Most Recent News in Credit Score News

• New rules from fed reserve with regard to credit scores for consumers

  by Brian Anderson
  

  The credit scores will now have to be disclosed by the banks and other institutions if they use it to revoke credit, deny, or change the existing terms. All the related information along with the credit scores will have to be sent to the consumers who are denied credit based on these scores. The Fed Reserve Board and Federal Trade Commission have come up with these new regulations that would be effective from the 21st … (more) July 18, 2011

• One way to hurt your credit score is by using your company credit card

  by Brian Anderson
  

  If you are out on a business lunch, you may want to flash your company credit card. It may seem like you would be able to drive home a point. But think twice before you do that. Although it may eliminate the burden of having your business expenses on your personal credit card, there is a lot of hidden risk in a corporate credit card that may ruin your credit score. These corporate credit card accounts are set up by … (more) July 16, 2011

• The businesses in Florida have adjusted to lower creditworthiness

  by Brian Anderson
  

  Floridians are facing a lot of challenges as most of them have seen a dip in their credit scores in the last few years. The average credit scores have fallen at thrice the rate in Florida when compared to the fall in the average US credit score prior to the recession. This information comes from the credit bureau Experian. This makes it difficult to get loans, insurance, and even ruins the employment prospects. But there is also an upside to … (more) July 12, 2011

• Medical bill collection accounts could ruin your credit score

  by Brian Anderson
  

  There are some things that could ruin your credit score and the medical bill collection accounts that are hidden inside millions of credit files are certainly one of them. Even though the bills may have been settled or paid in full years ago, this can still have an impact on your housing loan. Although this may sound farfetched, some experts from the mortgage industry claim that these medical collection records play quite a significant role in bringing down a person’s … (more) July 7, 2011

• Rebuild your credit history and improve your credit score when you have multiple card debts

  by Brian Anderson
  

  There are a number of advisers who have been prompting customers to take a look at their finances in the month of June as they hope to end the second half of 2011 on a positive note. Presently consumers are a big mess financially and most of these individuals can’t seem to find a way out of this financial mess that they are in, though they earnestly want to improve their credit scores. Most individuals seem to have multiple debts … (more) July 2, 2011

• Financial mistakes that impact your credit score

  by Brian Anderson
  

  There are some things that can seriously affect your credit scores. Late payment of bills is one such thing, foreclosure, and bankruptcies are the others. All of these financial blunders can cause a serious dip in the credit scores. There is some amount of mystery regarding the way the FICO scores are calculated and no one really knows the precise detailing that goes into the calculation of the FICO score. However, it is important to understand that the FICO score … (more) June 20, 2011

• What happens to your credit scores when you close your credit card with zero balance

  by Brian Anderson
  

  Most of us would have struggled with bad debts on our credit cards at some point in our lives and when we finally manage to clear the balances on our card, it is only natural to feel relieved and may sometimes think of bidding to our cards goodbye. But think again before you decide to close the card after it has been paid off. There are two things in the credit rating system that could come back to haunt you … (more) June 15, 2011

• What can you do about your FICO Score and how is it determined

  by Brian Anderson
  

  Many of us try our best to get the best APY on our investments, which is a good thing. However, the money should also work the way it is supposed to and in order to do that you must ensure that it can beat the existing inflation rates, so that you don’t end up losing the value of your hard-earned money. But if you are carrying forward a huge balance on one of those high-interest credit cards or have other … (more) June 8, 2011

• Simple things that could be damaging for your credit scores

  by Brian Anderson
  

  It is a well-known fact that having credit card balances or making late payments can be very damaging for your credit scores. But there are other things that could be equally damaging for your credit scores. Even some of the very innocent actions can ruin your credit rating. Using your debit card to rent a car Some of us learn about these things the hard way. These seemingly unimportant things can have such a huge impact at times. If you … (more) June 2, 2011

• Know if your credit scores are good enough

  by Brian Anderson
  

  An increasing number of consumers are making use of the offer for free credit scores and finding out their scores to gauge their ability to avail loans and credit cards. However, most of them are still unable to understand if their credit score is actually good enough to guarantee a secure financial life. It is important to understand the implication of credit scores to know the various options you can choose from if faced with a financial crisis. The credit … (more) May 25, 2011