credit: Economic Recovery and Your Credit - 02/27/12 09:58 AM
It is hard to decipher what is happening with the U.S. economy. Reports of an improving economic climate are met with reports of a dismal one.
Janet Dedrick, Equifax Analytical Services Strategic Consultant, says there are four important benchmarks that may help determine if the U.S. economy is experiencing recovery.
1. Credit Scores
2. New Credit
3. Consumer Debt Repayment
4. Outstanding Credit Balances
Dedrick says debt repayment is one of the most positive benchmarks that suggest the economy is improving.
“We’ve now moved past the highest levels of missed payments and late payments. Early-stage delinquency (defined as 30 days … (2 comments)
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credit: 10 Ways to Improve Your Credit Score - 02/13/12 04:42 PM
Improving your credit score is an essential way to gain greater financial options and more favorable credit offers from lenders. However, achieving a high credit score is not an instant fix, but that does not mean that you cannot take steps to gradually improve it.
Today’s Equifax Finance Blog written by Equifax Experts gives a “Top Ten” list of strategies to improve your credit score.
Tip 5: Know your FICO credit score. You are allowed one free credit report per year from one of the three major credit bureaus, so inform yourself about what these numbers mean.
Tip 4: Check … (0 comments)
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credit: How Can I Build Credit In Order To Buy A Home? - 06/20/11 04:47 PM
Lots of future homeowners worry that their credit scores are too low to qualify them for a good mortgage. But what if you have no credit at all? A reader recently asked debt author David Bach what she can do to establish credit, as she has never owned a credit card but wants to buy a home in the next few years. Sadly, the potential home owner was denied three times for credit cards. Do she and her husband have any options for establishing credit? You can read David Bach's answer in his full blog post on building credit in order to buy … (0 comments)
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credit: Do Credit Worries Keep You Up At Night? - 05/16/11 08:11 PM
U.S. bank credit card delinquencies have fallen to their lowest levels in ten years, according to a recent report from the American Bankers Assocation. It seems that despite the tough economy, Americans are learning that having credit, and managing it wisely, is a financial behavior that has lots of rewards. On today's Equifax personal finance blog, Loretta Worters of the Insurance Information Institute explains how having and maintaining good credit not only has financial benefits, but can also help you sleep soundly at night. Besides peace of mind, Worters writes that good credit can also help you when applying for a job, buying … (1 comments)
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credit: Spring-Cleaning Your Debt With David Bach - 04/18/11 12:59 PM
Spring cleaning isn't just for your home. Now that tax season is over, it's a good time to re-evaluate and tidy up your personal finances. Author David Bach is an expert on personal finance with over 15 years experience helping people live debt free. He chatted with readers recently to listen to their questions about debt, saving money, and paying off bills. If you're trying to "spring clean" your finances, you might benefit from some of his answers on today's Equifax personal finance blog.To read David's answers to questions like "Should I save money or pay off my student loans?", "Is … (1 comments)
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credit: Have We Reached The Tipping Point? - 03/14/11 09:54 AM
Every recession has its "tipping point." So, are we there yet? According to credit expert Janet Dedrick, consumers generally have less outstanding debt now than they did in 2008, which is good news. But the Catch-22 of debt is that it actually grows the economy until a certain level. Dedrick says we've reached that tipping point now. While it may seem like the worst levels of consumer debt are behind us, Dedrick still sees credit challenges for consumers, and especially home buyers. Payment stress is high for prime mortgage borrowers, not just subprime borrowers, and there is unprecedented payment stress on … (1 comments)
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credit: Credit Patterns Show Signs for Improvement in 2011 - 02/07/11 12:47 PM
Wouldn't it be nice to hear some positive economic news? I was happy to see this post on Equifax's credit blog today about positive signs from the 2011 credit market. Their credit experts see an upturn in the health of credit markets in the new year. Why? They say lenders have scrubbed their portfolios of bad loans, and borrowers have cleared their portfolios of loans that might have soured.Secondly, originations are up almost everywhere. Even the unthinkable is happening, as the number of home equity lines was higher year-over-year in October 2010—a first since 2006, when they started tracking originations. New auto … (2 comments)
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credit: Credit Recovery in 2011: 10 Things to Watch for in Credit Market Trends - 01/17/11 10:52 AM
With the nature of this recession and its wide-reaching impact, I’ll be looking out for several things in 2011. Myself and the team of credit experts at Equifax have compiled a Top 10 list of the economic indicators that we'll have our eyes on in this coming year. 1. Changes in financial behavior2. Consumers' adaptability3. Consumers' state of mind
4. Credit originations (specifically sub-prime ones)5. New credit use6. Cautious consumer spending7. Return of consumer spending8. Consumer confidence9. Credit card usage10. Lines of creditWhat do you think of our list? What factors would be on your list of economic indicators to watch? If … (2 comments)
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credit: Why Are Your Credit Scores Different? - 01/03/11 12:34 PM
Your credit score is one of the most important numbers in your financial life. But did you know that your credit score can vary on a daily basis? If you pulled your credit report from more than one agency, you may not see the same score. Before you start to worry, check to make sure that your personal information is accurate, and then rest assured that there are a number of factors that could cause the difference in scores. The credit team at Equifax has put together a great explanation of why your score could look different on multiple reports. Depending on what … (4 comments)
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credit: 2010 End of Year Credit Trends - 12/20/10 11:40 AM
We’re approaching the end of the year, and the big topic in credit trends seems to be delinquency rates. These rates, which measure loan nonpayment levels, were increasing in 2009 and had not peaked, while today they are no longer at historic highs and are declining. Even mortgage delinquencies are declining:Select Delinquency Rates From Oct 2009 Oct 2010 Mortgage 7.76% 7.17% [8% decline] HELOC 3.39% 3.05% [10% decline]Card 4.58% 3.50% [24% decline]Auto 1.21% 0.92% [24% decline]However, it is still tough out there, given the last few years of recession and the nascent recovery. Mortgage and HELOC delinquencies are still at levels … (1 comments)
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credit: How To Protect Yourself From Credit-Repair Scams - 11/15/10 09:39 AM
If you’re drowning in debt, you might be tempted to partner with a debt-relief service or a credit-repair company to help you pay down your debt. In recent years, some companies have preyed on consumers’ financial insecurities, prompting the federal government to get involved by passing new laws regulating the industry.New Federal Trade Commission regulations require that these companies be clearer with customers about what they can do, how long it will take, and how much the customer may or may not save.
The FTC regulations also make it illegal for such companies to charge a fee before they are successful … (0 comments)
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credit: Can Equifax Decline My Credit Application? - 08/09/10 02:35 PM
Equifax Expert Janet Dedrick explains Equifax's role in the credit approval process and gives a step-by-step break down of the process. Sometimes we talk to consumers who think that Equifax has declined their credit. No matter how many times we hear people say it, the answer is No!
The idea that Equifax and the other credit-reporting agencies can decline your credit is a big MYTH!. The credit-reporting agencies are a part of the credit application process, but a credit-reporting agency cannot grant or deny you credit.
But because so many people call to ask this question, I thought it might help … (0 comments)
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credit: How is Information Updated on My Credit Report? - 08/09/10 01:30 PM
Equifax expert Robin Holland explains where the information in your credit report comes from and why it can change.
Ever wonder how the information about your identity and financial history ends up on your credit report? It can be an incredibly detailed report-where does all that information come from?
The credit-reporting agencies aren't watching over your shoulder, having a private eye get the dirt on you, or paying anyone for your records.
Your credit report contains information from the companies that have granted you credit in the past and those with whom you have open accounts. Credit-reporting agencies get their … (0 comments)
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credit: Super-Prime Consumers Tap into the Available Loans - 08/02/10 01:57 PM
When the recession began, people pointed their fingers at the sub-prime, but now- with some signs of recovery- we are looking to the super-prime.
Super-prime consumers are those who have all of the extra qualifications that loan agencies are now looking for, and- not surprisingly- they are the ones getting the loans or credit.
http://credit.equifax.com/2010/08/credit-trends-super-prime-consumers-tap.html
… (0 comments)
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credit: You Get the House in the Divorce, But It's in Trouble...Now What? - 07/30/10 01:05 PM
Short Sale or Foreclosure After Divorce Will Severely Hurt Your Credit Dividing up debts, keepsakes and housing can be the hardest part of a divorce, but a short sale or foreclosure is not an easy solution. While a short sale or foreclosure after divorce can severely hurt your credit, you might be better off with a short sale or foreclosure rather than a bankruptcy. A good real estate attorney can help you make that financial decision and lessen the impact of a short sale or foreclosure on your credit after a divorce.
Q: My daughter is getting a divorce. She is … (1 comments)
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credit: Credit Trends: Debt Shrinking in the Face of the Recession - 07/19/10 12:05 PM
If you go only by the news over the last few years, you might get the idea that the financial world is still melting down. Foreclosures on every block, people losing their jobs and not being able to find new ones or pay their bills. And banks are the big bad guys, right?
My credit trend reports show a different picture. You might think that consumer debt is skyrocketing, but it's actually the opposite. Outstanding debt is contracting.
If we're seeing all these negative financial stories in the media, why is debt contracting? I'm looking at two causes:
1) Consumers … (2 comments)
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credit: How Do I Opt Out of Credit Offers? - 07/19/10 11:37 AM
Here's today's helpful credit advice from Equifax Expert Diane Moogalian of the Equifax Personal Finance Blog:
I hear from people all the time who are concerned about the preapproved credit offers they get in the mail. They want to know who is looking at their credit and how companies are accessing their information. They're worried about mail fraud and someone committing identity theft after swiping their mail.
All valid concerns, but these prescreened or preapproved credit offers exist for a reason. Some consumers really do want to be marketed to, and they want to see all the best deals and … (0 comments)
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credit: How Is My Credit Score Calculated? - 06/28/10 12:41 PM
Here's an article with some helpful information about credit reports from my fellow blogger Robin Holland on the Equifax Personal Finance Blog.
We get lots of questions from consumers on Equifax.com, our Facebook page, Twitter and now the Equifax Personal Finance Blog about what factors impact credit scores.
The truth is, you have control over your credit. Only you determine what accounts you open, how much debt you carry, how you make your payments, and how responsible you are with your credit and how that behavior translates to your credit report. Your credit score is comprised using the information … (2 comments)
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credit: Four Things College Kids Need To Know About Credit - 06/07/10 02:05 PM
Robin Holland, who teaches financial literacy programs for Equifax, blogged about the 4 things college kids need to know about credit for this week's Credit Blog of the Equifax Personal Finance Blog.
The lessons she mentions are good for any person to know, really. Are you familiar with these?
Lesson #1: Credit Cards are a convenience, not a form of income.
Lesson #2: Just because you can afford the minimum payment every month doesn't mean you're not in debt.
Read the other 2 lessons and the rest of the blog at the Equifax Personal Finance Blog. And as always, I appreciate … (0 comments)
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credit: Divorce And A Quit Claim Deed - 06/07/10 01:23 PM
If you are in the process of being divorced, think twice before using a quit claim deed to convey the interest in your home to your spouse. If you think that getting rid of the home will be enough to get rid of your obligation to pay the mortgage on the home, you'll be wrong and may be sorry. Here's the question I received from a reader:
Q: I have a question that has been burning at me since my divorce three years ago. If I file a quit claim deed on the home that I lived in when I was … (5 comments)
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