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Credit Q&A

Beware of Impostors

AnnualCreditReport.com is the only authorized source for the free report that’s yours by law.

Websites run by companies promising free credit reports are generally a come-on used to get you signed up for a trial period for a product or service.

Tick Tock

How much are you liable for if your debit or ATM card is stolen?

No more than $50, if the loss is reported within two business days. Up to $500, if reported after two business days. The total amount, if reported after 60 days

Timing does matter if your debit card is lost or stolen. Make sure to notify your bank immediately. The longer you wait, the higher your potential liability

It’s Not Just Your Credit Score

Who can access your credit report?

Employers looking to hire you, creditors considering issuing you a loan or credit card, insurance companies who might issue you an auto policy and pretty much all government agencies.

Poor credit could cost you a job opportunity, increase your auto policy premiums and get you declined for a loan or credit card.

 The Cost of Credit

If you have a high credit score, say 750 or better, how much lower would your mortgage rate be than for someone whose score is around 620?

About 1.5%.  Doesn’t sound like a lot?  On a $500,000 mortgage at 5.5% that would cost you an extra $169,000 over a 30 year mortgage. Ouch!

When you have poor credit, you’ll have to pay an exorbitant amount of money in interest and finances charges…if you get approved for a loan at all.

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