Study: agencies rely heavily on credit card histories when calculating credit …
News from Washington Post:

Anyone who has ever applied for a loan or tried to rent an apartment knows the importance of having a good credit score. Yet there is little understanding of how those scores are devised.

A new paper released Thursday by the Consumer Financial Protection Bureau lifts the veil off of credit reporting, revealing that the way consumers use the plastic in their wallets weighs heaviest on their scores.

While that’s not too surprising, considering that Americans own nearly 610 million credit cards, the finding does cast new light on the gravity of failing to keep up with those accounts.

Researchers at the government’s consumer watchdog analyzed hundreds of millions of files submitted by the three largest credit agencies — Equifax, TransUnion and Experian.

Each agency receives updates on more than 1.3 billion individual accounts from some 10,000 companies in a typical month.

More than half of the information on the average credit rating report is supplied by the credit card industry. Credit scores are calculated from the information in the report and then used to measure the likelihood of a consumer repaying his or her debts.

“Credit cards are given great weight in credit profiles — a lesson that consumers could end up learning the hard way,” said Richard Cordray, director of the CFPB, during a call with reporters.

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Glenn Beck once famously blamed Nazi genocide on empathy. He based this view on the fact that Hitler’s propaganda machine once claimed that murdering those with physical disabilities and/or learning difficulties was the empathetic thing to do. His conclusion? “Empathy leads you to many bad decisions.”

Beck’s opinion is one that seems to be shared by a whole lot of Americans when considering the plight of those of their fellow citizens who are in debt. But perhaps many in arrears or default don’t deserve much sympathy or empathy. They threw away money they didn’t have, buying things they didn’t need, in pursuit of a happiness they didn’t achieve.

True, our economy is largely based on consumer credit, and would probably collapse if people only bought what they had to have. And a whole industry exists that has the sole aim of persuading people that purchasing the unnecessary or the unnecessarily expensive is going to make them happy. But this country’s ethos of personal responsibility is deeply ingrained and a cause of much of its success, and i…………… continues on

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Use credit cards when shopping online

Posted by administrator | 13/12/12 | Tagged Credit Card

Use credit cards when shopping online
News from WALB-TV:


Most of you are busy Christmas shopping and you’re probably making at least a few purchases online.

Just in the last few days, fraudulent credit card activity has increased dramatically.

Heritage Bank of the South is telling their customers to forgo their debit cards and use credit cards this holiday season instead.

Online Holiday sales are expected to top $ 43 billion dollars that is up 17 percent from last year.

And with all that money being spent online, it is important to know how to protect yourself from fraud.

Many consumers prefer to shop online. It is a convenient way to avoid the massive crowds during the holidays.

“You don’t leave the comfort of your house, there are no crying babies, or annoying store clerks, you are sitting there in your pajamas and you are shopping, it is awesome,” said Ann Martin, Shopper.

This time of year fraudulent debit card activity skyrockets, and banks want you to be safe when you shop, especially when you buy online.

“With your credit card, if you are hacked online, that person that is hacking you, does not have access to your complete checking account, so they can’t wipe you out in one swoop, the main thing is that is safer,” said Martin.

Ann Martin and Bobby Mulkey are busy shopping for the holidays…………… continues on WALB-TV

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