Keeping Up with Credit and Personal Finance News

Staying up-to-date on the latest developments in credit and personal finance is important for making informed financial decisions. Here are some recent events that could impact your credit and financial wellbeing.

Changes to Credit Reporting Rules

The three major credit bureaus (Equifax, Experian, and TransUnion) began implementing changes to the way they handle credit reporting. One significant change is the removal of most civil judgments and tax liens from credit reports. This means that if you have a civil judgment or tax lien that hasn't been updated with your personal identifying information within the last 90 days, it will no longer appear on your credit report.

Another change involves medical debt. Medical debt can now only be reported to credit bureaus after a 180-day waiting period, giving consumers more time to pay off the debt or dispute any errors.

These changes could potentially improve credit scores for some consumers and make it easier to resolve disputes related to medical debt and public records.

New Credit Card Rewards Programs

Credit card issuers are constantly introducing new rewards programs to attract customers. Some recent examples include:

• The Uber Visa Card, which offers 4% cash back on dining, 3% cash back on hotel and airfare, 2% cash back on online purchases and Uber rides, and 1% cash back on all other purchases.
• The Chase Sapphire Reserve Card, which offers 3X points on travel and dining, a $300 annual travel credit, and access to airport lounges.
• The Discover it Cashback Match Card, which offers 5% cash back on rotating categories and 1% cash back on all other purchases.

These new rewards programs can help you earn cash back or points on your everyday purchases and travel expenses.

Changes to Credit Score Calculation

FICO announced that it will be introducing a new credit scoring model called FICO Score 10. This new model will factor in additional data points to better assess a borrower's credit risk. For example, it will consider trended data, which looks at a borrower's credit behavior over time, such as whether they are increasing or decreasing their debt.

This new scoring model could potentially impact your credit score, so it's important to stay informed about any changes and make sure you are taking steps to maintain good credit.

By staying informed about changes to credit reporting rules, new credit card rewards programs, and credit score calculation, you can make informed financial decisions and take advantage of opportunities to improve your credit and financial wellbeing. Be sure to regularly check your credit reports and credit card statements for accuracy and take steps to address any errors or issues.