When it comes to maintaining a good credit rating paying your bills on time is a must. However, what happens when a simple mistake is made and you forget to send in a payment by the due date? What if a financial emergency arises and you have to wait until the following pay day to take care of a monthly bill? Will your overlooked or postponed payment undo all of your hard work and trash your credit scores?Read More
1. Credit Bureaus are empowered with some governmental authority.
The credit bureaus are private companies who are in the business of selling credit information to banks, lenders, card dealerships and any other companies that are looking to give you some financing. Credit bureaus have no government powers. They are private entities
2. The credit bureaus are required by law to keep derogatory items on your credit report for 7 to 10 years.
There is no law stating that the credit bureaus must report any information on you at all. The credit bureaus are required by law to automatically remove all derogatory items older than seven years or in the case of bankruptcy, ten years.
In one of its last moves under the former presidential administration, the Consumer Financial Protection Bureau (CFPB) filed three separate lawsuits against student loan servicing giant Navient. Navient currently services the student loans of over 12 million borrowers in the United States, loans which amount to over $300 billion in both federal and private student loan debt.Read More
Think you have just 1 credit score? How about 3 credit scores? If you believed either of these previous statements to be true then you may be in for a bit of a shock. The truth is that you actually have hundreds of different credit scores, and that is no exaggeration.Read More
There is a lot of confusion amongst consumers about credit scores and how they actually work. A common question which many consumers wonder about is why they have 3 different credit scores from the 3 different credit bureaus. Should your scores from Equifax, TransUnion, and Experian not all be exactly the same?Read More
Has a loved one ever asked you to do a big favor? If you are like a lot of people then you probably want to do anything within your power to help out the people who are important to you. Co-signing, however, is much more than just a simple favor. Instead co-signing is a ticking time bomb just waiting to destroy your credit scores and to cause you potentially serious financial problems.Read More
One of the worst credit myths you will come across is the concept that closing old credit cards is good for your credit. Consumers close credit card accounts for a variety of reasons. Some consumers will close an account because they are no longer using it. Another consumer might close his credit card accounts out of fear of running up a large amount of credit card debt. The next consumer might decide to close his credit card account because a promotional rate has expired. However,Read More
Your credit reports maintain a far-reaching influence over many different aspects of your life. The condition of your credit may help determine where you live, how much you pay for housing, your ability to qualify for an auto loan, your insurance premiums, and even your career. Law makers understand the significance of your credit too. As a result the Fair Credit Reporting Act (FCRA) was crafted to help protect you from unfair credit reporting practices.Read More
The title of this article actually features a big mistake. The mistake is the idea that you only have 3 credit scores and it is one of those credit myths which resurfaces over and over again. In truth while you do only have 3 credit reports, one from each of the 3 major credit reporting agencies (Equifax, TransUnion, and Experian), you really have hundreds of different credit scores.Read More