Credit Report Data Getting More Personal

Credit reporting is a booming business. Agencies now sell data about how much you make, how much you owe, even predicting if you will take your medication. Taking care of what you credit report says about you should be a financial resolution for 2012.

Credit agencies are finding new ways to collect and assemble data on individual consumers. Credit reports can now reveal evictions, applications for payday loans, even if you are behind on your homeowner’s association dues. Agencies analyze and sell this data to lenders, employers, insurers and renters who use these reports to make judgments about you.

Credit agency CoreLogic will soon provide credit files that dig deeper than the three traditional credit bureaus–Experian, TransUnion, and Equifax. According to the New York Times, this will include property tax liens, if more is owed on a …

Another Protest Scheduled Against Big Banks

The outrage toward large banks continues.

Fresh off the heels of consumer protests over monthly debit card fees and “Bank Transfer Day” is a new movement that speaks out against high credit card rates.

December 11 has been deemed “Balance Transfer Day” where consumers are encouraged to switch from high interest credit cards to lower or zero rate cards.

The Balance Transfer Day’s Manifesto statement on Facebook encourages consumers to “demand the same 0% interest rate that banks receive from the federal government” and “create our own bailouts by using a balance transfer as a means to bail ourselves out of credit card debt.”

“Criticizing high interest rates is a fair point, and encouraging cardholders to transfer balances to a card with a lower rate can help save them money in interest payments. This is a good …

New Credit Card Rule May Hurt Stay-at-Home Parents

December and January are the biggest months of the year for credit card applications. This is the time that consumers look for cards with better rewards or cards with lower rates to get their finances in shape.

However, new federal regulations that went into effect on October 1 may prevent some people, like stay-at-home parents, from getting their own credit card.

The new rule is part of the CARD Act and says credit card issuers must only consider the applicant’s own salary or other income. Any person that applies for a card must be able to make his or her own payments. Household income or combined income is no longer considered in the approval process. This means a stay-at-home parent who has no outside income will find it very difficult to get approved for a credit …

Using Reward Credit Cards for Holiday Shopping

Throughout 2011, credit card issuers have sweetened reward card offers to attract more consumers. Since most consumers spend so much additional money during the holidays, this is a great time to take advantage of these offers and quickly earn some extra cash or miles.

6 Tips for Using Reward Credit Cards to Maximize Your Holiday Shopping

Got Cash? You Better

Got ten bucks? In light of a new law, your answer to that question should now never be “no.” Tucked into page 698 of the 848-page Dodd-Frank Wall Street Reform and Consumer Protection Act, was a provision that legally legitimizes the often-witnessed practice of small merchants prohibiting credit card use for purchases under $10.

According to the law, which took effect in July of this year, credit card networks can no longer force merchants to accept credit cards for purchases of less than $10 as long as they don’t discriminate based on card network or issuer in doing so.

Credit card networks had previously prohibited the practice for fear that is would diminish the ubiquity of their brand names. For example, Visa cards would no longer take you “everywhere you want to be.” What’s …

Weekly Credit Card Update from LowCards.com: Debit Fee Retreat Complete (and More!)

Miss important financial news over the past week? Enter: The Weekly Credit Card Update from LowCards.com, a roundup of all the top credit card stories to make sure you’re up-to-date on all the finance news that may affect your life.

Debit Fee Retreat Complete

The banking industry’s brief experiment with charging customers to use their debit cards appears to be over. The about-face concluded on Tuesday when Bank of America Corp. dropped plans to charge customers $5 a month for using their debit cards to make purchases. Bank of America was the last major bank to back away from the fees, representing a swift retreat in an industry that is at times known for its lumbering decision-making. More fees are expected. Banks have already eliminated the free checking accounts that had been in place …