Fla. He thought reaching a foreclosure was the end of it all: no more monthly … (more) January 31, 2010

• Tennis Enthusiasts Top Victims of ID Theft

  by Faye Mergel
  

  A recent report reveals wealthy consumers who are fond of tennis and other leisure activities such as skiing and international travel are at greater risks of becoming identity theft victims. Identity thieves are extremely difficult to stop because of the many ways they can work their crime out but consumers can prevent crooks from using their accounts if they check their credit report regularly. This week, credit bureau Experian issued a report revealing that wealthy suburban consumers are the top … (more) January 30, 2010

• ID Theft Rises in Provincetown, MA

  by Faye Mergel
  

  Technology has made life easier for many. However, it has also made life easier for identity thieves as they now have more ways to steal from unsuspecting consumers. This week, authorities in Provincetown, M.A. reported that cases of ID theft in the area has gone up, prompting them to remind residents of the importance of reviewing their credit report. Any transaction completed under a person’s name is recorded on his credit report. In cases of identity thief, a victim can … (more) January 29, 2010

• Debt Settlement May Not Be a Bright Idea

  by Faye Mergel
  

  It has been weeks since consumers finished listing their New Year’s financial resolution but many of them are still months away from being able to remove those Holiday debts off their credit report. This situation though is hardly unusual. In October last year, 13.5 million American consumers were still grappling with the credit card debts they acquired during the 2008 Holiday season. There is, however, a little twist on this year’s financial situation for consumers: the implementation of new federal … (more) January 28, 2010

• Accurate Credit Report Essential to Excellent Consumer Rating

  by Faye Mergel
  

  Consumers can get lower interest rates on their mortgage if they have a high credit score. But their scores at times suffer because of the inaccuracies on their credit report. Consequently, this causes them to lose hundreds of dollars on monthly mortgage payment, as inaccurate credit reports make them pay higher than they deserve. Experts highly suggest checking those documents for inaccuracies, as they can cost more than consumers could imagine. The three major bureaus—Equifax, TransUnion, and Experian—leave it up … (more) January 27, 2010

• Road to Financial Fitness Starts with Credit Report

  by Faye Mergel
  

  Anyone who has a financial resolution this year is most likely to include credit score improvement in it. Tidying up a FICO credit score can help a person get better loan rates at banks, mortgage lenders, and other creditors. Additionally, it allows one access to lower premium rates from insurers and more affordable monthly rent from landlords. But many people who want to boost their ratings do not know how to do it, prompting finance advisers to give their own … (more) January 26, 2010