Tag Archives: credit report

Money Monday: the Equifax hack

Worried about the Equifax hack?

Equifax

“The names, Social Security numbers, birth dates, addresses, and driver’s license numbers for 143 million people may have been accessed. That kind of information could be used by someone else to open bank accounts, credit cards and loans in your name.

“The credit card numbers of an additional 209,000 people were also accessed. Those people will be notified directly. Everyone else must go to a website created by Equifax and submit their last name and last six digits of their Social Security number to find out if they were affected.” (“5 things to do right now if you’re worried about the Equifax hack.” 10 Sept. 2017. CNN Money. http://money.cnn.com/2017/09/09/pf/what-to-do-equifax-hack/index.html?iid=SF_LN

If you’re worried, here are some things you can do right now:

  1. Check your free credit reports to see if anything shows up
  2. Put a fraud alert on your credit reports and credit cards
  3. Pay attention to your bank accounts and credit cards for any suspicious purchases or withdrawals

Read more of CNN’s suggestions here: “5 things to do right now if you’re worried about the Equifax hack.”

Money Monday: Credit card mistakes to avoid

“Credit cards can be a dangerous thing when abused, but when used correctly, they actually offer a number advantages that cash simply can’t match. To make the most of your credit card, be sure to steer clear of these major blunders.”

(Money.CNN.com. “10 huge credit card mistakes.” Maurie Backman. 12 May 2017. http://money.cnn.com/2017/05/12/pf/credit-card-mistakes/index.html?iid=SF_LN)

  1. Paying your bills late
  2. Only making your minimum payments
  3. Making out your credit card limits
  4. Read about 7 other credit card mistakes to avoid here

Money Monday: FICO 9

What You Need To Know About The Latest Credit Score

credit score“Earlier this year the Fair Isaac Corporation released a new version of its credit scoring formula to consumers. Called FICO 9, it makes some significant changes to how your credit score is calculated.”

What’s changed?

  1. Medical collections
  2. Paid collections
  3. Rent payments

Read more about FICO 9 in this Forbes article: “FICO 9: What You Need To Know About The Latest Credit Score”.

Money Monday: Myths about credit score

Don’t fall for these myths about your credit score!

  1. Your credit score drops whenever you look at it
  2. You need to close credit cards that you don’t use
  3. Paying off that negative account takes it off your record
  4. Cosigning on a loan doesn’t mean you’re responsible to pay it
  5. Making payments on time show up on your credit score
  6. Your payment behavior shows up on your report

6 Myths about Credit Scores

This infographic is from CAR.org.

Clean Up Your Credit for the New Year

Your credit score has a big impact on just about everything you do, from being approved for a credit card to buying a house.

refinancing your homeTo ensure you enter the New Year with the best credit score possible – or are at least on your way there – follow these six ways to manage home-related spending. Continue reading

Foreclosures fall in San Diego County

Foreclosures plummet in San Diego County

“More San Diego County homeowners turned to short sales to avert foreclosure in the second quarter as the local market continued to gain momentum. Those were key factors that pushed down distress to lower-than-normal levels, based on a report from DataQuick on Monday.

The number of San Diegans who received default notices, the first step in the formal foreclosure process, fell 1.4 percent in the second quarter of this year (April to June) to 4,099 compared to the same period in 2011. This marks the lowest level of mortgage defaults seen in a single quarter in more than five years. In the first quarter of 2007 3,931 default notices were filed.

Foreclosure levels also have plunged. San Diego County recorded 1,391 in the second quarter, down 25.3 percent from the previous quarter and down nearly 50 percent from a year ago. The past quarter was the lowest one for foreclosures since the first quarter of 2007, when the county recorded 1,182 trustee deeds, which signal a foreclosure.

“Obviously the economy has been on the mend, however slowly,” said DataQuick President John Walsh. “But because housing is widely seen by economists as the biggest drag on growth, some interesting alternatives to the foreclosure process are being discussed, such as the use of eminent domain to buy and restructure mortgages. Needless to say, we’re all watching closely.”

Walsh is referring to a controversial plan from San Bernardino County and its two biggest cities — Ontario and Fontana — to seize mortgages that are underwater through eminent domain. The effort is meant to curb future foreclosures.

According to…”