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In what could be a major game-changer for both lenders and consumers, CoreLogic Credco, a major financial data aggregator, has just introduced its new CoreScore into the credit score mix. The new score, based on a heap of additional consumer credit and payment activity not previously reported to the credit bureaus, is said to provide lenders with a much more comprehensive and sharper picture of a consumer’s creditworthiness.

At issue is whether CoreScore will be a boon or a bane to consumers who, heretofore, had credit histories that barely registered on the credit reports, because they didn’t qualify for “normal” types of loans or credit accounts.

Now, such activities as rent payments, payday loans, child support payments, lien payments, utility payments, and just about anything actively involving a payment will become a part of your credit history and integral to the overall CoreScore to be used by lenders to evaluate prospective borrowers.

The new credit score, created in partnership with FICO, is expected to debut in early 2012 and has already been adopted by one mortgage lender.  It will be available to all lenders, including credit card issuers and auto loan originators. CoreLogi

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Now that you have signed up with Lexington Law to get your credit score cleaned up, what happens? Well, the first thing that happens is that experts get involved in protecting your consumer rights.

The Fair Credit Reporting Act finally put into your hands the ability to dispute questionable items on your credit report. The onus of proof is on the credit bureau. If the credit bureau cannot prove the information is correct, they have to delete it. Unfortunately, most consumers are unaware of this, and those who are, give up when they start to get the “run around”.
The experts at Lexington Law know how to get through the “run around” and get results. They will, first of all, go through your credit reports with an eye for questionable items. These i

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Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can’t find what you’re looking for, please fill out the form, being as specific as possible.

Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.

I have a paid, closed account showing as potentially negative on my credit report. Why, if it shows paid, is it listed as a negative item?

Your question overlooks one crucial bit of information – the account’s payment history. Is “paid, closed” followed by the phrase “was ___ days late”? The blank would show 30, 60, 90 and so on.

A paid, closed account status is not negative, but the payment history doesn’t get deleted at the moment the debt is paid off.

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Advertisements for credit repair organizations are very common on the internet. A common slogan associated with their marketing campaigns often has to do with the simple and painless removal of debt. They expose the virtues of these companies and list none of their deficiencies. nevertheless, the number of deceptive advertising campaigns on the web has led to a feeling of suspicion on the part of the consumer. Before any judgments can be made, a true assessment of these organizations’ virtues and vices must be given. The following is an exploration of what these organizations can offer potential clients.

Good organizations always invest in fair and accurate advertising campaigns. No one should ever trust a campaign that promises to rid a person of debt in a miraculous or unrealistic manner. Legitimate credit repair companies are always upfront about their qualifications and goals. Full Article…

Advantages of a procured card

Apart from the fact that a ensured card allows you to get hold of a credit card with the features of an unsecured card, it also allows you to earn interest on a lump sum of money. The money that you use to invulnerable the card will most likely earn more interest than it would in a regular bank account, meaning that after you have finished using the card you will have made some money.

Drawbacks of a sure card

Of course, dependable cards arent for free, and they generally have higher interest rates than unsecured cards. This is not a problem if you pay your bill back in full each month. However, if you spend more than you can afford you will be subject to high rates, and you may find yourself unable to pay the amount back.

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Consumers beware; the United States officially has the highest rate of credit card fraud in the world — a staggering 47 percent of all cases occurred in the United States.

In 2010, 3.56 billion in payment card fraud losses reported in the United States alone, with another 4.04 billion lost world wide, up more than 10 percent from 2009. The United States counts for 27 percent of the worldwide purchases, but nearly half of all credit card fraud activity, which is explained by the fact that the United States have been last on board with new security measures that have gained popularity in the rest of the world.

Credit fraud can leave a huge mark on one’s credit report and getting the credit bureaus to remove the information can be a hassle, so it’s best to avoid fraud at all costs by frequently checking credit and bank accounts online and freezing a card once fraud is suspected.

Monitoring alone will not prevent fraud, only put it to a halt. To pr

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