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Most Recent News in Credit Report News

  • Federal Trade Commission Reports 5% Consumers having Errors in Credit Reports that makes them less Favorable for Loans

    by Faye Mergel
    Federal Trade Commission Reports 5% Consumers having Errors in Credit Reports that makes them less Favorable for Loans

    The number of consumers having erroneous credit report is indeed staggering in America, which makes it apparent that consumers should regularly check their credit score, and report any erroneous entry that might have crept into the credit report, pulling down the score significantly. If American consumers don’t check their credit reports on a regular basis, they are actually pulling down their credit worthiness, making them most unfavorable for loans. Moreover, it can also make them pay higher EMIs and premium … (more) February 18, 2013

  • Financial Experts Present Three Loans that can be Difficult to Refinance

    by Faye Mergel
    Financial Experts Present Three Loans that can be Difficult to Refinance

    According to the financial experts, if you have purchased a new car with only limited or no down payment, or if you are riding a clunker, it might be difficult to refinance it. The rationale behind it is that you are in debt for more than what is the actual worth of the vehicle, or the total value of the car is such small that the lending company may not be willing to leverage on it if in any case … (more) January 20, 2013

  • Consumers wrongly tagged as Drug traffickers and Terrorists in Credit Reports

    by Faye Mergel
    Consumers wrongly tagged as Drug traffickers and Terrorists in Credit Reports

    Consumers are being tagged as terrorists, arms dealers and drug traffickers without their knowledge by the credit report bureaus. And when they realise this has happened and want to get their name cleared, they are given no option! Sergio Ramirez, a resident of Fremont, California intended to obtain a loan for the car he wanted to purchase. He was in for a shock when he heard that the loan application was rejected because one of the three major credit bureaus, … (more) January 10, 2013

  • Credit Report Hearings Commence in the United States

    by Faye Mergel
    Credit Report Hearings Commence in the United States

    The first hearing of the Senate subcommittee in the US was convened by a democrat from Ohio, Senator Sherrod Brown on Friday. The hearings began to look into the results of the investigation conducted by Dispatch of the three leading credit bureaus, TransUnion, Equifax and Experian. In addition to the inquiry by Dispatch, the investigation has also been conducted by the Federal run Consumer Financial Credit Bureau and also Mike DeWine who is the attorney general in Ohio. In one … (more) December 29, 2012

  • Credit reports ruined by debt agencies

    by Faye Mergel
    Credit reports ruined by debt agencies

    The lack of proper regulations over the credit reports has caused many problems to consumers. A large number of debt collection agencies in the United States have bungled with the credit reports of over thousands of consumers who are facing the brunt of this folly. Many consumers are even being forced to repay debts that they have either repaid in the past or have not taken at all. These facts have been revealed as a part of the continual investigation … (more) November 24, 2012

  • Moody Reports that Risk of Recession Returning for Canada is about 20%

    by Faye Mergel
    Moody Reports that Risk of Recession Returning for Canada is about 20%

    The report of Moody published on September 6, 2012 points out that Canadian citizens have been stretching themselves financially beyond tolerable limits with debt-to-income ratios of most Canadians remaining around 150%, an all-time-high. This leaves very little buffer for protection against another economic recession. In fact, the report specifically points out that debt-to-income ratio of Canadians is higher than the ratio that U.S. citizens faced before the mortgage crisis of August 2008 that led to the ‘Great Recession’. According to … (more) September 18, 2012

  • Learn Ways to Dispute Inaccuracies on Your Credit Report

    by Faye Mergel
    Learn Ways to Dispute Inaccuracies on Your Credit Report

    If you could just be attentive in checking your credit reports, you could possibly find mistakes there and you could have enough time to correct them. It’s very essential to know some important steps to do that. Do you know that a simple name mixed up or typographical errors may mean errors in your credit reports that may mean financial damage later on in life? Because of all of these, the consumer financial protection bureau is currently planning to start … (more) July 20, 2012

  • Keeping as less information as possible in the wallet could save one from identity theft or any other monetary losses

    by Faye Mergel
    Keeping as less information as possible in the wallet could save one from identity theft or any other monetary losses

    As a matter of fact as confirmed by the Federal Trade Commission the identity theft was the number one consumer complaint & this is the 12th year in a row that this problem is winning the deal. At times the wallets can be stuffed to the brim with a lot of receipts making it a troublesome job for the user to carry those in one’s pocket & still not losing them at times. At times these receipts might pop out … (more) June 11, 2012

  • Loan application and the job hunt can be affected by credit report errors

    by Faye Mergel
    Loan application and the job hunt can be affected by credit report errors

    The really bad news about the credit score is that false or incorrect information can also harm it. Recently, a consumer became intrigued about the fact that she was being turned down at job applications for which she was well qualified. While reviewing her credit score report, she found out that there were three fraudulent loans on her name. One of the fraudulent loans was for a home, while the other two loans were for cars. It took this unlucky … (more) April 28, 2012

  • Trend in the rates of different types of credit offered

    by Faye Mergel
    Trend in the rates of different types of credit offered

    During the month of February the consumer credit card rates concerning the rewards as well as non rewards have increased a lot. Whereas the rates of the business credit cards & the credit cards offered to students has remain fixed in these months. There is a visible mixture in the rates of the different types of credit cards offered, yet the trend suggests that the increase in the rates is inevitable among all types of credit cards. Information from the … (more) March 31, 2012

  • Laws regarding the breach of data or credit reports in the US Senate

    by Faye Mergel
    Laws regarding the breach of data or credit reports in the US Senate

    The senate is now checking the balance on both the sides of the pitch before providing its decision on the pass of the Data Security & Breach Notification Act. This was confirmed by a report from the AXcess News house. The passing of the bill will mean that the companies are bound to provide the consumer with two years of free credit monitoring or credit report free of any charges, provided that the records of the customer were lost during … (more) March 29, 2012

  • Do not expect credit scores to improve each time an entry is taken off the credit report

    by Faye Mergel
    Do not expect credit scores to improve each time an entry is taken off the credit report

    One of the consumers in the country who had 3 liens on his home totaling up to $200,000 shared his first hand experience about this fact. The consumer managed to close all the liens he had on his property. Therefore, he assumed that his credit scores would shoot up since a huge debt from his repayment history had been removed. But this was not to be. In the hopes of a better score that would help you find a good … (more) March 27, 2012

  • Improve credit reports for a better job

    by Faye Mergel
    Improve credit reports for a better job

    If you have applied for a job and are waiting for a positive response, then expect a call from your prospective employer requesting permission to access your credit reports. Denying their request may not seem to be the wise thing to do considering your job is dependent on your credit history. Hiring managers are already looking into the Facebook and Twitter accounts of prospective employees, in addition to using Google to find out more information about prospective employees to gain … (more) March 18, 2012

  • Now medical bills also hamper credit report

    by Faye Mergel

    Laura and Mike Park, a couple that managed their finances well, were in for a shocker when they last reviewed their credit history. This Texan couple prided on an impeccable credit report, thanks to their diligent management of credit cards and loans. This couple wanted to make the most of the low interest rates that are currently being offered by banks on home loans. With this intent, they put their current home on sale and decided to purchase a larger … (more) March 6, 2012

  • Foreclosure record can affect ability to get new loans

    by Faye Mergel
    Foreclosure record can affect ability to get new loans

    In pursuit of getting out of a tough mortgage loan through a foreclosure sale of property, though the lending institutions may get to accept an amount less than that of the actual debt, they still consider you to be a defaulter. It has been observed that consumers who settled their mortgage loans through a foreclosure in the past six years are finding it difficult to get a mortgage loan again. This is because the loan strictures have become much more … (more) February 29, 2012