Recent Articles
How Do I Address an Inaccuracy on My Credit Report?
Whether it is a mortgage you are preparing for or an auto loan you need, the rate you borrow to make major life purchases is tied to how healthy your credit score is. So, it pays to keep an eye on your credit to make sure everything is in order. Credit reporting plays a critical role in consumers’ lives and has an enormous reach beyond consumer financial services. More than 200 million Americans have credit files, and lenders rely on this...
What’s a Digital Wallet?
Digital wallets make it possible to shop without using plastic cards. So, if you left your physical wallet at home, it wouldn't be a problem because you can still make purchases on your phone. Here's more information about a digital wallet and if it's right for you. What is a Digital Wallet? A digital wallet, also known as an e-wallet, is a system that stores the payment methods and passwords you use with various websites in one place on your...
Buy Now, Pay Later Activity to Appear on Credit Reports
This month, Equifax® is adding “buy now, pay later” (BNPL) activity to their consumer credit reports. These point-of-sale financing options can increase the number of consumers who can positively impact payment history without turning to traditional options like credit cards or bank loans. What is Buy Now Pay Later? BNPL plans are usually offered at the point of sale, such as on the checkout page of a retail website. They allow consumers to pay...
Does My Credit Score Go Down If I Close My Bank Account?
Going cold turkey with your bank account isn't a bad idea if you're trying to curb overspending or if you're relocating. However, you don’t want to negatively impact your credit scores if you decide to say goodbye to your bank, right? All that effort in maintaining good credit scores on your credit reports can't go down the drain like that! How Closing a Bank Account Impacts Your Credit Score Your bank account isn't the only mediating factor...
How to Help Shrink Your Student Loan Debt
Student loans are a significant financial issue for Americans. For example, the Federal Reserve estimated Americans owed $1.73 trillion in student debt in the second quarter of last year. Large student loan payments can make it difficult to pay your bills and establish financial independence once you’re a college graduate. And excessive debt balances might mean you’ll be paying down your loans for decades. But if you’re still enrolled in...
Does Inflation Affect Your Credit Score?
In recent months, inflation has been a major topic in the news with rising prices putting an additional financial strain on Americans. If you’re worried about the effect of inflation on your finances, you’re not alone. But if you’re concerned that inflation could affect your good credit score, there’s good news – inflation has no direct impact on your credit. However, there are some ways that inflation can affect your credit indirectly. What...
Does Over Drafting Affect Your Credit Score?
Even though credit cards are one of the most common ways of making transactions, not many people understand the mechanism through which they work. That’s why credit cardholders can, unfortunately, make bad financial decisions that can ultimately lead to being stuck in tricky financial situations. One such financial problem that can arise, and one that many people aren’t aware of, is that of an overdraft. Here is more information about...
What Are The 3 Types of Debt?
Americans are familiar with debt. Around 80% of them are caught in the chains of debt with that debt totaling a record $14.96 trillion, according to the Federal Reserve. Before we get into the details, debt is owing money to anybody for any reason. If you have debt, then you’re also likely have an agreement on terms of repayment. While that’s simple enough to understand, what makes things more complex is the different types of debt. Here is...
Does Layaway Affect Your Credit Score?
When you need to buy an item, but you don’t have the cash to buy it outright, you still have a few options to make the purchase. One of the most common methods is a credit card, which allows you to receive the item immediately and pay it off over time. Another option is layaway. Layaway programs allow you to pay the item off over time. For a layaway item, you won’t get to access your purchase until it is paid off in full. There are also some...
Here are the Top Ten MyScoreIQ Blogs of 2021
Strong credit can convey many lifelong benefits, from helping you access the credit and loans you need to saving you money with lower interest rates and even insurance premiums. But maintaining good credit is also a lifelong effort that requires you to diligently manage your credit and finances. On the MyScoreIQ blog, our goal is to inform readers about credit and personal finance issues. This year, our readers have been interested in topics...
Recent Posts
Premier Credit Monitoring.
Receive premier credit monitoring and identity theft insurance for you and your family with our MAX plan.**