Credit reports, as you’ve no doubt heard, are tremendously important. After all, the information on them dictates your credit scores, which, in turn, dictate whether you’re able to readily score things like a mortgage, auto loan, credit card and even affordable insurance or cellphone plans. But not every piece of information on that crucial report... Read More
Comedian John Oliver took credit reporting agencies to task on his HBO show, “Last Week Tonight,” on Sunday, saying the agencies should be more accountable for errors in reporting personal credit information for American consumers. “Credit reports. The basis for the single-most important three-digit number in your whole life, other than, of course, 311, the... Read More
Establishing credit in your own name is important and entities from mortgage and auto lenders to utilities companies and employers will use your credit history to weigh their decisions. For this reason, it’s important to have at least one credit account in your name to begin building a credit history. You may already have credit... Read More
Imagine getting turned down for a mortgage or a credit card because once, ten years ago, you failed to make good on a video rental fee. Many consumers found themselves in just that situation after Hollywood Video went bankrupt in 2010, and a collection agency working on the company’s behalf tried to collect $244 million... Read More
When you find a mistake on your credit report, the advice is always the same: dispute it. It is your right under federal law to dispute incorrect or incomplete information with both the credit reporting agency (or agencies) reporting the data, as well as with the furnisher—the issuing credit card company, auto lender or debt... Read More
Did you know it’s National Consumer Protection Week (NCPW)? Probably not, but you should. It’s that time of year when government agencies, consumer advocacy groups and others join forces to promote awareness of privacy protection, money, debt, and credit management and, of course, scams—that is, how to steer clear of them. In line with these... Read More
In the aftermath of the Great Recession, Americans have changed how they use credit cards. According to a new report by the credit bureau Experian, the average person has fewer cards and lower credit card debt than they did a year ago. But some of those changes are backfiring, the report shows. As Americans reduce... Read More
Before I get into this I want to make one point very clear. I have NO ax to grind with any of the credit bureaus or their employees. I left Equifax on my own, enjoyed my time there very much, and still have friends there. I also worked with many TransUnion, Equifax and Experian employees when I was at FICO. I respect these people very much and I respect the bureaus for how successful they have become selling consumer credit data, which has become a commodity. It's a very difficult business that they're in and I recognize that. Consumers and consumer advocates hate them for no good reason and it's tough to work in that environment.