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550? 725? 680? What does your credit score mean? In this article, we show you exactly what goes into having good credit, fair credit, and bad credit. See what your credit score tells lenders and what you need to do to improve. This information is based on the most commonly used credit scoring formulas: |
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Figuring out exactly how credit scores work is problematic. Like nuclear fission, learning Chinese and setting the clock on your DVD player, credit scoring is not something that most people can easily master. Luckily, Credit.com is partnered with credit industry experts willing to share their secrets! In this article, our experts John and Emily reveal secret information about late payments and how they impact your credit scores: |
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A major change to the FICO® credit score formula was announced by Fair Isaac Corporation earlier this week. FICO scores will no longer factor authorized user accounts into their credit scoring formulas. Consumers who are listed as authorized users on credit card accounts will likely see a significant change in their credit scores when this modification takes place later this summer. For most consumers, this change will have a negative impact on their credit scores. Only consumers who are listed as an authorized user on negative accounts or accounts that have balances that are close to the credit limit will possibly see an increase in their credit scores. Adding a family member or friend as an authorized user on an existing credit card account has long been used as a way to establish credit. Many parents added their children as authorized users in order to help them build their credit history. However, credit repair organizations have also started using this system as a way to fraudulently sell authorized user account access to consumers with credit problems. This credit repair loophole was part of the motivation for the FICO score change. |
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On the first day of December 2004, a new era begins for American consumers - a time when all Americans can give their credit records the close attention they deserve. Starting today, consumers in 13 Western states are entitled to a free credit report each year from each of the three major credit reporting agencies (CRAs) - TransUnion, Experian, and Equifax. The rest of the country will follow in a four-phase rollout moving from west to east, according to a timetable set by the U.S. Federal Trade Commission (FTC). |
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The Current Status of the Bankruptcy Bill On March 10, 2005, the Senate voted 74-25 in favor of a bill designed to reform bankruptcy. On April 14, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 passed the House 302-126. The bill is now making its way to The White House, where President Bush is expected to sign it into law. It is expected to take full effect soon thereafter. While the merits of the bill have been and will continue to be debated, its effects are clear. Consumers who would have filed for debt relief in a Chapter 7 bankruptcy in the past will now have a much more difficult time doing so. Essentially, if your income is greater than the state median income, your motion to file Chapter 7 will be dismissed and you will be placed in a Chapter 13 repayment plan of five years. The new bill will result in more people having to file Chapter 13 bankruptcies, as opposed to Chapter 7. |
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Did you know that you are entitled to a free credit report from Equifax, Experian, and TransUnion once every 12 months? Under the Fair and Accurate Credit Transactions (FACT) Act, the three national credit bureaus are required to provide this free service. In this article, Credit.com's experts show you how to order your free credit reports, reveal hidden tricks to make the ordering process go smoothly and give ideas on how to make the best use of this free service. |
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TITLE 15. Commerce and Trade CHAPTER 41. Consumer Credit Protection |
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You just gave a telemarketer your credit card number. Or you owe a bank money for your new car or family home. Maybe you are falling a bit behind on your payments, or maybe someone else claims you are falling behind - but you're not. You may be receiving phone calls from the bank, credit card company or collection agency. Sound familiar? No fun, is it? There are things you can do to make sure you are a bit more in control of those pesky debt collectors. Read our summary of the Fair Debt Collection Practices Act, passed by Congress to protect consumers like you from illegal debt collection activities today. |
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State-by-State Payday Loan Summary |
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It seems like payday loan offers are everywhere these days. From the local strip mall to the internet, the payday lending industry is booming. But what is a payday loan? Is it as bad as some people say? Credit.com gives you straight answers about payday loans |
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