Personal Finance

This Week in Credit News: Credit Tools

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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.

@nytimes 

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.

@ABC

Image: Hemera

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  • 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?

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