Be smarter about your credit score

Posted by administrator | 09/10/12 | Tagged Credit Card

Be smarter about your credit score
News from Bradenton Herald:

With the downturn in the economy during the past several years, Americans in general seem to have become more informed about credit scores, but most still don’t know enough about the risks associated with having a low score and those outfits alleging to offer “credit repair” services.

Most consumers seem to know these basic facts about credit scores. Mortgage lenders and credit card issuers use credit scores. Other service providers like landlords, home insurers, and cell phone companies also use credit scores to determine your eligibility for services.

Missed payments, personal bankruptcy, and high credit card balances influence credit scores.

There are three main credit bureaus (Experian, Equifax, and TransUnion) that collect the information frequently used to calculate credit scores.

Consumers can have more than one generic credit score, depending on the scoring model used.

Making all loan payments on time, keeping credit card balances under 25 percent of credit limits, and not opening several credit card accounts at once can help raise a low score or maintain a high one.

It is very important for consumers to check the accuracy of their credit reports at the three main credit bureaus.

To test your credit report knowledge, go to

But some consumers still incorrectly believe that cr…………… continues on Bradenton Herald

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Wal-Mart going head-to-head with banks with prepaid American Express card
News from Washington Post:

Wal-Mart pressed further into the financial business Monday, announcing a new type of prepaid American Express card that the world’s biggest retailer said would enable consumers to cut ties with their banks.

The card will act much like debit or credit cards — except those products are covered by much stricter consumer protection laws. Customers can use the new card to get roadside assistance, bank from their smartphones and, eventually, write checks out of an account linked to the card.

(AP) – This undated image provided by American Express shows the Bluebird prepaid card that Wal-Mart Stores Inc. and American Express announced Monday. The companies say users of the new card will not face a minimum balance requirement, overdraft charges or other fees typically imposed by banks.

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Student Loan Debt “Story”: Chicanery? Inadvertent or Intentional?
News from Huffington Post:

During this past year, the irrepressible and contentious media buzz has been that there is now more student loan debt than credit card debt. Of course there are so many details that are NOT reported, it is ridiculous. But the press likes the headline story a lot, and it gets your attention, and so sells the product. Mission accomplished.

But the media leave this single “datum” standing there (and I don’t even trust that it is true) as if it were conclusive and righteousness-based evidence that something is globally wrong in the state of higher education.

It actually isn’t such evidence.

A huge percentage of the debt has been accrued by students in for-profit universities. While a meritorious and important topic, for-profit student debt is a horse of a wildly different color, and is its own separate conversation. You can’t lump the U of Phoenix with Ohio State and Southwestern College in Santa Fe and say anything too meaningful about them as a collective.

Another thing: Presumably a good percentage of the debt represents “degrees earned” — something you have for the rest of your life. I can hea…………… continues on Huffington Post

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Credit card debt collection lawsuits surge in Lancaster County
News from York Daily Record:

Mel Newcomer’s client called, puzzled and angry.

The client was being sued by Citibank for nonpayment. There was just one problem: Citibank had the wrong guy.

Turns out, said Newcomer, a Lancaster attorney, someone with the same last name and first initial as his client had an account with the bank. But at no time, wrote Newcomer in his response to the lawsuit, had his client had a Citibank credit card; at no time had he ever received a bill from Citibank.

The case is still ongoing. But Newcomer, and other local attorneys who deal with debt collection cases involving credit cards, say the scenario is all too familiar.

The number of credit card debt collection lawsuits filed in Lancaster County has surged in recent years; the 1,184 cases filed in 2011 might be a record. According to courthouse records, 708 cases were filed here in the first eight months of 2012, an average of 88.5 cases per month.

The numbers mirror national trends; across the country, credit card lawsuits have soared as the economy has stumbled.

But attorneys and others who deal with these cases say there’s a problem: Many of the cases, like Newcomer’s, are rife with errors or an utter lack of documentation.

Attorneys who defend credit card cases say borrowers should definitely contest the cases in court. But most don’t.

“Anecdotally,…………… continues on York Daily Record

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The Debtclear Roadmap: A Comprehensive Guide to Debt Relief, Credit Repair, Asset Protection, and Creditor Lawsuits

Debt collection isn t personal, it ‘s business and no business is going to spend their limited time and resources chasing their most difficult clients. Michael Croix, President, DebtClear.comThe DebtClear Roadmap will teach you how to clear you debt for pennies on the dollar, protect your assets, fight creditor harassment and lawsuits and restore your credit rating. The book comes with a 500% limited money back guarantee if you don’t reduce your debt by over 80% Author and President of Michael Croix draws on nearly a decade working in the debt relief and credit repair industries, as well as his own experience eliminating over K in personal credit card debt for less than 4 cents on the dollar. Michael is also author of Inventing on a Budget and Cashing in on the American Dream.
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