Errors occur on credit reports. This is a fact, and it’s not really breaking news to anyone at this point either. In fact, the Federal Trade Commission released a study in 2013 which suggests that somewhere between 20 million and 42 million consumers have errors on their credit…
Category: Credit Reports & Scores
Will Paying Collections Help My Credit Scores?
Paying collection accounts is usually the first place people start when deciding to try to fix a damaged credit report. However, the idea that paying off a collection account will boost a consumer’s credit scores is, unfortunately, very wrong. The FICO credit scoring model was built to help…
Credit Cards: Evil Traps or Useful Tools?
Your credit scores are arguably the most important numbers in your life. After all, credit has an impact upon you when you apply for a mortgage, try to finance a vehicle, open a new utility account, and credit may even impact you when you apply for new insurance…
How Long Can Items Remain On My Credit?
One of the most common credit questions that I hear on a weekly basis is as follows: “How long can an item account remain on my credit report?” If you are a credit savvy consumer then you already know that, thanks to the Fair Credit Reporting Act, there…
Introducing the Newest Credit Score on the Block: FICO® Score 9
Last week, on August 7th to be precise, a highly anticipated announcement was made regarding the upcoming release of the new FICO 9 credit scoring system. FICO® Score 9 will become commercially available in the fall of 2014, and will feature some pretty radical and exciting changes in…
Why Credit Avoidance Is a Bad Strategy
The title of this piece alone is enough to ruffle the feathers of the die-hard believers in the cash-and-carry lifestyle. So, before I even begin with my explanation of the many ways that swearing off credit can come back to bite you, let me begin by stating that…