Q. How long should someone wait for a credit report? I mailed AnnualCreditReport.com requests for a single credit agency report for my daughter and myself, but neither of us have received a response. I do not want to send an additional request and be billed for multiple reports.
Roughly 7 million Americans lost their homes during the Great Recession. Now, seven years on, the first wave of those consumers might be ready to dip their toes back into the housing market, as their credit reports are finally clean of that negative entry. The group has been dubbed “boomerang buyers.” There’s disagreement about how many of this group will — or already have — decided to take the plunge back into homeownership, and how much that might help the economy. But it’s possible the boomerang group could suffer from being once bitten, twice shy as they weigh their new options.
Millions of Americans working with nonprofit credit counselors will have free access to their FICO credit scores as part of a new agreement between FICO and the three major credit reporting agencies, Equifax, Experian and TransUnion. The Consumer Financial Protection Bureau announced the agreement in an April 21 blog post, saying that this change will allow counselors and their clients have more informative, productive conversations about how to improve clients’ credit standings.
There are hundreds of algorithms companies use to score consumers, and even the most common credit scoring company has dozens of models. Fair Isaac Corp., more commonly known as FICO, has about 50 scores (a 2012 report from the Consumer Financial Protection Bureau puts that number at 49).
The last time I got up in front of a group to talk about my job, no one had questions for me. It was a high school career day a few weeks ago, and the students stared at me blankly as I dropped words like “personal finance,” “credit scores” and “debt.” I could tell they thought my work wasn’t exciting, that the topics I write about are boring. Everyone was happy when the bell rang to end my session.
When it comes to buying a home, there’s a lot more to the process than just finding an affordable home for sale and having enough money for a down payment. Most people need loans to finance such a large purchase, but even as the housing market has rebounded from the foreclosure crisis and low property values of 2010, mortgages remain very difficult to acquire. A report from the Urban Institute, a Washington-based economic-policy research group, concludes that 1.25 million more mortgages could have been made in 2013 on the basis of conservative lending standards practiced in 2001, years before the housing bubble began to inflate.
Your credit history can have a significant impact on things that have nothing to do with loans and credit cards. Companies often request to see your credit history when you set up utilities for your home, apply for an apartment, request an insurance quote or apply for a job.
When Americans turn 18, they are considered adults under the law. That means that they can vote and be tried as an adult, but it’s also the first time that they are able to apply for a credit card account in their own name, though they’ll have to jump through a few hoops first.
Maybe you wasted this past beautiful holiday weekend working on your taxes. Or perhaps, despite warnings about taxpayer ID theft, you still have midnight oil to burn between now and the April 15 deadline. Either way, you have probably mused, for at least a moment, that this will be the last time you do your own taxes. After all, by plenty of measures, tax prep is getting more and more complicated.
FICO, creator of some of the most widely used credit scores in the U.S., will reportedly announce a new scoring formula designed to help high-risk consumers access credit, the Wall Street Journal reported Wednesday. The model will incorporate consumers’ payment history on things like utility, cellphone and cable bills, in addition to how often a consumer changes addresses.
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