Fair Isaac, the giant credit score company, recently announced the biggest change since 2014 in how it determines its FICO credit scores. This new FICO 10 system — expected to go into effect by year’s end — could affect your retirement in big ways, possibly for the worse and possibly for the better. But there
A new hurdle awaits many younger consumers who already find it challenging to build a credit history and become good borrowing risks. It’s called FICO Score 10 Suite, an update to the credit scoring algorithms created by Fair Isaac Corp. that are widely used by credit card issuers and other lenders. It is scheduled to
If you’re worried someone could steal your personal identity and buy something on credit or get a loan in your name, “freezing” your account at credit reporting bureaus could stop identity thieves cold. Not only that, Congress recently passed a law that ordered credit reporting bureaus to offer free credit freezes. More on that below.
On-time payments are a solid way to build your credit score. Your payment history constitutes 35% of your credit score – the largest contributor among the five factors used in calculating your score. Payments on most debts are reported to the three major credit bureaus (Experian, Equifax, and TransUnion) for inclusion in your credit report,
Much of personal finance is about achieving a perfect credit score. If your score isn’t exactly where you want it, luckily, there are plenty of ways you improve it. But, you’ll also be happy to know that, starting this month, your score could rise without you doing anything! Experian, Equifax and TransUnion will now exclude tax
Having a credit score can be important even if you don’t want or need to get a loan. Employers may run your credit before hiring you for a job. Or if you rent, your landlord may require a credit check before offering you a lease. Having good credit has always seemed like a big game