FICO 08

With the changes in the market place and the shifting attitude of consumers towards plastic over cash, Fair Isaac has deemed it necessary to make a few changes. Fair Isaac or FICO is responsible for doling out consumer credit scores when can pretty much make or break a consumer searching for a mortgage, a loan, and even employment.

FICO’s new model is set to debut in a few months but many consumers and lenders are getting ready for the change now. FICO will keep the scale in which the credit scores appear the same. Which means consumers can still expect to see a number ranging from 350 to 800 which the higher the number reflecting the better score. [Read more]

Is It Time For Credit Counseling?

There comes a time when we all need to swallow our pride and seek help. While such an action might not be that big of deal, say you need help moving a large couch; others are a little more serious. Credit problems are one of those issues that require help which can be of great embarrassment but of great aid as well.

You may think that recognizing a credit problem is easy and that you are not yet at that point. With some financial wizardry you are able to pay the bills, though some are late, avoid foreclosure, admittedly by the skin of your teeth, and afford groceries all while paying off one credit card with another credit card. This is by no means a situation that is under control. Take a time and look at your financial situation honestly. Are you sure you do not have a credit problem? [Read more]

Federal Credit Bureau?

So many people have the mistaken idea that the major credit bureaus in the United States are under the total control of the Federal government. This belief is so widespread that many people think that there is a Federal credit bureau! The companies that send Americans a free credit report once a year are not owned by the government. They get no kind of government funding. The only thing that the government does is make laws that state some things that the Federal credit bureaus can and can not do. [Read more]

Credit Reporting Agencies – The Basics

There are three credit reporting agencies that have the authority to gather information about your credit history, and to share this information with other businesses that have a legitimate reason for wanting to see it.

These three agencies are –

• Equifax
• Experian
• Trans Union

[Read more]

Credit Repair Basics – Some Useful Tips

Everyone knows that you need a good credit score if they want to get ahead in life now days. It hasn’t always been this way. At one time, the only places that were really interested in your credit score were the credit card companies, banks, and loan companies. Now, utility companies, employers and landlords want to get in on the act. All this means that a good credit score is even more vital than it was years go. [Read more]

Divorce And Credit

A divorce is an ugly thing to go through and causes severe emotional distress. Along with the emotional impact caused by the dissolution of marriage comes a significant financial burden placed on both spouses. Now is the time to think about your finances even if you heart might be saying something different. You need to prepare to live your life outside of marriage and a large part of that are the financial responsibilities you accrued while married. If not handled carefully then divorce can very easily ruin your credit which is a devastating blow to any financial prosperity you had hoped to achieve. [Read more]

What Happens When I Improve My Credit Score?

If you have been working at repairing your credit, congratulations! Your credit score should have improved nicely in the months you have been paying all your bills off diligently. Hopefully, you have been obtaining copies of your credit score as you go along so that you were able to track your score as it went up. [Read more]

The Best Time For Credit Repair

Many people wonder when the best time would be for them to start to repair their credit. If you have bad credit, then the time to start is NOW! You won’t gain a thing by putting this task off any longer. Actually, no time is a bad time for credit repair, but the earlier you start, the easier it will be. [Read more]

The Fair Credit Reporting Act

The three credit report agencies, Equifax, Experian, and Trans Union can be said to have quite a lot of power, for they hold the information that can make you or break you when it comes to being approved for credit. However, consumers do have something on their side, and that is the Fair Credit Reporting Act.

Not just an act, but also an actual Federal law, the Fair Credit Reporting Act can be the only thing that can be a buffer between the consumer and these credit agencies. It gives you certain rights, which influence how the three agencies are obligated to do their job and also gives them several responsibilities. [Read more]