Blog / Credit
Can you opt-out from credit reporting?
May 30, 2008 by Tom Fragala
Have you ever thought about this: Is it possible to opt-out from having your personal data sent to, and compiled by, the consumer reporting companies (including the "credit bureaus")? No. There is no law that provides you an opportunity to...
A few facts about credit card networks
May 15, 2008 by Tom Fragala
I thought it might be interesting to give you a rough idea of the immense size of the credit, debit and prepaid card processing market. Here is some data (2006 figures) on the top 3 operators of retail electronic payment...
Fraud alerts do NOT require lenders to contact you
Apr 13, 2008 by Tom Fragala
The misconception that fraud alerts by law require that you be contacted continues on unabated. In fact, a fraud alert is just words on your credit report. Can it be effective in some cases? Yes. Are fraud alerts some kind...
Trust but verify: Keep your receipts
Mar 18, 2008 by Tom Fragala
After you purchase a product/service, keep the receipts. That way if you need to return a product, or cancel a service, or file a complaint, you have a record of things like the order number. And if you do return...
A common misconception: different credit scores exist
Mar 14, 2008 by Tom Fragala
The Red Tape Chronicles, a popular blog on MSNBC, has a post about credit scores. Looks like he doing a series on them. It's a topic that always raises people's ire and is a constant source of confusion and irritation....
Paying Taxes by Credit Card? Good Idea or Not?
Mar 8, 2008 by Tom Fragala
Would you pay your taxes by credit card? Do you think that's a bad idea considering the amount of personal debt in the country? If you have an opinion, post a comment. Tags: taxes, credit+card...
Maryland Credit Freezes Now Available by Law
Jan 9, 2008 by Tom Fragala
This news that Maryland credit freeze law went into effect January 1 appears to be a bit underwhleming since all three credit reporting companies announced in 2007 they would offer nationwide credit freezes anyway. However, I think MD residents are...
Why Checking Your Credit Card Statement Is So Important
Jan 6, 2008 by Tom Fragala
It is simple and you know the answer: if you don't check your statement and fail to catch fraudulent charges or even errors the bank makes (within 60 days from mailing), they can tell you to jump in a lake....
FICO Credit Score Being Revised by Fair Isaac
Dec 19, 2007 by Tom Fragala
Fair Issac (FIC), the company behind the FICO credit score used by 90% of the top 100 banks, is revising the models behind their credit score. This is something they do from time to time. The new score's inside name...
Experian Joins the Credit Freeze Party
Oct 16, 2007 by Tom Fragala
Experian is now going to offer credit freezes in all remaining US states where they do not offer it. Same pricing as Equifax and TransUnion, $10 a freeze, unless state law mandates otherwise. Tags: credit+freeze, credit+report...
Experian's Court Loss is Consumer's Gain
Oct 8, 2007 by Tom Fragala
A very important decision recently in DENNIS v. EXPERIAN INFORMATION SOLUTIONS. This case, decided in favor of the plaintiff, established case law that transforms consumer credit rights related to the Fair Credit Reporting Act. Read more from Bob Brennan, name...
4 New ID Theft Prevention and Privacy Tools--With Free Trial
Sep 29, 2007 by Tom Fragala
This week we released a new version of our award-winning myTruston service. The new features are FREE to current members for a 45–day free trial period. These four new prevention and privacy services are: Credit bureau fraud alerts Chexsystems fraud alerts Stop...
8 Reasons Why TransUnion Offered Nationwide Credit Freezes
Sep 26, 2007 by Tom Fragala
I have yet to see a much analysis of the reasons for the surprise announcement that TransUnion is going to offer all 50 states and DC the ability to freeze their credit file. Apparently, few saw the TransUnion move coming....
Equifax Joining TransUnion in Allowing Credit Freeze Nationwide
Sep 25, 2007 by Tom Fragala
It appears that Equifax is going to respond to TransUnion’s announcement to allow credit freezes nationwide. Same fee: $10 to freeze/unfreeze. No mention yet if victims will need to pay (I doubt it). And of course, they must comply with...
Credit Bureau TransUnion Offers Nationwide Credit Freeze
Sep 18, 2007 by Tom Fragala
TransUnion issued a press release that appears to be a bombshell. Still waiting to learn more about this. They are offering consumers in all 50 states and DC the ability to lock or freeze their credit file. Just how “frozen” it...
Texas Law Allows Credit Freeze For All Residents
Sep 3, 2007 by Tom Fragala
In Texas, you can freeze your credit file, even if you aren’t a victim now. Under a new law that took effect Saturday, consumers can freeze their credit report without having to have a police report. When you freeze your...
Credit cards: Best to worst list
Aug 31, 2007 by Tom Fragala
Consumer Reports did a huge survey on credit cards. See this CNN Money article for more (you need to be a member of Consumer Reports to get the entire report). Consumers gave high ratings to American Express, Discover, as well...
Indiana Credit Freeze Law Takes Effect September 1
Aug 30, 2007 by Tom Fragala
INDYChannel.com reports On Sept. 1 [2007], Indiana will join the majority of states in allowing freezes. Attorney General Steve Carter touted the move as away to protect against fraud. As part of the new law, credit-reporting agencies will be required...
Massachusetts ID Theft Bill Includes Credit Freezes
Aug 4, 2007 by Tom Fragala
Massachusetts finally got an ID theft prevention bill passed and signed into law. It includes credit freezes (for victims and non-victims), data breach notification requirements, and destruction of documents with sensitive data. Unforunately, none of the stories I saw state...
CRAs Sell Your Information
Jul 7, 2007 by Michelle Pastor
Do you know that credit reporting agencies (CRAs) can sell your information when you apply for a mortgage? The practice is legal and the product the CRAs sell is called “24 Hour Trigger Data”. According to an article in the District...
Credit Freeze Law for Mississippi
Jul 5, 2007 by Tom Fragala
Mississippi residents, as of July 1 2007, can avail themselves of a credit freeze. According to Insurance Journal: The law says a consumer whose personal information has been illegally used by others must file a police report, and then may...
Confused About Ordering a Credit Score?
Jul 3, 2007 by Michelle Pastor
You’re not alone! Do you know there are 4 different kinds of credit scores? This article on CNN Money.com explains the difference in credit scores and how to get the one you really want. To make matters more confusing, while...
Credit Freeze Now Available in D.C.
Jul 2, 2007 by Tom Fragala
As reported in Brian Krebs’ Security Fix blog Residents of the District of Columbia now have the right to "freeze" their credit reports as a way to ward off identity thieves. As of July 1, people living in the nation's...
The Price You Pay For Less-Than-Stellar Credit
Jul 2, 2007 by Michelle Pastor
Here’s a great blog posting by the Silicon Valley Blogger on the Digerati Life website. The blog goes through examples of what you’ll pay for a car when you take out a 3 year loan. $24,000 for someone who pays...
Guard Your Credit During Divorce
Jul 1, 2007 by Michelle Pastor
This blog reminds me of the many clients I see in the midst of a divorce. It gives good advice about what to do during and after a divorce to ensure that your credit remains intact. The biggest mistake I see...
Credit Report: What is It?
Jun 28, 2007 by Tom Fragala
You may have heard different, perhaps confusing terms and definitions for a credit report. The three credit reporting companies, through their web site annualcreditreport.com define it this way: A credit file disclosure, commonly called a credit report, provides you with...
Congressional Hearing on Disputing Inaccurate Data
Jun 25, 2007 by Tom Fragala
I got this from Mark Enderle the other day: By the way, you might be interested to know that the House Financial Services Committee had a hearing 2 days ago examining “Consumers’ Ability to Dispute & Change Inaccurate Information.” …I...
32% of Americans Haven't Checked Their Credit Report
Jun 22, 2007 by Michelle Pastor
According to a national poll by Bankrate, Inc, it’s true. Digital50.com reports that Bankrate also found that 45% of Americans don’t know their credit score. I can understand those not wanting to pay for a credit score, so it makes sense that...
A Change in Credit Scoring
Jun 20, 2007 by Michelle Pastor
Adding an authorized user to a credit account has been an easy way to help a friend or family member increase their score by, in essence, lending them your good credit history without their having to pay the bill. Unfortunately,...
Pin or No Pin - Which is Safer?
Jun 16, 2007 by Michelle Pastor
I often get the question, “should I enter my pin number at the store for extra security with my debit card?”. The answer is contrary to what you might think. Don't use your pin number! A question and answer column sums it...
Visa Check Card History Doesn't Increase A Credit Score
Jun 15, 2007 by Michelle Pastor
Here’s an interesting article that explains why. What you have is a debit card, which some also call an ATM card or Cash Card. Your credit score is not affected by debit card use, Visa logo on it or not....
Poor Credit Increases Your Insurance Premiums
Jun 14, 2007 by Michelle Pastor
Poor credit not only increases the interest rates you’ll pay, but it also increases the insurance premiums you pay. According to an article on USAToday.com, A credit report "is a solid predictor of risk," Annotti says. "People can get tickets...
When a Credit Score Is Not a Credit Score
Jun 9, 2007 by Tom Fragala
Let’s get one thing down first. When virtually everyone says “credit score” in the US, what they really mean is a FICO credit score. FICO is the trademark for a proprietary analytical model developed and owned by Fair Isaac Corporation (NYSE:FIC)....
Experian Not Accepting Credit Disputes by Mail?
Jun 8, 2007 by Tom Fragala
I have heard from two separate well-placed sources that Experian is ramping up a campaign to drive credit disputes online and is no longer accepting mail to their previously published PO box address for disputes (or making it awfully difficult)....
Innovis - A Free Report Is Yours For The Asking
Jun 7, 2007 by Michelle Pastor
Innovis data solutions is relatively unknown to consumers – it is similar to the three credit reporting agencies, Equifax, Experian and TransUnion. Innovis supplies credit grantors with information on all of us "to assist in marketing, verification, authentication and fraud...
Scam Targets Visa and MasterCard Customers
Jun 4, 2007 by Michelle Pastor
According to this article, scammers pose as if they are from the fraud department of Visa or MasterCard and rattle off a purchase on the credit card that the cardholder didn’t make. The caller promises to reimburse the cardholder once a 1-800 number is called...
Checking if Your Child is an ID Theft Victim Can Be Stressful
May 31, 2007 by Michelle Pastor
Identity thieves target children because odds are they can use the child’s identity for years before anyone will notice. I originally posted the following blog in January of 2007, but am revisiting it in case you missed it the first...
Do Credit Offers or Reports Effect Your Credit Score?
May 22, 2007 by Tom Fragala
No. Pre-screened offers of credit or insurance do not harm your credit score. Neither do the free annual credit reports, free victim reports or legitimate paid credit file disclosures. (“Credit report” and “credit file disclosure” are different names for the same...
Debt Collection Protection for ID Theft Victims
May 19, 2007 by Tom Fragala
Did you know? The California Fair Debt Collection Practices Act (CA Civil Code section 1788.18) prohibits a debt collector from continuing to collect on a debt of an alleged victim of identity theft if the victim has completed all the...
Scams That Target Those With Bad Credit
May 6, 2007 by Michelle Pastor
I read an excellent blog with a summary of scams that target individuals and businesses with less-than-stellar credit. Scammers know that as your credit score goes down, your options for credit do too. They feed upon the desperation of an individual with a...
Credit Repair Scams
Apr 26, 2007 by Michelle Pastor
If you have negative marks on your credit, the thought of removing the information can sound really appealing. Before you pay a credit repair company to work its magic, beware of the way they do it. The most common strategy...
Waiters in 40 Restaurants Aided Identity Theft Ring
Apr 25, 2007 by Michelle Pastor
If you ate in a restaurant in Manhattan’s Chinatown, NY City, Florida, New Hampshire, New Jersey or Connecticut recently, check your credit card statement carefully because you may be a victim of credit card fraud. Waiters in 40 restaurants skimmed information from...
Good Should Come From This Victim's Experience
Apr 16, 2007 by Michelle Pastor
There is an article on Myrtle Beach online that serves as a good reminder of just how much the victim goes through when an identity has been stolen. The thief opened credit card accounts in the victim’s name and paid the...
Vishing Is Now a Common Tool for ID Thieves
Apr 9, 2007 by Michelle Pastor
According to an earlier blog of mine, vishing is an effective way to steal a victim’s identity. Scammers can create any phone number to show up on caller ID, which creates a lot of new opportunities for identity theft. For...
Right Versus Might: Brennan Law Wins Fisher v. Wells Fargo
Apr 8, 2007 by Tom Fragala
Recently, there was a court case worth noting. A married couple won in a credit damage case versus Wells Fargo Home Mortgage. Following a seven-day jury trial, a civil jury in Rancho Cucamonga has just ordered Wells Fargo Home Mortgage...
Tips to Protect the Deceased's Identity
Apr 1, 2007 by Michelle Pastor
To add to Tom's blog about scammers stealing the identities of the deceased, here are some more tips from an id theft article in the Times-Picayune. Send copies of the death certificate to all three credit-reporting agencies, as well as...
The End Of Universal Default For Citi
Mar 21, 2007 by Michelle Pastor
The credit card companies have been using the practice of univeral default as a way to hike interest rates on a credit card even though the consumer has paid on time. The universal default clause which can be found in the...
FBI Shuts Down Fraud Ring That Falsified 14,000 Identities
Mar 9, 2007 by Tom Fragala
An example of just how widespread SSN fraud is, how it is used and the connection to illegal immigrants. From an FBI press release March 6, 2007: United States Attorney McGregor W. Scott announced that JESUS JAIME MARTINEZ, age 22,...
Reduce Your ID Theft Risk by Opting Out
Mar 8, 2007 by Michelle Pastor
If you haven't yet, opt-out of receiving credit card offers by calling 1-888-5-optout (1-888-567-8688). Every piece of mail with your name and address gives an ID thief a chance to target you and when that piece of mail has a...
Gartner Drops Bomb: Says ID Theft is Skyrocketing
Mar 7, 2007 by Tom Fragala
Gartner issued a press release today about their forthcoming report that is going to take the noise up a notch in our space. It will delight a lot of people that want raw, scary statistics and stun others who hoped that consumer...
Equifax Will Revoke Your Right to Link to Their Site
Feb 15, 2007 by Tom Fragala
Another thing that bugs me about the Equifax service? Take a look at their Terms of Use. This is what they say is their link policy: You are granted a limited, non-exclusive right to create a hypertext link to this...
PayPal Offers Free Equifax Credit Monitoring: Still Not Worth It
Feb 15, 2007 by Tom Fragala
PayPal (Nasdaq:EBAY) is now offering all its members free Equifax Credit Alerts. Wow, that sounds great doesn't it? This is one of those things that is “better than nothing” right? No. Don’t waste your time. This service only monitors your...
Can You Get Credit Without a SSN?
Feb 12, 2007 by Tom Fragala
Can you get a credit card without a social security number? Can a credit file/report exist for a person without an SSN? Noodle on that for a second. The answer is Yes. According to Evan Hendicks, in his book Credit...
Beware of Class-Action Lawsuits Offering Rewards, Especially Baby Products
Jan 31, 2007 by Michelle Pastor
If you get information of a class-action lawsuit against a baby product manufacturer, beware!! It may be a scam designed to find out your child’s vital information including social security number and name – all the information an identity thief...
Debunking The Myth Behind Fraud Alerts
Jan 24, 2007 by Tom Fragala
Don't get fooled into thinking that fraud alerts provide you much protection from identity theft. THEY DO NOT. Here's a question I got from someone today and my response. This might be a dumb question, but why not just post...
Checking if your child is an ID theft victim can be stressful
Jan 22, 2007 by Michelle Pastor
Knowing what I do about ID theft and that children are easy and often valuable targets for ID thieves, I was compelled to check my youngster's credit file...just to make sure his identity hasn't been hijacked. I know that unless...
Is Mass. Finally Going to Get Serious About Identity Theft?
Jan 12, 2007 by Tom Fragala
According to Eric Bourassa of MassPIRG in this Somerville Journal story, Massachusettes is the only state in New England that has neither a credit freeze law or data breach law. 26 states have laws allowing individuals to freeze access to credit...
Five questions to ask to protect your Social Security number
Jan 3, 2007 by Tom Fragala
Your Social Security number is important, confidential information. You should avoid giving it out unnecessarily. The trick is knowing, as best you can, when it is necessary. Keep your Social Security card and number in a safe place. Never carry your...
Congressman wants hearings on correcting credit report errors
Jan 1, 2007 by Tom Fragala
The Boston Globe reports. US Representative Barney Frank said he plans to hold hearings early in 2007 about procedures at consumer credit bureaus, following a Globe Spotlight report last week on how difficult those firms often make it for people...
Security freeze laws in 8 more states
Jan 1, 2007 by Tom Fragala
Eight states see credit freeze laws go into effect starting January 1, 2007: Hawaii. Victims of ID theft only, with a police, investigative report or complaint filed with a law enforcement agency. No fees permitted. Illinois. After January 1, 2007,...
There are credit scores out there that you don’t even realize!
Dec 22, 2006 by Michelle Pastor
The FICO credit score you can buy from Equifax or Fair Isaac is the score that mortgage lenders use to determine your mortgage interest rate, but auto lenders and insurance companies see a different score that you should understand so...
Identity Theft Benefit Programs - They're Not Always What You Think
Dec 19, 2006 by Michelle Pastor
I just looked over the paperwork for some identity theft benefit programs for a client and what I found was pretty unsettling. This particular client’s husband died 6 months ago and she was inundated by her bank and other companies...
Illegal Immigrants and Identity Theft
Dec 17, 2006 by Michelle Pastor
According to the Denver Post, Immigrations and Customs Enforcement (ICE) has made identity theft the primary focus for the first time in its December 12th raid on illegal immigrants working at Swift meat-packing plants. ICE officials detained an undetermined number...
Credit report fees increasing January 2007
Dec 15, 2006 by Tom Fragala
Two of the three credit reporting companies are increasing fees on credit report checks. Equifax and Experian say it is so they can provide better security and protection for consumers and comply with federal law (TransUnion is quiet on the...
Credit bureau TransUnion Opens the Kimono
Dec 13, 2006 by Tom Fragala
TransUnion, one of the three major consumer credit reporting companies, has been quite secretive in the past. Their website was sparse and impersonal. Now it appears they are turning over a new leaf. Their website has a new look and...
Memo to the FTC: freecreditreport.com is Getting Major Complaints
Nov 15, 2006 by Tom Fragala
I recently reported how the annualcreditreport.com home page is very misleading, causing visitors to erroneously click on the logos of the three credit bureaus. This leads you away from the only site authorized to provide the free annual credit report...
Are People Getting Misled by AnnualCreditReport.com?
Nov 2, 2006 by Tom Fragala
I'm a little peeved about the annualcreditreport.com site. And when I explain why, you might laugh or shake your head. But I have empirical evidence to back it up. As you may know, AnnualCreditReport.com is the ONLY valid web site...
Fair Isaac Sues Credit Reporting Companies
Oct 12, 2006 by Tom Fragala
This should be fun. Fair Isaac decides it doesn’t like that the credit bureaus are launching their own credit scoring system, calling it “unfair practices.” Fair Isaac also claims their scoring system violates its trademarked numbering scheme. No question people would be confused, if...
Credit card companies form security council
Sep 10, 2006 by Tom Fragala
This isn’t exciting news. I thought it worth noting for those in the industry. CNET News.com reports… American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International announced Thursday the creation of an organization to develop and maintain security...
No-limit credit cards can damage your credit score
Sep 4, 2006 by Tom Fragala
Beware of no-limit credit cards. Despite the prestige and flexibility these cards offer, it’s possible the cards could result in a lower credit score. It seems odd, but someone who has the track record and wealth to qualify for such...
Government awards blanket purchase agreements to two credit bureaus
Sep 1, 2006 by Tom Fragala
Your tax dollars are primed and ready. The credit reporting agencies now are drooling, waiting for the next huge data breach anywhere within the government. When it happens—ka-ching. FCW has more. Three firms received blanket purchase agreements Aug. 14 to...
Experian IPO coming in October
Aug 30, 2006 by Tom Fragala
Experian is going public on or about October 11. Manchester (UK) Evening News has a detailed story and background. According to this report, Experian might have a market cap of US$9 billion....
IRS is unleashing collection agencies on taxpayers
Aug 26, 2006 by Tom Fragala
Prepare for an ungodly beast to be unleashed on U.S. taxpayers. Unfortunately this is a fait accompli. The IRS is going to use collection agencies to collect back taxes. Look, getting tax revenues that are left on the table is great. But...
Consumers fight back and win in two cases vs. credit bureaus
Aug 17, 2006 by Tom Fragala
GuardMyCreditFile has a post on two recent court rulings that went in favor of consumers. Until now, the CRAs have fought back using the excuse that it is not their responsibility to insure that the data reported by creditors is...
How Experian thumbs its nose at the FTC every day
Aug 16, 2006 by Tom Fragala
In 2005, Experian (doing business as consumerinfo.com) was fined $1 million by the Federal Trade Commission for deceptive and fraudulent marketing of credit reports (see the FTC report here). Basically they marketed “FREE” credit reports and then charged people for...
How to get four free credit reports in one year (legally)
Jul 31, 2006 by Tom Fragala
If you are a victim of identity theft you have a right to four (4) free credit reports in the year after you report the fraud. Federal law* gives you those rights. The consumer credit reporting agencies (CRA) don’t really...
Dinged when signing for a debit card purchase
Jul 30, 2006 by Tom Fragala
WSJ.com has an article about signing for your debit card purchases. Banks are trying to get consumers to use signature-backed transactions versus using your PIN—they can make more money that way. Banks (the card issuers) get a higher fee on these purchases. PIN-backed transactions...
New blog on bankruptcy and credit
Jul 27, 2006 by Tom Fragala
The US PIRG blog points out a new blog authored by seven scholars and professors that will focus on bankruptcy and credit called Credit Slips. Nice title. In their own words, it’s a blog about “what does happen and what...
ID Theft Bill HR 3997 Put On Hold in House
Jul 27, 2006 by Tom Fragala
GuardMyCreditFile reports: HR 3997, the controversial bill that would stop the states from regulating data breaches, has been placed on hole in the House of Representatives. The bill, written primarily by the financial services industry, was scheduled to be voted...
Woman wins suit against Equifax
Jul 25, 2006 by Tom Fragala
A victim of identity theft recently won a significant award against one CRA and continue her pursuit of justice. Her credit score and in tatters she went after the credit bureaus because after proving herself a victim of ID theft...
Bill weakening consumer protection may reach vote (HR 3997)
Jul 24, 2006 by Tom Fragala
It’s tiring trying to keep up with the moving targets that are the new data breach and ID theft bills moving through Congress. But Beth Givens of the Privacy Rights Clearinghouse and Ed Mierzwinski at U.S. PIRG warn consumers that...
Suze Orman makes dangerous ID theft proposal
Jul 22, 2006 by Tom Fragala
Suze Orman, the TV personal finance guru has an article in today’s Wall Street Journal entitled Worried About Identity Theft?. As I read through it I found my self nodding my head in agreement. Then at the end I found myself...
Equifax profit up 11%
Jul 20, 2006 by Tom Fragala
From the Atlanta Business Chronicle: Equifax Inc. (NYSE: EFX) saw net income frow 11 percent in the second quarter, getting a boost from its Latin America unit. The Atlanta-based company had net income of $69.6 million on $387.7 million in revenue...
Top ranked credit bureaus
Jul 13, 2006 by Tom Fragala
In the U.S., the top ranked credit reporting agencies by Google searches are (1) Equifax, (2) Experian, and (3) TransUnion. Experian, however, gets far more press, which is a bit surprising since it’s part of a UK company (GUS Plc) and...
Free credit monitoring for everyone?
Jul 13, 2006 by Tom Fragala
Robert Gellman says “everyone should receive free credit monitoring.” Good news: Truston is already going to offer a free service that we think is better. So there is no need to spill blood to get the credit bureaus to comply...
Experian reports booming revenue Q206
Jul 13, 2006 by Tom Fragala
Revenues up 21 percent. More at Bloomberg.com....
Kentucky credit freeze law goes into effect
Jul 13, 2006 by Tom Fragala
Kentucky residents can place a credit freeze for up to seven years (why seven?). However, it’s only free for victims with a police report. $10 for everyone else. Courier-Journal has more. The following states have credit freeze laws today: California,...
Kentucky credit freeze law goes into effect
Jul 13, 2006 by Tom Fragala
Kentucky residents can place a credit freeze for up to seven years (why seven?). However, it’s only free for victims with a police report. $10 for everyone else. Courier-Journal has more. The following states have credit freeze laws today: California,...
Universal default can raise your interest rate sky high
Jul 10, 2006 by Tom Fragala
Caroline Mayer writes an article in her WaPo blog, The Checkout , on a credit card industry practice you are going to want to read about. …under universal default, a credit-card company monitors the credit histories of its customers, even...
Tinkering with the Fair Credit Reporting Act?
Jul 10, 2006 by Tom Fragala
I came across this letter from a group of financial services companies called the Coalition to Implement the Fact Act. It appears they hope to water down the FACT Act (which amends part of the FCRA) or at least how...
Credit score war: FICO response to VantageScore
Jul 10, 2006 by Tom Fragala
The three consumer credit reporting agencies (Experian, Equifax, TransUnion) recently announced their new VantageScore credit scoring system. In the past, I’ve written about it here and here. A while back I contacted Fair Isaac to get their perspective on this new...
New security rules from Visa and MasterCard
Jul 8, 2006 by Tom Fragala
ComputerWorld has an article on new PCI (payment card industry) standards that are being unveiled by Mastercard and Visa. These are not anything the consumers have to do, it is for merchants....
Experian going public all on its own
Jul 8, 2006 by Tom Fragala
Did you know that Experian, the largest of the three credit bureaus, is owned by a British company? The company is a conglomerate called GUS, which owns other businesses including a retail chain called Argos and a Home Depot-like chain called...
A look inside the new credit scoring system
Jul 8, 2006 by Tom Fragala
The New York Times has an article on the new VantageScore credit scoring system that we reported on here. This is the new system that is a collaboration by the three consumer credit reporting agencies, Equifax, TransUnion and Experian, to put...
Credit Bureaus Sued Over Practices That Lower Credit Scores
Jun 30, 2006 by Tom Fragala
Jim at GuardMyCreditFile exposes this questionable practice by the consumer credit reporting companies. Attorneys for William A. Harris Sr., a resident of South Carolina, have filed a class action law suit against the nation’s three large credit reporting agencies; Experian,...
Instructions for veterans & military if ID theft/data breach
Jun 23, 2006 by Tom Fragala
Updated 6/27/06 Are you a veteran or member of the U.S. military, including the reserve and National Guard? Wondering what to do after the computer theft/data breach at the Department of Veterans Affairs (aka VA or Veterans Administration)? Or are...
Action Taken on Credit Freezes in Florida And California
May 14, 2006 by Tom Fragala
Jim at GuardMyCreditFile is following these stories. First, Florida in on the brink of passing a credit freeze law—great news for consumers there. Second, California has a bill that proposes to make that state’s already powerful credit freeze law more convenient...
Credit Report Inaccuracies Often Reoccur
May 13, 2006 by Tom Fragala
Bob Brennan over at SoCalCreditDamage.com Blog writes a fantastic blog post. It’s a very important and useful insight into how your credit report can get re-tainted by an institution even after you WIN a case to have inaccurate account information cleaned...
Three Surprising Ways You Might Harm Your Credit
May 6, 2006 by Tom Fragala
A News Letter from Identity Guard has three ideas about how you might be hurting your credit score. Ignoring the pile of unpaid medical bills, parking tickets – and library books Settling accounts for less than you owe Closing accounts...