Credit Report Archive for January, 2010

• Bank Re-introduces the “Other” Plastic

  by Faye Mergel
  

  Trimming down debts is one of the most popular New Year’s resolutions in 2010, a sign that credit cards will be less popular this year. Many do not want to see more late payments and delinquencies on their credit report, which is why they are holding fast to their resolution. While some consumers are seeing their options on debit cards, others are eyeing charge cards as the plastic they want to start their new financial decade with. Charge cards do … (more) January 19, 2010

• EIU Students Saw Damage on Their Credit Caused by ID Theft

  by Faye Mergel
  

  Identity theft experts say college students can be easier targets by crooks. Students of Eastern Illinois University (EIU) could well attest to that. A computer virus has just recently put the personal information of thousands of students and college applicants at risk for ID theft, leaving them worried about what could happen to their credit. However, specialists assure students that they can prevent crooks from causing damage if they keep track of their credit report. Financial health coordinator Jackie See … (more) January 18, 2010

• Big Banks Target of ID Thieves

  by Faye Mergel
  

  Many consumers prefer choosing big names like Chase Bank, Bank of America, and Wells Fargo. However, some experts warn that identity thieves are more likely to attack major banks, placing their clients in greater risks for ID theft. Experts say there is not much consumers can do to stop crooks, but they can keep their identities from being stolen by checking their credit report regularly. Phoenix-based Merchants Identity Theft Advisory Board warns that clients of major banks have greater chances … (more) January 17, 2010

• Why should you avoid frequent credit enquiries?

  by Andy Snyder

  The credit score has become a very important indicator of a person’s credit activities. It is important to lenders who want to find out how reliable the person is and it is also of very great importance to the common man who wants to go out and get a loan. We will now try and understand how exactly a credit report enquiry will affect your credit score. An enquiry is generally done by a lender or person who is interested … (more) January 17, 2010

• Consumer Credit Report: Decline in Borrowing, Highest in Nearly Seven Decades

  by Faye Mergel
  

  The Federal Reserve’s consumer credit report released this Friday showed another decline in consumer borrowing for the tenth straight month in November. Analysts were stunned by the huge decline in borrowing, which is the highest since the economic crisis of the 1930’s. Consumers might be able to save more money as they continue to cut back on their spending, but analysts worry that such reluctance to spend might stall recovery that the United States is working very hard to achieve. … (more) January 16, 2010

• Options Laid Out for Homeowners Facing Foreclosure

  by Faye Mergel
  

  Finance advisers do not want to see more Americans lose their homes this year, but they believe it is best to let them know what their options are when facing imminent foreclosure. There is no option that will not cause any adverse impact on a credit report, but consumers can at least choose one that would best suit their situation. Many states across the country saw rapid increase when it comes to foreclosure rates. In California, 40 percent of its … (more) January 15, 2010

• Thousands of Consumers May Have Been Denied Because of Credit Report Errors

  by Faye Mergel
  

  Credit bureaus do not do the dirty works themselves. Instead, they hire people who review public records for them to get more information about consumers. These public record vendors search through local courthouses for judgments against a person, such as delinquencies, repossession, foreclosure, or default. However, some experts warn that those hired sleuths often make mistakes, causing thousands of consumers to be denied of credit or insurance because of erroneous credit report information. Equifax is currently facing federal class action … (more) January 14, 2010

• Being in the Know with Credit Report Tips

  by Karen Anderson

  The pressures and frustrations of getting a high credit score and improving credit reports can be too pressuring and even too frustrating for a credit account holder to handle. But pressures can be lessened and frustrations can turn into motivations if credit account holders will see the beauty and necessity of using credit report tips to their advantage. This advantage can only be achieved if the credit account holder will integrate these tips with the actual situations and dilemmas in … (more) January 14, 2010

• Terminating a Contract Early Have Adverse Impact on a Credit Report

  by Faye Mergel
  

  Getting out of a contract early can mean being free from another financial obligation. However, specialists warned that early termination fees can have adverse impacts on a credit report and can cost consumers a lot more than they think. As consumers get squeezed for cash in the unpredictable economy, many of them are looking to terminate contracts early to give themselves more room financially. Cutting cellular phone plans, cable services, or gym membership is one of the first things consumers … (more) January 13, 2010

• Understand factors affecting your credit report

  by Andy Snyder

  The credit score is based on a number of factors, but before going into that let’s try and define the credit score. The credit score is a three digit number which defines how credit worthy you are. It is basically based on the credit report. The credit score was first developed by the fair Isaac and company, a company which records all the credit information of people. The credit score was previously not available to the public, but after a … (more) January 13, 2010

• IRS Maneuvers Not Good for Credit Report

  by Faye Mergel
  

  Consumer advocacy groups complained that IRS agents are using property liens in order to force taxpayers into paying delinquent taxes. Advocates say such maneuvers can damage a credit report, which further hurts the already struggling American. Moreover, they view this practice as against the taxpayer protection law passed by the United States Congress in 1998. Taxpayer advocate, Nina Olson, said the Internal Revenue Service increased its use of liens even if it cannot show any evidence that liens have indeed … (more) January 12, 2010

• Lessees Advised to Think Twice Before Returning Car to Dealership

  by Faye Mergel
  

  Instead of falling way behind their payments, many lessees are thinking of bringing their car back to the dealership and letting go of the key they have been holding on for months. While this could free them from one considerable financial burden, experts warn that this could have a more adverse effect in the long run, especially when it is recorded on their credit report. A survey by CNW Marketing Research reveals that about 24 percent of lessees who walked … (more) January 11, 2010

• Employers Need to be More Cautious in Handling Job Applicants’ Credit Report

  by Faye Mergel
  

  After the economy suffered a huge downfall a few years ago, employers started to believe that the success of their company largely depended on people who knew how to manage their finances well. More and more employers are now checking the credit report and credit scores of job applicants before making hiring decisions. Some of them even refuse to promote an employee if there are numerous black marks on his credit report. However, consumer advocates warn that employers will have … (more) January 10, 2010

• Credit Report Blunders Affect Both Card Users

  by Faye Mergel
  

  It is quite common to see couples share credit card accounts, but experts remind card users that their actions have consequences to their partners. Authorized users can benefit from sharing an account with another person since the credit bureaus will begin merging credit report information once a card is shared. Sharing an account with a person who has an excellent payment history and wise spending habit can make one appear less risky to creditors. This allows authorized users to get … (more) January 9, 2010

• San Diego Lawyer Refuses to Pay Card Debts to Bank of America

  by Faye Mergel
  

  San Diego Lawyer Ben Pavone sent a letter to Bank of America last week telling the card issuer that he is not paying his credit card debts unless his interest rate is lowered. He also threatened to sue BofA if they try to ruin his credit. Late payments and delinquencies on card debts is one of the major black marks that lenders do not want to see on a credit report, specialists note. Pavone is not happy that his card … (more) January 8, 2010