Don’t let your credit die of neglect

Certified financial planner David Rae says he used to think that “anyone who could draw breath” could get an auto loan. Then one of his millionaire clients tried to buy a car — and failed.

The 42-year-old client was turned down for a loan because he had no credit scores , says Rae, who is based in Los Angeles.

Nineteen million American adults are “unscoreable,” lacking enough recent credit history to generate credit scores, according to the Consumer Financial Protection Bureau. They either have “thin” files, with too few accounts, or “stale” ones that haven’t been updated in a while. In my latest for the Associated Press, find out how having no scores can cost you.

Wednesday’s need-to-know money news

Today’s top story: Love that home’s view? See how much more you’ll pay. Also in the news: 3 months, 3 housing trends, how one woman ditched her debt, and how to get rid of bad marks on your credit report.

Love That Home’s View? See How Much More You’ll Pay
Comes at a cost.

3 Months, 3 Housing Trends: Seller’s Market, Higher Rates, HELOC Comeback
The 2018 housing market so far.

How I Ditched Debt: Tenacious Focus on the Goal
One woman’s triump over debt.

How to Get Rid of Bad Marks on Your Credit Report
Fighting back.

Q&A: Ease identity theft fear by checking your credit report

Dear Liz: I am suddenly receiving junk mail addressed to my estranged brother at my house. I’ve been in this house for 15 years and have never before gotten mail addressed to him. Is it possible he applied for credit or something similar using my address? He has always had money issues.

Answer: It’s more typical for an identity thief to divert a victim’s mail to his own address than to cause junk mail to be sent the victim’s way. Still, it can’t hurt to check your credit reports via www.annualcreditreport.com to see if there are any accounts or activity you don’t recognize.

Q&A: Here’s how to find that annual free credit report

Dear Liz: Please tell me the website for the free credit check. At a department store checkout counter, a stranger’s name came up connected to my cellphone number. I think I should check my credit reports, but I don’t want to pay for what I understand I can get free.

Answer: It’s entirely possible a clerk simply made a mistake in entering another customer’s phone number. But you should be checking your credit reports regularly anyway, and this is as good an excuse to do so as any. The federally mandated free site can be found at www.annualcreditreport.com. Searching for “free credit reports” can turn up a number of other sites, so make sure you use the correct one.

Tuesday’s need-to-know money news

Today’s top story: The scariest thing to find on your credit report. Also in the news: How to spend your day when you’re unemployed, advocates praise student loan scam crackdown, and how to get your student loans back on course.

The Scariest Thing to Find on Your Credit Reports
Beware of surprises.

How to Spend Your Day When You’re Unemployed
Getting off the couch is a good start.

Advocates Praise Student Loan Scam Crackdown, Demand More
The tip of the iceberg.

Ask Brianna: How do I get my student loans back on course?
Course correction.

Thursday’s need-to-know money news

Today’s top story: The best cities for recent college graduates. Also in the news: Why paying bills is a grind for almost half of Americans, how to trim expensive wedding frills without cutting guests’ fun, and everything you wanted to know about your credit report but were afraid to ask.

Best Cities for Recent College Grads
Starting someplace new.

Paying Bills Is a Grind for 43% of Americans, CFPB Finds
Living paycheck-to-paycheck.

Trim Expensive Wedding Frills Without Cutting Guests’ Fun
Concentrating on the important things.

Everything you wanted to know about your credit report — but were afraid to ask
No dumb questions.

Thursday’s need-to-know money news

Credit report with score on a desk

Today’s top story: How ‘Pay for Delete’ might help your credit – if you’re lucky. Also in the news: 19 less-obvious wedding costs to bake into your budget, why financial advice is still important regardless of your income, and how to make sure you’re not going to an Equifax phishing site.

‘Pay for Delete’ Might Help Your Credit — If You’re Lucky
Negotiating with a creditor.

19 Less-Obvious Wedding Costs to Bake Into Your Budget
Budgeting the entire package.

Not Made of Money? Financial Advice Is Still for You
You don’t need to be to rich.

Make Sure You’re Not Going to an Equifax Phishing Site
Don’t make matters worse.

Tuesday’s need-to-know money news

Today’s top story: 3 ways to scrub a collections stain off a credit report. Also in the news: Why you probably need title insurance, socially responsible investing, and the Equifax hack just got worse.

3 Ways to Scrub a Collections Stain Off a Credit Report
Do your homework.

Title Insurance: What It Is and Why You (Probably) Need It
Title insurance protects the insured from a financial loss related to the ownership of a property.

Socially Responsible Investing Takes Clearing a Few Hurdles
Align your investments with your values.

Your Credit Cards May Also Have Been Compromised in the Equifax Hack
It keeps getting worse.

Q&A: Debt has a habit of hanging around

Dear Liz: Last year my dad had an account he couldn’t pay and it is showing up on his credit report as a closed, charged-off account. As expected, the lender sold it to another company. The new company now also has it listed as an open account in collection on his credit report. How can the same account be listed twice? I thought the second company couldn’t report it.

Answer: That’s not correct. Once the debt was charged off and turned over to collections, it could be reported again as a collection account. If the original account still shows a balance owed or more than one collection shows up for the same debt, however, your dad should definitely dispute it and file a complaint with the Consumer Financial Protection Bureau.

Q&A: Making sure your free credit report really is free

Dear Liz: Please tell me again how to get my free credit report each year.

Answer: You can get a free annual look at your credit reports from the three major credit bureaus at www.annualcreditreport.com. If you search for “free credit report,” you may wind up at a look-alike site, rather than the federally mandated one. A good clue that you’re on the wrong site will be if you’re asked for a credit card number.

Your free reports don’t include free scores, which are the three-digit numbers lenders and others use to judge your creditworthiness. Your bank or credit card companies may offer free scores, or you can sign up with one of the many sites that offer them. Keep in mind that there are different types of scores, and the one that you’re seeing may not be the same as the ones your lenders use.