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One of the most common credit reporting mistakes is a merged credit report. A merged credit report is a report that has someone else’s information reported on your credit file. It is not the result of fraud but a mistake by the credit reporting agency or your creditors causing your information to merge with that of another. There are a…
Considering one in four consumers has errors on their credit reports, checking your report is more important than ever. Your credit report can affect your financial well being and ensuring its accuracy will guarantee that you get the best possible interest rates and credit available to you. There are several credit reporting mistakes that are more common than others. Below is…
With the holiday season just around the corner, you have probably noticed an abundance of “pre-approved” credit card offers in your mailbox. But what does this mean? Are you really approved? Can you just start using the card? Should you start using the card? Today, credit card companies use marketing strategies to send out these pre-approved credit card offers to…
Consumer debtors can thank the Second Circuit for its ruling in Avila, et al. v. Riexinger & Associates, LLC, when the least sophisticated consumer standard got a little less sophisticated earlier this year. In this Fair Debt Collection Practices Act (“FDCPA”) case the court held that a debt collector cannot presume that a consumer understands the most elementary rules of…
As a responsible consumer trying to build your credit, you apply for a credit card with a low finance rate and you plan to pay off the balance in full every month. After all, one of the first rules of thumb for building your credit is to have a positive credit history. The only problem is, you cannot seem to…
As a responsible consumer, you pull a copy of your report annually to review the information and make sure it is up to date and accurate. Studies show that 1 in 5 American consumers have errors on their credit report and need to embark on the dispute process to correct the inaccurate information. Under the Fair Credit Reporting Act (“FCRA”)…
While there are multiple types of consumer credit scores, there must also be multiple types of credit. Understanding that not all credit is the same is a good way to learn how to maintain a credit report that is in good standing. You must carry a variety of credit to have good credit. In other words, if you only have…
Despite what you have been told, a credit card can actually help build your credit. If you are committed to making timely payments every month and keeping your balances fairly low or non-existent, a credit card can successfully build your credit over time. It can lead to better credit offers and more favorable terms with higher limits. First, understand that…
Your credit can impact just about everything in your daily life. It can impact the type of car you are able to purchase, the type of home you can buy and the type of job you are able to get. Most lenders base their decision to extend you credit and at what rate on your credit score. Further complicating matters,…
Looking for a job today can be stressful with all of the competition for employment… The thought of a potential employer reviewing your credit report can add to your stress level. Under the Fair Credit Reporting Act (“FCRA”), the federal statute enacted to protect consumers from unfair credit reporting, employers are permitted to review an employee’s or job applicant’s credit…