Why is it a bad idea to apply for a subprime loan? What follows is not MY advice, but rather the advice from credit reporting agencies like Experian, and from government watchdog agencies like the Consumer Financial Protection Bureau. I preface today's article with that disclaimer because I want the message to be clear; applying for a subprime loan is something most consumers should think twice about doing. And that is according to the … [Read more...]
Credit Report Correction: How Long Does It Take?
How long does it take to correct your credit report? Unfortunately, the answer may depend on what kinds of corrections may be needed. According to the Federal Trade Commission (FTC), the Fair Credit Reporting Act requires credit agencies to respond to you over complaints of erroneous, incomplete, outdated, or inaccurate information. According to the FTC, “To take advantage of all your rights under this law, contact the credit reporting company … [Read more...]
Should I Use Experian Boost?
Lately, it seems like I've seen a lot of commercials for Experian Boost, a program that claims it can raise your credit score a few points simply because you pay your regular bills on time. Given how important credit scores can be when you're trying to obtain a loan, rent an apartment, or do any number of other important tasks. I just wasn't sure how this worked, so I decided to check it out. How do you sign up for Experian Boost? To sign up, … [Read more...]
Mortgage Scams To Avoid
Mortgage scams to avoid come in a variety of different types and not all of them have to do with purchasing a home or applying for a new loan to so. The Department of Housing and Urban Development warns consumers that mortgage scams frequently involve foreclosure avoidance schemes or refinance loans instead of new purchases. New purchase loans are not always scam-free. But there are some things you can do to protect yourself when buying the … [Read more...]
The Best Credit Repair Hacks
Where would the best credit repair hacks come from? For our purposes here, the definition of “credit hack” has a lot to do with legal ways to fix your own credit without resorting to having to pay a third party. So who has the best credit repair advice? How about the credit bureaus themselves? The three major credit reporting agencies Equifax, TransUnion, and Experian all have official pages with credit education resources that can help you … [Read more...]