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☆ Millennials have the most credit card debt in these 10 places — and California's not on the list
▼ + stars: | 2022-11-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On average, millennials owe about $4,930 in credit card debt, according to the latest data from credit bureau Experian. But in some places, the average amount of credit card debt for millennials, who range in age from 26 to 41, is even higher. And despite California being one of the most expensive states to live in 2022, it didn't rank as one the top 10 places where millennials have a lot of credit card debt. Here's a look at the places where millennials carry the most credit card debt, on average, as of 2021. How to tackle credit card debt

☆ 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.

☆ UK lenders seek more data as consumers squeezed, Experian says
▼ + stars: | 2022-11-16 | by ( Pushkala Aripaka | ) www.reuters.com time to read: +2 min

Experian's key customers include banks, non-traditional lenders and insurance providers, which use its credit reports and scores to analyse and make decisions around credit risk, fraud prevention and lending terms. Data on Wednesday showed British inflation hit a 41-year high in October, while figures last month showed lending to British consumers rose in September by less than expected, suggesting lenders and borrowers are becoming more cautious. Experian retained its annual outlook, despite flagging tougher economic conditions ahead, sending its shares up about 2% by 0915 GMT. The company's total benchmark operating profit rose 8% to $873 million for the six months ended Sept. 30. Reporting by Pushkala Aripaka and Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-Phillips and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Experian posts stronger profit, flags changing lender behaviour in UK
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - Experian (EXPN.L) posted a higher first-half profit on Wednesday as the world's largest credit data firm was boosted by steady demand for borrowing across its markets amid a cost-of-living crunch in the UK. The London-listed company said volatility in Britain's economic policy led to some changes in its clients' behaviour, with lenders generally focusing more on risk-based analysis and tweaking their criteria for new customer acquisition. (This story has been corrected that say that Experian is the world's largest credit data firm, not credit card firm in first paragraph)Reporting by Pushkala Aripaka and Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

A good credit score to buy a car is often above 660, as you're then considered a "prime" borrower. While a good FICO credit score to buy a car with a loan is usually above 660, according to Experian data, there's no industry-wide, official minimum. According to Experian's analysis of auto loans in the second quarter of 2022, borrowers who received financing for a new car had an average credit score of 738, while borrowers who received financing for a used car had an average credit score of 675. What is a good credit score to buy a car? While FICO remains the most widely used credit score across all types of borrowing, an auto lender may also look at your credit score from VantageScore, a relatively new credit scoring system developed by the three credit bureaus.

☆ 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.

☆ Elon Musk is threatening to 'thermonuclear name and shame' advertisers that press pause on Twitter. It's a dumb thing to do to your biggest customers.
▼ + stars: | 2022-11-07 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +8 min

After advertisers paused spending, Musk went on the offensive, tweeting that advertisers were causing a "massive drop in revenue," He continued: "Extremely messed up! Per a Standard Media Index report, total advertising spending was down by 5% year-over-year in September. Other advertising giants like YouTube and Meta reported year-over-year declines in advertising revenue, with YouTube down by 2% and Meta down by 4%. Brand advertising relies highly on "brand safe" outlets where ads won't appear near objectionable content like violence, pornography, or hate speech. To replace the $40 million in lost monthly revenue, Twitter would need to sign up a little over 5 million Twitter Blue accounts paying $8 a month in its first month.

☆ Interest rate hikes have made financing a car pricier — especially if you have bad credit. How much you could pay
▼ + stars: | 2022-11-03 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Tim Boyle | Bloomberg | Getty ImagesYour credit score is one of several variables consideredThe higher your credit score, the lower the interest rate you may qualify for. watch nowThe difference in the interest rate available across different credit scores can be stark. For illustration: With a credit score in the 720-850 range, the average interest rate for a five-year, $45,000 car loan is just under 5.8%, according to FICO's latest data. Compare that to what someone whose credit score fell between 660 and 689 would pay. "This is the amount of credit you're using on your credit cards divided by your credit limits," Rossman said.

☆ Shopify's startup investments this year include millions into companies that focus on NFTs, Web3 apps, customer-engagement, and financial services
▼ + stars: | 2022-11-03 | by ( Madeline Stone | ) www.businessinsider.com time to read: +12 min

In its press release announcing the new funding, Wati said the investment was Shopify's first in a startup operating in Southeast Asia. The goal is to make Thirdweb's tools available to Shopify merchants who want to bring Web3 products and experiences to their online stores. Shopify recently participated in Gorgias' $30 million Series C round, which valued the startup at $710 million. According to the company, merchants using its technology report a 96% increase in sales on average. Flexport announced it had received a strategic investment from Shopify as part of its $935 million Series E on February 7.

☆ Here are tips for buying a home in a cooling market, according to top-ranked financial advisors
▼ + stars: | 2022-10-26 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Add in higher mortgage rates, elevated home prices and unrelenting high inflation — i.e., the current home-buying environment — and it may feel decidedly unattainable. This means having a good handle on your current financial situation. While the purchase of a house is a single transaction, affordability is largely about monthly mortgage payments. "Look at your current credit score and see if you need to make improvements," Higgins said. Look at your current credit score and see if you need to make improvements.

☆ TransUnion, Equifax, Experian may have violated credit reporting rules, Rep. Jim Clyburn says
▼ + stars: | 2022-10-17 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

A key Democrat wants credit reporting agencies Equifax , Experian and TransUnion investigated for allegedly failing to respond to consumer complaints during the pandemic. Clyburn asked the chief executive officers of Equifax, Experian and TransUnion in May for the companies' responses to consumer complaints in the early days of the pandemic. The subcommittee partly credited the pause on student loan payments and an increase in pandemic-related identity theft to credit reporting errors. The bureau also cited the credit reporting companies for accepting these findings without an independent investigation. "Errors in credit reports can reduce consumers' credit scores, potentially blocking access to loans, housing, and employment, among other serious consequences."

☆ ‘Buy Now, Pay Later’ Is Still a Credit-Score Blind Spot
▼ + stars: | 2022-10-13 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

U.S. consumers signed up for billions of dollars of “buy now, pay later” plans last year. Almost none are reflected in their credit scores. Equifax Experian PLC and TransUnion began allowing buy now, pay later companies to report their short-term payment plans earlier this year. But some of the biggest players in the business, including Affirm Holdings Klarna Bank AB and Afterpay aren’t yet doing so.

☆ How to Improve Your Credit Score, According to Experts
▼ + stars: | 2022-10-12 | by ( ) www.wsj.com time to read: +10 min

That’s why we asked three credit experts what they think of common credit score tips—and how you can really make the most of them. In the scenario above, if you doubled your credit limit—or got an additional credit card with the same credit limit—your credit utilization would go down to 5%. What experts say: Experts agree that getting more available credit can indeed help your credit utilization and credit scores. You might see positive changes to your credit as soon as your new credit limit makes it to your credit report. Some of the easiest options include becoming an authorized user on a family member’s credit card or applying for a secured credit card, which involves depositing money with the credit card issuer.

☆ How your credit score is calculated and why it's important
▼ + stars: | 2022-10-11 | by ( The Associated Press | ) www.nbcnews.com time to read: +7 min

Here’s a look at how you can create healthy habits to avoid having a low credit score:What is a credit score? If your credit score is over 750, you’re considered to have a great credit score, said McCreary. “There is this sort of dream scenario of having an over 800 credit score, that is a very high credit score and very few people get there,” said McCreary. “Fair” credit scores are considered to be in the 580-669 range, a credit score below 580 is considered a poor credit score. Being aware of your credit score and maintaining healthy habits around it is crucial to having a good credit history.

☆ Free weekly credit reports are available through the end of 2023. Why you may want to check yours now
▼ + stars: | 2022-10-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Your credit score can make or break your ability to open a credit card or buy a new car or home at attractive interest rates. Keeping tabs on your credit report — which outlines your debts, bill payment history and other financial information — can help you do that. The three major credit reporting agencies — Equifax, Experian and TransUnion — recently extended the availability of free weekly credit reports to consumers through the end of 2023. The reports are available at the Annual Credit Report website. While the free credit report you'll get won't show your credit score, it can offer clues in terms of how to boost that number.

For the millions of Americans who have a subprime credit score or no credit score at all, being credit invisible or having a bad credit score can mean limited access to loans, credit cards and higher interest rates. Experian recently announced it will also be counting monthly rent payments towards building consumers' credit scores. Experian Boost now includes your rent paymentsExperian Boost is a free service that launched in 2019 and works by collecting positive information about your on-time monthly payments for bills such as utilities, certain subscription services — and now, rent — to help raise your credit score. Those with lower credit scores or limited credit histories also experienced increases in their scores by using the product. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

The minimum credit score that you'll need to buy a house varies by lender and loan type. You may be surprised to learn that minimum credit score requirements will vary by lender and loan type. 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.

☆ Renters are finally being rewarded for paying the bills on time with cash back, gift cards, and even boosted credit scores
▼ + stars: | 2022-10-02 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Historically, the US's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. In lieu of a security deposit, Up&Up users "invest" one month's rent into their Up&Up Wallet. Bilt: Building credit is as easy as paying rentAt the rental-rewards startup Bilt, renters are rewarded for paying rent. Piñata: Crack open the rewards while rentingPiñata, too, offers rewards for renters, alongside credit reporting. They can also have their rent payments reported to TransUnion.

In the letter to the FTC, San Mateo, California-based startup Certree said that Equifax and Experian are providing financial incentives like a slice of their revenue to employers to gain exclusive access to payroll data. Equifax also has deals with payroll software vendors that help employers process paychecks. Equifax in March described its Workforce Solutions unit, which included the payroll data on 105 million people, as its "fastest growing, highest margin, and most valuable business," with just over $2 billion in revenue. The company said workers can view or block access to records and that it has improved data security. But in the letter, Certree said the exclusivity deals pose "enormous obstacles."

☆ With mortgage rates above 6% for the first time since the Great Recession, we had a personal finance expert break down the 4 best ways to lock in the lowest rate possible
▼ + stars: | 2022-09-20 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +4 min

Detailed below are four ways you can ensure you're getting the lowest possible rate right now. If you're looking to apply for a mortgage in such an environment, it's as important as ever to make sure you're getting quoted the lowest possible rate. Get all of your quotes together and take a thorough look, this includes closing costs, fees and points and make sure that you get the best deal possible," McBride states. You do not want to have any large outstanding balances that may conflict with a new mortgage payment," McBride says. It's important to show that your income can handle adding this mortgage loan to your financial picture.

☆ How to Consolidate Credit Card Debt
▼ + stars: | 2022-09-15 | by ( ) www.wsj.com time to read: +16 min

By Kat TretinaIf your credit card debt feels out of control, you’re not alone. Opt for a 0% APR balance transfer credit cardWho it’s best for: Borrowers with excellent credit who can pay off their balance in six to 18 monthsIf you have a balance on your cards, a popular credit card debt consolidation strategy is to apply for a balance transfer credit card. Get a credit card debt consolidation loanWho it’s best for: Borrowers with good to excellent credit that need more time to pay off their debtIf you’re researching how to pay off credit card debt fast, another option is to apply for a debt consolidation loan. Unless you stick to a repayment plan, you could quickly rack up credit card debt on top of the debt consolidation loan. If figuring out how to pay down credit card debt makes you feel overwhelmed, another option is to work with a nonprofit credit counseling agency and enter into a debt management plan, or DMP.

☆ The Best Business Credit Card with No Fee—or Nonsense
▼ + stars: | 2022-09-15 | by ( Geoff Williams | ) www.wsj.com time to read: +6 min

To evaluate business credit cards we assumed your business would spend $10,000 a month, or $120,000 a year. Ink Business Unlimited is a great credit card if you are looking for a simple no-fee credit card with a great cash rewards rate. And if you simply want the richest-possible rewards, check out American Express® Business Gold Card, Buy Side’s pick for Best Overall Business credit card. Our Best Business Credit Card methodologyTo pick Buy Side from WSJ’s Best Business Credit Card we looked for cards with the most generous cash back and points rewards, both overall and in popular business spending categories such as shipping, advertising and travel. Our $10,000-a-month credit card budget was based on data from the credit bureau Experian which shows that for the second quarter of 2022, the average commercial credit card limit was $56,000.

Persons: Geoff Williams, it’s Organizations: Chase, Ink Business, Auto, Express, Business, Best Locations: U.S, Canada

☆ Meta's problem is that the metaverse is supremely uncool
▼ + stars: | 2022-08-25 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

The biggest problem: It just doesn’t look cool. To get into the metaverse in the first place, you first have to strap on a bulky headset like Meta’s $400 Quest device. VR avatars also need to respond in real time to the ways we move our faces and bodies, which requires powerful computing and graphics processing. Still, FedEx Ground is refusing to offer the kind of across-the-board financial relief to its contractors that Patton and others are seeking. “We recognize that current economic conditions are posing new challenges,” FedEx Ground said in a statement.

If you want daily triple-bureau credit monitoring and monthly credit score and credit report tracking, you should opt for the mid-tier PrivacyGuard® Credit Protection, which costs $19.99 per month. Things to consider before signing up for a credit monitoring serviceHere's what you should consider before signing up for a credit monitoring service: Cost: Typically, these services bill monthly. When ranking the best free credit monitoring services, we focused on the following features: Number of credit bureaus monitored: Services that monitor credit reports from more than one credit bureau were ranked higher since it's rare for free services to monitor several reports. When ranking the best paid credit monitoring services, we focused on the following features: Cost: Lower-cost services that offered more benefits ranked higher in our reviews. Keep in mind that credit monitoring services can only alert you of changes to your credit file, not fix or prevent any errors.

Credit monitoring services can provide you with early notice of potential fraud on your credit report, so you can take steps to protect your personal information. Below, Select reviews the top six credit monitoring services that can help you keep track of your credit and get alerts on potential fraud. Best free credit monitoring servicesBest paid credit monitoring servicesBest free credit monitoring servicesIf you're not willing to pay money for a credit monitoring service, you can consider one of these free options. Best paid credit monitoring servicesIf you want a more comprehensive credit monitoring plan, consider one of the paid plans below. If you want daily triple-bureau credit monitoring and monthly credit score and credit report tracking, you should opt for the mid-tier PrivacyGuard® Credit Protection, which costs $19.99 per month.

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