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In politics, like in war, truth is often the first casualty. The recent piece by Sen. Elizabeth Warren (D-Mass.) and Rep. Steve Cohen (D-Tenn.) decrying the use of credit reports for employment purpose was the latest example. There is no evidence to support the claim that employers are “unfairly shutting the door on (job) applicants... Read More
With some of the most common credit score models, an 850 is the best you can get. Sometimes, people get really hung up on that “perfect” score, agonizing over every point change, even if their scores are in the low 800s or high 700s. Credit scoring involves more than numbers; there are also ranges. For... Read More
Understanding what constitutes and drives a good credit score isn’t always easy, given all the nuances that go into assessing a person’s ability to repay a debt. It doesn’t help, of course, that millions of consumers don’t even have a credit score to begin with. A new report from FICO sheds some light on why... Read More
Credit bureau TransUnion today announced a new credit score that it says will score 95% of the U.S. adult population with as little as a consumer’s address and checking account information. The score, called CreditVision Link, is the latest addition to a growing pool of scores using what the industry calls alternative data — financial... Read More
If you have a bad credit score, you probably feel like you have to do something to make it better. File a dispute, apply for new credit, or even hire someone to help you repair your credit. Sometimes that’s true. But other times the best thing you can do is … nothing. Call it... Read More
Most parents don’t want to see their child — even as an adult — face-plant in any endeavor. Parents teach kids to walk and talk, feed them, clothe them and hope they are preparing them well for adulthood. Their instinct (hopefully) is to protect. If a young person isn’t handling credit responsibly, parents may secretly believe... Read More
Loan approval and lower interest rates — those are some of the biggest reasons you want a good credit score. There’s an abundance of data on how good credit can save hundreds of thousands of dollars in a lifetime, but there’s an emerging trend in studying how credit scores affect another crucial area of people’s... Read More
Most of us know that a late payment hurts our credit scores, and that paying on time is important to maintain good credit scores. But what happens when a debt is charged off and it keeps reporting negatively? Will it keep hurting your credit month in and month out? Our reader asks: I have an... Read More
Asking to borrow someone else’s car can be awkward. But it can be a whole lot more awkward if you’re smart about it. Before you take the keys, you should also ask the owner about their auto insurance. If you borrow a car and are in an accident, but the insurance is inadequate, your credit... Read More
By Sen. Elizabeth Warren & Rep. Steve Cohen Bad credit can happen for a lot of reasons, but today many people have bad credit through no fault of their own. Illness, job loss, divorce or the death of a loved one can plunge a family into unexpected hard times. In difficult circumstances like these, a... Read More
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