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Before making a decision to close that credit card account you do not use anymore that is just sitting open on your credit report, consider what it could do to your score. Length of Credit History The length of your credit history makes up about 15% of your credit score. This 15% takes into account the length of time you have had…
Believe it or not, it has been over 75 years since two mathematicians named William Fair and Earl Isaac created the credit scoring system, more commonly known as Fair Isaac or FICO, which has been the main tool for valuing your credit standing since the mid 1950s. While this model maintains its position as the standard by which credit is…
When it comes to applying for a job, the application process is no longer as simple as filling out paperwork and going for an interview. With the availability of consumer data and the internet, employers now can conduct a more extensive background check when you apply for a job. Gone are the days of being able to just appear face…
Last month, Frito-Lay, Inc., one of the largest snack food manufacturers, generating over $1 billion in sales over the past year, agreed to pay $2.4 million to settle a class action lawsuit over alleged violations of the Fair Credit Reporting Act (“FCRA”) for improper handling of background checks. FCRA Regulations Under the FCRA, when an employer plans to run a…
Have you ever applied for credit and been rejected because you have no credit? Getting approved for credit is next to impossible when you have little to no credit history. This cycle seems impossible to overcome, because if you have no credit how are you going to get approved based upon your credit history? So while no credit is not…
Join Larry Smith, consumer protection attorney and co-founder of SmithMarco P.C. for this episode of “Credit Talk” on Chicago Access Network Television. Larry discusses how to access and dispute incorrect information on all of you credit and background reports, not just the credit reports from the three large credit reporting agencies. He also talks about how to recognize and avoid…
Join SmithMarco’s own consumer rights attorney, Larry Smith, on Chicago Access Network Televisiton (CAN TV) for this episode of “Credit Talk.” Larry Smith discusses your rights when denied credit or employment based on a merged credit file. A merged credit file occurs when people have similar names, addresses, phone numbers, birth dates, and social security numbers and their credit information…
Experts say that one in three American consumers have never checked their credit report. Considering the prevalence of the use of credit in our society, this number is quite astounding. Are you one of the consumers who have never looked at your report to make sure that the reporting is accurate? Your Rights Under the Fair Credit Reporting Act (FCRA)…
Under the Fair Credit Reporting Act (“FCRA”), an employer cannot delve into your personal life without your permission. When applying for a job or if you are currently employed, the law says employers need to seek your permission to conduct a background check. The FCRA requires an employer to ask your permission to conduct a background check and also get written…
Tune into CAN TV’s “Credit Talk” to hear from SmithMarco’s very own attorney, Larry Smith. He discusses a variety of credit-related topics, including how to dispute incorrect information on your credit report, as is your right as a consumer. You are entitled to one free credit report each year from the three big credit reporting agencies, Equifax, TransUnion, and Experian…