You’ve surely heard the terms “credit score,” “credit report,” and “credit bureaus,” but, like many Americans, you’re probably not exactly sure what they mean. Every consumer deserves to know exactly how and why a credit score is calculated. We’re going to break these concepts down so that you can feel confident in all your credit-related
Credit scores are important; they are a significant factor in determining loans, housing, and even employment. Most consumers have many questions about their credit score. For instance: what is a credit score? Who determines your credit score? How do you improve your score? Myth: Credit repair companies work. Reality: Credit repair companies that advertise a quick resolution for
What is credit monitoring? Credit monitoring services, like those offered by TransUnion or Experian, watch your credit report for any changes or fraud and send you alerts if they detect any unusual activity. These services can cost more than $30 each month, which is a steep cost to pay when you can perform many of these services
Are you going on vacation this summer? It’s prime vacation time in the United States, and alongside 100 million other Americans, you’re probably excited to rest and relax with your loved ones. With the allure of fun in the sun, it may be tempting to quickly book a hotel or pay for an unofficial tour, but sometimes your eagerness can result
Consumer protection attorney Mark Mailman was featured in an article about the Fair Credit Reporting Act and employment screening by Megan Cerullo at CBS News. Employers are frequently relying on background checks to screen future and current employees, and Mark Mailman explains that this practice is only becoming more prevalent. Under the FCRA, employers must
What is a secured credit card? Have you heard about Amazon’s Credit Builder Card, which was launched earlier this month? You may be wondering if this kind of card is the right choice for your financial situation. A secured card is a type of credit card that is designed to help an individual with a low credit score
What is a data breach? Data breaches can happen at any time at any business or service that you have used, and chances are, you have already used a product owned by a company associated with a data breach. You may have heard about recent data breaches at the Oregon Department of Human Services, U.S. Customs and Border
Thinking of purchasing a house or refinancing your home? Your credit score plays a significant role when applying for a mortgage because it helps lenders determine how likely you are to repay your debts. According to recent research, you will need a credit score of 580 or higher to secure a Federal Housing Administration loan to purchase
Rideshare companies like Uber and Lyft are notorious for partnering with third-party companies that can produce inaccurate or incomplete background checks.You’ve probably read scary news articles like the stories about the Somali war criminal who passed an Uber background check and the Chicago Lyft driver with a criminal history who was charged with raping a
Becoming an authorized user to a credit card account can be a good way to begin to establish a credit history without being liable for any charges or balances. However, you also take on some risk as an authorized user. Your credit report will show both the good and the bad credit habits of the primary user,