| Mom's credit score hurt over son's car loan
I have a huge problem and I am livid. Two years ago, my son (who had recently graduated from college) couldn't qualify for a car loan because he had no credit history to speak of. So I signed the papers, too, but made sure the car was only in his name. After discovering my credit score had dropped from 735 to below 600, I just found out my son is four months behind on his car payments and that it's on my credit report. This isn't right. It's his car in his name, and the bank didn't tell me he was behind. What can I do? K.E., University Heights A: Besides yell at your son, not much. You should have realized the importance of co-signing the loan payments: You're agreeing to be held liable if he doesn't make the payments. It's your responsibility to ensure the payments are made.
Bills.com CEO Suggests Steps to Build Good Credit in Tight Credit Market
6 ways individuals can establish a positive credit history. San Mateo, CA (PRWEB) November 7, 2007 -- In today's tight credit market, the idea of having no credit history seems almost as bad as having skeletons in a consumer's credit report closet -- but Brad Stroh, co-founder and co-CEO of free online consumer portal Bills.com (www.bills.com), reassures consumers that it is possible to establish a solid credit history. "Most creditors look at an individual's credit (or FICO) score, which typically ranges between 300 and 850, to help determine the likelihood that the person will repay debts," Stroh said. "If you do not have a credit score because you have not established credit yet, the good news is that you probably are not haunted by an array of unpaid debt.
Credit freeze can head off identity theft
IT COULD happen to you. Somebody swipes your Social Security number, then uses it to open a credit card in your name. Before you know it, you've become a victim of identity theft and have a pile of bills for things you didn't buy. Orinda resident Sylvia Coates has found a way to prevent that unpleasant scenario from happening by freezing her credit reports. "I can't tell you how wonderful it is. I think it is the only foolproof way," she said. Coates applied for a credit freeze soon after that option become available in California in 2003, thanks to passage of a state law that requires credit reporting bureaus to let consumers initiate a credit freeze. Having a credit freeze means that access to your credit reports and credit scores cannot be shared with potential creditors or lenders unless you give permission.
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