01 Aug 2015

An Overview of Common Credit Terminology By Tiffany Sorensen Experts in the credit industry use technical terms that are often puzzling to outsiders. Below you’ll find straightforward explanations, as well as sample sentences, for terms regarding credit cards, credit reporting, and loans. Amortization The process of paying back money in installments and according to a […]

01 Jun 2015

Authorized User, Joint Account Holder, and Cosigner: What’s the Difference? By Tiffany Sorensen There’s a great deal of confusion about what defines an authorized user, a joint account holder, and a cosigner of a credit card account. While the rights and obligations of each may vary between institutions, let’s summarize their general characteristics. Authorized User […]

01 May 2015

Consumer Credit Laws By Tiffany Sorensen Over the decades, the U.S. government has passed various laws aimed at protecting credit consumers. These laws cover procedures such as credit reporting, debt collection practices, credit billing, and more. Below are summaries of some of the main consumer credit laws. The Fair Credit Reporting Act (1970) Under the […]

01 Mar 2015

Credit Bureaus in the United States By Tiffany Sorensen There are multiple credit bureaus in the United States. Credit bureaus are also known as consumer reporting agencies, or CRAs. The three major American credit bureaus are Equifax, Experian, and TransUnion. What They Do Credit bureaus collect information about consumers that is then used to calculate […]

01 Feb 2015

How is Credit Score Calculated? By Tiffany Sorensen Truth be told, there is no definitive answer to this question. Each credit bureau uses a slightly different formula to calculate people’s credit scores. However, in most cases, the same basic factors are taken into account. What is a Credit Score, Anyway? Before explaining how credit score […]

01 Dec 2014

Why Your Credit Score Can Make a Difference This Holiday Season By Tiffany Sorensen This December, a good credit score can ensure you’re able to purchase everything you’d like to give your loved ones. Regardless of what exactly you plan on buying, having a high credit score is likely to make your shopping experience more […]