Make sure checking your credit report is the first thing on your list of financial resolutions, especially if you’re planning to buy or refinance your home, buy or lease a car or truck, or take out a major loan for personal or business reasons.
Credit-reporting agencies Equifax and TransUnion will pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million, for deceiving customers about the cost and usefulness of credit scores and other products they sold.
There are other much more subtle practices that could lower your credit score, and you may not even know it.
It won’t make for much of a monthly increase in interest charges, but it could add up to significant borrower costs over time, especially for those with high balances.
The average credit score for home buyers increased 5 points year-over-year between the third quarter of 2015 and third quarter of 2016, rising from 734 to 739, according to latest CoreLogic Housing Credit Index.
The average household with credit card debt is carrying $16,061 in total balances. That’s just short of the high set in 2008, the eve of the financial crisis.
Many consumers pay those credit repair fees because they feel overwhelmed by the seemingly daunting task of taking on the three big credit bureaus.
A new analysis from CoreLogic found that renters with student loan debt have higher average credit scores than those without.
One question that remains unanswered has to do with the impact of these fake accounts on the affected customers’ credit scores.
U.S. regulators say Wells Fargo, one of the nation’s largest banks, opened about 1.5 million bank accounts and applied for 565,000 credit cards that may not have been approved or…