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Credit expanded by just 0.4% in the month, according to the Federal Reserve’s monthly credit report released Wednesday. And it still leaves consumers with record levels of credit card debt. Of that, credit card balances grew by $212 billion to $1.13 trillion, while mortgage balances rose by $112 billion to $12.25 trillion. “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed. Average card balances rose by 10% from a year ago to $6,360, a record.

Persons: ”, Wilbert van der, TransUnion, Michele Raneri, Scott Haymore, “ Deleveraging, Wells Fargo Organizations: Federal, Federal Reserve Bank of New, Auto, New York Fed, millennials, TransUnion, TD Bank Locations: Federal Reserve Bank of New York, Wells Fargo

☆ Why is Travis Kelce so concerned about my credit score?
▼ + stars: | 2024-02-06 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

And now, he would like to talk about everybody's — credit scores. It's the type of message that can briefly fill you with panic since credit scores can make or break your financial life. The checking account and debit card are pretty vanilla, and Boost doesn't guarantee a higher credit score. America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans. "But America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans."

Persons: Travis Kelce, Taylor, He's, It's, Experian, Kelce, Katie Stratman, it's, isn't, Matt Schulz, Aaron Klein, Rajiv Bhatia, Chi Wu, Swift, —, Klein, Emily Stewart Organizations: Kansas City Chiefs, American Express, Chiefs, Netflix, Citibank, Brookings Institution, Treasury, Morningstar, National Consumer Law Center, Capital, Business Locations: Experian, America

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. While your credit score will suffice for some landlords, under the Fair Credit Reporting Act, landlords are also allowed to view your credit reports. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745. Though these services won't directly help you build credit, keeping track of your credit score is a crucial part of the credit building process. Apartment credit score requirements frequently asked questionsCan you rent an apartment if you do not have credit?

Persons: —, TransUnion, Kendall Meade, Jay Zigmont, Will, Jamela Adam, Read Organizations: Fair, Childfree, Forbes, . News, Mint Intuit Locations: AnnualCreditReport.com, SoFi, Chevron

The Federal Reserve on Wednesday did what everyone expected, holding interest rates steady for now. But it also avoided saying anything about what it plans to do with rates in the future, dashing hopes for now that rate cuts are in the offing soon. “The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance,” the statement read. Over 12 months, the core rate has come down to 2.9%, he pointed out, adding, “We’re wanting to see more data. “However, they do need to be careful about holding rates up too far, too long.”Economists are predicting a slowdown this year.

Persons: Jerome Powell, ” Powell, “ We’re, You’ve, Powell, ”, Greg Friedman, Brian Henderson, “ There’s, Charlie Wise, Wise Organizations: Federal Reserve, Fed, ”, Dow Jones, Peachtree Group, BOK, “ Locations: American

☆ More Tenants Can Now Add Rent Payments to Their Credit Score
▼ + stars: | 2024-01-26 | by ( Ann Carrns | ) www.nytimes.com time to read: +2 min

As it stands, few landlords routinely report rent payments to credit bureaus. (Negative rent information can end up in credit files if a landlord reports delinquent accounts or sends them to a collection agency.) But in recent years, policymakers have been exploring whether consumers can benefit from having on-time rent payments included in credit scores, just as payments for mortgages, car loans and credit cards are. Reporting on-time rent payments is viewed as a way to reduce disparities in homeownership. TransUnion has been able to include rent payments in its credit reports since 2016 and has seen increasing interest from property managers, said Maitri Johnson, vice president of tenant and employment screening at the credit bureau.

Persons: isn’t, Fannie Mae, TransUnion, Maitri Johnson, Johnson Organizations: Self Financial, Urban Institute Locations: homeownership

☆ What student loan borrowers should know about their credit as bills restart
▼ + stars: | 2024-01-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

D3sign | Moment | Getty ImagesFederal student loan bills resumed in the fall after a pause of more than three years. "Negative information shouldn't be reported during the 12-month on-ramp period, but positive information should be included," Rossman said. Still, check for errors on your credit reportStudent loan borrowers should regularly check their credit reports to make sure the information is accurate, Kantrowitz said. If your loan servicer makes an error, such as reporting your loan as delinquent during the on-ramp period, you'll want to bring it to their attention quickly, he said. In this case the creditor would be your student loan servicer, on behalf of the U.S. Department of Education.

Persons: Ted Rossman, Rossman, Kantrowitz, — Organizations: U.S . Department of Education Locations: Annualcreditreport.com

☆ Paying rent usually won't boost your credit score. Here's what renters need to know to make it count
▼ + stars: | 2024-01-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Luis Alvarez | Digitalvision | Getty ImagesWhile rent payments do not traditionally affect your credit, a growing number of so-called rent-reporting services are trying to change that. But these services don't all operate the same way, and some may have less value for renters. There are also services geared to landlords that offer rent reporting for tenants, including ClearNow, Esusu and PayYourRent. Landlords usually shoulder the cost of these programs, but there may be processing fees depending on how you make your rent payments. When rent payments are included in credit reports, consumers see an average increase of nearly 60 points to their credit score, according to a 2021 TransUnion report.

Persons: Luis Alvarez, —, Matt Schulz, Michael Sherman, Schulz Organizations: Digitalvision, Finance, Zillow, Zillow Group

☆ A Gen Z college student who drives for Uber Eats and DoorDash shares how he uses 'multi-apping' to make money
▼ + stars: | 2024-01-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Between his commute to school and gig work, Kaiser said the Nissan Sentra he bought in mid-2021 already has over 85,000 miles on it. Balancing work with school takes practiceKaiser said his food delivery and Kohl's gigs have sometimes left insufficient time for his academics. If he has too much on his plate, he'll sometimes take a whole week off from food delivery. After graduation, Kaiser hopes to land an entry-level IT job and scale back his Uber Eats and DoorDash hours. But for now, he said he values his food delivery gigs, which have provided him not only a flexible income stream but some positive social interactions.

Persons: —, Joseph Kaiser doesn't, Kaiser, Uber, Zers, Gen, who's, Kaiser's, I've Organizations: Service, University of Central, Business, Kohl's, Microsoft, Nissan Locations: University of Central Florida, Kohl's, Kaiser

☆ The 2023 stock winners investors should let ride, sell or hedge in the new year
▼ + stars: | 2024-01-01 | by ( Michael Khouw | ) www.cnbc.com time to read: +9 min

Let 'em ride: Several of 2023's best-performing stocks were grossly undervalued at the beginning of the year. So while investors recognized the company could deliver massive earnings and free cash flow, they were afraid Zuckerberg had gone off the reservation. The stock sports topline growth, substantial margins, a strong balance sheet, substantial free cash flow, and a moat around its business. It's time to hedge some of those gains (or take profits): The second best-performing stock in the Russell 1000 for 2023 is Coinbase (COIN) . If you own, but don't want to sell, consider purchasing the March $45/$35 put spread as a particle hedge, as illustrated below.

Persons: David Ricardo, Ricardo, Mark Zuckerberg, Zuckerberg, doesn't, Russell, cryptocurrencies, aren't, Equifax Organizations: Russell, Vertiv, Builders, Topbuild Corp, Nvidia, Investors, MU, Walmart, Visa, Mastercard, Paypal, Experian, PayPal, Palantir Technologies, Government Locations: uptrends

The information for the following product(s) has been collected independently by Business Insider: U.S. Bank Altitude® Go Visa® Secured Card, U.S. Bank Altitude® Go Visa Signature® Card. U.S. Bank Altitude Go Secured Card Annual Fee and Other CostsThe U.S. Bank Altitude® Go Visa® Secured Card is a $0-annual-fee card. U.S. Bank Altitude Go Secured Credit Card ComparisonU.S. Bank Altitude Go Visa Secured Card vs. U.S. Bank Secured Visa CardThe U.S. Bank Altitude® Go Visa® Secured Card is a more appealing secured credit card overall because it offers rewards, while the U.S. Bank Secured Visa® Card is extremely straightforward, with no rewards, but if it's your only option it could be worth it to boost your credit score — you can worry about credit card points or cash back later. Discover it Secured CardBoth the U.S. Bank Altitude® Go Visa® Secured Card and the Discover it® Secured Credit Card offer rewards on your spending, but the Discover it® Secured Credit Card earns cash back. U.S. Bank Altitude Go Secured Frequently Asked Questions (FAQ)Is the U.S. Bank Altitude Go Secured card worth it?

Persons: you've, It's, You'll, HBO Max, Hulu, you'll Organizations: Business Insider, U.S, EV, Business, Netflix, Spotify, Bank, Go, Card, Quicksilver, Capital, U.S . Bank, Amazon, Amazon Prime, Apple Music, Apple, DirecTV, ESPN, HBO, MLB TV, NBA, NHL, Paramount, Showtime, Slacker, Starz, YouTube, Go Visa, Visa Locations: U.S, Luminary

Updating your name with the credit bureaus can prevent delays in credit applications and other credit reporting errors. Hinterhaus Productions/Getty ImagesTransgender and nonbinary people can report their legal name change to credit bureaus. One of the many steps in your legal transition is to report your legal name change to all three credit bureaus — Experian, Equifax, and TransUnion — so it'll appear on your credit report. Its also recommended that you change your name with each of your lenders before updating your name with the credit bureaus. Box 4500Allen, TX 75013TransUnionUnlike the other two credit reporting bureaus, TransUnion requires you to change your legal name with every individual financial institution listed on their credit report first.

Persons: Hinterhaus, —, there's, TransUnion, Ryan Klippel, Klippel, folx, you'll, Experian Experian, Allen, it's Organizations: Social Security, Service, Optas, Social, TransUnion, National Center for Transgender Equality, UC Berkeley, Google, Security Locations: myEquifax, Allen , TX, Chester , PA, California

According to TransUnion , 168.6 million consumers carried a credit card balance at the end of September. With higher interest rates affecting credit card balances, the cost of buying gifts this year, or even everyday essentials, is higher than ever. If you can pay off your credit card balance in full every month and take advantage of rewards and perks, the use of a credit card can be beneficial. Here are three steps you can take right now to avoid being shocked by your credit card bill in January:1. If you can pay your existing credit card bill off in full, great … but if you cannot, prepare to make a hefty payment so you don't incur high interest charges or have a credit card bill that lingers well into the new year.

Persons: Uber Organizations: Service, Business, Quicken Locations: TransUnion

☆ Meet the typical student-loan borrower: a millennial woman with a $35,000 balance who wants debt relief
▼ + stars: | 2023-11-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Millennials hold the most student debt, with an average balance of about $35,000 per person. Most student-loan borrowers want Biden to deliver broad debt relief. Take Helena, a 58-year-old borrower with $145,000 in student debt who previously had to sell items on eBay to afford her payments. That amount varies by generation: the average Gen Z borrower holds $24,472 in student debt, the average millennial holds $42,637 in student debt, and the average Gen Xer holds $48,733 in student debt, according to TransUnion. A Morning Consult and Politico poll in June 2022, right before Biden's first debt relief plan was announced, found that of 2,000 registered voters, 65% of respondents aged 18 to 34 supported $10,000 in debt relief, with 61% of respondents aged 35 to 44 feeling the same.

Persons: Millennials, Biden, —, Helena, Joe Biden's, Theresa Teders, that's, it's, Xer, Zers, millennials, Gen Xers —, Biden's Organizations: Service, eBay, Education Department, Higher, American Association of University Women, Federal Student Aid, Politico

☆ Couple with $30,000 in credit card debt bought a timeshare—'You don't understand the implications,' says self-made millionaire
▼ + stars: | 2023-11-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Ron and Cristina, however, have around $30,000 in credit card debt, the couple recently told self-made millionaire Ramit Sethi on the Netflix star's "I Will Teach You to be Rich" podcast. "The two of you were so calm about this credit card debt, and it's because you don't understand the implications of this debt," Sethi told them. He is loath to spend money on things like dinner at a restaurant or the occasional vacation Cristina wants to plan. "Money is never simply a series of numbers on a page — it's contextualized within your culture, your upbringing, your risk tolerance, even your basic understanding of money," Sethi said. In talking with Sethi, Ron realized a lot of his hesitancy to spend money comes from his upbringing, since his father was afraid to spend money.

Persons: Ron, Cristina, Ramit Sethi, Rich, Sethi, spender, doesn't, haven't Organizations: Federal Reserve, Netflix Locations: Philippines

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Nov 16 (Reuters) - India's central bank on Thursday tightened norms for personal loans and credit cards, raising the risk of slowing loan growth. Reuters GraphicsRBI Governor Shaktikanta Das said last month the central bank was closely monitoring some fast-growing personal loan categories for signs of stress. Subsequently, Reuters reported that the RBI was particularly concerned with the surge in small personal loans and was considering tighter rules for such borrowings. Unsecured personal loans increased 23% from a year ago as of Sept. 22, 2023, while outstanding amounts on credit cards jumped nearly 30%, central bank data shows. "In particular, limits shall be prescribed for all unsecured consumer credit exposures," the central bank said.

Persons: Francis Mascarenhas, Dhananjay Sinha, Shaktikanta Das, Transunion, Systematix, Sinha, Siddhi Nayak, Ira Dugal, Shinjini Ganguli, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, NBFCs, Systematix Research, Reuters, Siddhi, Sethuraman NR, Thomson Locations: Mumbai, India, Reserve Bank of India, Bengaluru

“So many more people have credit cards now.”Wise says the main thing to watch for is how strapped consumers are in their overall financial condition. There are signs the consumer may still have a little left in the tank. And speaking of tanks, gas prices have been coming down, a move that will free up a little more money for consumers to spend. And this occurred while consumers repeatedly tell surveys they are feeling gloomy and pessimistic about the state of the economy. The pace of increase in consumer prices has fallen from around 9% annually in the summer of 2022 to under 4% now.

Persons: ”, Donghoon Lee, “, TransUnion, TrasnUnion, Charlie Wise, ” Wise, we’ve, ” Patrick De Haan, De Haan, Lisa Sturtevant, Goldman Sachs, Jan Hatzius, Joseph Brusuelas, Tuan Nyugen Organizations: Federal Reserve Bank of New York, New York Fed, TransUnion, “, MLS, Federal, ” Goldman, Adobe Locations: U.S, California

☆ Average credit card balances top $6,000, a 10-year high, as delinquencies rise
▼ + stars: | 2023-11-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Americans now owe $1.08 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. Credit card rates spiked more than 5% with the Federal Reserve's recent string of 11 rate hikes, including four in 2023. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "Americans are addicted to credit cards, no question," said Howard Dvorkin, a certified public accountant and the chairman of Debt.com. How to tackle costly credit card debt

Persons: TransUnion, Charlie Wise, Wise, Greg McBride, Howard Dvorkin, Debt.com Organizations: Federal Reserve Bank of New, New York Fed, TransUnion, Federal, Finance, Bankrate, Debt.com Locations: Federal Reserve Bank of New York, TransUnion

☆ Why credit scores for 27 million Americans are surging
▼ + stars: | 2023-11-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Last year, the three major credit bureaus announced changes to medical debt reporting. They started removing unpaid medical debts of $500 or less from credit reports. A new Urban Institute report found the changes improved credit scores for 27 million Americans. AdvertisementAdvertisementA year ago, the three major credit bureaus announced they would change how they report medical debt on credit reports. "Removing 70% of past-due medical debt from credit reports is a step in the right direction, and much more needs to be done.

Persons: —, TransUnion, Sen, Bernie Sanders, Sanders Organizations: Urban Institute, Service, Consumer Financial, Democratic Locations: United States of America

☆ VantageScore CEO: U.S. consumer is 'quite healthy,' as credit scores rise despite inflation, mounting debt
▼ + stars: | 2023-11-03 | by ( Sharon Epperson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVantageScore CEO: U.S. consumer is 'quite healthy,' as credit scores rise despite inflation, mounting debtA new report shows that consumers credit scores have held up, even as they have taken on more debt. The report is from VantageScore, an independently managed joint venture of the credit reporting agencies - Equifax, Experian and Transunion. Sharon Epperson spoke with Silvio Tavares the CEO of VantageScore about the health of the consumers and what you need to know about your credit scores.

Persons: Transunion, Sharon Epperson, Silvio Tavares Locations: VantageScore

☆ TransUnion Failed to Quickly Place or Remove Freezes on Credit Reports
▼ + stars: | 2023-10-27 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Freezing your credit report has long been regarded as one of the best steps to take to make sure identity thieves cannot obtain loans or credit cards in your name. And consumer advocates continue to recommend freezes despite recent revelations that TransUnion, one of the three major credit bureaus, botched “tens of thousands” of freeze requests over a period of years. “It’s still a good idea to freeze your credit,” said Mike Litt, director of the consumer campaign at PIRG, a network of public interest advocacy groups. The Consumer Financial Protection Bureau earlier this month ordered TransUnion to pay $8 million for misleading consumers who believed they were protected by freezes but were not because the company’s computer systems were overwhelmed by requests and failed to activate them, according to an administrative settlement between the bureau and TransUnion and two subsidiaries. The total includes a $5 million penalty and $3 million to compensate customers.

Persons: “ It’s, ”, Mike Litt, TransUnion Organizations: Consumer Financial Locations: PIRG

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Microsoft, Gap, Verizon, Alphabet & more
▼ + stars: | 2023-10-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Wells Fargo upgrades Gap to overweight from equal weight Wells said the turnaround is taking shape for Gap. Deutsche Bank upgrades Livent to buy from hold Deutsche said it sees an attractive entry point for the lithium company. Bank of America downgrades TransUnion to underperform from buy Bank of America double downgraded the stock due to concerns about consumer lending. Bank of America initiates Syndax as buy Bank of America said it sees upside for the pharmaceutical company. Monness, Crespi, Hardt & Co. downgrades Alphabet to neutral from buy Monness said it's concerned about regulatory headwinds.

Persons: TD Cowen, Freyr, FREY, Goldman Sachs, Goldman, it's, We're, Wells, Needham, Etsy, Piper Sandler, Piper, TRU, SocGen, Bernstein, Deutsche Bank downgrades Corning, 2H24, Jefferies, Monness, Crespi, Hardt, Piper Sandler downgrades Livent Organizations: EV, Apple, BMO, Bank of America, Microsoft, GPS, Alto Networks, Deutsche Bank, Deutsche, Citi, TAM, Barclays, Verizon, Piper Sandler downgrades Regions, Citizens Financial, RF, " Bank of America, Farfetch, Machinery, UBS, Nvidia, Veeva, Commercial, Syndax Pharmaceuticals Locations: EVgo, Cybersecurity, Corning, Albemarle, LTHM

Sales rose in the Northeast but fell elsewhere, although sales were down year to year throughout the country. Sales are now running at an annual rate of 3.96 million, down 15.4% from 4.68 million a year ago. On Tuesday, the Census Bureau reported that retail sales rose by 0.7%, more than twice what had been expected, as consumers flocked to eating and dining establishments and shopped more online. Among middle-income households, 25% plan to spend more, while 16% of low-income households will increase holiday spending. “Despite a lot of the negativity you see everywhere, consumers seem pretty resilient,” Rose says.

Persons: ”, Lawrence Yun, LEI, Justyna, Monica, TransUnion, Mark Rose, ” Rose Organizations: National Association of Realtors, Federal, Conference, The Conference Board, “, The, Board, Federal Reserve Bank, Atlanta’s, Census Bureau, Labor Department

☆ $3.4 million in student-debt cancellation is on the way for borrowers who went to a for-profit school that 'falsely' touted job placement rates, the FTC says
▼ + stars: | 2023-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sollers will cancel $3.4 million in student debt for those who entered income-share agreements. The FTC said the school lied about job placement rates and employer partnerships. "Today's order cancels all income-share agreements issued by the school." This is not the first time a federal agency has raised red flags over income-share agreements. The Consumer Financial Protection Bureau recently sued career bootcamp Prehired, accusing it of misrepresenting the nature of its income-share agreements with students.

Persons: Sollers, —, Joe Biden's, New Jersey —, Samuel Levine, Weill, Weill Cornell Medicine —, Aerotek, bootcamp Prehired, Prehired Organizations: FTC, Service, Federal Trade Commission, Sollers, Consumer, Sollers College, The Federal Trade Commission, Weill Cornell Medicine, Consumer Financial Protection Locations: New Jersey, FTC's, Sollers

☆ How to get free credit reports every week—not just once a year
▼ + stars: | 2023-10-18 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

You can now get free credit reports pretty much whenever you need one, not just once a year. Americans were already legally entitled to one free credit report per year from each of the three credit reporting agencies, the FTC says. However, in response to the Covid-19 pandemic, the three agencies announced in 2020 that free reports would be made available every week. To request your free weekly credit reports, go to AnnualCreditReport.com. Note that many major banks, credit card companies and credit monitoring services offer free credit scores, but those aren't the same thing as detailed credit report.

Persons: —, TransUnion — Organizations: Federal Trade Commission, FTC Locations: AnnualCreditReport.com

☆ TransUnion settles with the FTC, CFPB for $23 million for impeding tenants' ability to obtain housing
▼ + stars: | 2023-10-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

"Americans across the country were put at risk of wrongful housing denials because TransUnion failed to follow the law," Consumer Financial Protection Bureau Director Rohit Chopra said. "We are ordering TransUnion to cease its yearslong illegal activity, clean up its broken business practices, redress its victims, and pay penalties." Under the proposed order, which is pending approval by a federal court, $11 million of a $15 million settlement will compensate consumers and $4 million will go to the CFPB's civil penalty fund. The firm also said it has worked with the CFPB and FTC over the past year "to enhance our rental-screening reporting practices, including making certain changes to how eviction records are reported." The CFPB and FTC further argued that tenants who can't access vendors that keep criminal and eviction records face challenges in correcting inaccurate background data.

Persons: TransUnion, Rohit Chopra, CFPB, TURSS, Samuel Levine Organizations: San Francisco , California ., San Francisco , California . WASHINGTON —, Trans, Financial, Federal Trade Commission, Inc, CNBC, Consumers, Consumer Protection Locations: San Francisco , California, San Francisco , California . WASHINGTON, Colorado, FTC's

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