DIRS.INFO The most relevant business & tech news

☆ Here are some strategies that can help you dig out of holiday debt
▼ + stars: | 2023-01-04 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +5 min

A new LendingTree study found 35% of Americans amassed holiday debt in 2022. And 37% of those taking on holiday debt said it would take them at least five months to pay it off. If you want to pay off your holiday debt well before this summer, here are seven steps you need to take now. Using less than 30% of your available credit can help you maintain your score, credit experts say, while using less than 10% can actually help raise that number. "A 0% balance transfer card, if you have good enough credit to get one, is the best weapon against credit card debt," said Matt Schulz, chief credit analyst at LendingTree.

The minimum credit score that you'll need to buy a house varies by lender and loan type. What credit score is needed to buy a house? Minimum credit score: No minimum, but with a credit score of at least 640 you could qualify for streamlined credit analysisIt's important to point out lenders are free to set higher minimum credit score requirements than what the loan-backing organizations require. When it comes to your credit score, your bank or credit card issuer may provide your score for free. If not, you can also use a free credit score monitoring tool like Credit Karma or Credit Sesame.

☆ Consumers are getting payments from Equifax data breach settlement. Here’s what to expect if you filed a claim
▼ + stars: | 2022-12-28 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

As a result, consumers who were affected by the breach had the option of signing up for either up to $125 or free credit monitoring at all three of the largest credit reporting firms: Equifax, Experian and TransUnion . On Twitter, users have reported receiving small payments, with amounts ranging from $2.64 or $5.21 to $21.06 and $40.44. Additionally, although the initial deadline to file a claim was Jan. 22, 2020, consumers are still permitted to file a claim for expenses incurred after that date but before Jan. 22, 2024, due to the data breach. The best way is to "freeze" your credit report, Ulzheimer said. Freezing your report essentially blocks a lender from checking your report, which means a fraudster would be unable to open an account using your personal data.

What credit scores don't captureLenders have always needed a way to determine a borrower's creditworthiness, and credit scores were a faster, easier way to do so. "If you look at credit scores from the perspective of other social actors, like policymakers or consumer advocates, why someone does or does not repay might start to have more bearing on how you make sense of credit scores," says Kiviat. The credit scoring system can also reflect and even worsen existing racial and wealth inequality. However, the credit scoring and reporting systems can function imperfectly, leaving many of the most marginalized without credit scores or with poor credit scores. Furthermore, policymakers have been considering how to make it easier for people to access their credit scores and resolve mistakes on their credit reports.

Dovly Uplift provides credit monitoring and monthly TransUnion credit reports and credit scores. Visa offers free credit repair for cardholders through Dovly UpliftOn Tuesday, smart credit repair company Dovly announced an agreement with Visa. The agreement will provide Visa cardholders with Uplift, a smart credit repair service created by Dovly for Visa cardholders, free of charge. In broad strokes, credit monitoring describes the process of checking your credit reports consistently to see if there are any errors or inaccuracies on your credit reports. While consumers can currently see their credit reports every week through the end of 2023, when that period ends, the Fair Credit Reporting Act only affords consumers three credit reports each year.

☆ What to do about the highest interest rate in 15 years
▼ + stars: | 2022-12-14 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +11 min

In its last policymaking meeting of the year, the Federal Reserve on Wednesday raised its benchmark interest rate for the seventh time in a row, to a range of 4.25% to 4.5%. Otherwise, any remaining balance will be subject to a new interest rate that could be higher than you had before if rates continue to rise. That said, “don’t jump into a large purchase that isn’t right for you just because interest rates might go up. If that’s not possible, consider paying off that balance by taking out a HELOC with another lender at a lower promotional rate, McBride suggested. The floating rate is tied to a short-term benchmark rate, such as the fed funds rate, so it will go up whenever the Fed hikes rates.

Aura provides comprehensive credit monitoring and additional identity protection services for individuals, couples, and families. Editor's Rating 4.6 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. In addition to credit monitoring and other financial account monitoring, Aura also offers several safety tools including a VPN service and ad blockers. Credit monitoring is the process of keeping tabs on changes to your credit report, which influence fluctuations in your credit score. The basic function of credit monitoring services, like Aura, is to notify you when there are any changes in your credit report, such as a new line of credit.

☆ 'Risky behaviors' are causing credit scores to level off — here's how that can hurt you
▼ + stars: | 2022-12-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

"These moderate changes toward more risky behaviors have contributed to the leveling off of higher average FICO Scores," according to the report. FICO scores range from 300 to 850. Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when there was a sharp increase in foreclosures. With an average credit score of 662, Mississippi residents had the lowest ranking across the country, along with Louisiana, Alabama and Arkansas. Why your credit score is important

There are four main types of cash-back credit cards, and the Capital One Quicksilver Cash Rewards Credit Card falls into the flat-rate rewards category. How to use rewards from the Quicksilver Cash RewardsYou can redeem your rewards from the Capital One Quicksilver Cash Rewards Credit Card for a check in the mail or a statement credit. Unlike some other cash-back credit cards, there's no minimum redemption amount with the Capital One Quicksilver Cash Rewards Credit Card. What credit score do you need to qualify for the Quicksilver Cash Rewards Card? Most folks who qualify for the Capital One Quicksilver Cash Rewards Credit Card have a good to excellent credit score (FICO score of at least 670).

☆ These are JPMorgan's top stock picks for December
▼ + stars: | 2022-12-05 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

JPMorgan has unveiled its top picks for December, as traders try to wrap up a tumultuous year on a strong note. JPMorgan's price target of $26 per share implies an upside of 12.9% from Friday's close. "The stock offers good value in the already discounted strip center sector, and we see its self-funded redevelopment program as driving NAV/FFO growth over time," said Nicholas Rosato, JPMorgan's head of North America equity research. "We like GWRE for its scale, focus on large Tier carriers, visible cloud market share gains and high liquidity of shares," Rosato said. Dollar Tree , TransUnion and Mirati Therapeutics remained among JPMorgan's top picks, along with Amazon, Public Storage, S & P Global and Allstate.

☆ Deluge of Fraud Claims Adds to Concerns About Credit Scores
▼ + stars: | 2022-12-02 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

The consumer credit-scoring system has long been opaque and confusing. One change intended to help people navigate the system has created a whole new set of problems. In recent years, a government website has made it easier for people to file claims of identity theft so they can remove fraudulent accounts from their credit reports. Those reports are the basis of credit scores sold by Equifax Inc., Experian PLC and TransUnion to banks as they make lending decisions.

You can also get a free credit report if you suspect your identity has been stolen or if your credit application has been denied. How to get your free credit reportWhile your credit score is readily available from several sources including financial institutions, lenders, and third-party credit monitoring services, you will have to do a little more work for your credit report. Additional free credit reportsThere are additional situations in which you can get a free credit report. If you place an initial fraud alert on your credit, you can receive a free credit report from each bureau in addition to the annual free reports you usually get. The services that go through credit bureaus will give you access to additional credit reports, such as myEquifax, which offers six free credit reports annually, or Experian Boost, which offers a free credit report every 30 days.

Consumers are racking up credit card debt at a pace not seen in decades as inflation continues to pervade the U.S. economy. And while analysts say many U.S. consumers remain in good financial shape thanks mostly to low unemployment, the debt situation is growing dire. As the Federal Reserve has continued to lift interest rates to counter sky-high inflation, credit card rates have climbed to the highest levels ever measured. At just 2.1%, credit card delinquency rates remain below pre-pandemic levels. Still, said Raneri of TransUnion, as long as credit card companies are willing to continue to extend credit, credit scores will mostly remain unaffected.

☆ Credit Scores Get Bogged Down by Deluge of False Identity-Theft Claims
▼ + stars: | 2022-12-01 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

☆ This Secured Credit Card Has the Best Cash Back Rewards
▼ + stars: | 2022-11-29 | by ( ) www.wsj.com time to read: +5 min

By Ana StaplesThe Capital One Quicksilver Secured Rewards is a secured version of the Capital One Quicksilver Cash Rewards Credit Card, which makes this credit builder a decent cash back card in its own right. Capital One Quicksilver Secured Rewards Learn more Fair credit requiredAnnual fee: NoneBase rewards: 1.5% cash backBonus rewards: NoneIntro offer: NoneAPR: 28.49% variableThe card’s simple rewards structure, as well as the opportunity to graduate to its popular unsecured sibling, is why we named it Buy Side from WSJ’s pick for Best Secured Credit Card for Rewards. For instance, the Discover it® Secured Credit Card, our pick for Best Overall Secured Credit Card in 2022, lays out these terms on the card’s webpage. That’s the same return you’d get with unsecured cards like the Bank of America® Unlimited Cash Rewards credit card or the American Express Cash Magnet® Card. For example, the Discover it Secured and the Bank of America® Customized Cash Rewards Secured Credit Card will still earn you cash back, and you can qualify with bad or no credit.

☆ Residents of this state have the worst average credit score—see how you stack up
▼ + stars: | 2022-11-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Read on to see the 10 states with the lowest average credit scores and what credit experts say you can do if you want to bring your score up. Credit scores generally run from 300 to 850, with scores over 750 considered "excellent." Plenty of Americans have some work to do on the credit score front. That's bad news for Mississippians, whose average credit score of 662 is the worst in the nation, according to a recent report from WalletHub , based on data from TransUnion. But being among the worst when it comes to credit scores is especially disappointing.

☆ Residents of this state have the highest average credit score—see how you compare
▼ + stars: | 2022-11-26 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Earning a high credit score isn't just a matter of bragging rights. The best credit in America belongs to Minnesotans, with an average score of 724, according to a recent report by WalletHub, based on data from TransUnion. Credit scores generally run from 300 to 850, with scores over 750 considered "excellent." So even if you find your state among the top scorers in the country, if you're like your average peer, you may have a little work to do. Here are the 10 states with the highest average credit scores, as well as where to find out how you stack up.

☆ Hedge funds are adding to these 'rising star' stocks with conviction, according to Goldman
▼ + stars: | 2022-11-25 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The hedge fund community has bought several stocks with conviction during this year's market turmoil, and those same names could outperform going forward, according to Goldman Sachs. Goldman then identified a number of Russell 1000 stocks with the largest increase in number of hedge fund owners during the third quarter — so-called "rising stars." During the last 20 years, these rising hedge fund stars have typically gone on to outperform sector peers during the quarters following their rise in popularity, Goldman said. UnitedHealth stands on top of the list, with 31 hedge funds adding the stock last quarter. Other top picks among hedge funds included Signify Health , Edwards Lifesciences and TransUnion .

☆ Consumer credit rating firms need reform, says UK watchdog
▼ + stars: | 2022-11-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Experian, Equifax and TransUnion make up almost all of the Britain's 800 million pound ($946.32 million) credit reference agencies (CRAs) sector. Credit agencies also help verify the identity of consumers to combat fraud and help with affordability assessments. There are significant differences in credit information held by the three big companies, which are "very likely" to affect lending decisions by banks, the FCA said. Equifax said it was reviewing the FCA report, and Experian said it supported a recommendation to improve coverage of credit information. A TransUnion UK spokesperson said that the company will work with the FCA and wider industry to sustain a fair and robust credit ecosystem.

☆ This map shows where Americans have the highest — and lowest — credit scores
▼ + stars: | 2022-11-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

In fact, residents of Minnesota have the highest average credit score of any state nationwide, followed by New Hampshire, Vermont and Massachusetts, WalletHub found. As of April 2022, the average credit card utilization was just over 31%, up from 29.6% a year earlier. What is a 'good' credit score? Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. A good score generally is above 670, a very good score is over 740 and anything above 800 is considered exceptional.

To combat high inflation, the Federal Reserve has raised interest rates this year at the fastest clip in 40 years. But analysts warn that high interest rates and potentially unfavorable terms can trip up shoppers, eroding the hoped-for savings. That’s the highest interest rate since the credit card marketplace began tracking it for store cards in 2018. Using credit cards can help build credit. And with fees and rates for new store cards even higher than the current record levels for traditional credit cards, “many people’s financial margin for error is basically zero,” Schulz says.

Credit card companies may lower credit limits if you haven't used your card for a while, or if your credit score suddenly drops. Why credit card companies lower credit limitsWhen you apply for a credit card, the credit card issuer looks at your credit and the ability to pay back any outstanding balance. If your credit score suddenly drops, for example, the credit card company might decide to lower your credit limit. How a lower credit limit can hurt your credit scoreYour cards' credit limits factor heavily into the formula that determines your credit score. Your credit limits specifically factor into the second biggest factor of your credit score: your credit balances, or your credit utilization.

☆ JPMorgan is the latest company to try to profit by taking old-school rent checks online
▼ + stars: | 2022-11-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

More than 100 million people in the US pay a total of $500 billion in rent each year, per JPMorgan. JPMorgan and many startups are taking the rent check online to get a cut of that pool of money. Historically, America's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. Renters living at one of the 2.5 million "Bilt Alliance" properties, have the ability to report their rent payments to Experian, TransUnion, and Equifax. Once enrolled, renters can earn Pinata Cash that can be spent at retailers like Starbucks, Amazon, and Target, and also have their rent payments reported to TransUnion.

☆ Consumers turn to credit cards, loans as costs soar - report
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - More consumers opted for credit cards and unsecured loans in the third-quarter from a year earlier amid decades-high inflation, according to a report on Tuesday from global credit rating firm TransUnion (TRU.N). While delinquencies for most credit products are treading in line with pre-pandemic levels, they have risen in comparison to levels seen in 2021, the quarterly Credit Industry Insights Report (CIIR) added. Most consumer-facing U.S. banks, including JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N) as well as credit card giant American Express (AXP.N), built rainy-day funds in the third-quarter for loans that could potentially sour as consumers start feeling the pinch of the economic slowdown. According to the report, credit card balances continue to grow, with bank card balances reaching a record high of $866 billion in the third quarter, driven primarily by Gen Z and millennial borrowers. Reporting by Manya Saini in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Auto loan delinquencies rise as loan-accommodation programs end
▼ + stars: | 2022-11-08 | by ( Phil Lebeau | ) www.cnbc.com time to read: +3 min

With inflation cutting into the budgets of Americans, a growing percentage of people with auto loans are struggling to make their monthly payments. "It leaves fewer dollars in their pocket to make the auto loan payment, because they've got to pay more for eggs and milk and other things." The rise in delinquencies also follows the end of loan-accommodation programs set up during the pandemic. Despite the rise in delinquencies, Merchant believes the auto loan market remains healthy. The average interest rate for a new-vehicle loan climbed to 5.2% in the third quarter, while the average rate for a used vehicle loan hit 9.7%, according to TransUnion.

Search resuls for: "TransUnion"

25 mentions found