8 Credit Score Myths
Posted on September 21, 2007 - Filed Under Credit | Leave a Comment
Your credit score, or FICO score, is arguably one of the most important pieces of information in your financial life. Lenders, landlords, insurers, utility companies and even employers scrutinize this rating — which sums up all of the information in your credit reports with three digits ranging from 300 to 850.
With so much importance associated with a number that very few people understand, it is no surprise that some urban myths have grown up around credit scores. Recently CNNMoney.com put together a list of the biggest 8 credit score myths and CNNMoney interviewed Ryan Sjoblad, a spokesman for Fair Isaac about these myths.
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Why Your Credit Score Is Important
Posted on September 19, 2007 - Filed Under Credit | 1 Comment
We have all seen the TV and radio commercials asking if you know what your credit score is. While most people associate their credit score with the cost of borrowing money, did you know that your credit score impacts how much you pay for home and auto insurance?
According to Money Magazine, in most states now insurance companies are allowed to use your credit information to formulate premiums and the U.S. Supreme Court has said that the insurance company doesn’t need to tell you if your credit has caused you to pay more!
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Is Credit Repair Legal?
Posted on September 3, 2007 - Filed Under Credit | Leave a Comment
Are you wondering; Can I legally repair my credit report? Can I legally increase my credit score? The answer to both of those questions is YES!
The Fair Credit Reporting Act (FCRA) protects you from mistakes made by the three major credit agencies (Experian, Equifax and TRW). By law you are allowed to dispute questionable items on your credit reports on the basis of “completeness and accuracy.” If the credit bureaus are unable to verify the accuracy of information found on your reports within 30 days, those items MUST BE DELETED. It is as simple as that.
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