credit reports

credit reports

When are the New Credit Reporting Changes Coming Out?

May 8th, 2015 by Alice Bryant

Regulators are continuously searching for safer methods to protect consumers. Whether decisions are made to provide additional disclosures or to enforce certain rules for negligent credit practices, consumers are the ultimate beneficiaries of enhanced oversight. New credit reporting changes that are due to take effect should provide greater opportunities for consumers to address various credit-base discrepancies. Many of the new credit sharing procedures involve the collection and the reporting of a consumer’s account information.

How to File a Credit Report Dispute

October 23rd, 2014 by Alice Bryant
Credit card fraud has become one of the most perpetrated crimes in the world. The effects can be devastating, keeping a person from being able to buy a home, finance a car, and even causing them to lose their job. With efforts in the works to combat this crime, it is very important for individuals to monitor their credit reports and credit scores in order to ensure that nothing fishy is going on.
 

Credit Cards That Offer Free Monthly FICO Credit Scores

December 3rd, 2013 by Alice Bryant

Knowing your credit score is very important to maintaining good credit. However, many people don’t understand how to go about finding their score. AnnualCreditReport.com is the only place where you can get your credit report for free, but this report can only be retrieved once per year. It used to be that the only way to get a genuine FICO credit score every month was to pay a service such as MyFICO.com or Equifax. Normally it costs between $10 and $20 per month.

The Risks of Piggybacking

June 1st, 2012 by Joshua Heckathorn

If you didn't already get the memo, piggybacking still works! I know I've written about this topic before, but this is just one of those posts that needs to be resurrected every now and then. In fact, for those that have no credit at all, piggybacking remains one of the fastest ways to add positive credit history to credit reports and give your FICO scores an immediate boost.  I recommend it quite often to parents and spouses who are interested in helping a child or significant other build credit from scratch, even though the practice continues to receive a lot of bad press. But while I consider piggybacking to be a rather safe credit-building technique, it's also important to understand that it's not risk free.  Especially if you're the one seeking to build credit, there's one big risk to consider before you're added as an authorized user on anyone's account. What if the account holder responsible for the card eventually racks up a bunch of credit card debt and stops paying?  How would that affect you?

Ask Creditnet: Should I Close My Son's First Credit Card?

April 23rd, 2012 by Joshua Heckathorn

Dear Creditnet: I wanted my son to have a credit card in his name when he went off to college. However, the only way we could get him a card was to apply for one in my name and add him as an authorized user. He used the credit card responsibly for the last four years and upon graduation was able to open a new credit card in his own name. We'd like to close the old one now, even though it doesn't have an annual fee, but we're concerned about how this might affect both of our credit scores. Should we just close it since we don't plan on using the card again?

62% of Adults Don't Check Credit Reports

April 20th, 2012 by Joshua Heckathorn

Each year I look forward to checking out the National Foundation for Credit Counseling's Consumer Financial Literacy Survey. The NFCC has been sponsoring this report for six years now, and the results are generally released around the beginning of April in recognition of National Financial Literacy Month. As in previous years, the 2012 Consumer Financial Literacy Survey includes some pretty alarming statistics surrounding credit reports and credit scores. Here's what really caught my eye as I perused the key findings in this year's report.

Ask Creditnet: Can Paying Taxes Late Hurt My Credit Scores?

April 16th, 2012 by Joshua Heckathorn

IRS tax extension

Dear Creditnet: I've procrastinated filing my income tax return and just found out from my CPA that I'll probably owe a lot more than expected this year.

I know I'll have to pay penalties and interest if I file an extension and fail to pay what I owe in full by the 17th, but can paying taxes late hurt my credit scores too? I want to buy a home later this year and simply can't risk hurting my credit.

Ask Creditnet: What's the Difference Between DOFD and DOLA?

March 7th, 2012 by Joshua Heckathorn

debt calendar

Dear Creditnet: I'm trying to clean up my credit reports so I can get approved for a mortgage this year. While I've already removed a lot of errors, I still have a few old credit card debts I think are ready to drop off at any time.

What confuses me is how to determine exactly when these debts will fall off my credit reports. Should I be trying to determine the "date of first delinquency" or the "date of last activity", and can you explain the difference between the two terms?

Ask Creditnet: Will Employers Pull My Credit Scores?

January 30th, 2012 by Joshua Heckathorn

Dear Creditnet: I lost my job a year ago and have been unable to find full-time work ever since. I've also fallen behind on my bills during the past 6 months, which has really trashed my credit scores. I think my FICO scores are now below 600. I've heard that employers can pull credit scores when reviewing a job application. Is this true? If it is, this may be one reason I keep getting turned down for new jobs. Is there any way to avoid this?

Ask Creditnet: I'm a Disabled Vet - Who Can Help Me Fix My Credit Problems?

January 9th, 2012 by Joshua Heckathorn

american flag

Dear Creditnet: I am a disabled veteran who ran into a lot of financial trouble and really messed up my credit reports. Long story short, I basically went crazy and stopped paying my bills because I thought I was going to die every day. Now, my actions just haunt me every day with horrible credit.

I am married with two children and one on the way, and I am nervous that my bad credit is bringing my family down. My wife has good credit and a great job so I feel like I am the only one holding us back. Please, is there an agency or someone who can help me fix my credit problems?

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