Credit News

Image of a new credit report

How the New FICO Credit Scoring System Will Affect You

The announcement that FICO will put two new credit scoring models – FICO 10 and FICO 10T – into play this summer is the ultimate good news/bad news situation for consumers. The good news is that if you have a score anywhere above 680 – and continue to make on-time payments and use 30% or […]

Read More
Credit report next to a laptop to freeze credit checks

New Law Allows Credit Freeze

Security breaches have become so commonplace in the United States that news around them barely causes a ripple these days. Even if it’s news that provides consumers an extra layer of protection and won’t cost them a dime. The Economic Growth, Regulatory Relief, and Consumer Protection Act – which allows consumers to freeze and unfreeze […]

Read More
Women with bad credit going to nonbank to borrow money

Nonbanks Fill Demand from Borrowers with Poor Credit

The era when almost anyone with a pulse could get a loan or mortgage from a commercial bank ended with the financial meltdown of 2008. Today, tightened regulations and a reluctance among large lenders to deal with risky customers has shifted borrowing to smaller institutions that have adopted the group name “nonbanks.” The major distinction […]

Read More
Warning Card Interest Rates Up

Interest Rates Increasing on Credit Cards

American consumers owe a record $1.023-trillion in revolving credit – mostly through credit-card debt – and with interest rates expected to rise in 2018, financial experts predict the problem will escalate unless consumers take a more aggressive approach in paying down their debt. Revolving credit is growing at an annual rate of 4.9%, a reflection […]

Read More
Equifax Data Breach Lady in front of computer screen

What To Do About Equifax Data Breach?

The recent data breach at Equifax, one of the three major credit reporting bureaus, has created an uncomfortable situation for the more than 145 million American consumers whose personal information has been exposed. What do I do to limit damage from the Equifax data breach? There are some timid first steps everyone should take: See […]

Read More
Poor Credit Report

CFPB’s Deal with Credit Bureaus Could Raise 12 Million Scores

The Consumer Financial Protection Bureau, which prides itself on being the watchdog for U.S. consumers, has been snarling at America’s three major credit bureaus for a while and finally decided to take a bite out of their bottom lines this year. The CFPB hit all three of the major credit bureaus – Experian, Equifax and […]

Read More
Scanning the EMV Card

Walmart Ahead Of Competitors With EMV Cards

While most retailers in the United States struggle to catch up to the new EMV chip technology for credit cards, Walmart has been ready for nearly a decade. The nation’s largest retailer installed machines that could read the chip-embedded EMV cards nine years ago, trained employees on using the machines two years ago and turned […]

Read More
credit score

Want To Know Your Credit Score? CFPB Makes It Easier

Almost everyone is in on making credit scores easily available to American consumers. Everyone except the consumers, that is. At the urging of the Consumer Financial Protection Bureau (CFPB), credit card companies, credit reporting agencies and non-profit credit counseling agencies are working together to get more people to pay attention to their credit scores by […]

Read More
stack of credit cards

Balance Transfers Not Only Way To Handle Credit Card Debt

A familiar adversary for American consumers – credit card debt – is re-emerging as a factor in the U.S. economy and so is one of the most enticing offers that come with it: free balance transfers. The two were a hot couple in the run-up to the Great Recession when credit card debt topped out […]

Read More
Credit Scores Image of Woman

Credit Scores Going Up … Without Any Help From Consumers

The average credit score for American consumers is at an all-time high, but will almost surely go higher within the next year as credit bureaus and government tinker with one of the key components in the economy. Fair Isaac Corporation (FICO), the most recognized name in the credit score industry, said the average consumer’s score […]

Read More