provided by Published 9:00 am CDT, Wednesday, June 19, 2019 MoneyTips Congratulations! You've made it through college and are looking forward to using your new skills in the real world. Here's our gift to help you start your journey – a copy of your credit report. If you aren't familiar with your credit report and how it works, now's the time to check it out. Your credit report is a collection of all of your borrowing activities. Whenever you borrow money and make payments (or miss them), your creditors report that information to the three major credit reporting agencies (TransUnion, Experian, and Equifax). If you have part of America's nearly $1.5 trillion in student loans, your repayment record will show up here. Your future credit cards and loans will show up here, too. The credit reporting agencies use your credit report information to calculate your credit score – a single number between 300 and 850 that tells creditors how risky it is to loan you … [Read more...] about MoneyTips Gift To College Grads: Your Credit Report
Payment history on credit report
By Vera Gibbons Published May 17, 2019 Personal Finance FOXBusiness Facebook Twitter Comments Print video US credit card debt hits record $870B by end of 2018 Barron's Associate Publisher Jack Otter on the rise in U.S. credit card debt and its impact on the economy. If you’re a recent college grad, you’ve likely heard speeches about pursuing your passions and believing in yourself, but you probably haven’t heard much about your credit report. Continue Reading Below While it isn’t a sexy graduation topic, it is one that can have a giant impact on your future. As you prepare for your next chapter, here’s what you need to know about credit. Why it’s important Qualifying for mortgages, auto loans, apartments, and even jobs are dependent on your credit history. “Your credit rating comes into play for much more than just borrowing,” says Greg McBride, chief financial analyst at … [Read more...] about Attn college grads: Do you know what’s on your credit report?
Susan Tompor Detroit Free Press Published 7:03 AM EDT May 15, 2019 The Equifax data breach came to light back in September 2017 — and consumers are still fuming. Complaints about credit reporting, credit repair services and issues such as errors on individual consumer credit reports, made up 43% of all the complaints made to the Consumer Financial Protection Bureau, according to an analysis by the U.S. PIRG Education Fund. That's up from 23% of total complaints back in 2016, before the Equifax breach. The analysis looked at data from 2011, when the CFPB began collecting complaints, to Jan. 14, which is when PIRG downloaded the data to review. CFPB, a federal consumer watchdog agency, published a record 257,000 consumer complaints in 2018 — including all complaints, according to the PIRG analysis. That brings the total complaints to nearly 1.2 million in seven years. Complaints might include issues with a payday lender who won't stop … [Read more...] about Equifax data breach still causing problems for credit reports
provided by Published 3:00 pm CDT, Friday, March 29, 2019 MoneyTips You know you need to protect your accounts and personal information – but what is the best method? Should you use a credit monitoring service or subscribe to identity theft protection instead? What's the difference between the two methods? Credit monitoring services do exactly what they say they do – monitor activity on your accounts with the major credit reporting agencies (TransUnion, Experian, and Equifax). Creditors report all activities related to borrowing money, including your payment history, to credit reporting agencies. Monitoring services may monitor your history with all three agencies or be exclusive to a certain agency. With credit monitoring, you're alerted to various changes in your credit report – for example, when a potential creditor asks for your credit history or when new credit card accounts or loans are opened in your name. Any activity that is reported to the … [Read more...] about Credit Monitoring Vs. Identity Theft Protection
Discovering that you accidentally missed a payment due date on a credit card or loan can be an unsettling feeling. Your lender might charge you a late fee for the oversight and even worse, it may negatively affect your credit scores. Here's the good news: Your payment has to be a full 30 days late before a lender can report it to the credit bureaus. Once your payment passes the 30-day late mark, all bets are off and damage to your credit becomes a very real possibility. There's no question that the payment history on your credit reports is important. In FICO brand scoring models, payment history is worth 35 percent of your credit score. Yet a late payment, or any other negative blemish on your credit reports, isn't worth a specific number of points. You won't, for example, automatically lose 15 points from your score when a 30-day late payment is added to your report. (FICO scores range from 300 to 850.) The credit scoring process is more complicated. When it comes to credit scores, … [Read more...] about It pays to be on time: How late payments ruin your credit score, finances