Credit Reporting and Credit Scoring

It sounds like you are doing a lot right with your information security and fraud prevention.  Continue the vigilance!  We can never let down our guard.  Here’s useful identity theft prevention information from the Indiana Attorney General.

Earlier I mentioned the 2017 Equifax Data Breach.  Here’s an excerpt from Dave Ramsey’s rant about it (at 10:35):

You guys know how bad I hate the FICO score anyway, right?  I mean you know how I hate you being forced in our culture to worship at the altar of the great FICO and you spend all your money trying to run your score up by borrowing money so that you can borrow more money and all this crap that these people have looped you into . . .”    https://www.youtube.com/watch?v=31IJ732Qt9g

I love it!  I feel the same way.

He also said that Bank of America issues about 8 out of 10 credit cards without checking credit.  Is it any wonder that these companies needed a taxpayer-funded bailout?  Because of their sloppiness, someone could open up a card in my name and in yours, and unless we check our credit reports frequently, we might not even know about it until we start getting collection notices.

Fraud happens, and so do mistakes.  Remember, the ONLY authorized source for free credit reports is annualcreditreport.com.  The Consumer Financial Protection Bureau lists some common errors that people find on their credit report and how to get them fixed. 

Last week, Lisa Piercefield with Apprisen, a member agency of the National Foundation for Credit Counseling, posted a video Understanding Credit Reports and Scores.  She presents the information clearly and honestly – not something that you can get everywhere.  It’s 44 minutes long, so grab some popcorn!  If you have questions for her, I MIGHT be able to get them answered.

Here are two related articles from Apprisen:

Enjoy!

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