Are you worried that your medical bills will harm your credit score? The answer is that determining the impact of your medical bills on your credit report and credit scores is not a perfect science. It depends on an individual’s credit history which will be factored into the formula for determining one’s credit score. Here we are going to examine how unpaid medical bills can impact your credit score.  The Danger of Ignoring Medical Bills You may maintain good health insurance and do everything you are supposed to do like choosing in-network doctors…continue reading →
There are many reasons why a business credit card can be invaluable for small business owners. Besides building commercial credit and earning rewards for office supplies it can also make cash flow easier to manage and allows them to put expenses on credit that can be paid later when they are paid by their customers.  No doubt business credit cards offer rewards and benefits that are more suited to the needs of small companies, but how does its use affect your credit scores? The answer is not just a simple “yes” or “no.”…continue reading →
The apparent “American Dream” of owning a home is changing.   For many people, renting not only suits their need for flexibility but it is also an economic necessity due to soaring student loan debt and rising prices. Credit History and Rent Payments Credit history plays a vital role in your life and it is necessary for accessing bank loans, credit cards, mortgages, and auto loans. About 45 million people in the US who have a solid track record of paying rent on time (which constitutes 35% of their income) lack a credit score. …continue reading →
Credit Scores and credit reports play a vital role in the life of most Americans today. It determines the interest rates consumers pay for the credit card, mortgages and car loans and can ascertain if they qualify for a loan or not.  Your credit report may get a makeover as the three big reporting agencies (Experian, Equifax, and TransUnion) are doing things a little differently and have started excluding certain items from your credit report that used to damage your credit. This comes in the wake of a study by the New York…continue reading →
The data breach at credit reporting agency in 2017affected nearly 148 million US consumers, giving hackers access to Social Security numbers, names, credit card numbers, and partial drivers’ license numbers. This information can be used by identity thieves to destroy your credit, file fake tax returns and collect the funds and also hijack your medical data. But it is not only identity theft we need to worry about. It is important that you protect your personally identifiable information (PII) all year round as criminals harvest personal details to access banking websites, launch sophisticated…continue reading →
For the past 27 years, FICO Credit Scores have been the bedrock of most consumer- lending decisions in the US. These scores were based mostly on consumers’ history of paying mortgages, credit card balances and loans. The FICO model has been periodically updated to help lenders to be more informed about credit-granting decisions and help the consumer get access to the credit they need. The most widely used version is FICO Score 8. The latest update is that Fair Isaac Corp. (the company behind FICO) has decided to test out a new type…continue reading →
Well a lot of people actually do not understand what exactly credit repair is. So, how can one deal with it? Dealing with credit repair may not seem to be an easy procedure, but in reality it is not that complicated too. Just read on to get a fair idea about how you can do so in the long run. The first thing that you need is to get a Credit Report from any of the well known credit agencies like Experian, Equifax or TransUnion. You can get one from each if you…continue reading →