Article Summary: Paying rent can build your credit, but it doesn’t always do so automatically. For rent payments to show up in your credit history, your landlord will need to report the rent payments to one of the major credit bureaus. You can potentially enroll in one of the rent-reporting services on your own, but […]
Article Summary: Though you can’t directly report your payment history to credit bureaus, you can self-report through third-party services. These companies, such as Experian Boost and Self, report your previous bill payments to the bureaus. However, there are some downsides to these services. When it comes to credit, the age-old saying “you have to spend […]
Article Summary: Like most credit card companies, Discover reports to the credit bureaus just after your statement closing date each month. The good news is that you can use that information to boost your credit score. Credit scores can be a bit of a mystery sometimes. We know they’re important, and we know they’re generally […]
Article Summary: A CPN, short for credit privacy number or credit protection number, is a nine-digit number that works just like a Social Security number (SSN). Fraudulent companies sell this number to customers with bad credit to help them hide the poor credit history associated with their original SSN. Credit scores are often used by […]
Article Summary: Marriage doesn’t directly impact your credit score, meaning you’re unlikely to see a change as soon as you tie the knot. However, even though you and your partner won’t share a credit report or score, there are some ways that marriage can affect your credit, both for good and bad. It’s no surprise […]
Article Summary: Breaking a lease agreement doesn’t have to hurt your credit score, and the lease itself may tell you how to break it early without negative consequences. It’s important to read through your lease thoroughly to understand the terms, as cars, apartments, and other properties will contain different language depending on the lease. Refusing […]
Identity theft occurs when a criminal steals someone’s personal information to impersonate them. Most identity thieves use that information for financial gain — for example, withdrawing money from your bank account or using your credit card to make purchases. Others have more elaborate schemes. Some even try to open insurance policies, buy homes, or get […]
Few things in life impact your financial health more than your credit score. Even someone with a great job and plenty of money in the bank could find themselves denied for a loan or a lease application if they have a poor credit score. This raises an important question. How long will it take to improve […]
How common are money transfer scams in the U.S.? In 2018, there were more than 1.4 million fraud reports filed with the Consumer Sentinel Network. 25% of those reports involved a loss of money which collectively totaled $1.48 billion. This is up $406 million from the 2017 report. With money lost to fraud on the rise in […]
In partnership with Experian and fintech company Finicity, FICO recently announced a new credit scoring model called the UltraFICO Score. This new score will give customers the choice to include data from their bank accounts as well. This marks the first time the credit scoring pioneer has included consumer-contributed data in its credit scoring calculations. This makes it possible for people who can’t […]
11.5% of students with loans default on them (Department of Education). Defaulting on student loan debt is never ideal, but sometimes it’s outside of your control. It’s certainly not rare. Approximately 11.5% of borrowers with student debt default on their loans. If you make a mistake or can’t make payments because of something outside of […]
When thinking about credit bureaus in the United States, most people think of the three major ones – Equifax, Experian, and TransUnion. However, there are many more credit reporting agencies out there. There’s actually a fourth national one called Innovis, as well as other smaller bureaus that help lenders determine eligibility for various loan products. […]
With so much in the news about identity theft and personal data being hacked, it can be scary to think of what could happen with our sensitive information. Since the huge data breach at one of the major reporting bureaus Equifax, many have recommended that consumers should freeze their credit reports to help protect themselves from […]
Hackers accessed the information of 57 million Uber customers and drivers in 2016, according to a new report by Bloomberg. Leaked information included names, email addresses, and phone numbers, as well as drivers license numbers for hundreds of thousands of drivers. Instead of contacting the affected parties and reporting the incident to regulators, however, the […]
We’ve all made mistakes, and that includes mistakes with credit. But while some elements of fixing your credit score require time and patience, there are other things you can do that can make a difference more quickly. How to increase your credit score in 30 days There’s no way to boost your credit score overnight. But […]
As cyber thieves become savvier, identity theft continues to rise. According to the 2017 Identity Fraud Study conducted by Javelin Strategy & Research, 2016 was the worst year ever for identity theft. $16 billion amount stolen by cyber thieves from 15.4 million U.S. consumers in 2016 Their study found that cyber thieves stole $16 billion […]
Equifax announced in 2017 that criminals gained “unauthorized access” to the personal data of 143 million U.S. consumers and an undisclosed number of UK and Canadian residents. 143 million Number of U.S. consumers affected by the security breach Update: FTC settlement The Federal Trade Commission announced a settlement with Equifax that includes $425 million for […]
You have decided to take the bull by the horns and keep better track of your finances, and that includes tracking your credit score. You know you are good at paying on time at least the minimum amount due on your credit cards and other revolving debt, but your tracking indicates you have a high […]
Your credit score can be something of an enigma. Credit scoring companies like FICO and VantageScore share approximations of how your credit score is calculated. But there are so many factors it can be hard to predict exactly how your actions affect your score. What’s more, there can be confusion about who can get access […]
There are lots of reasons for paying off a car loan early. Once you’ve paid off your debt, you’ll own your own car! You’ll be free of your obligation to the lender, and you’ll pocket hundreds of extra dollars every month. And successfully paying off your auto loan will boost your credit score. Or will […]
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