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Credit And Your Consumer Rights
Practical ways to cut everyday costs on transportation, insurance, banking, credit, housing, utilities, food, and more.
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What You Need To Know About Your Credit
Provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean. Also explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft.  A good source of information for people learning about credit.
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Knee Deep In Debt
If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Tips on getting back in the black.
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66 Ways To Save Money
Practical ways to cut everyday costs on transportation, insurance, banking, credit, housing, utilities, food, and more.
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How Not To Get Hooked By A "Phishing Scam"
Tips to help you avoid becoming a victim of this type of fraud.
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What To Do If Your Wallet Or Purse Is Stolen
Steps to take if your wallet or purse is stolen.
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Avoiding Credit And Charge Card Fraud
Tips for guarding against this type of fraud and for reporting losses.
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Looking For The Best Mortgage? Shop, Compare, Negotiate
Use these three steps to save money on a mortgage or home loan. Includes a mortgage shopping worksheet.
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Home Equity Loans: Borrowers Beware
Explains common abusive lending practices and how to avoid becoming a victim, and possibly losing your home.
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Reverse Mortgages
Explains how reverse mortgages work and how they can help older homeowners who are “house-rich but cash-poor” remain in their homes and still meet their financial obligations.
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Credit And Divorce
Practical ways to cut everyday costs on transportation, insurance, banking, credit, housing, utilities, food, and more. Please click on a selected topic to the left for a list of documents that may be of interest to you.
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Frequently Asked Questions



What is a credit Score?
A credit score is a rating system used by lenders to evaluate a borrower's credit risk. Sophisticated statistical modeling is used to analyze the information contained in a credit report and produce a numerical rating. The higher the credit score the lower the risk and the more likely a lender will approve a loan or offer more favorable terms to the borrower.

Credit scores are based on the information contained on your credit file with the Credit Reporting Agencies (Bureaus). The three largest bureaus are Experian, TransUnion, and Equifax; the information reported by each bureau may vary. As a result, it's common for the scores to be slightly different between each individual Credit Reporting Agency.

Scores are determined by evaluating certain credit behaviors exhibited in your credit file, such as payment history, balances, number and type of accounts and length of credit history.

What is a good credit score?
Credit scores range from 350-850 with the higher score representing the better risk. There is no specific score required for a loan approval as many other factors may play a role in a creditor's decision, however a score of 700 or higher is generally considered good.

What if I don't have a credit score?
Credit scores are based on the information contained in your credit file.  If you do not have sufficient information, the scoring model will be unable to produce a credit score.  If you have little or no credit this can often be the case. A secured credit card can be a good way to build up your credit file. Be sure to pay on-time and keep the balances low. 

How often will my credit scores change?
Your credit score will change based on the information contained in your credit file. As a result, the score can change constantly with any financial transaction or information changes reported to the credit bureau.

What factors influence your credit score?
A credit score is based on information collected on your credit report. There are many individual factors used to determine your score.  For example, what is your payment history? Do you pay your credit cards or mortgage on time? Do you have a history of late payments, a bankruptcy, or derogatory items which have been sent off to collection? As the derogatory information increases, the credit score will continue to go down.

Outstanding debt is another contributing factor. The ratio between the total balances owed to the total credit limits play an important role in determining your score. Properly managing your debt and staying within a budget will lead to a better credit score.

Having an established credit history is important. How long is your oldest account? How long has it been since you used a certain account? 

Another part of your score looks at the number of requests for new credit. Have you applied for multiple pieces of credit recently? Too many recent credit inquiries will negatively affect your score.

Will my score go down if I am shopping for the best interest rate?
Multiple credit applications will adversely affect your credit score. However, credit models have recently begun to recognize when a person is shopping for the best rates for a specific purpose, such as a mortgage. The credit models will view multiple inquiries for a specific purpose as only one.

Did you know?
"79% of all credit reports contain some type of error" - National Association of State Public Interest Research Groups


"Regard your good name as the richest jewel you can possibly be possessed of - for credit is like fire; when once you have kindled it you may easily preserve it, but if you once extinguish it, you will find it an arduous task to rekindle it again." - Socrates (Greek Philosopher)