Really Free Credit Scores from FICO & Credit Card Companies

Really Free Credit Scores from FICO & Credit Card Companies Fred Williams, writing in the CreditCards.com blog, reports that FICO, the owner of the most-used credit score, has a new free score program that allows lenders who already buy the score to share the score with consumers at no extra cost. Barclaycard and First Bankcard have announced plans to provide the free credit scores, and other card card companies will do the same in the near future according to FICO. FICO expects millions of consumers will have access to their scores by the end of this year by logging into...

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Prof. Elizabeth Warren Appointed to Consumer Financial Protection Bureau

For years, no one at the federal level has done much to help ordinary consumers. Some federal agencies (the bank regulators especially) have worked for the banks against consumers. Congress (really the Democrats in Congress) approved Obama’s financial reform bill (the Dodd-Frank law). The law created a Consumer Financial Protection Bureau. Prof. Elizabeth Warren, an outstanding advocate for consumers, conceived the idea in the first place. This week, President Obama appointed Prof. Warren to launch the CFPB. Prof Warren released a statement in which she states she has enthusiastically agreed to take on the job: “President Obama understands the importance...

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Reform Bill Addresses Problem of Inaccurate Credit Reports

An official of the US Treasury Department has issued a statement pointing to the sections dealing with the problem of inaccurate credit reports and consumers’ inability to easily get the inaccuracies removed. The official notes that credit reports are sometimes riddled with errors. And those errors can have a real effect on your financial future. Something as simple as having the same name as another individual who failed to pay their bills on time can prevent you from receiving a loan or the lower interest rate for which you’re eligible. The official states that consumers have filed almost 150,000 complaints...

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