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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20 Percent of Consumers get Different Credit Scores than Lenders
News from Opposing Views:

When consumers seek a line of credit, they may be fairly confident that they know where they stand with regard to their rating, but this might not always be the case.

Anywhere between 20 and 27 percent of the time, credit scores consumers see are meaningfully different than the credit scores lenders use, and that can cause significant problems for would-be borrowers, according to a new study from the federal Consumer Financial Protection Bureau. The result of these discrepancies between what a consumer might see when they order a copy of their credit score, and what a lender might see, is that a potential borrower might be under mistaken impressions of what they can actually qualify for.

For instance, those who believe their credit ratings are better than they actually are may be put in a position where they continually apply for financing for which they are unqualified, and therefore have an even more negative impact on their score because of the number of hard inquiries processed in a short period of time, the report said. On the other hand, those who think their scores are lower than what they are in reality may end up qualifying for a line of credit that isn’t as beneficial or affordable as what their real standing shows they deserve.

The inherent problem with these differences in scores consum…………… continues on Opposing Views

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Give lenders what they are looking for: boost your credit rating!
News from The Leader – Wrexham & Flintshire news:

Experian’s Credit Expert offers trustworthy free credit checks to consumers

One of the world’s most trusted information services, Experian, is offering consumers the chance to obtain a secure credit check free of charge from Credit Expert.

In 2012, having an excellent credit score is key to borrowing money from banks – without it, many of us will struggle to buy property or start up small businesses.

Securing a loan or mortgage requires much more than paying your rent on time.  This BBC feature casts further light on what lenders are looking for in a customer.

You can also use Experian to visit a designated credit help centre which can guide you through your report and potential financial future.

James Jones, Head of Consumer Affairs at Experian, notes that an awareness of how credit ratings work will allow you to adjust your own finances to better fit the system, such as updating your personal details on accounts and payments.

Keeping details up to date also helps prevent identity theft and missed payments which can negatively affect your credit; leaving you with more opp…………… continues on The Leader – Wrexham & Flintshire news

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Getting credit utilization under control will make you more appealing to lenders

Getting credit utilization under control will make you more appealing to lenders
News from Chicago Tribune:

Q: I’ve racked up $ 9,000 in debt on a $ 10,000 line of credit, but I can pay it off at any time.

I’m planning on moving this year and will need to finance my house purchase. I’m thinking that if I pay off the debt, the credit card company will lower my line of credit and I’ll take a big hit to my credit score. Should I contact the credit card company, or would contacting them raise a red flag and cause them to reduce my line of credit anyway.

  • Ilyce Glink & Samuel Tamkin

Should I strategically start to pay down the debt significantly as I’m looking for financing? When would the payoff be reflected…………… continues on Chicago Tribune

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Could credit card lenders see fee limit this year?
News from Debtmerica Relief:

A court case between millions of businesses and the country’s largest financial institutions could end up leading to lower prices and therefore potentially less credit card debt for consumers.

The lawsuit, a private antitrust case between about 5 million merchants large and small against financial giants like Visa, MasterCard and 13 of the biggest banks in the country, is over what businesses say are unfairly high interchange fees charged to them every time they accept a credit card transaction, according to a report from CNBC. And the case could have a far-reaching impact when it comes to those large financial institutions. Some analysts say they may settle – and that it could cost them as much as hundreds of billions of dollars to do so – or that it may come down to the judge making a decision that could lead to lower prices.

Some believe that the judge could institute a fee limit on credi…………… continues on Debtmerica Relief

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Square one: how to build credit after divorce
News from Fox Business:

Going through a divorce can be one of the most stressful and emotionally draining experiences of your life. Your credit score is probably the last thing on your mind, but you do need to make sure you’re working towards a healthy financial future in the midst of the separation from your spouse.

Some people are left with a very poor credit score after divorce because they find their ex didn’t pay bills on time and ruined the credit of both parties. Others simply don’t have any financial accounts under their own name. Whatever your situation, there are some effective ways to build or re-establish credit after divorce.

Here are five ideas to help you get started.

1. Pull your credit reports

First, find out where you stand. The only way to know the status of any joint credit accounts, or accounts that were formerly maintained in both of your names, is to check your most recent credit reports from Equifax, Experian and TransUnion. You can get them once a year at no cost through

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5 Ways To Boost Your Credit Score 100 Points!
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Credit Repair: 28 Credit Secrets To Improve Your Credit Score Fast
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Payday lenders find new home online; interest rates hit 1000 percent
News from The Missoulian:

Want to talk to somebody at a payday loan operation? Good luck.

Most payday lending company phone numbers are disconnected, others now belong to different businesses.

A customer service representative did answer at EZ Money Check Cashing in Missoula last week, explaining the company does check cashing and tax filings, but no longer offers payday loans.

The reason is simple, and Bernie Harrington, owner of EZ Money Check Cashing, explained it this way: He closed three stores and cut services at others after Montana voters passed ballot Initiative 164 in November 2010. The initiative capped at 36 percent the interest fees and charges that payday, title and retail installment lenders can assess customers.

Supporters of I-164 called payday loan companies “predatory,” as lenders could charge up to 400 percent on the short-term loans.

Opponents of I-164, mostly payday lenders like Harrington, said the 400 percent was a misrepre…………… continues on The Missoulian

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With age comes wisdom — and a better credit score, study finds
News from Dallas Morning News (subscription):

If age equals wisdom, then it stands to reason that we should become more financially responsible as we grow older.

And as we mature, that should translate into higher credit scores, a new study finds.

CreditKarma.com, which provides consumers with free credit scores, took a look at the relationship between debt and credit scores, and how it changes during a person’s lifetime.

What it found was that as credit history lengthens, credit scores typically increase.

“We took a sample of several hundred thousand users and we charted their overall debt levels, along with the average credit scores, and we grouped them by the age,” said Ken Lin, chief executive of CreditKarma.

What CreditKarma discovered was that the older you are, the higher your credit score tended to be.

“Age and your experience in life tend to lend a lot to your credit score,” Lin said. “Just like everything else, you tend to get better as you get older, and that’s very tru…………… continues on Dallas Morning News (subscription)

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Payday lenders find new home on the Internet
News from The Missoulian:

Want to talk to somebody at a payday loan operation? Good luck.

Most payday lending company phone numbers are disconnected, others now belong to different businesses.

A customer service representative did answer at EZ Money Check Cashing in Missoula last week, explaining the company does check cashing and tax filings, but no longer offers payday loans.

The reason is simple, and Bernie Harrington, owner of EZ Money Check Cashing, explained it this way: He closed three stores and cut services at others after Montana voters passed ballot Initiative 164 in November 2010. The initiative capped at 36 percent the interest fees and charges that payday, title and retail installment lenders can assess customers.

Supporters of I-164 called payday loan companies “predatory,” as lenders could charge up to 400 percent on the short-term loans.

Opponents of I-164, mostly payday lenders like Harrington, said the 400 percent was a misrepre…………… continues on The Missoulian

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Personal Finance: Lenders must disclose rejection reasons
News from Sacramento Bee:

If you’re not feeling a lender’s love, you’ll soon know exactly why you got jilted.

Starting Thursday, if a lender denies you a credit card, a car loan or other loan product based on your credit score, you’re entitled to a free copy of that score. You’ll also get a list of the reasons why you got rejected. Ditto if you get a less-than-favorable interest rate on a new loan.

Some credit experts call the new disclosure rules a historic change in how consumers are treated by lenders.

It’s all part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress enacted last year to give consumers more clarity in their financial life. The legislation also created a new Consumer Financial Protection Bureau, which officially springs to life on Thursday as well.

The bureau’s mission is to ensure that consumers know exactly what they’re getting with mortgages, credit cards, loans and other financial products. Or as the bureau’s fledgling website (c…………… continues on Sacramento Bee
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How to Use Credit Cards to Improve Your Credit Score
News from Benzinga:

It is common knowledge that you need a good credit score in order to get a reasonable interest rate on a loan. However, it isn’t necessarily easy to get a good credit score. It takes years of sound financial planning and thoughtful borrowing habits to achieve that goal. You can help the process along by using certain methods which, if used patiently and for an extended period of time, can contribute to a high credit score. Following are a few suggestions on how to use credit cards to improve your credit score.

Use Your Cards the Right Way

Unfortunately the misuse of credit cards is what gets a lot of people into a credit mess in the first place. If you want to improve your credit score it is possible to do it by using credit cards, but you must use them the right way. Credit cards in and of themselves are not dangerous or evil, but using them unwisely can lead to all sorts of trouble. If you owe a lot of money on a credit card and want to pay off the d…………… continues on Benzinga
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Choose The Right Payday Loan Lenders For Your Urgent Cash Needs
News from Granite Bay View:

Being a single mother and trying to survive on a tight budget can at times pose a rocket science task. There are lots of people in U.S. today who live from paycheck to paycheck with literally no savings to fall back on in case of emergency. A payday loan may provide a solution but you should be very careful about which payday lenders you apply to.

I have tried many companies out there that promise no credit check, instant approval bad credit loans for any amount – up to $ 2,500! Let me give you the facts and some tips.

The first thing you should know about online payday loans is that they are regulated by most states due to their high interest rates. These high interest rates are dictated by bad risks that these lenders have to work with: people with perfect credit use credit cards to leverage expenses, they stay away from expensive payday loans.

Next, don’t be greedy – there is a slim chance that you will get more than $ 500 if it is the first time you are applyi…………… continues on Granite Bay View
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How Your FICO Credit Score is Calculated: Length of Credit History
News from Fox Business:

This is the third of a five-part series examining what goes in to creating your FICO credit score — the three-digit number that helps determine how much you can borrow and on what terms. Each part of the series will take an in-depth look at one of the five basic components of the credit scoring model. Today: length of credit history. 

In the world of the FICO credit score, age and experience trump youth and enthusiasm.

To earn a FICO credit score, borrowers need to have at least some credit history. Although it’s not the most heavily weighted factor used to calculate a borrower’s FICO score, the length of a borrower’s credit history does matter. And within that component, age and experience typically proves beneficial.

“Generally, the older your length of credit history, the better it is for your
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