When job losses skyrocketed earlier this year, the number of uninsured Americans increased dramatically as well. According to Families USA, 5.4 million laid-off workers lost their health insurance between February and May –– that’s nearly 40% higher than any annual loss ever recorded. Unfortunately, a lack of insurance can quickly lead to medical debt and potentially credit issues as well. Fortunately, medical debt isn’t necessarily treated the same as other types of debt. If you or someone you know is struggling with unpaid medical debt, here are a few facts you should know: What Happens When You Can’t Pay a Medical Bill? Unlike lenders and creditors, medical providers generally don’t report information to the three Credit Reporting Bureaus (CRAs) ––Read More →
Will COVID-19 Wreck Everyone’s Credit Score?
According to data recently collected by TransUnion, many are still weathering a brutal financial storm thanks to COVID-19. Of the 58% who report being financially impacted, 70% are concerned about their ability to pay current bills and expect to be unable to pay within the next 5.8 weeks, on average. With numbers that staggering, will COVID-19 make credit scores crumble? Not necessarily. While the true impact remains to be seen, there are a few proactive steps that can be taken to potentially lessen the blow. Here are a few you may want to consider. Check your credit reports regularly. In order to see the full picture of how your credit has been impacted by COVID-19, it’s important to keep anRead More →
What Credit Score Do You Need to Get a Mortgage? That Depends
When it comes to credit score requirements for landing a mortgage, there are a variety of factors at play — like the type of mortgage you’re applying for and your specific lender requirements. If you’re in the market for a mortgage, this information can help you understand the ballpark number you may want to shoot for. Types of Mortgages There are several different types of mortgages to choose from, depending on where you want to live and what your financial situation is, and each comes with its own set of qualifications. FHA Loans FHA loans are insured by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development (HUD). These types of loans tendRead More →
From Baby Boomers to Gen Z: How is COVID-19 Impacting Each Generation?
The financial impacts of COVID-19 have been extensive — but the severity of the impact and the implications aren’t the same for everyone. While some have simply adjusted where and how they work, others are facing unemployment and struggling to pay bills. A recent study by TransUnion suggests some of the disparity falls along generational lines. Once the dust settles, how will Gen Z fare compared to baby boomers? And how will millennials recover versus Gen X? There are some notable (and interesting) differences — not only in how each generation is struggling, but also in how they’re adapting to undeniably challenging circumstances. The Current Impact Conducted May 28 and 29, the TransUnion data shows a whopping 58% of respondentsRead More →
How to Initiate an Experian Dispute
Negative items on your credit report can have a big impact –– both on your ability to be approved for new credit and the rates and terms you can qualify for. Sometimes, however, those negative marks simply aren’t accurate. Each of the three credit reporting agencies (CRAs) –– TransUnion, Equifax, and Experian –– may have different information, so you should monitor each report and correct any errors with the right CRA. We’ve outlined how to initiate a dispute with TransUnion and Equifax, now let’s take a look at how to start an Experian dispute. A Few Basic Facts Experian has its corporate headquarters abroad in Dublin, Ireland, and manages the financial data for over 300 million people in 80 countriesRead More →
How to Initiate an Equifax Dispute
If you’re not in the habit of regularly checking your credit report, there’s good reason to start: According to an FTC study, one-in-four consumers spotted errors on their credit report that might affect their credit scores. With each of the three Credit Reporting Agencies (CRAs) –– Equifax, Experian, and TransUnion –– potentially reporting different information, it’s important to track each one, and dispute inaccurate information if you spot it. We’ve already covered how to initiate a TransUnion dispute, now let’s look at how to initiate an Equifax dispute. A Few Basic Facts Headquartered in Atlanta, Equifax has a footprint that extends to 24 countries around the world, and tracks the credit information for over 210 million consumers. Just like theRead More →