Home > 2013 > Personal Finance

This Week in Credit News: Credit Tools

Advertiser Disclosure Comments 2 Comments

credit toolsThe biggest credit news this week is all about some of the new credit tools and products available.

The Credit Report You Haven’t Seen Yet

You may think that you’ve pulled all of your credit reports, but there is other credit data being stored about you outside of the three major credit reporting bureaus (Experian, Equifax and TransUnion).

Lexis Nexis is the largest provider of what’s called “alternative credit data” — information that doesn’t appear on traditional credit reports but can help lenders make better credit decisions. This data may help lenders extend credit to more consumers. But many consumers don’t pull this alternative credit report, even though it’s free. You can request a copy of your LexisNexis RiskView report for free by calling 866-897-8126.

@CreditExperts @GerriDetweiler

A Credit Card That Helps Pay Down Your Mortgage

While the Home Rebate Card from Wells Fargo isn’t new — it was launched in 2007, but is getting a new marketing push now — it offers a great tool for homeowners and credit card holders. The card allows homeowners to rack up cash-back rewards like any credit card. The cash back is then transferred to mortgage payments in $25 increments automatically, and are applied to the principal of the loan balance.


McDonald’s Worker Says She Was Required to Receive Pay on Fee-Laden Debit Card

A woman is suing the owner of a McDonald’s franchise for getting paid on a prepaid card with what she says had too many fees.

She claims she was not given the option of getting paid via direct deposit or a regular check. The card she was using had fees for ATM withdrawals and inactivity, which are quite common among prepaid offerings.

The plaintiff is hoping her suit will become a class action suit so other hourly employees can also join.


Image: Hemera

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

  • Anna Wooten

    I do not have a credit card, I always thought if you have a job and you needed some money to help you with an added expense that you could pay off the next month was the way to go. I do not have a job, I am an unemployed senior, my former husband was busy, he ran up debt, when I discovered this, I quit the credit cards all together. I never go another one. I got a JC Penny card to buy some house hold items. Suddenly I had credit, and my former husband who has since died getting us into trouble. This was over 20 years ago. I can not move from my senior building I am in because of his foolishness. He may of used my information with some other woman to buy a house and say she was me. When I tryed to apply for a credit card to see what my credit was with a new bank. They said I owed them for a mortgage he had disappeared for a long period of time, one of his ex-wives
    moved into my building, I found out a lot of bad things about him. He had a checkered life. I wish I had not even tried to find out about my credit, , I am glad you have a wev site like this I could of gone through you long time ago. I told the lady at the bank I did not have a job. I am so glad I do not have student loans a lot of seniors in this building are having their social security
    reduced because of student loans and their husbands have died, they can not work, their families abandoned them because they were in debt so much. One lady told me, she was getting harrasing phone calls, they said they were going to put her into jail for her past mistakes. What do you do if your credit score is so bad. I got some money from a firend who I took care for a long time. I had to spend it down so I could get back on welfare.I thought I paid off all my past debts. Until I tried to get a credit card to generate a free credit check, did I find out some other stuff. There are a lot of people who have the same name as me and I found out someone has the last four of my social security but she spells her name simular to me. The V.A. hospital kept getting us mixed up. Now they credit agencies think I am her. She is 50 years old I am 71. I tried to right the wrong on my credit report, then I started getting phone calls from who know what for people who had simular names as mine. If you think you have paid off your debts and then you find out someone has used your name for more debts, how does one fix it?

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team