Archive
Dec 13 2012: By Nicholas Owens, Guest Columnist Consumer Financial Protection Bureau report details how the nation’s largest credit bureaus manage consumer data Credit cards dominate consumer reports; Debt collection tops disputes WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released a report on the consumer experience with the three largest nationwide credit
READ MORE »There are at least two versions of the word "underbanked": 1) Those who have had a checking account closed by the bank. This usually occurs when too many checks bounce, or the account is overdrawn too many times. Banks have regulations they must follow, so if you hit their magical threashhold, they can cancel your
READ MORE »Credit reports can be mysterious documents to read and understand. In this section, we will dissect the document by sections so you can become more familiar with the terminology, structure and information it contains about you. Primary Data (your identity): Primary data consists of your first, middle and last name, including any prefixes and suffixes…i.e.
READ MORE »As a responsible parent, it is important to teach your kids about the wonders and pitfalls of money management. But if you are in financial trouble yourself, how do you teach your kids anything that will have meaning for them? Remember, just because you are having temporary financial troubles, does not mean that you don’t
READ MORE »You have probably heard the buzz at some point: "there are ways to create an alternative tax identification number". So I felt it was important to discuss this subject so you know the facts, and not believe the "hype" on the internet. At one time, hundreds of websites were advertising that they could get you
READ MORE »Did you know that at least 85% of credit reports in the United States have errors? Do you understand what those errors mean to you? Well, most of us don't know the whole story. The three major credit bureaus, Experian, TransUnion, and CSC/Equifax, are the main repositories of data that is reported about your credit
READ MORE »It was announced recently that a new credit report would be available to the public and lenders. In a partnership between Fair Isaac Corporation (FICO) and CoreLogic (CREDCO), the new report is called the "FICO® Mortgage Score Powered by CoreLogic®". The purpose of the new report is to give lenders an advantage by providing non-traditional
READ MORE »Credit Repair and Bankruptcy Many people ask us "will bankruptcy completely screw up our credit report"? The answer is, of course, complicated. The short answer is "yes", and the longer answer is "it will get better". Having a personal bankruptcy on your credit report will affect your score as much as 200 points, and
READ MORE »The "Right" Credit Score Some people don’t have that “right score” so they are denied rights that they normally should have, like getting a loan approved or a new credit card. “Scores” were first started by local department stores and financial institutions who would share their information about their applicants to see if potential new
READ MORE »Is Your Credit Score High Enough? We are in a world where everything we do is out there on Facebook, Twitter, Linkedin, and every other kind of social media. Our lives are on public display. Every movement we make is being recorded somewhere. For instance, at every intersection there are cameras that capture us when
READ MORE »