Before the economy took a turn for the worse and credit became harder to obtain, good credit and a good credit score was a fairly well established number or close range of numbers. Now when it comes to the topic of a good credit score, that well defined range of credit scores that creditors and consumers would agree on is elusive. Tougher credit and greater credit awareness has elevated those numbers and what was once a good number is now reduced to a fair or poor credit score. A wide … [Read more...]
Credit Scores and Your Hospital Stay
June 7, 2010 By Leave a Comment
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...]
Credit and Credit Scores after Bankruptcy
March 16, 2010 By Leave a Comment
Filing bankruptcy is a series decision that impacts an individual’s credit and credit score for quite some time. Bankruptcy doesn’t have to shut off credit access altogether nor does filing bankruptcy have to be significant detriment for financial success. There are certainly numerous cases of individuals that have filed for bankruptcy and rebounded stronger and gone on to create significant wealth. A bankruptcy is always one of the biggest negative factors that impact a credit … [Read more...]
Watch for Debt Collection Scams
March 4, 2010 By Leave a Comment
Debt collection scams can cost consumers financially as well as cost time and aggravation. Debt collection scams and errors occur when the information about a consumer’s debt is recorded incorrectly. Errors regarding debts and debt collections may include minor issues such as the wrong amount recorded in the credit report or major issues such as the wrong person being attributed to the bad debt. Errors often occur when a bad debt is released or sold from the original creditor to a … [Read more...]
Managing Money and Credit
March 2, 2010 By 1 Comment
Learning how to manage money the right way is an important step for individuals to take toward controlling their financial position. Understanding where your money is coming from and where it’s going to, not only helps to manage a household budget but can make sure that an individual’s credit remains good as well as helping to improve credit and credit scores that are already weak. One of the first steps toward financial control and sound credit management is to calculate your net … [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...]
Changes to Credit Score Calculations
February 27, 2010 By 1 Comment
In 2007 Fair Isaac Corporation, creators of the FICO credit scoring system announced that they would change how their credit score models evaluate credit report data. The new credit score, referred to as FICO 08, was delayed in its implementation until the second half of 2009. The FICO score model is kept under wraps by the company that created it, but it is always a good idea to obtain a general understanding as to what makes a good or bad credit score. With the knowledge of what drives … [Read more...]
Fed Announces Rule Changes for Marketing Free Credit Reports
February 25, 2010 By Leave a Comment
The confusion over the marketing of free credit reports by companies that require a subscription to a credit monitoring service or other related products and services to receive the free credit report has resulted in intervention by the Federal Trade Commission. Numerous consumers have seen advertisements touting free credit reports. Most of these advertisements have small disclaimer that explain that there is a requirement that the consumer sign up for a credit monitoring service or … [Read more...]
Credit Repair Scams Halted by FTC
February 9, 2010 By Leave a Comment
In October, 2008 the Federal Trade Commission sent out a press release regarding charges brought against another credit repair scam operation. Credit report repair services that offer to repair credit for consumers have popped up across the nation. Unfortunately, many of these organizations fail to help consumers and in some egregious cases, violate the law by taking money in advance and deceiving consumers regarding the services they perform to improve credit histories and credit … [Read more...]
No Credit or Credit Score Same as Bad Credit
February 6, 2010 By Leave a Comment
Good credit and a good credit score is an important facet of our lives whether it is used to buy a house, for employment screening, purchasing insurance or a whole host of other activities that often require a good credit history. For some consumers though, credit is a burden and they prefer to exercise their use of cash and avoid credit. Since there are so many actions that require a credit score such as renting a car, purchasing things over the phone or the Internet, and even writing a … [Read more...]