CREDIT » Credit Scores & Reports

Believe it or not, we’re nearing holiday shopping time again and already, Walmart is trying to stay ahead of its competition by announcing its plans to bring back the layaway option. While this type of credit has already been available from Sears and other merchants for a few years, it hasn’t been offered by Walmart since it ditched its pay-as-you-go plans in 2006.

Retailer Looking to Provide Options for Budget Shoppers

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Nearly everyone wonders about the long- and short-term effects of the recent U.S. credit downgrade. America’s Moody’s rating remained intact with a warning, while Standard and Poor’s actually downgraded the U.S. credit rating because of the national debt crisis. To understand what this credit rating downgrade means, it is necessary to explore more basic areas such as the meaning of credit ratings and sovereign debt in general.

By Casey Bond

With the rapid emergence of  web-based financial technology like online banking and trading, the security of user personal information has become a top concern for both consumers and financial institutions. Computers, however, are quickly becoming the second place option for surfing the web, while the use of smartphones is exploding. Unfortunately, with this shift comes a similar one in ID theft and the ability for identity thieves and hackers to see your private data via your phone.

The newly-formed Consumer Financial Protection Bureau (CFPB) is questioning whether credit bureaus are doing their part to properly manage credit reports and scores. The agency, which is a layer of regulation created under the Dodd-Frank Wall Street Reform and Consumer Protection Act, is also contemplating whether it should oversee credit bureaus with the same scrutiny as big banks.

Chase Bank is being sued by a Florida woman who says the bank declared her as dead and ruined her credit as a result. After she and her husband attempted to have their mortgage loan modified, she said things took an ugly turn, leaving her no choice but to sue the bank.

Woman Says Bank Declared Her as Deceased

New rules from the Federal Reserve Board (FRB) and Federal Trade Commission (FTC) will soon require that consumers who are denied credit receive free credit scores. The new rules will also apply to consumers whose existing loan terms become less favorable as a result of their credit scores.

New Rules Effective July 21

You know it’s important to have good credit; it has bearing on the interest rates you pay and whether or not you are even approved for a loan. A prospective employer might want to look at your credit report, and insurance companies want to know what kind of credit you have in order to help determine your premium rates.

Having good credit can make a big difference in your financial situation and help you save thousands of dollars over your lifetime. So if your credit is in need of help, here are 5 things you can do to change it for the better:

A hacker group behind major security breaches like that of Sony Corp., the CIA and the U.S. Senate, has announced it will be going out of business. The group began its cyber-attacks on major companies and government entities almost two months ago, but has announced via Twitter its “planned 50 day cruise has expired.”

Lulzsec Calls It Quits

You know that your credit is important. However, many people focus on their credit scores without realizing the impact that their credit reports are having. Indeed, in some cases, it can be difficult to separate your credit score from your credit report. However, these are two information sources for lenders and others to use when determining your creditworthiness. Understanding the relationship between the two can help you make better credit decisions that will benefit you in the long run.

Your Credit Score is Based on Information in Your Credit Report

The loss that was suffered by many during the financial crisis has caused a lot of people to think twice about spending money they don’t actually have. Some consider this critical time in history a reason to drop their credit cards and other forms of so-called “good debt,” choosing instead to spend the money in their bank accounts using debit cards and old-fashioned, straight cash.

So now that the recession is officially over (at least on paper) and some say the economy is improving, albeit slowly, does this mean it’s safe to take on more credit and debt again?