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Category: Credit

You will make important financial deals with many people that don’t know you throughout your life — people like bankers or landlords. Since they don’t personally know you, to determine if you are a “safe” investment, they turn to a metric called “credit”. Your credit score is a measure of your financial reliability; the higher the number, better. There are three credit bureaus, Equifax, Experian, and TransUnion, who create your credit report, which is used to determine your credit score.

However, the credit system isn’t as simple as it might seem. Credit scores can plunge unexpectedly, your credit score might differ depending on who checks it, and there are several different agencies all governing different aspects of the credit business. In order to take control of your own finances, you’ll need to understand the role that the credit bureaus play in your life. It can be a nightmare for anyone to navigate on their own. Luckily, you don’t have to.

What Are the 3 Credit Bureaus and What You Need To Know About Them

hand holding credit card

A credit score is a dreaded number for some and a point of great pride for others. The number is often a defining attribute of loan approvals and mortgage rates. Still, the source of the calculation remains shrouded in mystery for the average consumer, as do the 3 credit bureaus responsible for it.  To understand […]

CreditWise vs. FICO

A person holding a tablet, displaying a credit score app.

It’s important to know your credit score because so many financial transactions rely on it. Examples include obtaining: Home and auto loans, whether related to approval or your interest rates; 0% annual percentage rate (APR) introductory credit cards, or cards that offer attractive terms for transferring balances; Cards to your favorite stores; Student loans; Utilities. It’s […]

What Is Closed End Credit?

A woman looking over statements of her closed end credit loans.

You apply for credit through a credit card, mortgage, or another type of loan when you need to make a purchase but don’t want to pay for the entire price upfront. Credit allows you to make big purchases and pay for them over time. There are two different types of credit: closed end credit and […]

How to Freeze Your Credit

Ice and snow cover a mock credit card labeled "credit freeze" to depict a freeze on someones credit card.

Although the Insurance Information Institute reports that the overall number of identity theft cases declined between 2017 and 2018, the actual cost of identity theft continues to rise. In 2018 alone, consumers spent $1.7 billion on out-of-pocket identity theft costs, more than double what they spent in 2016. New technology, such as chip-embedded debit and […]

What Is the Fair and Accurate Credit Transaction Act?

A credit card with a highlighted graphic of a lock on it, signifying a secure credit card transaction.

2019 was a landmark year for data breaches, with 4.1 billion records compromised in the first six months. The majority of the records were email addresses or passwords, but the security failures revealed how widespread and serious a cybersecurity breach could be. Examples of recent and alarming data breaches that potentially endangered sensitive credit or financial […]

What Is the Fair Credit Billing Act?

A lender at a desk, looking at a credit report and fixing a billing error as part of the Fair Credit Billing Act.

The Fair Credit Billing Act (FCBA) was enacted to protect consumers’ credit histories by requiring that lenders fix billing errors in a fair and timely manner. The Act covers open-end credit such as revolving lines of credit and credit cards. If a credit card issuer accidentally mails your billing statement to the wrong address and […]