With the cost of college tuition increasing at over 4 times the rate of cost-of-living inflation, the questions surrounding how students will pay for their education are increasing as well. It is not unusual for young adults to graduate college burdened with tens of thousands of dollars in student loan debt, occasionally even into six figures.  There is a lot of conversation surrounding student loans, and even a lot of creative solutions. 

From where I sit, there’s plenty of information about credit, credit histories and credit scores. A simple Google search reveals millions of pages dedicated to informing the public about how credit affects their daily financial lives.

Just because you don't have a credit history, doesn't mean you have to resort to the exorbitant finance rates offered by BuyHerePayHere auto dealers.

There's been a lot of talk about what the new CFPB will do to provide oversight for the Credit Reporting Industry, and most notably, the big three bureaus. I've personally met with the CFPB several times, and they are very supportive of our approach to helping consumers prove they are creditworthy. Specifically, they like how transparent our process is with consumers, and that the consumer is in control of the credit reporting process.

Gerri Detweiler is one of my favorite bloggers on the topic of credit.  Here's a great explanation of how businesses choose to report (or not) to the national credit bureaus.

http://www.credit.com/blog/2012/04/can-you-force-a-bank-to-report-to-credit-reporting-agencies/

 

Banks are looking for ways to make more loans yet they continue to waste opportunities that have been long overlooked.

A recent survey of college students found that 87% of them had limited or little knowledge of how their credit history affects their financial lives. 

Managing your financial life seems really hard, but it doesn't have to be.  Jean Chatzky is one of my favorite "financial advisors", and she's just released a new book titled "Money Rules". 

I have asked for advice many times over the years, but I never thought about asking the baby-sitter.

Loan Applicant:  So, what you are saying is that I need credit to get credit?

Banker:  That is correct.

Loan Applicant:  How is that possible?

Banker:  (nothing but silence)