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New Financial Reform and Free Credit Sco...

The new Financial Reform bill was signed but it will not take effect for another year.  Free scores will be provided to consumers that have been denied funding or charged higher interest rates for loans, credit cards, and car leases.  It was unclear who would provide these scores but from what I read it seems the lender or financial institution charging higher rates, or denying...
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Why Banks are Declining Loans More and M...

Does Fannie Mae and Freddie Mac mean anything to you?  The majority of loans that default are typically bought by Fannie and Freddie (government agencies).  Once F&F buy the loan they try to arrange some kind of payment plan or it goes to foreclosure.  The problem for the banks that accept and underwrite these loans is if Fannie and Freddie find problems with the way the loan was...
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CREDIT CARD RULE CHANGES DO NOT APPLY TO...

It is true that business credit cards do not have the same rules that apply to regular credit. The new credit card act only applies to personal credit...
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What is the negative side of Fraud Alert...

Fraud alerts may in some cases stop you from getting instant credit.  In this fast paced world we live in with so many alluring offers at every turn it could be frustrating for consumers to have to wait for credit approval.  When was the last time you saved 30% on a purchase for opening credit at a store?  How nice to be able to get that wonderful savings.  If you had a fraud alert...
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What Is The Positive Side Of A Fraud Ale...

Fraud alerts are a great way to protect yourself from criminals opening accounts in your name.  Once you put a fraud alert on your credit profile, with a phone number you can be contacted at, it is nearly impossible for credit to be opened in your name without your approval. When applying for new credit the creditor, who pulls your credit prior to deciding if you are credit worthy,...
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What Do The Credit Reporting Agencies Do...

The Credit bureaus “Experian, Trans Union, and Equifax” make huge profits in oh so many ways. How to count the ways? Selling information to Credit Gran-tors about your consumer credit history- selling a snapshot of a credit history showing the history, usually a 7-10 year view. Selling information to any company who is looking for a list of a target market for prospecting-...
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Why Were The Credit Reporting Agencies C...

The Credit reporting agencies were created in the 1900’s when people started moving around across the country. At this time it was difficult to track consumers credit histories since they could move, more easily from place to place, and default on loans and just begin again in a new area. There also became more lenders in one area where in the past there would be a local lender...
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Who are the Credit Bureaus?...

The Credit Bureaus are non governmental agencies, that collect and sell information.  They are also known as “The Credit Reporting Agencies.”  The three major consumer credit bureaus that supply the majority of consumer credit are known as Experian, Trans Union, and Equifax.  For the most part this information includes histories of creditworthiness that show how business...
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Will the Credit Bureaus be Estimating yo...

Now that the new Credit Card Rules are in place the credit card grantor’s are beginning to allow new issuance of credit cards based on income and debt ratio. Since this is a new demand by the law the credit card companies need access to consumers income information. The credit reporting agencies see a new way to provide info for credit grantor’s and earn more profits. They...
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Sirius and their billing practices?...

Recently a client of mine told me a story about an experience he had with his Sirius satellite radio account.  He was offered a choice of his monthly fee being automatically deducted from his credit card or having a physical bill sent to him by mail for an extra few dollars a month.  He decided to take the physical monthly bill.  A few months later he noticed he had not received a...
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