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