Personal Credit Coach

Illegal 'zombie' debt collections rampant in Florida, advocate says

Stephen Leifer - Thursday, March 08, 2018
Illegal 'zombie' debt collections rampant in Florida, advocate says David LyonsSun-Sentinel Invalid and illegal debt collections are at record levels across the U.S., and Florida is No. 2 for complaints about the practice, according to a national tracker of frequent flier programs and credit card rewards. The practice, dubbed “zombie debt collections” by RewardExpert, are defined as attempts to collect debts not owed, those that were already paid or discharged, de ..

Equifax Promises A New Lifetime Service, As New Leader Offers An Apology

Stephen Leifer - Wednesday, January 31, 2018
Equifax is promising consumers new control over access to their personal credit data — for free, and for life — as interim CEO Paulino do Rego Barros Jr. apologized to people affected by the company's recent data breach. He said the company had failed to live up to expectations. "On behalf of Equifax, I want to express my sincere and total apology," Barros wrote in an op-ed for The Wall Street Journal (https://www.wsj.com/articles/on-behalf-of-equifax-im-sorry-1506547253 ..

A Fight Over the Credit Score Lenders Use for Your Mortgage

Stephen Leifer - Friday, January 05, 2018
Banks and rival lenders are butting heads over the credit scores used to decide millions of mortgage requests by U.S. home buyers. Read More... By AnnaMaria Andriotis and Christina Rexrode Published January 03, 2018 Now, a federal agency is weighing whether to step into the fight, which revolves around a longtime requirement for lenders who sell mortgages to Fannie Mae and Freddie Mac to gauge most borrowers using FICO scores. The Feder ..

Credit Repair Scams are Out There – Here’s How to Avoid Them

Stephen Leifer - Tuesday, September 13, 2016
Anyone who has credit issues and is struggling to better their financial situation, might be tempted to work with a credit repair company. It is true – these companies can really help your situation and make it possible to get your credit profile back on track, but not all of these companies are looking out for your best interests. As a matter of fact, some credit repair companies prey on desperate individuals, looking to make a buck off of their anxiety and confusion about credit.  ..

Surely the Creditors Want Accurate Information, Right?

Stephen Leifer - Monday, December 14, 2015
One would assume that the creditors would want to base their lending decisions on the most accurate information. After all, they are in the business of calculated risk and accuracy stands to lower their risk, right? Well, not exactly. Creditors actually benefit when there are errors on the consumers’ credit report. For example, a woman applies for a car loan. She has 25% down and seeking to borrow a conservative amount of money in relation to the salary she makes.  ..

The History of Credit Scoring and How It Affects Consumers

Stephen Leifer - Tuesday, December 08, 2015
Credit scoring is a frustrating process for many consumers, especially when it interfere with their ability to live the life and borrow the money they desire. Understanding a bit about how credit scoring began and how the system works can put your mind at ease and help you understand how to build a solid credit score. Credit scoring began in the late 1950s. The goal was to help department stores determine if they wanted to lend to consumers, but eventually the practice sp ..

The Business of The Credit Bureaus

Stephen Leifer - Wednesday, November 25, 2015
Credit bureaus make money selling data. They sell date about you to people who want to offer you credit. What data is most valuable to them? The data that's the most valuable is data of people with poor credit. People with bruised, or sub-prime credit make the banks the most amount of money because these people will pay the most for credit. They will pay the highest interest rates, and the highest annual or monthly fees. So what’s wrong with that, y ..