Citibank to Provide Free Credit Scores to Cardholders

Citibank will become the largest credit card issuer to provide free credit scores to their credit card customers. The bank will begin providing these scores on a monthly basis beginning in January. The scores will only be available online. Citi … Continue reading

LowCards.com Weekly Credit Card Update–September 19, 2014

Millions of Americans' Wages Seized over Credit Card and Medical Debt Millions of Americans are still grappling with debt they've accumulated since the recession hit. And new numbers out show many are having a tougher time than you might think. … Continue reading

Credit Card Payments May Take on New Role in Credit Scores

The country's three biggest credit bureaus may eventually change the way they calculate credit scores. The new system could be designed to give "transactors" better scores than "revolvers" for their credit card payments because those individuals have proven themselves to … Continue reading

Important Things To Do After Your Credit Card Number Is Stolen

Have you had your credit card stolen? Are you worried that someone might be using your identity to make purchases? This can be an intensely frustrating situation, but the first thing that you should do is stay calm. This will … Continue reading

LowCards.com Weekly Credit Card Update–May 30, 2014

Correcting Your Credit Report Gets Easier You just got more of a say in fixing errors on your credit report. Pushed by the Consumer Financial Protection Bureau, major credit reporting companies Equifax, Experian, and TransUnion have changed their complaint systems … Continue reading

“God” Sues Equifax for Glitch in Credit Score

A man by the name of God Gazarov is suing Equifax for displaying that he has no financial history because the credit reporting agency's system will not accept his name--God. Despite the fact that he has a score over 720 with … Continue reading

LowCards.com Weekly Credit Card Update–February 14, 2014

Target Data Breach Pits Banks Against Retailers Banks and big retailers are locked in a debate over the breach of consumer data that gripped Target during the holiday season. At issue: Which industry bears more responsibility for protecting consumers' personal … Continue reading

How to Stop Receiving Credit Card Offers In The Mail

Most of us signed up for the "do not call" list years ago when we found out how to stop telemarketers from calling our home phone numbers. But many of us have not taken time to opt out of direct … Continue reading

LowCards.com Weekly Credit Card Update–November 27, 2013

'Rachel' Robocallers Reach Settlement with the FTC Two more people and four companies have agreed to settle charges in the "Rachel robocall" scheme, according to the Federal Trade Commission. The Rachel scam, which used other names as well, called people, … Continue reading

Retail Credit Cards on the Rise

According to a new report from Equifax, retail credit card accounts are on the rise, both in terms of balances and the number of cards on the market. There were 24.6 million new retail credit card accounts opened between January … Continue reading

LowCards.com Weekly Credit Card Update–November 22, 2013

Retailers Use Deals to Get You Connected Head into the mall this holiday season, and you won't just be bombarded by 50% off signs or two-for-one deals. Once you hit the cash register, someone is bound to tempt you with … Continue reading

Credit Bureaus Now Classify Consumers as Transactors or Revolvers

Are you a "transactor" or a "revolver"? That's the question that all three credit bureaus are now asking when they assess credit. TransUnion, Equifax and Experian have all added features to their credit reports that highlight what kind of credit … Continue reading

Experian Improves Credit Educator Program

The Credit Educator program at Experian was originally developed to give people a chance to improve their credit scores through guided, professional assistance. The program has been around for some time, but has recently been upgraded to give customers more for … Continue reading

Using Credit Cards to Build Credit

We get this question a lot: What is the best way to use credit cards to build credit? Most people see credit cards as nothing more than money pits in the making, but they can be legitimate opportunities to build … Continue reading

CFPB Warns Companies to Investigate Credit Report Errors

The Consumer Financial Protection Bureau is cracking down on companies that supply information to consumer reporting companies. This should make it easier for consumers to get reporting errors resolved. The CFPB issued a notice today that says these companies--called "furnishers"--are responsible for investigating … Continue reading

How Do Credit Cards Help Build Credit?

Most people associate credit cards with debt, forgetting that they have the word "credit" in their name. Believe it or not, you can build credit by using credit cards if you use them properly. The reason most cardholders fall into … Continue reading

How to Check My Credit Score for Free

Running a search for "how to check my credit score for free" may lead you to a lot of websites that are actually just companies trying to sell their services. There are ways to check your credit score for free, … Continue reading

Hackers Steal Personal Data of Celebrities, Politicians

Credit reporting agencies TransUnion and Equifax have confirmed that hackers have gained unauthorized access to users' personal information, including some of the leading political and entertainment figures in America. The hackers obtained the Social Security numbers, credit scores and birthdates … Continue reading

Changes Made in VantageScore Credit Scoring Model

The VantageScore credit scoring model has undergone some improvements, giving lenders a reported 25 percent improvement on the ability to make predictions on consumers. The new VantageScore 3.0 model also has the ability to formulate a score for the estimated … Continue reading

Who Has Access to Your Credit Report?

Since credit reports contain sensitive personal information, access to them is limited. The three main credit report bureaus--TransUnion, Equifax and Experian--can only provide your credit reports to people you seek to do business with. But the number of different people … Continue reading

Time for a Personal Finance Checkup?

Did you make a New Year's Resolution to get your financial house in order in 2013? A good place to start is by doing a personal checkup of your credit. And there are free options out there. Don't fall for … Continue reading

LowCards.com Weekly Credit Card Update – February 1, 2013

Secrets of Mobile Success: Cost-Cutting Banks Seek Smartphone Customers Strapped for new revenue and pressed into waves of cost cuts, the country's largest banks are trying to keep the customers they have, woo the ones they don't and do it … Continue reading

Credit Limits Increasing on Credit Cards

The latest report from Equifax shows that credit card issuers appeared to loosen credit standards during the first nine months of 2012. The National Consumer Trends Report by Equifax shows that new credit card accounts opened in the first three … Continue reading

Senate Committee Investigates Credit Report Practices

Today, the Senate Banking Committee will hold a hearing to investigate the accuracy and regulation of credit reports. The hearing is called "Making Sense of Consumer Credit Reports" and credit analysts from the Consumer Financial Protection Bureau and consumer data … Continue reading

Credit Card Data Makes Up Majority of Your Credit Report

A study released today by the Consumer Financial Protection Bureau shows that credit reports are dominated by a consumer's credit card history. The report also showed that debt collection items generate the highest rate of disputes. The CFPB analyzed 2011 information … Continue reading

Credit Reporting Agencies Uncover Your Very Personal Information

Credit reporting agencies know much more about you than your number of credit cards or how much you owe on your mortgage. You may be surprised at the personal information collected by credit agencies and how many agencies are tracking … Continue reading

CFPB Issues Warning to Specialty Consumer Reporting Agencies

The Consumer Financial Protection Bureau continues to bring transparency and accountability to consumer reporting agencies. Today, the CFPB warned specialty credit reporting agencies that they may be violating federal law by not providing consumers with easy access to credit reports. … Continue reading

How Your Credit Score is Calculated

They may be three simple digits but your credit score is the probably most important number in determining your financial future. Your credit score is both a representation of your payment history and a prediction of your ability to make … Continue reading

LowCards Weekly Credit Card Update October 12

Wal-Mart and AmEx in Prepaid Card Deal Wal-Mart Stores is taking another leap into the banking world, announcing on Monday a prepaid card and debit account with American Express that will give low-income consumers access to features like smartphone deposits. … Continue reading

Credit Card Debt Still Dropping in Struggling Areas

According to a new report from Equifax, the total consumer credit card debt is still declining in metropolitan areas recovering more slowly from the economic crisis. The report showed the nation’s overall credit card debt increasing 0.02 percent in August … Continue reading

CFPB Finds Differences in Credit Scores

The credit score you purchase from a credit reporting agency may be very different from the score your lender sees. Lender's scoring models place  nearly one in five consumers in different credit categories, according to a new report by the Consumer … Continue reading

Retail Card Issuers Loosening Credit Standards

The issuers of retail credit cards seem to be significantly easing their credit standards, according to data from Equifax's August National Consumer Credit Trends Report. The number of open retail credit card accounts reached a 31-month high in July, exceeding … Continue reading

Handling Credit Card Debt After the Death of a Spouse

When a spouse dies, the surviving mate may be burdened with more than just grief and loneliness. Credit card debt may also haunt the partner that is left behind. The responsibility for the credit card debt of a deceased spouse … Continue reading

Consumers Benefit by CFPB Monitoring Credit Bureaus

The Consumer Financial Protection Bureau may soon make another move that could help consumers: bringing transparency and public accountability to credit reporting agencies. Beginning September 30th, the CFPB will monitor over 30 of the country's biggest credit bureaus and investigate … Continue reading