Financial literacy begins with understanding personal finance, setting a budget, putting aside savings and knowing your credit scores and the information contained in your credit reports.
Borrowers having problems paying their car loans should call the lender and explain their situation. Not only is repossession is a black mark on their credit reports – often preventing them from getting a car loan for at least a year, it could end up costing them hundreds if not thousands of dollars in taxes owed to the government.
If you’ve never had a loan or credit card, your credit history is likely blank. To begin building your credit, you need to open a line of credit and make on time payments.
Credit Repair Organizations or CROs, can be a dangerous trap that often leaves your credit and your finances in a worse condition than when you first came to them.
Rebuilding your credit score is something that everyone with bad credit eagerly desires to do. Unfortunately there is no quick fix to the issue; it takes effort and time.
The new ResidentCredit program from TransUnion is a step in the right direction as it has the potential to help millions of
consumers with problem credit expand their credit history as well as raise their credit scores. We only wish the program embraced all renters – not just those living in complexes with 100 or more units.
While it’s still not perfect, one free credit score is better than none at all and it should give borrowers an idea of where they stand, credit-wise. Adding the ability to view credit reports at any time makes an even stronger case for consumers to sign up with Credit Karma.