| Fair Isaac to Adjust Credit Scores to Stem Credit Renting Practice
Fair Isaac Corp. said this week tha the next version of its widely used FICO score will no longer consider certain types of credit card accounts, closing a loophole that allowed strangers to coattail on a cardholder's good credit. The new FICO score formula won't include authorized user accounts users on credit cards who are not responsible for paying the balances but are approved to make purchases with the cards. Often, authorized users are family members of a cardholder, such as college students on their parents' cards or spouses who have little or no credit of their own. These types of accounts can improve a credit score if the primary cardholder kept low balances and paid the balance on time over a long period. Minneapolis-based Fair Isaac plans to introduce the new scoring methodology in September to one of the three major credit reporting agencies: Equifax Inc., Experian Information Solutions Inc.
Improve your credit rating with knowledge
Your credit score is an incredibly important part of your financial life. All of your creditors will look at your score to determine whether you're eligible for credit and, if so, at what interest rate. The higher your credit score, the lower the interest rates you pay on credit cards, car loans and mortgages. Even landlords, cell phone companies and some employers look at your credit score, because if you can't be good with money, you might not be a good tenant or employee. So you want to do everything you can to make sure your score is as high as possible. Some tips: Pay on time Your track record paying all your bills, not just your credit cards, is the single biggest factor in your credit score, accounting for 35 percent of your score. So don't be late. If you only send in the minimum amount due on your credit card bill, send it in on time, even if that means you have to pay to overnight it.
Tax credits - claim quickly
AROUND 20million people who receive tax credits have until July 31 to renew their claims or payments could be stopped. HM Revenue & Customs (HMRC) have sent out renewal packs. These contain forms which claimants must complete if their circumstances have changed. If they have, claimants need to return the completed form now, or call HMRC on 0845 300 3900 and they will do it for them over the phone. This way, HMRC can make sure tax credit claimants are getting the right money. Tax credits provide support to 20million people, including around six million families and ten million children. Further information and frequently asked questions about tax credit renewals is available from taxcredits.direct.gov.uk The Tax Credits Helpline number is 0845 300 3900 for Great Britain, and 0845 603 2000 for Northern Ireland.
Peter Costello claims credit for baby boom
Australia is enjoying a new baby boom and the nation's Treasurer Peter Costello, who three years ago urged couples to "have one for the country," is claiming part of the credit. Australia recorded 265,900 births in 2006, the highest level in 36 years and the second highest number in the nation's history, slightly easing concerns about an aging population. "We are seeing, albeit slightly, the fertility rate start to lift," Costello told reporters. "This is good for our future, and it'll be a great improvement in the way in which we cope with these long-term demographic changes." But 2006 also recorded the highest number of deaths, with 133,900 people dying, up 2.1 percent on the previous year, the Australian Bureau of Statistics said. With 132,000 more births than deaths, and preliminary net migration figures showing 147,700 people settled in Australia in 2006, the population was on track to hit 21 million by the end of June, the bureau said.
|
