Credit Report Archive for September, 2009

• Credit Report Check Often Neglected During Car Loan

  by Faye Mergel
  

  Consumers often do not bother to check their credit report when purchasing a new car which is why clients fail to get the best deals for themselves, according to a private auto lending company. The report reveals that most consumers go immediately to car dealers without even knowing if there are debts in their accounts which they do not really owe. The auto financing firm, which has multiple bases in the country, reveals that many consumers get very high interest … (more) September 30, 2009

• Weeklong Activity to Highlight Credit Report Check

  by Faye Mergel
  

  A weeklong awareness campaign is set to highlight the importance of credit report check in the prevention of identity theft. The activity will also provide consumers information on how to protect themselves and their finances against the fastest growing crime in the United States. A private nonprofit organization aims to educate consumers about identity theft, a crime which has victimized 10 million Americans in 2008. This is a 22% rise from the previous year. The awareness campaign, which will run … (more) September 30, 2009

• Equifax Stops Selling Credit Reports to Employers

  by Faye Mergel
  

  Equifax will no longer sell credit reports to employers who use the files for applicant screening. The Atlanta-based credit reporting agency (CRA) said they came up with the decision this week, reasoning out that the practice is does not really determine the performance of an employee. There is no law yet that prohibits the CRAs from selling credit reports for employment purposes and the Fair Credit Report Act (FCRA) still allows employers to peek into these files under the consent … (more) September 30, 2009

• Collegians Should Check Report Regularly Too

  by Faye Mergel
  

  Experts always advise adult consumers to check their credit report regularly to avoid identity theft. However, with the rising incidents of identity theft among college age groups, scam investigators say that students must take extra precautions, too. Cases of identity theft are rising with college victims falling into scammers’ traps more often. The usual scamming venue: the Internet. There are many scam websites which pretend to be legitimate dealers of student items such as books. They solicit information from students … (more) September 26, 2009

• Bill to Limit Credit Report Check Proposed

  by Faye Mergel
  

  According to the Society for Human Resource Management, 43% of employers pull out credit reports of job applicants as part of their background check. However, this practice could change by the end of the week. Antonio “Tony” Mendoza of the 56th District in California aims to pass a bill which will limit job categories for which employers can check the financial and debt status of candidates. Assembly Bill 943 will prohibit employers from checking credit reports of job candidates unless … (more) September 26, 2009

• Beige Book Finally Opened, Crisis May Extend

  by Faye Mergel
  

  The much anticipated Federal Beige Book was finally published last Tuesday. Economists already made their predictions a week before, but it was still a shocking Tuesday for them. Some were concerned that this present consumer behavior will only lengthen this recession. The Beige Book is a report which the Federal Reserve Board publishes eight times a year. It contains information on the condition of the national economy from data provided by twelve Fed Reserve Districts, which run from Boston all … (more) September 25, 2009

• Debt Settlement, a Credit Report Blemish

  by Faye Mergel
  

  The debt settlement industry in the United States is on a steady rise for the last few years. This is simply because more and more Americans are willing to go into settlements instead of paying off their debts in full. This frees many consumers from debt, but it is a negative mark they will have in their credit report. Based on the latest census by the Federal Reserve Board, the total debt of American consumers nears 2.6 trillion dollars. That … (more) September 25, 2009

• Consumer Advocates: Guard Credit Reports from Aggression

  by Faye Mergel
  

  Market analysts warn students about the aggressive marketing strategies that card issuers are taking. Starting February next year, card companies will be prohibited by federal law from signing up college students who are below 21 years old. This is part of the gradual implementation of the new credit law which kicked off last August. However, card companies are not giving up that easily. By February 2010, 21-under students can no longer sign up for a card unless they can show … (more) September 25, 2009

• Disputing Debt for Free

  by Faye Mergel
  

  Accurate bad information cannot be removed from a consumer’s record in credit reporting agencies (CRAs) such as Equifax, TransUnion, and Experian. However, consumers have the right to dispute negative items stated in credit reports which are inaccurate or outdated. To fix inaccuracies, a consumer must first obtain a free copy of his credit report through any of the legitimate websites that offer them such as, “annualcreditreport.” This government-sponsored site provides consumers with a free copy immediately after providing the requested … (more) September 25, 2009

• Top Reasons for Poor Consumer Credit Report

  by Faye Mergel
  

  An average person has thirteen credit obligations. Credit cards, auto loans, and mortgage loans are just some of the financial responsibilities that consumers face day to day. With huge and multiple debts, many Americans suffer financially. Managing debts is difficult for an average consumer which is why most people get a dismal look on their face when they view their credit reports. The fall in the job market is one of the major reasons why reports do not look good … (more) September 25, 2009

• Counseling: How It Affects Your Credit Report

  by Faye Mergel
  

  Creditors inform credit reporting agencies (CRAs) about debtors who participate in debt counseling programs. Joining in such programs can help consumers manage their debts better, but it adversely affects the creditworthiness of a person. Counseling involves teaching consumers how to manage present debts and how to avoid incurring more debts in the future. This is done by private individuals in exchange for a fee.  Counselors also help consumers pay off their debt through the solutions they provide. This solution is … (more) September 25, 2009

• July Consumer Credit Report Anticipated

  by Faye Mergel
  

  The Federal Reserve will release the Beige Book this coming Tuesday. Credit specialists expect lower activities in the debt sector due to the Car Allowance Rebate System (CARS) which took off on the first of July last month. The Beige Book is a document which the Fed Reserve publishes eight times a year. It determines how well the economy is doing through information provided by banks from 12 Federal Reserve Districts. What is in it for people who do not … (more) September 25, 2009

• Credit Report Advice: How to Deal with Discrepancies

  by Andy Snyder

  If you have already seen your credit report, even at least once before, you will already know that credit reports are not the most accurate and perfect documents in the world. Usually, most of them are even full of errors that can give you quite a headache. Especially since not every company you transact with are efficiently reporting all of your information to all of the three credit bureaus, you can be sure that there will be a lot of … (more) September 20, 2009

• Basic Things You Should Know About Credit Reports

  by Andy Snyder

  Basically, your credit report is your financial records. It documents your every loan, expense, and payment. It is also the most solid reflection of how you handle your finances. This is why you should pay a lot of attention to your credit report and history, as improving and maintaining it almost immaculate can bring in a lot of benefits for you. However, in doing this, you must learn first the most basic things that you would need to know about … (more) September 20, 2009

• Pay Attention on Credit Reports and Avoid Identity Theft

  by Karen Anderson

  Saying that credit card use is popular among American consumers is already an understatement. Actually, more people in America are already using credit cards that cash in their respective transactions. Truly, spending by the credit is already a fact for millions of people. Consumers can now use their credit on almost all of their spending activities. Commercial institutions have already accepted this fact, and are even encouraging customers to get additional store credit cards. However, there are also many risks … (more) September 20, 2009