blue water credit: Does the average person really understand credit?
- 07/11/14 11:16 PM
Does the average person really understand credit? I came across this info graphic today and wanted to share it with you. It illustrates the need for education and a better understanding of credit and credit scoring. Blue Water Credit is happy to help! In a random survey of 1,000 Americans: 20% of respondents admitted their knowledge of credit score was poor. 71% failed to answer a question about how companies and service providers use credit score. Only 59% of Americans consider themselves to be highly knowledgeable about personal finance. The majority of those polled agree there should be a ban on an employer’s right to … (4 comments)
blue water credit: Answering your important questions about credit repair.
- 02/17/14 08:14 AM
What is credit repair? Credit repair is the process of trying to improve your credit score. Lenders use your credit report and credit score in order to judge your reliability as a loan candidate. Your credit report indicates your ability to handle debt responsibly and will help banks decide if you are a desirable loan customer, so cleaning up negative and inaccurate items will raise that score and help you save money. How is your credit score computed? Your credit score is determined by an algorithm developed by the Fair Issue Corporation (hence its other name of FICO score). Three corporations, … (0 comments)
blue water credit: 10 Shocking Trends in Online Fraud.
- 09/10/13 03:04 PM
Online fraud is one of the fastest growing forms of crime, reaching epidemic proportions in a nexus of technology and cruel anonymity that defies international borders. The highest instance of fraud attempts are now aimed at businesses, violating their often-weak or nonexistent firewalls to access customer financial data, and using it with impunity.
In a recent report by IDology, 66% of organizations polled reported suspected online fraud attempts in the past 12 months, and 35% reported an increase in those numbers. As more and more consumers conduct commerce over the internet, and businesses adjust to the digital age reality that … (1 comments)
blue water credit: If these housing reform bills pass, the 30-year fixed mortgage is dead as disco.
- 08/21/13 10:26 AM
The 30-year fixed mortgage has been an American traditional like baseball, mom, and apple pie, but that could be going away if two controversial Bills get voted into laws. The Housing Finance Reform and Taxpayer Protection Act of 2013 and The Protecting American Taxpayers and Homeowners Act would effectively bring an end to the safe and stable 30-year amortized fixed mortgage, injecting volatility into interest rates and shaking up the housing market.
The Bills, which are currently under advisement by congressional committees, would disband Fannie Mae and Freddie Mac and limit the Federal Housing Authority’s influence, essentially privatizing the nation’s mortgage system … (2 comments)
blue water credit: Woman awarded $18.6 million in lawsuit against credit giant Equifax.
- 08/03/13 04:24 AM
An Oregon woman was awarded an $18.6 million from a federal jury in a highly unusual, and possibly precedent setting, civil lawsuit. Julie Miller of Marion County was granted the mammoth settlement after struggling for two years to get the credit bureau Equifax Information Services to correct major mistakes on her credit report. Miller was awarded $18.4 million in punitive damages and $180,000 in compensatory damages, though experts believe the landmark decision will be appealed.
Miller stated in court that she contacted Equifax at least eight times between 2009 and 2011, pleading with them to fix incorrect and false information. The … (0 comments)
1. You don’t need to pay to see your credit report.
Most of us have been charged to pull our credit report at some time, or go onto one of those “free” sites, only to be hit with a $15 hidden fee to see the full report. But according to the Fair and Accurate Credit Transactions Act (the FACT Act), you are eligible to receive a free copy of your credit report once each year from each of the three major credit bureaus by going to annualcreditreport.com. This will show your credit history, not your score, … (0 comments)
There is a powerful new ally in the battle against online fraud and identity theft – social media. Even the credit bureaus are using this tool to research the credit-worthiness and validity of consumers, alongside companies like EBay, Paypal, and Intuit. Equifax and Experian are running trials to see if social media posts can help dissuade fraud, verify identities, and even see if consumers are lying about their financial situation.
Every day hundreds of millions, if not billions, of people use social media sites like Facebook, Pinterest, Twitter, etc. to share sensitive personal information through user profiles, public postings, and … (2 comments)
blue water credit: What a Difference a Point Makes.
- 07/17/13 09:47 PM
Have you ever heard the song lyrics, “What a difference a day makes?” When it comes to your credit score, a few points can make a big difference in your finances. The average American has a credit score of 687 (as of 2011), but by raising it even a few points they can save big amounts of money. Here are 8 ways a higher credit score can save you big bucks!
Mortgage. A good credit score is fundamental to getting the best rates and terms on a home loan – or getting approved at all. Due to the way mortgage payments are spread out … (0 comments)
blue water credit: The history of credit and credit scores.
- 07/16/13 11:13 PM
Have you ever wondered where and when the practice of credit scoring started? Probably not, but I’m going to tell you anyway. If you’re like me, you may have just assumed that credit scores have been around forever, but believe it or not the phenomenon of credit scoring started more recently. Before credit scores or any credit ranking system, merchants had to gauge a borrower’s responsibility from past experience and word-of-mouth information from other merchants. That “reputation” system worked well in small, localized communities but when merchants began trading far and wide it fell apart. Actual credit bureaus started around 1860, … (0 comments)
Does the average person really understand credit? I came across this info graphic today and wanted to share it with you. It illustrates the need for education and a better understanding of credit and credit scoring. Blue Water Credit is happy to help!
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