Posts Categorized: Credit Report

In September 2017, it was announced that Equifax, one of the three major credit bureaus, had been hacked, leaving 145 million consumers and their personal data—half of the adult U.S. population—potentially exposed. Even if you have never requested a credit report from Equifax—or had never heard of the company until news of the breach—your private,…

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Big changes are underway with regard to credit reporting, and those changes will impact how credit scores are calculated. These changes appear across the board to be good for consumers. The reform is a voluntary effort by the 3 major credit bureaus—Experian, Equifax, and TransUnion—and it’s called the “National Consumer Assistance Plan”. This idea has…

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Do you want to close a credit card account but are unsure how it will affect your credit score? There are many reasons why we may want to close a credit card, such as avoiding annual fees, too many fees, high interest rates, or unsatisfactory customer service. Whatever the reason, please review the following to determine what is best for you:

The Fair Isaac Corporation FICO™ states “They would never recommend closing a credit card for the sole purpose of raising the score.”

Consumer credit reports can vary in the way they look and the order information is listed depending on which of the three major national credit-reporting bureaus provided the report.   Consumers can obtain their free credit reports once every 12 months at www.annualcreditreport.com. If you believe that there is inaccurate information on your credit report, it’s…

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The CFPB, or Consumer Financial Protection Bureau, has released a list of companies that offer their credit card customers a free credit score. The .pdf list can be downloaded from the CFPB here. There are many free credit score operations that aren’t so free; they make you sign up for a recurring subscription that is…

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Debating voices on the internet have taken up the topic of debt validation. “Does it work?” would seem to be a simple question, but readers are likely to find as many different answers as there are financial experts. We’re on record as firm believers in debt validation, as we outlined in our article “Always Start…

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Credit scores tend to be higher for older consumers. While this may seem like a form of age discrimination, the credit scoring models will naturally reward those who maintain a credit account over a longer period of time. With 15% of one’s score determined by the length of his/her credit history, older account holders will…

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Credit reports are important to everyone’s financial life, and they are freely available for download from www.annualcreditreport.com. Credit scores, however, usually are only available for a fee. If you want your credit score, companies will charge you for generating a score based on your personal information. There are different sources for credit scores that are…

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When your credit report is pulled for any reason, it is counted as an “inquiry”. There are two kinds of inquiries; hard and soft. A hard inquiry is when your credit report is pulled by a financial institution for credit purposes. That is, if someone is considering whether or not to give you a loan,…

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In honor of National Consumer Protection Week (March 2-8, 2014), we’re offering tips and advice for our clients and all consumers. Taking these steps can ensure that your finances are better protected; we urge everyone to follow along each day and ensure that they are using these practices. Yesterday, we talked about how to protect…

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