Tax lien and civil-judgment information may be missing from credit reports beginning July 1, 2017. The deletion comes on the heels of a deal that the three major credit-reporting agencies made with 31 state attorneys general in 2015.  That means that some judgments and tax liens normally on credit reports may disappear and some FICO […]

Most, 54 percent, are concerned about paying their student loans. Only about 36 percent own a home, while almost one-third of them, 32 percent, owe more than their home is worth. One-quarter of those, 24 percent, have been late with mortgage payments. And more than one in three, 35 percent have unpaid medical bills.  Those […]

Almost one-third of Americans got calls and/or letters from a collection agency in the past year about debts they hadn’t paid. Over half of those, 57 percent, were contacted about two to four debts. So reports the Consumer Finance Protection Bureau (CFPB) in its Consumer Experiences with Debt Collection report.  You don’t get a call […]

When Gary hired Jennifer to work in his print shop some 15 years ago, he of course wanted someone who could keep the daily books, make sure jobs got out on time, issue receipts, make occasional copies, and do other things that the assistant in a print shop does.  But he wanted something more.  He […]

They have special credit scores, the so-called “sophisticated” lenders.  In fact, Fair Isaac (FICO) even offers industry-specific scores for mortgage lenders (FICO Mortgage), auto lenders (FICO Auto) and credit card lenders (FICO bankcard).  Other lenders can ask FICO to give more or less weight for different factors important to their industries.  The reason for this […]

They are invisible—53 million of them estimates Fair Isaac.  Some estimates even say as many as one in four rate invisibility, which would be about 80 million.  But then, how would anyone know for sure since they are invisible. Who are these invisible people? The majority are millennials, low-income households, ethnic minorities, and older consumers. […]

Credit Card Debt at Record High By Robert L. Cain   One trillion dollars.  That’s the expected credit-card indebtedness of US consumers by the end of this year, reports Wallethub.com, and that’s the highest credit-card debt EVER.  It will also run up the average amount owed by households to $8,500. Already in the second quarter […]

Signs of Drug Use By Robert L. Cain   Joan had been a good tenant.  She paid the rent on time, kept her home neat and tidy, was friendly and outgoing.  Suddenly that changed, at least that’s what her landlord, Mel, thought.  The rent began to arrive late and Mel had to go to the […]

Desperation on Tap? By Robert L. Cain   “The mass of men lead lives of quiet desperation. What is called resignation is confirmed desperation.”  Henry David Thoreau, Walden   It seems the economy is booming.  The stock market has hit a new all-time high. Consumer spending is up.  Hiring is up every month, it seems. […]