Getting and Keeping a Good Credit Score Depends on Your Credit Reports

Getting and Keeping a Good Credit Score Depends on Your Credit Reports Your credit scores depend on what is in your credit reports. Your credit reports have information on how you have used credit, how much credit you have available, how much credit you are using, whether you made payments when due, and whether any creditor has sent an account to a debt collector. Credit scores are numbers that designed to predict how likely you are to pay back a loan. The most basic and important actions you can take to get and keep a good credit score are as...

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Consumers mistakenly believe non-FICO credit scores are actually FICO Scores

Consumers mistakenly believe non-FICO credit scores are actually FICO Scores According to a survey commissioned by FICO, 62 % of consumers who received non-FICO credit scores online believe they had received actual FICO® Scores. More than 8 in 10 consumers believe the scores they obtained from the non-FICO sources are scores widely used by lenders to make credit decisions, which is not the case. The survey found that 71% of consumers agree it is important that the credit scores they obtain are scores widely used by lenders to make credit decisions. But the only scores used in 90% of credit...

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Insurance Companies Misuse Credit Scores to Set Prices on Car Insurance

Insurance Companies Misuse Credit Scores to Set Prices on Car Insurance Consumer Reports magazine September edition has a special report on how insurance companies use (really misuse) credit scores in determining how much to charge you for your car insurance. Each insurer cherry-picks about 30 of almost 130 elements in a credit report to come up with its own proprietary score. That score will be quite different than your FICO score. Customers with low credit scores are made to pay a lot more than customers with better scores. For example, a single driver in Kansas who incurred one moving violation...

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Does Too Much Credit Hurt Your Credit Score?

Does Too Much Credit Hurt Your Credit Score? Does having too much credit hurt your credit score? Should you close credit cards to reduce your credit available? These are questions addressed by Barry Paperno a contributor to creditcards.com. Conventional wisdom 20 years ago was that if a borrower had access to too much credit, he or she would be tempted to use too much credit and get in trouble. But in the 1980s, FICO did a study and found that there was no evidence that having “too much” credit would change the consumer’s behavior. The same research confirmed that open...

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American Banker asks if Credit Bureaus Can Finally be Tamed

American Banker asks if Credit Bureaus Can Finally be Tamed The American Banker magazine has an article that asks “Can credit bureaus can finally be tamed?” The article describes a “tough fix-it order” imposed by federal and state officials that was supposed to force the bureaus to clean up inaccuracies and better respond to consumer complaints. But that happened 25 years ago and the problems with the bureaus persist. The article notes that lawyers, advocates and regulators agree that problems of accuracy and how disputes are handled continue to be problems. In 2012 the FTC found that one in four...

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