Credit scores lean heavily on use of plastic
News from Fort Wayne Journal Gazette:

– 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…………… continues on Fort Wayne Journal Gazette

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No change? Use a credit card at meter
News from WDTN:

Updated: Wednesday, 12 Dec 2012, 9:48 PM EST
Published : Wednesday, 12 Dec 2012, 9:48 PM EST

DAYTON, Ohio (WDTN) – The City of Dayton is making it easier for you to park downtown.

The city announced Wednesday that about 500 permit parking meters that accept credit cards are being installed.

30 to 40 percent of the meters in the downtown area will now be credit friendly.

Most will be around Sinclair Community College.

Officials say it could help bring people downtown.

“They actually put these meters in Columbus and Cincinnati and both cities have experienced a large increase in usage,” said Steve Finke, Asst. Director of Public Works.

Adding the meters will cost the city $ 200,000.

Officials say it will be a couple months before the meters are all installed.

…………… continues on WDTN
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