I enjoyed sitting down for a TV interview this week at the studio for NYC’s own legal news show Today’s Verdict. Topic was credit report errors and how consumers can monitor their reports for free via annualcrediterport.com. (Also a pleasure meeting and watching the interview of Commissioner Salas of the NYC Department of Consumer Affairs.) […]
Author Archives: Inter_admin
First comes love. Then comes marriage. Then comes many discussions about how you should manage your finances as a couple. Getting married is a big life milestone and a great chance to take stock of your financial situation — that includes your credit cards. https://www.cnbc.com/select/how-does-getting-married-affect-your-credit/
For decades, when you applied for an apartment, the landlord—or a tenant screening company hired by the landlord—would examine your credit file and pay stubs to verify your ability to pay rent. But today, landlords are using the artificial intelligence revolution to predict something else: Your willingness to pay rent. https://www.wsj.com/articles/robots-are-taking-over-the-rental-screening-process-11574332200?mod=hp_listc_pos3
Not much has changed over the years in terms of consumers’ challenges in obtaining the same credit score that lenders obtain. Here’s an article from 2017 in Forbes highlighting the issue: https://www.forbes.com/sites/robertberger/2017/01/06/which-credit-score-do-lenders-actually-use/#25a206b30b15 Fair Isaac, for example, will sell you access to your FICO scores through its site myfico.com. In fact, it will give you access to […]
A separate “mixed file” case against Equifax went to trial in 2013 and ended with a $18.6 million jury award. The sum was reduced to $1.62 million in damages and $300,000 in legal fees during post-trial proceedings. During that trial, an expert for Equifax testified mixed files could happen in 1% to 2% of all […]
Wonder how a late payment affects consumers differently? See a sample comparison by FICO. https://www.cnbc.com/select/what-happens-when-you-miss-a-credit-card-payment/ As you can see, the higher your credit score, the greater negative effect a 30- or 90-day missed credit card payment has on your account. That’s because someone with a lower credit score already has their past behavior reflected in […]
A new credit score will soon factor in consumers’ rent payments and professional licenses to help them get approved for loans. https://www.wsj.com/articles/hairdresser-plumber-lawyer-a-job-license-could-help-you-get-a-loan-11573041600
When you shop at retailers in-store or online, chances are you’ve been asked at checkout if you want to apply for a store card. They frequently come with tempting offers — sign up and get a huge discount on your purchase — but there are several drawbacks to consider before you apply. https://www.cnbc.com/select/why-you-should-almost-always-avoid-store-credit-cards/
Have you ever found yourself fuming at the credit bureaus? You have plenty of company. https://www.chicagotribune.com/business/sns-201910101456–tms–kplngmpctnkm-a20191022-20191022-story.html
James Rennick was in desperate need of money to help his ailing wife, but an incorrect credit report stood in his way, this lawsuit alleges https://www.marketwatch.com/story/this-woman-says-equifax-mixed-up-her-fathers-credit-report-and-destroyed-his-life-now-she-hopes-to-convince-a-jury-2019-10-25