Smart Spending Tips reviews the CFPB analysis of how complaint responses are handled by the 3 major credit bureaus, Equifax, Experian and Transunion. Consumers continue to have challenges when disputing inaccurate credit report information and fixing it. This is especially true when credit repair organizations (CROs) do this on their behalf, according to a new report by the Consumer Financial Protection Bureau (CFPB). Consumers or CROs can dispute inaccuracies in credit reports, from misspelled names to debts never incurred. The three largest national credit reporting agencies (NCRAs) or credit bureaus, Equifax, Experian and Transunion, told the CFPB that third parties…

Smart Spending Tips discusses the growing consumer demand for help with credit. Growing numbers of Americans are seeking help managing credit. The reasons are obvious—debt problems have become a national epidemic. What may be less obvious are the rewards of better credit management. Getting credit help can do more than get you out of your current debt trouble. It can ultimately leave you better off, with lower expenses and greater peace of mind. Credit counseling is in demand Money Management International (MMI) is a nonprofit credit counseling organization. They recently reported a 72% year-over-year increase in people seeking credit counseling.…

Smart Spending Tips discusses whether a good credit score is key to peace of mind. The financial benefits of having a good credit score are well-established and include: Easier access to credit. Better credit card offers. Lower interest rates. Since employers and landlords often check the credit reports of applicants these days, your credit score can even affect where you work and where you live. These are all tangible financial benefits. But here’s something you can’t put a price on: good credit may give you more peace of mind. A Smart Spending Tips survey found a link between credit scores…

Smart Spending Tips discusses why and how to fix credit report errors. Credit report errors can lower a credit score, making it harder to open new lines of credit and causing credit terms to be more expensive. Some mistakes can be easy to spot and fix, and others can take more work. Either way, fixing them can help you improve your credit score and in the long run, save money.  How credit scores are calculated Information on credit reports is collected by three nationwide consumer reporting agencies — Equifax, TransUnion, and Experian — and used to calculate credit scores. Each…

Smart Spending Tips discusses the effect of marriage on your credit score and how you can plan for the future. Does your spouse-to-be have a good credit score? This may not be at the top of your must-know list before marriage, but understanding what marriage does to your credit report is crucial. While it won’t necessarily have you rethinking your walk down the aisle, it will make you wonder what happens after you’re both wearing rings. Wonder no more! This helpful guide on how marriage affects credit ratings separates fact from fiction. What doesn’t happen to your credit score after…

Smart Spending Tips with suggestions on how to establish credit without credit cards. Life is expensive enough without a poor credit history. Without good credit, you may not get the apartment or job you want and borrowing money can be more expensive. One way to establish credit and a credit score is to open a traditional or unsecured credit card and pay it off in full and on time each month. A traditional credit card does not require a security deposit or collateral and allows the cardholder to make purchases and borrow money up to a predetermined limit. Securing a…

Smart Spending Tips on using Zero discrimination Day as inspiration for knowing and protecting your financial rights. You have a right to access financial products and services free from discrimination. This principle underscores Zero Discrimination Day on March 1, 2023. This is a good day to reflect on your own money management journey, celebrate your personal financial growth and remember that rules are in place to guard you against unlawful policies. Across the world, financial institutions, businesses and other organizations are working to eliminate discrimination based on race, gender, religion, disability and sexual orientation. How can discrimination affect your personal…

Smart Spending Tips discusses ways to protect your credit from divorce and accumulated joint debt. Divorce is a complex process, and dealing with marital debt can add significant stress. Shared accounts and financial obligations can leave you worried about your credit score and future financial security. Here are seven approaches to help protect your credit. Remember, getting legal advice tailored to your specific situation is crucial. Understanding marital debt and your credit Joint vs. separate debts Debts incurred during your marriage, regardless of whose name they’re under, are often considered joint debts. This includes mortgages, car loans, credit cards held…

Smart Spending Tips debunks some common credit score myths and misconceptions. Credit scores are essential to modern life, playing a critical role in securing loans, credit cards, and even apartment rentals. However, myths and misconceptions surrounding credit scores can lead to confusion and financial mistakes. Here are some of the most common credit score myths and misconceptions. Myth #1: Checking your own credit score hurts your credit Many people believe that checking their credit score negatively affects it. However, checking your own credit score is a soft inquiry and does not impact your score. Only hard inquiries, such as those…

Smart Spending Tips on credit repair versus credit building and the differences between them. Credit repair and credit building are important components of managing your credit and improving your creditworthiness. What is credit repair? Credit repair involves fixing errors or inaccuracies on your credit report that negatively impact your credit score. This can include removing late payments, collections, or other negative items that are incorrectly reported. Credit repair services can help you dispute inaccurate information on your credit reports and negotiate with creditors to remove negative items. Is credit repair legal? Credit repair is legal. The Fair Credit Reporting Act (FCRA)…