Demetria Gallegos
speaker
238 appearances
5 recordings
1 series
first heard Feb 2018
last heard Aug 2023
Demetria Gallegos’s voice in public audio — every appearance, attributed to the second.
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Appearances
And if they have just generally showed responsible activity in their bank accounts, that's going to boost their FICO score.
The problem with these programs generally is that not all of them are going to report to all three of the credit reporting firms.
So you may be working with a rental reporting firm that reports to TransUnion, for example, and some future lender is going to ask Experian or Equifax for your credit report or your credit score.
You may not get the benefit of that rental reporting behavior.
Yes, we have a Federal Trade Commission survey from a few years back that showed that 21% of consumers found errors on their credit reports that would result in modifications by the credit reporting firms when reported or disputed.
5% of those errors were so serious that the terms of credit people would be granted would be affected.
For example, I could end up paying a higher interest rate because of an error on my credit report.
Right.
And so what we see on these credit reports is all kinds of mistakes and in some cases fraud.
So the mistakes could involve someone with the same name as you, a credit account that they've taken out that somehow got onto your credit report.
You might find that your credit report includes an error because somebody misread your handwriting.
You might find debts there from your ex-spouse.
The best way to stay on top of this is to avail yourself of the free annual credit report that comes from annualcreditreport.com.
You can request that once a year from all three of the credit reporting firms, and that's Equifax, Experian, and TransUnion.
And experts are recommending that you do that every four months with a different firm so that over the course of 12 months, you've seen three reports every four months.
You're keeping tabs on your credit record all year long.
Exactly.
Back when I was in college, they were passing out pamphlets at the freshman orientation tables.
But these days, ever since the passing of the Credit Card Act of 2009, people under the age of 21 need to have either a cosigner or a proof of independent income.
And the result has been far fewer credit applications for that age group.
Showing 141–160 of 238 · page 8 of 12
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