Are all credit score drops treated equally? Where your score starts affects how much a negative item will hurt it.

Missing a payment, maxing out a credit card, or having an unpaid account submitted to collections are all things that could hurt your credit score. Likewise, too many inquiries of the wrong type, a bankruptcy, and applying for a store credit card may also drop your score. But most people don’t realize that how much your score drops – just a few points, or sinking to new lows – depends on what your credit score was BEFORE the damage occurred.

It’s ...

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How long do negative items stay on your credit report?

How long will late payments, collections, bankruptcies, foreclosures, and other negative items remain on your credit history?

So you slipped up and missed a credit card payment once, or the dog ate the bill for your last car loan payment so it wasn’t paid on time. Inevitably, life will throw some circumstances at us that end up as negative items on our credit report. But the question we set out to answer today is, “How long will negative information STAY on our ...

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Federal marshals are now arresting borrowers who aren’t paying their student loans.

Man in Texas is arrested by armed U.S. marshals and local police for not paying his student loans.

When Paul Aker walked out to the mailbox in front of his Texas home last week, two armed U.S. Marshals were waiting for him. They said they were there to arrest him, a complete surprise to Aker. Not knowing whom these armed men really were (and because this is Texas, after all) Aker went back inside his home “to get my ...

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Is America facing a subprime bubble with our auto loans?

Are we facing an auto loan subprime bubble?

America may be facing the biggest subprime bubble since the mortgage meltdown in 2008, but this time the shaky loans in question are to finance automobiles, not houses. The trends are hard to ignore:

Americans are buying more new and big cars, and financing them at record rates.

While some of that can be attributed to an improved economy, there are reasons for concern. Instead of putting money in savings or paying down ...

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​Taking the temperature of credit scoring: Vantage is hot, FICO is not.

For sixty years now, the name ‘FICO’ has been synonymous with credit scoring, as the Fair Isaac Corporation is the preeminent credit model in the field. But if we stop to take the credit scoring industry’s temperature now, we’ll find that FICO has been cooling of late – while a new competitor, VantageScore, is red hot.

Make no mistake about it; FICO is still dominates the credit scoring landscape. In fact, each year FICO sells 10 billion scores to lenders who ...

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Will employers start imbedding RFID chips in their employees?

Will your employer – or even the government – require that you get implanted with a RFID chip in the near future? It sounds like something out of a dystopian science fiction movie but in fact, when it comes to RFID implantation, the future is already here – and may be coming to your workplace soon.

Epicenter, a Swedish company, has installed microchips in the hands of its employees. The chips, about the size of a grain of rice and easily ...

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10 Surprising things that could hurt your credit score

Most of us understand the basics about credit reporting and what might hurt our score – missing a mortgage payment, maxing out a credit card, or shopping around for too many loans at the same time. But there are plenty of little known credit pitfalls, too, including these ten:

1. Overdue library books
Remember that book you checked out from the local library 3 ½ years ago that you never returned because it fell in between the seats of your car? ...

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10 More ways you may be eligible for unclaimed money – and where to start looking.

Does someone owe you money but you don’t even know about it? In part one of this blog, we talked about the enormous sums that go unclaimed by consumers every year.

According to the National Association of Unclaimed Property Administrators (NAUPA) there are $32.9 billion in assets sitting unclaimed in state treasuries and other agencies right now. That number is just a slice of the total pie, as the state of New York holds $13 billion in ...

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Young Money; Why young people are struggling mightily with credit scores.

Do you remember when you first went to college or finished high school and entered the working world and got your first credit card? While you may have felt like an empowered, responsible adult and used it to charge some really important purchases, like CDs, new clothes at the mall, and a lot of late night pizza, chances are that you made a few mistakes with that card along the way, dinging your credit substantially.

Some things change, but some ...

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