Credit Reports

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What’s the Catch?: Purchase 3 Bureau Reports

I saw this paid ad during a Google Search this evening:

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Hmmm…so what caught my eye? The “Purchase 3 Bureau Reports.” Many of you are probably wondering “Why purchase these reports when you can get credit reports from each of the three bureaus for FREE at annualcreditreport.com? ” and “Why would you want to buy them at the same time?” A best practice is to space out your FREE credit reports from the three credit bureaus every four months so you can be constantly monitoring them. To make matters even more confusing (or some might say misleading) the ad says in bold at the top “No Credit Card Needed” so why would I have to purchase something that is available for FREE elsewhere.

Click on “Purchase 3 Bureau Reports” and here’s what you get:

By |February 14th, 2017|Advertising, Credit Reports, Credit Scores, Current Events|

Time Launches Coinage, A Video-First Site Dedicated To Personal Finance

From Press Release:

Today, Time Inc. (NYSE:TIME) launches Coinage, a new video-first brand covering personal finance that runs across 22 Time Inc. sites. Coinage will feature 600 short-form videos throughout 2017 to help guide everyday choices consumers make in spending, saving and investing for themselves and their families across all stages of life in a lighthearted and entertaining fashion.

Here are the first three videos they released. Each are between 1-2 minutes:

Free FICO Scores From Experian!

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We knew that more and more credit card companies were providing their cardholders with their credit scores each month (Discover was the first to offer to their cardholders and then expanded that by providing it to anyone who went to their site). Then there are sites like Credit Karma and Credit Sesame that also provide credit score information for free. This evening, the Wall Street Journal is reporting that Experian is getting into the act:

By |February 2nd, 2017|Credit Reports, Credit Scores, Current Events, Research|

Article: Can The Credit Scoring System Be Fixed?

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I was thinking about this question recently for two reasons: 1) the $23 million fine that CFPB handed down to a few credit reporting agencies for deceptive marketing around credit scores and 2) As fewer millennials choose credit compared to debit, the number of credit invisibles increase. So, what can we learn from this article from the Atlantic (approximately 10 minutes in length)?

My notes:

  • Chicken or the egg problem with credit: “If you think about the credit-invisible population in this country, their ability to enter the financial mainstream and access affordable credit instead of payday lenders and pawnshops and check-cashing services is tied to what’s in their credit report,” says Michael Turner, the president of the Policy and Economic Research Council. “They’re caught in the credit catch-22: In order to qualify for credit you have to have already had credit.”
By |January 16th, 2017|Article, Credit Reports, Credit Scores, WebQuest|

In My Personal Finance Life: Want A FICO Score With That Free Credit Report?

It’s a new year which makes it a good time to review your credit report. I went to annualcreditreport.com, answered a few questions to verify my identity and proceeded to my credit report. As I completed my review, I couldn’t help but notice the offer about getting my credit score (can you say cross-selling opportunity?). When I clicked on the button…

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What’s the catch?

By |January 15th, 2017|Advertising, Credit Reports, Credit Scores, Current Events, Research|

NGPF Podcast: Tim Talks to Retired Bankruptcy Judge John Ninfo About His Passion For Financial Literacy

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What does a retired bankruptcy judge do to fill his “golden years?” If you are Hon. John Ninfo, you write a weekly column and visit hundreds of classrooms in upstate New York to teach young people about what it means to be financially responsible. If that isn’t enough, he also created a non-profit, Credit Abuse Resistance Education (CARE), to bring bankruptcy professionals into classrooms throughout the U.S. to share their experiences. Storytelling has an important place in the personal finance classroom (it is personal after all!) and John’s years on the bench in western New York provide him with lots of material to share about the causes of financial distress. In this podcast, you will also hear from the CARE team of Anna Flores and Ian Redman about how you can bring CARE to your classroom. Enjoy!

Details:

Question: How Long Does It Take a Hacker To Steal Your Credit Card Information Online?

Answer (from Newcastle University research): About 6 seconds (yikes!) [This should grab your students attention!]

From Thrillist:

According to new a paper authored by Newcastle University researchers, hackers can mine your financial information using simple guesswork, spread out across multiple websites. When the process, known as a Distributed Guessing Attack, is coupled with a specifically designed toolkit, it isn’t very hard to exploit the security systems of major e-commerce sites…

Here’s a 31 second video explaining the technique:

NGPF Launches “The Fine Print”

download-9Read the fine print!

We hear that advice all the time (a quick google search found it here and here and here). Yet, we didn’t see any resources out there that would actually develop the critical thinking skills required to navigate the complex world of financial products. So, today we launched a new product “The Fine Print,” mini-lessons to give students practice with the important forms, statements and agreements they will encounter in their financial lives. Given that our website is hitting records today, this product is clearly popular with teachers!

What are the features of “The Fine Print?”