“Would you take a taxi on a cross country trip?” asks the Consumer Financial Protection Bureau in an infographic summarizing the findings of their recent white paper on payday loans (and checking account deposit advances). Of course you wouldn’t take a taxi on such a long road trip because
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Most of us have some type of monthly service that we don’t want to have ended abruptly – like water or electricity, for example. So, if your service provider calls you saying that you’ve missed a payment and need to make one immediately to
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When Bankrate.com surveyed consumers about their credit card debt and emergency fund or savings, only 55% of them answered that they have more money saved up than they have in credit card debt. Forty percent (40%) either has more
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Despite the high interest rate and borrowing costs, payday loans are attractive to so many borrowers because they don’t have as rigorous of an approval process as regular loans. In
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We know that paying bills on time is one of the most important aspects of being financially responsible. If you pay late, you’ll get charged a late fee, you risk having your services terminated
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It’s widely known that the FICO score is the score most used by creditors and lenders to approve your credit card, loan, or application. There are possibly hundreds of credit scores out there, so when you
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Young people may never pay off their credit card debt. That’s the hypothesis that experts and reporters have made based on a recent study by an Ohio State economics professor.
You probably wouldn’t imagine something as simple as an unreturned library book or movie would hurt your credit. After all, you only kept the books out a few days past the date. But, libraries around the
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About 80% of consumers still aren’t checking their credit reports. According to a report from the Consumer Financial Protection Bureau only about 44 million of 200 million consumers checked their credit report in 2010 and 2011.
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It’s quite common to hear about collection agencies scheming against consumers. Numerous collection agencies have been reprimanded, fined, or shut down by Federal agencies for collecting nonexistent debts from consumers, for charging
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Anyone who’s ever had an application turned down due to bad credit knows the importance of having a good credit score. Unfortunately, turning a bad credit score into a good one can take several years, especially since you have to wait out the credit reporting time
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Of all the financial-related things consumers are concerned about – making ends meet, saving for retirement, putting money away for kids’ college – the biggest worry is credit card debt, according to a survey from FICO, creator
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If you’ve checked your credit reports – hopefully you have – then you know that a variety of accounts are reported to the credit bureaus each month. Credit reports include credit cards, mortgage (if you own a house), auto loan (if
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Placing a security freeze on your credit report is one of the ways you can reduce credit card fraud and identity theft. With a security freeze in place, businesses can’t check your credit report to approve credit-based
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Using a credit card isn’t hard. Swipe your credit card at the cash register, walk away with your merchandise, and wait for the credit card issuer to tell you how much you owe. Making credit card purchases can feel great
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The South Carolina Department of Revenue suffered a massive data breach resulting in the theft of approximately 3.6 million social security numbers and 387,000 credit and debit card numbers. The majority of credit and debit card numbers were
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Payday loan providers are known predators. The loans are generally easy to borrow, but difficult to repay. They’re attractive to many because no credit check is required. However, cash flow problems lead to some borrowers keeping
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You can kill a good credit score in a matter of months. It’s easy. In fact, you don’t have to do anything because not doing something, specifically not paying your bills, is precisely what makes you lose
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Government agencies and consumer rights advocates have been speaking out against debt settlement for years and obviously with good reason. According to the National Association of Consumer Bankruptcy Attorneys (NACBA), only one
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Reading about credit scores often can make you paranoid. You probably already know that credit scores are important for many of your financial moves – even those that don’t involve borrowing. Because your score is changing all the
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In the world of finances, your credit report is one of the most important documents because it contains so much information about your financial habits. Your credit report is pulled from a database to which most, if not all, your creditors
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Numerous businesses use debt collection services to help recoup the cost of unpaid debts. For example, if you cancel your cable service and don’t pay the last month’s bill, your ex-service provider may send
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Every debt instrument has an interest rate, typically expressed as an annual percentage rate, or APR. The interest rate the annual amount you pay for borrowing $100. For example, if your APR is 5%, you’d pay $5 in interest
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Dealing with identity theft can be a headache. One of the ways you can deter fraud is to add a fraud alert to your credit report. When businesses check your credit report they see the fraud alert which lets them know to take more steps to confirm your identity.
It takes years of good financial behavior to build a good credit score, but all your hard work can be ruined in just a few months. One or two slightly negative actions, like a maxed out balance or additional credit card
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Traditional credit reports and scores don’t typically take into account all the bills that you pay on time like clockwork each month – like your rent and utilities. In some ways, it’s unfair that you could get turned
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Even with a great credit score, you’re not guaranteed to have your credit card and loan applications approved. Lenders consider a few other factors outside your credit score like your income and
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It’s hard to keep your credit intact when you’re going through a major life change like divorce, job loss, medical illness, or relocation. Your credit score can suffer in the process of these big changes, especially if you get behind on your bill payments. Foreclosure,
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Your credit report contains a record of most of your financial decisions. It impacts more of your life than you’d imagine – some parts that aren’t directly related to your finances. If you want to get a credit card or a loan, your credit report will be considered.
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