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The Equal Credit Opportunity Act is the statute enacted in 1974 that protects consumers from being discriminated against during a credit transaction based on race, color, religion, sex, marital status, age or use of public assistance. The law applies to any entity who participates in making a credit decision such as banks, retail stores, credit unions, finance companies, etc. When…
Your credit score is an important number to you. It is calculated based on the information contained in your credit report; it is a number that tells lenders what type of consumer you are; a number that will decide whether or not you are approved for credit and at what rate; a number that may affect your ability to get…
Under the Fair Credit Reporting Act, the statute enacted to protect consumers and promote accuracy, fairness, and privacy of consumer information, consumers are entitled to one free credit report annually from each of the three big credit reporting agencies. The purpose of this recent amendment to the statute is to make a free report available to all consumers to allow…
Earlier this year, the U.S. Court of Appeals was forced to review a question that had never before been considered by an appellate court relating to the Fair Credit Reporting Act (“FCRA”) and its rules regarding employment background checks. Under the law, employers looking to use an applicant’s credit report to aid in a hiring decision must follow the rules…
As a consumer, you must be aware of how your credit and credit score can impact your financial worthiness and affect your everyday living. Without good credit you risk paying more for your credit cards, mortgage loans and insurance as well as risk getting a job. Experts say that despite the importance of your credit, only approximately two thirds of…
Your credit report and credit score are two different things. While consumers often refer to them as one and the same, they really are two separate items. While both items are related to your credit and financial worthiness, your report is a summary of your credit history and your score is a number assigned to your history based upon a…
If you are in the market to make a big purchase, open a bank account, apply for an auto loan, mortgage, credit card, insurance or even get a new job, then you need to be intimately familiar with your credit report. Your credit report is basically a sales pitch that tells lenders who you are, how you pay or don’t…
When reviewing a credit report, consumers need a basic understanding of the elements used to calculate a score. When using the Fair Isaac Corporation (“FICO”), the most widely used and well known credit scoring system, there are five different factors used to determine a score with each factor contributing a different percentage to your overall number. These five factors include…
If you have ever been denied credit, you might believe that lenders are not upfront about your reasons for denial. A lender must provide written notification when you are denied credit, and that notice must either provide the primary reasons for the denial, or advise you where you can mail in for those reasons. They must provide you a credit…
The average consumer has heard of the three major credit reporting agencies, Equifax, Experian and Trans Union. These big three credit agencies are responsible for gathering, storing and reporting your financial information for creditors, lenders, employers and other entities that are allowed to view it. But did you know that there are actually checking/banking account credit reporting agencies that are…