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Most Recent News in Credit Report News

  • Debate in congress heats up with credit checks by employers

    by Faye Mergel
    Debate in congress heats up with credit checks by employers

    Most people feel embarrassed when employers ask them to do a credit score test. Would it be fair if employers check on the credit history as a part of the hiring process? And if it is considered fair, where and how should the information be used?  This is the issue that has heated a debate in The House the past months. The House is actually considering of making some changes on the rules which has relationship with the credit checking … (more) November 13, 2010

  • Hawaii, infiltrated by credit card fraud

    by Faye Mergel
    Hawaii, infiltrated by credit card fraud

    The range of identity theft is getting wider and wider each time. As a matter of fact, even the Honolulu Island is already infiltrated by identity and credit card scams. The Hawaii Bankers Association has warned the public of the fraud wherein the thieves or scammers would be calling their victims and leaving them a message and would introduce themselves the prospect victim’s bank. The message states that the back is having some issues with their security system and that … (more) November 11, 2010

  • Number of identity theft cases increasing despite improved security

    by Faye Mergel
    Number of identity theft cases increasing despite improved security

    The problem on ID theft has long been a problem of the US government. According to the figures by FTC, from January 1, 2005 to the present, there are about 540 million of ID theft cases on both businesses and private consumers. This is a very alarming number. What makes the news even more alarming is that 393 out of these cases were due to malware or virus inflicted to a computer. An estimate of one billion dollars is taken … (more) November 9, 2010

  • New credit cards registering record high rates

    by Faye Mergel
    New credit cards registering record high rates

    The interest rates that are offered by many creditors have greatly increased in the past few months. Such increase occurred after the Walmart’s Discover cards have increased its rates. According to some credit card agencies and commissions, the national APR or annual percentage rate on new credit cards are now as high as 14.76 percent; the highest rate ever recorded since 2007. For the past six weeks, this had been the sixth increase on rates. The rates are too high … (more) November 7, 2010

  • Drop on credit balance for 25 consecutive months registered

    by Faye Mergel
    Drop on credit balance for 25 consecutive months registered

    According to the Federal Reserve, the debts of consumers on their credit cards have plunged more than eight million dollars in September 2010 with a mark of twenty five consecutive months on the record. Credit experts say though that wit the very unstable and weak condition of the economy, consumers would still keep using their credit cards to get by. In recent times, with a lot of people still struggling and the economy still trying to recover from the worldwide … (more) November 5, 2010

  • MasterCard third quarter earnings increased

    by Faye Mergel
    MasterCard third quarter earnings increased

    There was a rise of fifteen percent in the third quarter earnings of MasterCard. This was due to the large purchase volume of people from outside the US and more people opted to use their plastic cards rather than cash. Just for the third quarter, MasterCard has earned $1.43 billion. The company had credit and debit cards offered to its consumers. But with the economic crunch and the personal choice of more consumers to use cash over their cards or … (more) November 3, 2010

  • New card policy not showing impact says consumers

    by Faye Mergel
    New card policy not showing impact says consumers

    Last Wednesday, November 3, 2010, the Federal Reserve announced that it will be coming up with some moves to support and strengthen the weakening economy in U.S. But the Fed would like to clear that the said changes will not be the same as the traditional ones which affect the monetary policies. They have made sure that such changes would not be in a direct manner be affecting the card holders. After the meeting that took place for two days, … (more) November 1, 2010

  • Credit report: an indication to one’s honesty

    by Faye Mergel
    Credit report: an indication to one’s honesty

    Many employers have admitted that they actually check and examine an applicant’s credit report to determine his or her trustworthiness and responsibility. But is it really a good indicator of one’s honesty? Companies have long been using the credit report as a determining factor on how one could manage his obligations financially which can also gauge their performance in carrying out their tasks at work. Aside from checking the credit report, many businesses like banks and financing companies actually run … (more) October 29, 2010

  • Illinois’ new law prohibits employers of credit check on applicants

    by Faye Mergel

    The practice of checking an applicant’s credit report is pretty much dominant in America. Employers use the reports as a determining factor whether or not a person fits the job or not. But the state of Illinois has come up with a law prohibiting such practice. A lot of employers make use of all the information in a customer’s files on credit as a way to gauge his or her honesty, responsibility and trustworthiness.  But most of the pro consumer … (more) October 27, 2010

  • Tran’s union errors led to $100,000 punitive damages

    by Faye Mergel

    The US Court of Appeals for Third Circuit has prevented the damages on the verdict which was against one of the major credit bureaus, the TransUnion for incorrect reports about a certain woman and including her on the list of OFAC. The credit bureau in question has its headquarters at Crum Lynne, Pennsylvania. Trans Union has entered some information about a certain guy named Quintero who was suspected to be a narcotics trafficker on the credit report of Sandra Cortez. … (more) October 25, 2010

  • Fannie mae clears rumors about second credit check requirement

    by Faye Mergel

    Reports have been flying around the housing sector recently that banks would have to run a second credit report on you hours before putting your property in to foreclosure began circling. This latest rumour seems to be based on the fact that a couple who were evicted from their home were actually in perfectly good financial standing at the time that the notice was served. They then took a civil action case against the finance company, and they won. Fannie … (more) October 23, 2010

  • Report shows online shoppers run greater risk of fraud

    by Faye Mergel

    According to the report released as a result of the study commissioned by Select Committee on Intelligence, getting involved in some online transactions or activities can put consumers at risk; risks that can affect their credit report and scores. There are around 10% of consumers who make a purchase online or enroll in a service and this makes up ten million people making an online purchase everyday. According to the study, majority of online shoppers go ahead and proceed with … (more) October 19, 2010

  • Employee held accountable for fraudulent purchases on company credit account

    by Faye Mergel

    After long deliberation, debates and a number of factions, an employee from a big company had been held liable through the decision of the High Courts for a transaction made out of fraud in the company’s credit card. This news surely brought interest to the public but at the same time brought doubts and complexities as well. It all started with a company credit card stolen from the employee’s home. With all the other stolen ID’s and pertinent information, the … (more) October 17, 2010

  • Gradual Decline on American Credit Score, Statistics Shows

    by Faye Mergel

    With the most recent statistical figures released in the USA, it had been found out that an average American consumer is experiencing a more difficult financial situation and pressure than the past years most especially in the aspect of repaying their debts. The past year, more than forty-three million people’s credit score is hitting the mark which is as low as 599. This figure clearly states that more and more of the US consumers can’t pay their bills on time. … (more) October 15, 2010

  • Firms Warned to Issue Full Disclosure

    by Faye Mergel

    Managing their credits has always been one of the issues people in US have been working at for some time now. As a step towards this, there has been emphasis on checking the credit report and ensuring there are no errors in the credit history. People are encouraged to check their credit reports to make sure they are not paying excess due to errors in the credit history. To facilitate this practice, there has been news about companies in US … (more) October 13, 2010