What is the Fair Credit Reporting Act?

October 26, 2020 marks the 50th anniversary of one of the most important pieces of consumer protection legislation in the country’s history: The Fair Credit Reporting Act. The Fair Credit Reporting Act, or FCRA, is a federal law governing how consumer credit information can be used and distributed. It gives consumers the right to see …

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Why the Pandemic May Be Hurting your Credit Score

Consumer Reports, February 3, 2021 Why the Pandemic May Be Hurting Your Credit Score By Lisa L. Gill https://www.consumerreports.org/credit-scores-reports/why-the-pandemic-may-be-hurting-your-credit-score/ Illustration:  Lincoln Agnew Attorney Andy Milz, cautions consumers that COVID-19-related payment deferrals aren’t the only problem contributing to credit reporting errors and drops in credit scores since the pandemic.  He states, in this recent Consumer Reports …

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Are you keeping your Credit Information Private?

Credit reports contain a wealth of personally identifying financial information and offer a peek into a consumer’s current, and past, financial status.  The privacy of these reports, and the accuracy of their information, is critical to consumers. Prospective lenders, employers, landlords and utility companies may need to request access to reports to determine whether to …

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How to Maintain Good Credit During Divorce

Financial Separation is Key Getting divorced is never easy. Although it is an unfortunate fact of life for more than half of all U.S. couples, parting ways with your spouse doesn’t mean that your credit has to take a hit. Separating financially is crucial as most married couples share joint assets, such as homes, cars, …

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Who are the Credit Reporting Agencies?

  What is a Credit Bureau? Credit reporting agencies are companies that compile detailed financial information on consumers from various sources.  The information collected is put together into a credit report. When the consumer seeks credit, businesses then contact credit reporting agencies to obtain credit reports to assess the consumer’s financial health. These credit reports …

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Protecting Your Credit During a COVID-19 Holiday Season

The holiday shopping season is, under normal circumstances, a big stressor on the wallet. But this year proposes to be even more difficult than in years past, given that the global COVID-19 pandemic has led to massive job losses and financial hardships for people far and wide. Although the federal CARES Act offers some flexibility …

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How Long Does it take for a Repossession to come off your Credit Report?

It’s not enough stress to have your car repossessed, but the consequences  —  collection contact and negative credit reporting  —  can be too much to bear. Car repossessions carry negative weight to a credit report for 7 ½ years from the date it was first reported as late by the lender.  Credit scores may drop …

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