Credit Score News, Tips & Advice
Website CertifiedPrivacy Protected

Most Recent News in Credit Score News

  • EEOC weighs the legitimacy of using credit histories through a public meeting

    by Brian Anderson
    EEOC weighs the legitimacy of using credit histories through a public meeting

    To be able to analyze different points of view when it comes to the very controversial use of credit histories, the United State’s Equal Employment Opportunity Commission (OOEC) led various groups to a public meeting. Representatives from different groups and organizations, Federal Trade Commission and social scientists attended the said event. The two sides of the coin were defended accordingly by groups and organizations. The National Consumer Law Center (NCLC) stressed the “Catch 22” situation that the use of credit … (more) March 30, 2011

  • Law prohibiting employers’ credit history use in Illinois becomes effective January 2011

    by Brian Anderson
    Law prohibiting employers’ credit history use in Illinois becomes effective January 2011

    Governor Pat Quinn recently signed a bill into a law which regulates the employers’ utilization of credit histories to identify, who they hire and who they will promote. This law aimed at eliminating the hindering factor for jobseekers, who earned negative credit scores, due to the economic recession. According to Governor Quinn this newly implemented law will prevent employers from using information that is not proven to be an indicator of a person’s job performance abilities and character such as … (more) March 25, 2011

  • Filing disputes can now be done directly to merchants

    by Brian Anderson
    Filing disputes can now be done directly to merchants

    To increase the accuracy of the information that furnishers provide credit-reporting agencies, the Federal Trade Commission, under the Fair and Accurate Credit Report Act of 2003, requires furnishers (typically the merchants), to investigate the questionable information they report to credit reporting agencies. Indeed, consumers can now go directly to the source of questionable information they spotted, on their credit reports. The furnisher must investigate the filed dispute and they must forward notice to the credit bureaus about the resolution of … (more) March 17, 2011

  • FTC’s efforts to help consumers now being magnified

    by Brian Anderson
    FTC’s efforts to help consumers now being magnified

    Director of the Federal Trade Commission’s Bureau of Consumer Protection (FTC), David Vladeck, confirmed their accomplishments of the projects mentioned in the 2003 Fair and Accurate Credit Transactions Act (FACTA) In the recent years, Vladeck magnified the efforts of the Federal Trade Committee to ensure that consumers’ credit reports will be more accurate. This helps consumers by preventing them from  being victims of identity theft and to pursue more transparency in making consumers more informed about their financial situations. The … (more) March 11, 2011

  • Man steals identity to buy car for protecting his credit score

    by Brian Anderson
    Man steals identity to buy car for protecting his credit score

    A man has been arrested after using another person’s identity in purchasing a BMW according to Orange County authorities. The Jamaican immigrant who stole another’s identity told that he does not want his credit score suffer because of the said purchase. 38 years old, Ryan Matthews, of Laguna Hills pleaded guilty after the incident. The report said that Matthews wants to continue using the BMW for 10 straight years which becomes his reason why he cannot afford his credit score … (more) January 29, 2011

  • FICO 8 score could make lender approval more difficult

    by Brian Anderson
    FICO 8 score could make lender approval more difficult

    The Fair Isaac Corporation, the inventor of the credit score based in Minneapolis, now makes it harder for consumers to get lender approval. Reasons for this include the recession, changing patterns of consumer-spending and debt payments, etc… The company decided to fine-tune its leading product, the FICO score, to be a more predictive model given the present economic conditions. Director of mortgage scoring solutions at Fair Isaac Corporation Joanne Gaskin said they have discovered new consumer information. She said that … (more) January 27, 2011

  • Credit score has been included for pre-employment screening

    by Brian Anderson
    Credit score has been included for pre-employment screening

    The numbers of employers who use credit scores of their possible employees are greatly increasing and might even impose greater harm if this process continues according to an expert in Minneapolis. Based on a recent survey conducted in several companies in the early quarter of 2010 showed that more than 50 percent of the companies use credit scores of their applicants as a standard whether the person will be accepted or not. Companies often require their applicants to include their … (more) January 25, 2011

  • New medical act will protect individual’s credit score

    by Brian Anderson
    New medical act will protect individual’s credit score

    A new bill is being enacted to protect consumers from having bad credit scores due to medical related dues and debts. This bill aims to protect individuals who have undergone huge debts which could be reflected in their credit scores. According to a recent study, people who want to develop a good foundation on credit history and score are often barred by the increasing costs in medicine and healthcare. Aside from the emotional problems that each patients face, debts that … (more) January 23, 2011

  • New law on risk-based pricing and credit scores passed

    by Brian Anderson
    New law on risk-based pricing and credit scores passed

    A new law has been passed to help consumers better understand the way their credit rates and payment estimates are computed. The law on credit-based pricing targets mortgage and credit card consumers. Implemented last January 1, the risk-based pricing law mandates creditors to disclose to their cardholders important information. If a creditor used a credit score as a basis for determining consumer rates, the affected cardholder must be notified immediately. The Dallas Morning News reports that the process will be … (more) January 21, 2011

  • Experts said consumers should aim at 670 credit score

    by Brian Anderson
    Experts said consumers should aim at 670 credit score

    Credit scoring systems are now improved to provide better predictive power for lenders thus experts suggest that consumers must aim at 670 for their credit scores to be able to be acceptable for loan applications and approvals. The FreeScore Director of Consumers’ Education, Carrie Coghill reminded consumers that the three major credit bureaus will be offering three different credit scores per person. With this the three varying scores must total to 2,011 which will give an average of 670. This … (more) January 19, 2011