Archive for October, 2012

What do banks use to check credit scores?
News from LoanSafe:

If you are looking to secure a loan such as a mortgage from your bank or even begin a new checking account you can be certain that your credit scores will be checked and thoroughly reviewed. Your credit score will indicate to the bank the amount of risk you bring to their company. Think of your credit profile as your character reference in regards to how you manage your money and debts.

Credit Reports

There are three main credit reporting bureaus your bank might use when checking your credit history. These include Equifax, TransUnion, and Experian. The Patriot Act requires that all banks verify the…………… continues on LoanSafe

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Drivers With Auto Insurance Quotes No Credit Check Are Increasing
News from TheDay.com:

Editor’s Note: This opinion piece was submitted by a member of the public to The Day’s community website, www.Zip06.com.

The credit score is plays an important part as that information to insurance companies on which they can base their risk and corresponding rates. People with no credit history or very low credit are usually rejected. These people then have to opt for auto insurance quotes no credit check.

Place, date: Not all vehicle drivers have a good credit history or high credit scores. But still they have to have insurance coverage for their vehicle. In both cases new and renewal of insurance coverage the credit scores tell the insurance companies the risk based insurance rates appropriate for the car buyers or car owners. Low credit scores and absence of a credit history is cause for outright rejection for some companies. These drivers need to insure their vehicles with companies that offer auto insurance quotes no credit check.

The credit score has a large effect on auto insurance renewal. The insurance quotes are high for buyers with poor scores. Some companies even cancel or refuse to renew the insurance when the scores fall below certain levels. For drivers whose credit scores have plunged to low levels do…………… continues on TheDay.com

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How your credit score is affected by common activities
News from Milwaukee Journal Sentinel:

(BPT) – Managing money wisely: It’s something that everyone is told to do from an early age. From putting pennies in the piggy bank to classroom instruction in how to balance a check book, the message is to spend and save thoughtfully. However, in the real world, those lessons often fall by the wayside due to crunched schedules, unexpected expenses and simple forgetfulness. However, the way you handle – or mishandle – your money from day to day will have an impact on your credit score.

While many people only see their credit scores with their free annual check, a recent white paper by credit score model company VantageScore Solutions points out that roughly 70 percent of credit scores fluctuate by as much as 20 points in a 90-day period. Whether it goes up or down depends on your behaviors.

“When it comes to credit scoring, there are two questions that are most commonly asked by consumers yet rarely understood. These questions are ‘why did my credit score change,’ and, ‘how can I improve my credit score,’” says Barrett Burns, president and CEO of VantageScore Solutions. “We’re providing answers to those questions and more, including specifics for how certain profiles of consumers are impacted by common credit activities, and how to further…………… continues on Milwaukee Journal Sentinel

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Expense Report Abuses: Strip Clubs, Haircuts And Other Egregious Abuses
News from Huffington Post:

MarketWatch:

Lawyers may have a reputation for expensing every last thing, but they’ve got nothing on these politicians and executives.

James Kwon: $ 4,537 at Treasures Strip Club

Law firms have a reputation for excessive use of expense-accounts— racking up big bills for everything from first-class travel to photocopies — and passing the costs on to clients. Those clients are now crying foul, The Wall Street Journal reported this week. But…………… continues on Huffington Post

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Think you’ve got a solid score? Lenders may have different numbers on you
News from nwitimes.com:

2012-10-27T00:00:00Z 2012-10-26T13:35:45Z Think you’ve got a solid score? Lenders may have different numbers on youBy Erik J. Martin CTW Features nwitimes.com

Smart borrowers know to check their credit scores before applying for a home mortgage loan. But what if that score was unreliable? What if the scores that consumers can acquire from major credit bureaus or sites like Quizzle.com were different than the ones used by lenders?

The results of a new study conducted by the Consumer Financial Protection Bureau and involving 200,000 credit files from the three primary credit bureaus (Experian, TransUnion and Equifax) suggest that this is true for many borrowers. About “one out of five consumers would likely receive a meaningfully different score than would a lender,” according to the study.

According to the CFPB, the formulas employed to produce credit scores not only differ from one company to the next, but disparities can occur within the same company. For example, FICO, the most oft-used score, has more than 49 diff…………… continues on nwitimes.com

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Obama hails his added regulations as protecting your credit score
News from Investor’s Business Daily:

President Obama’s weekly remarks

Hi, everybody. It’s now been four years since a crisis that began on Wall Street spread to Main Street, hammering middle-class families and ultimately costing our economy 9 million jobs.

Since then, we’ve fought our way back. Our businesses have added more than 5 million new jobs. The unemployment rate has fallen to the lowest level since I took office. Home values are rising again.  And our assembly lines are humming once more.    

And to make sure America never goes through a crisis like that again, we passed tough new Wall Street reform to end taxpayer-funded bailouts for good. 

Wall Street reform also created the first-ever independent consumer watchdog, whose sole job is to look out for you.

That means making sure you’ve got all the information you need to make important financial decisions like buying a home or paying for college. And it means going after anyone who tries to take advantage of you, or rip you off.

Starting this month, that includes the folks who come up with your credit score.

If you haven’t checked out your credit score recently, you should. It can have a major impact on your life. It can determine whether or not you qualify for a loan or what kind of interest you have to pay.  It can even affect your chances at renting an…………… continues on Investor’s Business Daily

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Tom Pavelka, Ohio Man, Has A Near Perfect Credit Score: Report
News from Huffington Post:

Tom Pavelka is proof that you don’t need to be fabulously wealthy to have great credit.

The Westlake, Ohio man has a credit score of 848 out of 850, according to a recent credit score disclosure: higher than that of roughly 99.7 percent of Americans, the Cleveland Plain Dealer reported. He secured it using time-tested money habits.

Pavelka and his wife are well off, but not super-rich. Pavelka, a Labor Department worker, was paid $ 99,…………… continues on Huffington Post

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Your Credit Score: How to Improve the 3-Digit Number That Shapes Your Financial Future (4th Edition) (Liz Pulliam Weston)
Today, a good credit score is essential for getting decent terms on credit–or for getting credit at all. But that’s just the begi…

Tips on buying and financing your first home
News from NorthJersey.com:

ARA — For many younger Americans, the dream of owning their first home is alive and well. But for others, it’s still an elusive dream.

PHOTO COURTESY OF ARA

Buying your first home takes preparation.

Only five years ago, it was relatively easy to finance a home, but the Great Recession and the mortgage market’s meltdown have made it difficult for many people to qualify for home loans. The shifting state of home values and prices has complicated matters. In some markets, values have plunged by more than 40 percent. While that has created once-in-a-lifetime opportunities for younger people to enter the real estate market, others have taken a more cautious approach, waiting to see if prices will continue to fall.

Whether you’re ready now or will be down the road, buying your first home takes preparation. Here are some tips from FindLaw.com, the nation’s leading website for free legal information, on how to get started.

* Save aggressively for your down payment. Many first-time homebuyers seek a mortgage insured by the Federal Housing Association…………… continues on NorthJersey.com

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Westlake man has one of the highest credit scores in the entire country, 848 …
News from Plain Dealer:

By Teresa Dixon Murray, The Plain Dealer The Plain Dealer
on October 24, 2012 at 10:00 PM, updated October 24, 2012 at 10:54 PM

Tom Pavelka of Westlake insists he’s not frugal. He just spends money wisely.

WESTLAKE, Ohio — Tom Pavelka has a nice 3,000-square-foot home in Westlake, a good government job, two British sports cars and an adoring wife of 25 years.

But he has one more thing that most people would really, really love to have: a credit score that is higher than almost everyone else in the country.

Pavelka, 56, has a credit score of 848 out of 850. The letter he got from the credit bureau recently said his score “ranks higher than 100 percent of U.S. consumers.”

That makes Pavelka a financial anomaly.

While an 848 isn’t a perfect score, it’s as h…………… continues on Plain Dealer

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Credit Report Nation Announces Free Scores and Credit Reports from Equifax …
News from MENAFN.COM:

Credit Report Nation Announces Free Scores and Credit Reports from Equifax EFX Experian (lon:EXPN), and TransUnion

Oct 24, 2012 (Menafn – M2 PRESSWIRE via COMTEX) –Credit Report Nation, a company that provides access to your three credit reports, scores, and monitoring services to members, announces you can now see your credit reports and scores for free from all three credit bureaus at https://www.creditreportnation.com . The Nations credit bureaus are known to only give you access to one free credit report requiring you to register for three different sites if you want to see all 3. Finally consumers have more options for how they can access all their credit information online.

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Credit Score Confusion
News from Las Vegas Review-Journal:

Credit Score Confusion

Think you’ve got a solid score? Lenders may have different numbers on you

Smart borrowers know to check their credit scores before applying for a home mortgage loan. But what if that score was unreliable? What if the scores that consumers can acquire from major credit bureaus or sites like Quizzle.com were different than the ones used by lenders?

The results of a new study conducted by the Consumer Financial Protection Bureau and involving 200,000 credit files from the three primary credit bureaus (Experian, TransUnion and Equifax) suggest that this is true for many borrowers. About “one out of five consumers would likely receive a meaningfully different score than would a lender,” according to the study.

According to the CFPB, the formulas employed to produce credit scores not only differ from one company to the next, but disparities can occur within the same company. For example, FICO, the most oft-used score, has more than 49 different credit scoring models available to lenders.

This discrepancy can have a negative imp…………… continues on Las Vegas Review-Journal

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Finance educator: Students lack credit knowledge, education

Finance educator: Students lack credit knowledge, education
News from TCU 360:

Some students have not begun to build their credit score for the future.

Equifax, a credit reporting agencies, defines credit as “a mathematical model designed to predict credit risk, based on data contained within your credit file.” 

A credit score is given a numerical value between 250 and 850. The higher a person’s credit score is, the more a likely lender is to give them a loan. Employers and landlords also look at credit scores before they hire or approve leases.

Greg Kolesar, a senior computer science major, said the main reason some students are not aware of the need to build credit is because it is not taught in school. He said one of the perceptions some students see is that credit has a bad reputation, especially after the economic crisis a few years back.

Personal finance educator at University of Idaho Extension Luke Erickson agreed with what Kolesar believed. The reason students have a lack of knowledge about credit is the lack of education, he said.  Erickson attributes the lack of knowledge to how credit has grown in importance.

By creating a game similar to the show “Who wants to be a Millionare?” Erickson hopes to educate students about everything credit entails.

Erickson said that the importance of credit has grown over the past ten years.  A decade ago, it did not have a big impact, he said.  Then five years…………… continues on TCU 360

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Steps to get your credit score online
News from Economic Times:

The credit information report (CIR) provided by Credit Information Bureau (Cibil) gives a persons detailed credit history based on which a the Cibil Trans Union score is assigned. The cost and terms on which loans and other credit facilities are available to an individual depend on the credit score. It is, therefore, advisable to know the score and periodically check the CIR to make sure there are no errors that will affect the score. One should also report and rectify any errors so that it does not impact the borrowing activity.

Form: The application for the CIR and credit score can be made online on Cibils website cibil.com/online/credit-score-check.do.

Information: The n…………… continues on Economic Times

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