Tag Archives: Scores

Suit Claims Misleading Credit Scores

April 10, 2011   Alexander Stewart   No comments

The credit reporting firm Experian is the target of a California lawsuit that claims the company duped customers by selling them bogus credit scores.

The suit claims the company, through its Consumerinfo.com subsidiary, misled customers by selling them credit scores that are not the same ones used by lenders to evaluate customers for loans. The suit was filed in federal court on behalf of one borrower but is seeking class-action status.   “Consumers pay for these scores so they will know what lenders are evaluating before they apply for a car loan, a credit card, a mortgage, or other credit. It’s a shock when they learn the score they got from Experian was worthless, and not seen by any lender,” said Jason Hartley, an attorney representing the plaintiffs.   Cons Read the full post

  Tags: Credit Scores, Scores, Suit Claims

8 Reasons to Never Ignore Your Credit Scores

August 16, 2010   Daniel Murphy   No comments

We here at Credit Karma think credit scores are a pretty big deal. We know how important it is to give consumers free access to their credit score because its their potential financial powerhouse. So when MSN Money posted “8 Reasons To Ignore Your Credit Scores,” we wanted to take a stand for credit. Here’s our thoughts on why, no matter what, it’s crucial to keep an eye on your credit score.

Reason #1: They’re already awful. If your credit can’t get much worse, don’t worry about harming it further — just get back on track with your finances as a whole.

Our Thoughts: If you were trying to get in shape, you’d keep track of your weight. So why wouldn’t y

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  Tags: Credit Scores, Scores

FICO report shows Americans’ credit scores drop to new lows

July 11, 2010   Daniel Murphy   No comments

Americans may have a more difficult time securing loans, competitive rates and credit cards with low credit scores

As the U.S. economy struggles to recover and unemployment rates remain high, Americans may have another issue to worry about before they can improve their personal financial situation – their credit scores. A new report – released by FICO – reveals that Americans’ credit scores have dropped to a new low, endangering consumers’ ability to secure loans and competitive rates for home and auto loans as well as credit cards.

Citing data from FICO, the Associated Press reports that 25.5 percent of American consumers – which roughly translates to 43.4 million individuals – carry a FICO credit score of 599 or below. Read the full post

  Tags: Credit Scores, Scores