Credit Risk Index Falls for Seventh Consecutive Quarter
For the seventh consecutive quarter, TransUnion’s Credit Risk Index fell, indicating that consumers are eliminating their debts and defaulting on payments in fewer numbers. The index is down from 121.22 to 120.62, a 4.9 percent drop since last year.
“Increases in the percentage of consumers with new accounts with generally higher credit limits, coupled with lower utilization rates for revolving account types reflect a healthier balance of risk, said global chief scientist for TransUnion Chet Wiermanski.
This comes as figures on consumer spending trickle in from Black Friday and Cyber Monday, which has thus far indicated a rise of 7.4 percent in credit card usage for holiday spending since last year, as reported by the Chicago Tribune. Cre
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Repair Your Own Credit
You can repair your own credit. Although some companies claim to help rebuild credit scores, the only way to legally fix your credit is to do it on your own, using good financial management strategies.
Rebuilding credit can be much harder than maintaining a good credit score. However, even if your credit score drops very low, through good money management skills and with time you can rebuild your score successfully. The key to doing so is to make wise decisions about how you use credit.
Check Your Report
The first step in repairing your credit is to know what is on your credit report. You can get a free copy of your credit report from each of the three major credit bureaus annually by visiting AnnualCreditReport.com.
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Lexington Law’s Credit Repair Services
Credit repair is a serious undertaking. If you choose to work with a credit repair advocate, you need someone you can trust. Lexington Law is proud to have served our clients for two decades. Our core values include:
- Excellence. At Lexington Law, our results speak for themselves. Our credit repair services have helped over a half-million clients work to repair their credit. Our accessibility, quality of service, and expressed client satisfaction are just a few of the traits that set us apart from the competition. To put interested parties at ease, we offer a free, no obligation consultation. Our staff will help you understand:
- The positives and negatives of your credit report
- The components of credit scoring
- The importance of good credit
- Ways to improve your score in everyday life
- Integrity.
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A New Verizon Fee for Some Bill Payments
Our colleagues on the Bits blog have a post of interest to our readers, too. It says that Verizon Wireless plans to begin charging a $2 fee on Jan. 15 when customers use their credit cards to make a one-time payment online or over the phone.
The company, which calls the $2 charge a convenience fee, said that customers who make automatic monthly payments with their credit or debit cards or through their checking accounts will not have to pay the extra charge.
The company said it was encouraging people to use these free options, which also include sending a paper check or pushing money electronically to the company via your banks online bill-payment system. The fee also wont apply to one-time credit card payments made in a Verizon store.
Companies like being able to deduct monthly payments from subscribers accounts because they are guaranteed the money.
Tips to Securing a Car Loan when you have Poor Credit Posted By : R.Anderson
Tips to Securing a Car Loan when you have Poor Credit – By: R.Anderson
Finding car financing is easy when you have good credit but when you have poor credit rating, many institutions will not want to deal with you. Some lenders that are willing to take your case will charge you an arm and a leg when it comes to interest rates. This article will discuss the various options for finding an auto loan when you have bad credit and how to get a better interest rate.
Listing the Options
There are various places where you can try to find financing such as your local bank, the Internet, credit unions and your local car dealership. Although some of these sources such as your bank may not be able to provide you with a loan if you suffer from bad credit. Read more…
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Knowing University Student Credit Card Debt
Since the credit limit on university student cards is much less, the college student card debts could not rise to the levels it can for some other credit-based cards. Nevertheless, university student credit-based card debt is an even greater nuisance since lots of students happen to be in debt because of the loan theyve acquired for their schooling. Should they pass out of college with college student credit-based financial debt, they will have to payback not just the financial loan they taken for studies but also their university student charge card debt.
College student credit-based cards could be a good thing that will help university students make ends meet, or maybe they can be the start of financial difficulties.
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Do You Understand Your New Credit Card Agreement?
Last week we wrote about the U.S. Consumer Financial Protection Bureaus ongoing crusade aiming to simplify credit card agreements, even as the CFPBs own survey had found that consumers reported to be fairly satisfied with how the current, post-CARD Act, version is presenting the terms and conditions of these contracts.
As promised, the CFPB has now released its vision of a shorter, simpler credit card agreement and has posted it on its website for comments. Well, having reviewed CFPBs version and compared it to a generic agreement, my conclusion is that it is neither shorter, nor simpler, although it is made to look that way. Let me explain.
The bureau has split the credit card agreement into two separate parts.
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New Credit Score Provides more Insight into Consumers’ Financial Behavior
A new credit scoring system is being developed that aims to create a more complete depiction of a consumers financial standing, which will include payday loan applications, rental payments in collection and judgments for child support, phone bills, property tax liens, and utility bills, among many others.
CoreLogic, which was founded 1991, introduced the CoreScore credit report earlier this month as a means of giving lenders an opportunity to make better informed lending decisions, with the actual score coming in March of 2012.
All of the information included in CoreScore is publicly available which the major credit bureaus typically overlook as trivial or too complicated to track.
Post Tags: Financial New Credit
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