Hospitals have long struggled with handling delinquent medical bills of their patients. In recent years the business of identifying potentially risky customers in advance of rendering medical services has picked up steam. Credit scores have been used by lenders, landlords and insurers to evaluate consumer’s financial risk. Now the business of handling and managing medical bills has moved into the arena of credit scores and credit profiles. The medical credit score is intended to be … [Read more...]
Drawbacks of Credit Cards and Credit Use
March 5, 2010 By Leave a Comment
One of the primary reasons consumers run into credit issues and subsequently suffer with a low credit score is too much credit card debt. Excessive and unmanageable credit card debt not only causes credit and credit score problems but also is a primary cause of personal bankruptcy filings. The use of credit usually involves spending money that is not readily available. Obtaining a home mortgage is one form of credit in which borrowers use the money extended with the credit to buy a … [Read more...]
Credit Scores and Credit Limit Changes
February 28, 2010 By 1 Comment
Credit scores are influenced and change up and down to a number of attributes found in an individual’s credit report. The FICO credit score is the most common credit score used by lenders. In calculating credit scores, the FICO score is derived by analyzing the data in an individual’s credit report and will change as the credit report data changes. A number of factors are weighed in a credit report to come up with the credit score. Factors include length of credit, payment … [Read more...]
Fair Credit Reporting Act
February 10, 2010 By Leave a Comment
The Fair Credit Reporting Act (FCRA) is a United States federal law that provides consumer protections and regulates the collection, distribution, accuracy and privacy regarding the use of consumer credit reports. The law was originally passed in 1970 and has been amended since. Companies that gather and sell information about consumers regarding where they work and reside, how they pay their bills, and whether they have public records filed make up the credit reporting industry. The FCRA … [Read more...]
Get Out of Debt, a Starting Point
May 29, 2009 By Leave a Comment
Debt is in every household. Too much debt can be paralyzing and you may be in over your head and not even fully realize it. If you suspect that you’re carrying too much debt in the form of credit cards, mortgages, car loans and other debt instruments, you need to determine your exact position and then, most likely, begin working to free yourself from the weight of the financial burden. Too Much Debt It’s expected, and actually a good thing, to have some debt. Your mortgage, for … [Read more...]
The Basics on How to Improve Your Credit Score
May 6, 2009 By Leave a Comment
Your credit report and your credit score are extremely important these days. Your credit score will stay with you wherever you go. Your credit score is going to come up when it is time to apply for a mortgage, apply for a car loan, or even to get a job. If you learn how to check your credit report and you know how to improve your credit score, you will be in better position to obtain lower interest rate loans and credit cards as well as have more financial opportunities than someone who … [Read more...]
What is a Credit Report
May 4, 2009 By Leave a Comment
Knowing your credit report and its content is very important. There is a remarkable amount of dependence on credit in our society and credit reports now impact employment, housing, credit and more. To learn how you have handled credit in the past, most all creditors will obtain a report from a local credit reporting agency or credit bureau. Good credit is an integral part of an individual’s financial growth. A consumer credit report is a document that primarily contains a factual … [Read more...]