Credit Card Now

On March 1 both the Federal Trademission and the Federal Reserve announced proposed rules that would unify the credit score disclosure requirements in the FACS Act (Fair Access to Credit Scores Act), which is part of Dodd-Frank, the Risk Based Pricing Rules, which are part of the Fair Credit Reporting Act, and ECOA Regulation B.

The Risk Based Pricing rules, which went live on January 1st 2011 were thought to have solved the “credit score disclosure” problem, yet most lenders were simply avoiding the issue by choosing the non-score disclosure option.  The Fed/FTC move, while probably not in response to lender actions, serves the same purpose by requiring a score disclosure for a declination or adverse approval by July, which is the same requirement under the FACS Act.

As of right now the proposed changes to the Risk Based Pricing Rule are entering the publicment period.  Still, it’s hard to imagine the public not wanting to see their credit scores if they were used to deny them credit or charge them more in interest on an approved account.  If all goes as planned, and there’s really no reason to expect differently, consumers who are denied credit or adversely approved (approved but with less than great terms) will see their actual credit score by July 22, 2011.

It’s almost as if someone finally realized, “Guys, we have 3 laws here that say almost the same thing.  Let’s make them consistent.”  The bottom line: It’s looking good that on July 22, 2011 Dodd-Frank, The Fair Credit Reporting Act and ECOA Reg B will all require that credit scores be disclosed if a consumer is denied credit or approved with less than attractive terms.  Now we just need to convince lawmakers to apply the same rules to insurancepanies, property managementpanies and utility providers.

John Ulzheimer is the President of Consumer Education at SmartCredit, the credit blogger for Mint, and a Contributor for the National Foundation for Credit Counseling.  He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifa

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Tags: Credit Score, Federal Reserve, Rules

The weather was a mess. Cabbies went on strike, making it tough to get around. And worst of all, her most hated team won the championship.

Susie Supalo from her seat at Cowboys Stadium.
(Click image to enlarge.)

But none of that mattered to Susie Supalo. Her trip to the Super Bowl — earned by redeeming more than 300,000 rewards points from her NFL credit card — was still a thrill.

About six months ago, however, it seemed unlikely that Supalo, a rabid Chicago Bears fan, would be able to redeem her hard-earned points. That’s because the NFL moved its credit card business in September 2010 from Bank of America, with which it had partnered for 15 years, to British-owned Barclays Bank.

The big switch
In the months leading up to that change, BofA and the NFL had gotten the word out to NFL cardholders via snail mail, e-mails and NFLExtraPoints.com that rewards points had to be redeemed by Aug.

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Just a friendly reminder: Discover’s promo of 0% on purchases and balance transfers for 12 months with no balance transfer fees is expiring in just a few days on February 28, 2011. If you want to take advantage of this offer, you’ll need to jump on it soon.

Tags: 12 Months, Balance Transfers, Fees

With the 2011 Oscars fast approaching, the glamorous lives of Hollywood celebrities are on the forefront of American consciousness. Why does this have anything to do with the credit card industry? Because celebrities have always been the go-to spokespersons for credit cards over the years.

Allow us to conduct our own form of the Academy Awards. Without further ado, here are the top 5 credit card ads featuring celebrities OF ALL TIME!

5. Pierce Brosnan- VISA

Not only does this commercial feature a dapper Pierce Brosnan in his James Bond days, but also a surprise appearance by Mad Men star Christina Hendricks before she made it big.

4. Ellen Degeneres- American Express

Rarely are commercials charming and hilarious at the same time, but Ellen Degeneres makes it look easy in this awesome ad.

3.

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Tags: Card, Credit Card

Credit reports contain a variety of liability information including loans, collections and public records.  But, there is also an incredible amount of highly sensitive personal information.  So, what personal information should you expect to see on your credit reports?  Before answering the question it’s best to summarize all of the information in a credit report.

A credit report can be segmented into four distinct sections: personal information, inquiries, trade (or account), and public records.  We’ll focus only on the personal information.  And, you’ll be surprised what information is included and maybe more surprised that there isn’t as much detail as you woulde to expect from a credit report.  Follow me…

Personal information includes names, addresses, social security number, date of birth, and employers.  The name includes your first, middle, last, suffixes such as junior and senior and “AKA.”   AKA (also known as) is usually reserved for females who are or have been married and have had credit in both names.  For example Jane Smith married John Doe and now is Jane Doe, but also had credit under the name of Jane Smith.  Both names will appear on her credit report.

Address information includes your current and several previous addresses, along with the dates these addresses were reported on the credit report. This helps to determine

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Tags: Credit Reports, Reports