Credit Report News
News and information about your credit report

• Your credit report will be free, but what about the credit score?
  FACTA, the Fair and Accurate Credit Transactions Act of 2003 requires the nationwide credit bureaus to provide you one free credit report per year. You can also see your credit score, but that will cost something. The Federal Trade Commission is seeking comments on just how much that should be. Here's the FTC press release.
• Has your credit card rate gone up for no reason?
  More often now, people are getting rate hike notices from credit card companies. Is it just the economy? Interest rate trends might be part of the reason, but another unspoken reason might be your credit report. Credit card companies look at it regularly. If you are late on other payments, or if you are becoming "maxed-out" on other cards...you might find yourself being charged more in interest, even on cards for which you have a perfect payment record. Another possibility: Identity theft or errors on your credit report. Your rates could be increasing through no fault of your own! It pays to check your credit report regularly.
• Selling a home? Don't let the buyer wreck your credit report!
  When selling a home, the buyer's creative financing can get you in trouble if you don't do it right. A purchase "subject to the existing mortgage" means the mortgage is still in your name. The buyer can wreck your credit report if payments are not made on time. The right way, if your mortgage allows it, is for the buyer to formally assume the mortgage. That way, you're off the hook. (Get professional advice on this, if you are unsure of the steps and implications!)
• How to close a credit card account (without damaging your credit report)
  How do you close a credit card account? When you cancel a credit card, write a letter requesting that the card company close your account and that your credit report state "closed by consumer." By law, the credit-card issuer must honor your request. They will close your account, cancel your privileges and continue to send your monthly statements until you pay off your balance.
• Do Credit Reports Include Library Fines?
  If Largo Library in Florida sticks with the program, serious slackers could end up with a blemish on their credit report. Your local library might begin to use a similar policy. If you return a book late, does that show on your credit report? Almost certainly, it will not. The concern (as it relates to your credit report) arises when you accumulate unpaid fines, and the library finally turns you over to a collection agency. Even then, the collection agency will probably wait 120 days after it receives accounts before informing credit bureaus about outstanding bills.
• America's credit report system provides more credit at lower rates
  What is the overall effect of credit reporting in America?"If not for the information that the agencies maintain, consumers on the whole would receive less credit at higher prices." That's the conclusion of a research study, Credit Report Accuracy and Access to Credit conducted by the Federal Reserve Board.
• Mortgage fraud is on the rise
  The FBI says low interest rates and rapidly increasing home prices have attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions serving the home mortgage credit market.