Prepaid Debit Card Reviews, Complaints, Etc

Category: Best Low Fee Prepaid Cards

Millions of people are turning to prepaid debit cards as a smart alternative to carrying cash and writing checks. Almost anyone can qualify and they don’t require a credit check or a bank account. Though they carry credit card logos and can be used anywhere a credit card is used, unlike a credit card, they do not offer a line of credit. The user can only spend the amount that has been loaded onto the card or placed into the account associated with the card.

There are dozens of debit cards on the market, many of them issued by the same bank, but fee structures are vastly different. Bestprepaiddebitcards.com has done all the research for you and provides comprehensive reviews to help you decide which card is best for you.

  • Money Management Made Easy Using Prepaid Debit Cards

    Money Management Made Easy Using Prepaid Debit Cards

    How prepaid debit cards can help keep you on budget and in control of your finances

    They’re the kind of stories that make people shake their heads in disbelief. Layered with no small amount of schadenfreude, these are the tales of talented athletes whose prowess on the field and court earn them both adulation from fans and millions of dollars per year. Yet somehow, through horrific spending habits and bad advice, all of those millions disappear. ESPN recently aired a documentary, appropriately titled “Broke,” chronicling the commonplace financial problems of once wealthy athletes, which included a stunning list of athletes who have declared bankruptcy: names like Mike Tyson, Dorothy Hamill, Derrick Coleman, Bill Buckner and many, many more.

    While it’s easy enough to cluck disapproval about the profligate ways of pampered sports stars, the unfortunate reality is that the bad financial habits that lead people like Terrell Owens to go broke are just as common among the less well known and well paid among us. And in fact, while there may be less zeros involved with the debts, there are plenty of people who chronically spend more than they make. One of the main culprits that allow that sort of bad behavior to spiral out of control, of course, is the credit card. Indeed, convenient and necessary as they might be, credit cards are all too often the bane of sound money management.

    This all may sound like familiar territory, but given the rampant problem of indebtedness in this country it’s worth revisiting. As anyone who has ever had one knows well, credit cards have a limit, the maximum amount you can charge. But let’s be honest: credit card limits aren’t individually tailored to your financial situation and there are rarely instances when people can afford to bump up against their credit limits. And if you’ve reached that point, you’re already doing damage to your credit, a signal to lenders that they should jack up the interest rate they charge you on mortgages and car loans because you just might not have the money to repay them.

    Sometimes, good money management – which, in the end, is all about not spending more than you have – requires a little tough love. Which is where prepaid debit cards come in. The reason prepaid cards won’t get you into the kind of trouble a credit card with a high limit can is deceptively simple: there’s no borrowing (that is, credit) involved. In other words, a prepaid debit card forces you to live within your means because it only allows you to spend money that you have already earned and used to fund, or load, the card. You can’t put money on the card unless you have the money in the first place. In a way, it’s like awarding yourself an allowance.

    There are other ways a prepaid debit card aids the money manager lurking somewhere inside us all. Knowledge truly is power when it comes to managing your finances. For one thing, you can easily keep track of your prepaid card balance online or on your smart phone. A prepaid card can also be an enormous help in crafting a family budget. Take the time to review a month’s spending on your prepaid card. Who knew you were spending $10 a week on sodas? Well, now you do, and that knowledge should help you devise a budget that reflects your priorities.

    There are other, less obvious ways that a prepaid card can help with money management. Cash flow is an important aspect of sound finances and prepaid debit cards can be helpful in aiding the swift delivery of income tax refunds for those who don’t have bank accounts. According to the Federal Deposit Insurance Corporation (FDIC), about 30 million American households don’t have bank accounts. If someone has a bank account and opts to get their refund deposited directly, they can expect to wait about two weeks from the time they file their return. But if they have no choice but to wait for a paper check, it takes 6 to 8 weeks for a refund to arrive. By contrast, people with prepaid cards, whether they have bank accounts or not, can get their tax refund deposited almost immediately, eliminating the need for any more refund-anticipation loans.

    Prepaid cards aren’t perfect, of course. And while prepaid debit card issuers charge fees, you can still get a card with minimal fees by shopping carefully. “Some prepaid debit cards are loaded with fees than can often resemble a minefield. There are, however, prepaid debit cards that have very few fees. Comparison shopping for prepaid debit cards is more important than almost any other financial-services product because you can, in fact, save hundreds of dollars each year by choosing a fee-friendly version,” says John Ulzheimer, president of consumer education at SmartCredit.com.

    Who knows, if Terrell Owens or Bernie Kosar or any of the other athletes who have had financial problems had been using prepaid debit cards they might be remembered today only for their athletic achievements.

  • Debit Cards and Rewards

    Debit Cards and Rewards

    The demise of debit card rewards program have been greatly – well, make that slightly – exaggerated

    The government’s response to the financial meltdown in 2008 was years in the making and an extremely controversial piece of legislation that passed on a strictly party line vote. One component of the sweeping Dodd-Frank Act, which President Obama signed into law in 2010, is now thought of as the death knell for debit card reward programs.

    Inserted into Dodd-Frank Act at the last minute, the so-called Durbin Amendment, named after its sponsor, Illinois Senator Dick Durbin, capped the fees banks can charge retailers when customers purchase something with a debit card. The Durbin Amendment capped at 21 cents the fee banks are allowed to charge retailers when a customer swipes a debit card. Earlier, banks charged an average of 44 cents per transaction. Banks complained that the new limit would cost them billions of dollars, which is certainly true, and in response began to institute a variety of new fees on checking accounts and rolling back their rewards programs to compensate for the lost revenue. (You can take a look at the full Dodd-Frank Act / H.R. 4173 at the following link, but be warned: this is an 848 page PDF file and it may take a while to load, especially if you are on a slower connection. http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf)

    Contrary to the protests, though, not all debit card rewards programs are extinct. Here are a few that are still kicking:

    Cash Back Lives

    Unlike so much of the jargon used in the financial world, this is a program that does exactly what it says. You get a small percentage of your purchase amount credited back to your bank account. However, there are some limitations. This bonus is applicable only if you purchase at participating retailers. Ally Bank, Beneficial Bank and PerkStreet Financial offer cash-back rewards programs. For example, the online bank PerkStreet offers 1% cash back on most purchases and 2% if you purchase from select online retailers, including Amazon, Target, BestBuy and Wal-Mart.

    Points and Prizes

    As much as people love to get cash back for purchases they have to make anyway, earning a few extra bucks doesn’t feel at all like getting a present. Many debit card issuers understand that there’s more of a thrill when your use of their card actually earns you something tangible, like a meal at a restaurant. That’s why banks and credit unions reward their customers with points for everything from carrying high balances to making minimum deposits to, of course, using their debit cards.

    These rewards programs are straightforward: use the debit card to earn points, which can then be redeemed for a variety of different prizes. For instance, at the time of this writing, Chase has the Disney Visa debit card, which offers deals such as a $50 credit toward Disney Cruise Line vacations and a 10% discount at select Disney Resort restaurants. Logix Federal Credit Union’s debit card reward points that can be used on electronics, round-trip travel on any major airline, gift cards and even adventures like hot air balloon rides and whitewater rafting.

    Size Matters

    With all the protests banks were lodging about the impact of the Durbin Amendment, you may wonder how banks can still afford to offer rewards. It’s simple. The Durbin Amendment does not apply to banks that have less than $10 billion in assets. So, smaller banks are not affected.

    Don’t Rush In

    Keep in mind that rewards programs are not offered by banks out of selfless altruism. No, banks promote these reward debit cards because they make the bank money. As with so much in the personal finance universe, that is accomplished through fees. Most debit reward cards come with fees. For example, Bank of America’s annual fee for its Alaska Air debit rewards card is $30. Don’t forget that there is no such thing as a free lunch. Rewards programs are aimed at making accounts more attractive; they don’t make the account fundamentally better.

    So, when opening a debit card account, make sure that the basic features of the account fit your needs. Don’t rush into an account just for the rewards program. Otherwise, your fees could easily surpass your rewards — and where’s the reward in that?

  • Death, Taxes and Lost or Stolen Debit Cards

    Death, Taxes and Lost or Stolen Debit Cards

    Sadly, losing or having your debit card stolen is commonplace these days. Here’s what to do if it happens

    The stories come out with the consistency of quarterly earnings reports. From Barnes & Noble to HSBC Bank to Zappos, thieves eager to get their hands on customer data are consistently, and successfully, targeting large companies. And for once, this is definitely a case where the news media can’t be accused of sensationalizing a trivial problem. Indeed, just check out these disturbing facts about the prevalence of identity theft.

    A Growing Scourge

    • Identity theft is the fastest growing crime in America.
    • According to the Federal Trade Commission, there are almost 10 million cases of identity theft annually.
    • About 19 million people fall victim to identity theft every minute.
    • Each crime costs the average victim $500 and 30 hours to resolve.
    • A family member or relative, according to one study, perpetrates 32% of identity thefts. The culprits in 18% of cases are friends, neighbors or in-house employees.

    Source: TransUnion: Identity Theft Facts:  http://www.transunion.com/personal-credit/identity-theft-and-fraud/identity-theft-facts.page

    An Ounce of Prevention

    While it’s the big brand names whose security has been breached who get the headlines, the real victims are the customers whose credit and debit card information have been pilfered. What’s even more insidious about the problem is that in many, many instances your physical card will still be snug in your wallet or purse. The upside of our highly digital world is that we can sit in our pajamas and order books, paint, DVDs and steak knives from online retailers like Amazon or Wal-Mart without handing over our debit card to a clerk. The downside, of course, is that when crooks get access to our account details, they can do exactly the same thing.

    Obviously, the question is what to do should your debit card information fall into the hands of a criminal. But herein lies one of the most vexing problems with identity theft: if you still have possession of your debit card, how in the world will you even know that a criminal has struck? Well, it might sound a bit like your mother telling you to eat your vegetables, but the Federal Trade Commission offers up a slew of tips on how to minimize what can be significant damage caused by identity theft. Here are just a couple of their ideas:

    • Check your ATM or debit card transactions. Unless you’re Paris Hilton or Nicolas Cage, you likely know how you spend your money. If there’s a fishy looking charge, look into it. “The more often you check it the better,” says Dr. Mary Ann Campbell, a CFP who teaches personal and family finance at the University of Central Arkansas and runs the web site www.moneymagic.com. “With free programs such as mint.com, you are able to check balances daily on a smart phone.”
    • Don’t help the criminals. This may sound painfully obvious, but never give your account information over the phone unless you’re the one who has initiated the call. And never, ever respond to an email asking for your account details for verification purposes. Credible companies simply don’t do this.
    • No carte blanche. Never, ever sign a charge or debit slip that is blank. The amount that someone fills in afterwards may shock you.

    Source: http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards

    As the federal agency that seeks to protect consumers from identity thieves, the Federal Trade Commission maintains a treasure trove of information about the problem and provides lots of helpful tips to prevent or respond to it. So by all means, visit the FTC website.

     

    When it Happens

     

    There is one sure-fire way to avoid being a victim of identity theft: live in a cave and cut up your debit cards. For the rest of us, even the most hardcore preventative measures won’t eliminate the risk – that is, unless you can somehow fortify the data storage of every single retailer you’ve ever done business with.


    With that unfortunate reality in mind, remember that how you respond will largely determine just how damaging and costly identity theft will be. The most important thing to remember is to report the loss of your debit card immediately to the bank. For this very reason, banks have 24-hour emergency phone numbers. If you determine your card was stolen at 2 a.m., you are better off reporting the card stolen then. Who could sleep, anyway? “Act fast! Be prepared like a good boy or girl scout and already have a copy of your debit card front and back,” says Campbell. “Or your debit card information copied in your phone or computer, particularly the 800 number to contact to let them know the card has been lost or stolen.”

     

    Even though calling in the middle of the night can be a hassle, waiting until morning could allow for numerous unauthorized charges and make an already big mess more difficult to clear up. What else can you do? Try these steps:

    Grab your laptop. You should log into your online bank account as soon as you can and carefully review all debit card activity. Since transactions are typically reported immediately, all the fraudulent charges should already be posted. Take note of each and every one so that you can report them to your bank. (Note: If the merchant put the transactions through as credit instead of debit, they may not appear right away).

    Be a pain. There are times in life when it makes sense to be polite and reserved. This is not one of those times. Follow up with your bank daily until the issue is 100% resolved. As Dave Ramsey may say on his radio show, “Make calling the bank your job.” You may also hear him say to “make calling the bank your goal in life.” In other words, call the bank every day, even multiple times a day until the issue is resolved to your satisfaction. The bank will close your debit card account and issue you a new card. But until all the fraudulent charges are removed, you should stay in close contact with your bank. Along the way keep meticulous records of emails, correspondence and phone calls, including the name of the person at the bank you spoke to.

    See if you’re covered. Dust off your renters or homeowners insurance policy and read the fine print — some policies cover card theft. And for future reference, keep the fact that some policies do cover it in mind and consider adding it to your policy.

    Know Your Rights

     

    While it’s important to act thoroughly and fast if your debit card is stolen, it is also important to arm yourself with knowledge about your rights under the law. The most important thing to know is that, under federal law, your liability is limited, although your level of protection against unauthorized charges varies. It depends on the type of card used and how quickly you report the loss. The difference can be substantial. Early reporting can limit your loss to $50. But, after two days, the maximum loss allowed jumps up to $500.

     

    To be more specific, the federal laws that offer consumer protection when your debit card is lost or stolen are the Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA). Not only is FCBA the reason your liability for unauthorized charges capped at $50, it also says that if you report the card lost or stolen before it’s ever used, you won’t be liable for any charges whatsoever. When it comes to your debit card, EFTA protects you from some liability. If the card is used before it’s reported lost or stolen, uh-oh, you may have some inescapable losses. Here’s what you could be out of pocket:

     

    HOW QUICKLY YOU REPORT THE PROBLEM YOUR MAXIMUM LOSS
    Before any fraudulent transactions have been made $0
    Within two business days $50
    Two to 60 business days later $500
    More than 60 business days later All the money taken from your ATM/debit card

    Source: http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards

     

    There is a caveat to all this. If your debit card number is used, but the card itself isn’t stolen, you have 60 days to report the charges as fraudulent.

     

     

     

  • Three Alternatives to Traditional Credit Cards

    Three Alternatives to Traditional Credit Cards

    Long gone are the days when credit cards were the only choice for people in need of plastic. Here are some other options

    Imagine walking into a restaurant and being told that a menu is not needed because there’s only one dish being served. From time to time that happens – set price, or prix fixe, menus pop up at fancy restaurants and around holidays – but for the most part it would prompt many of us to head for the door. We all like choices.

    Major financial institutions, like most restaurants, understand the need to offer different card offerings to meet the varied circumstances and tastes of their customers. As a result, many now offer three card options beyond traditional credit cards. Consumers can choose between secured credit cards, conventional debit cards and prepaid debit cards. Banks are tailoring their cards to meet the needs of different market segments, offering secured cards to young people and others eager to build good credit, issuing conventional debit cards to most checking account customers, and providing prepaid services to those who do not have bank accounts or who have other reasons for wanting prepaid cards. The choices assure almost all consumers can enjoy the safety and convenience of shopping or paying bills with bank or brand imprinted cards. Here’s a bit more about each option.

    Secured Credit Cards
    An inevitable part of life is to face financial stresses and setbacks. It just happens. And that has especially been the case over the past few years, as the economy has limped along and many have had to contend with lost jobs, lower wages and, often, a resulting damaged credit history. Secured credit cards are intended for people who have had some financial difficulties and thus have trouble qualifying for the sort of unsecured lines of credit typical with a standard credit card. By contrast, secured credit cards require you to pay a deposit in exchange for borrowing privileges. Think of it this way: rather than the $10,000 or $20,000 limit many credit card companies grant their customers, secured credit cards generally set your limit at whatever amount you can deposit into your account upfront. So, if you open a secured credit card account with $1,500, then you have a credit line of $1,500. Not all cards have such a strict formula for establishing credit lines, especially after you’ve proven that you reliably pay your bills. Qualifying standards are relatively lenient because that upfront deposit acts as collateral. In exchange, however, you face strict payment requirements and risk substantial penalties and interest hikes if you fail to use your card responsibly. The average secured card requires $50 in annual fees, and some charge more than 20 percent interest. The cards also typically assess late charges. The good news, however, is that prudent use of secured credit cards can help rebuild a person’s credit rating.

    Conventional Debit Cards 
    “Free” checking is very seldom completely fee-free. When you open a conventional checking account, the majority of banks issue a debit card as part of their service. You may use a debit card to withdraw funds from your account on those occasions when you cannot write checks. You can also take advantage of online shopping and bill-paying services, which make spending and tracking your money far easier than writing out checks and combing through your register to balance your account. While conventional debit cards combine the convenience of a credit card with the security of a check, they can often come with fees. More and more banks are charging their customers monthly fees when they opt to use their debit cards for both PIN and purchases that require a signature.

    Prepaid Debit Cards
    Prepaid debit cards offer the same convenience as credit and conventional debit cards without the risk of overspending. That’s because prepaid debit cards require consumers to deposit, or load, money into their account upfront. And the amount of money loaded onto the card is all that you can spend. Most prepaid debit cards require no application, and they charge no monthly fees when you meet minimum monthly loading requirements. Major financial institutions offer prepaid debit cards that carry all the same consumer protections as their conventional cards, and many are now including Federal Deposit Insurance Corporation (FDIC) protection as well. Consumers, however, must compare prepaid debit cards, because many providers still charge “maintenance” and “inactivity” fees. Mitchell Weiss, co-founder of the University of Hartford’s Center for Personal Financial Responsibility, tells U.S. News & World Report, “These cards prey on the under and unbanked consumers, who mistakenly believe they’re more economical than having a traditional checking account.” In the very worst cases, consumers may lose up to 20 percent of the money they put on their cards to hidden fees.

    How to Choose a Card 
    Because they submit regular monthly reports to the three major credit bureaus, secured credit cards help you establish, restore or improve your credit. Tied to your checking account, conventional debit cards make routine transactions more convenient. Retailers and service providers typically accept debit cards even when they do not accept personal checks, and conventional debit cards make online shopping easy. With most conventional debit cards, however, you run the risk of overdraft penalties. For many families, prepaid debit cards can be a good choice, because they offer the convenience of credit and conventional debit cards while they make sure you stay on your budget. If you want to shift your family to a “cash only” economy, prepaid debit cards can help.

    No single card is the best choice for everyone. Your best choice depends on your financial situation and objectives. Many credible online sources provide tools for comparing prepaid debit cards and calculating which best satisfies your needs. And picking a card doesn’t have to be an either-or proposition; many families choose to carry and use one of each.

  • Extra Credit – Credit Scores: Are There Rewards for Responsible Repayment?

    Extra Credit – Credit Scores: Are There Rewards for Responsible Repayment?

    True, it’s just a number, but maintaining a good credit score is key to getting the best rates for your mortgage and car loans

    We all have numbers that, for better or worse, define us. Age is an obvious numerical marker, but so too are the ones that your doctor hectors you about – weight, cholesterol and blood pressure. In the realm of personal finance, the number that arguably matters as much as any other is your credit score. While the figure that is attached to you – be it 567, 680 or 750 – may not instinctually resonate, make no mistake that your credit score has big and very meaningful implications. Why? In the most basic terms, it’s because a good credit score (and higher is better) means that when you have to borrow money to buy a car or a boat or a house, a lender will not only be willing to fork over the money but they’ll do so at a better interest rate. In other words, a good credit score can significantly reduce the cost of borrowed money over the life of a loan.

    The impact of your credit score goes well beyond getting a good interest rate on a loan. Although potential employers do not check the credit scores of job applicants, they may review a credit report, believing that a poor financial history could be an indication of irresponsibility, or may somehow impact job performance. But, back to the score issue, it gets worse. According to Kiplinger.com, some insurance companies charge customers with poor credit scores higher premiums because they are convinced that the way consumers manage their personal finances is a predictor of the number of claims they will file. Indeed, according to a 2004 Texas Department of Insurance study, more than half of insurance policyholders with high credit scores enjoy lower premiums.

    All of this may seem terribly unfair. But the truth is that your credit score, also known as a FICO score, is simply a quick way for lenders to understand how risky it is to lend you money; or, more accurately, how likely it is they will get paid back. To come up with a score – which range between 300 and 850, with 680 the minimum to be considered credit worthy – the company that calculates it looks at 5 factors. Most important is your payment history, which is another way of saying whether you pay your bills in full and on time. Also highly important is how much money you owe; maxing out your credit card limits can indicate to lenders that you are in a precarious financial position and more likely to miss or make late payments. Also factoring in, though to a lesser extent, is the length of your credit history, how many new lines of credit you have requested recently as well as the mix of loans you have. The company that comes up with FICO scores, Fair Issac Corp., then throws all this information into a blender and comes up with a number.

     

    Ignorance is Not Bliss

    If you have read this far, the obvious question is this: do you know your credit score? Whether you do or don’t, you can be absolutely sure that any company considering lending you money sure does. And if you want to be a smart consumer, you should know it, too. Why? Knowing what potential lenders will see well before you actually ask them for a loan will not only give you a good idea of what sort of deal they will offer you, it will also give you a chance to change your score. In some cases, the score Fair Issac calculates for you is flat out wrong, the result of mistaken identity or erroneous information about your repayment of debts.

    To find out whether that is the case, it’s best to contact one of the nation’s 3 credit reporting bureaus – Equifax, Experian and TransUnion – and request a copy of your credit report, which includes the granular information used to come up with your FICO score. Fortunately, the credit bureaus are required by law to provide a free copy of your credit report upon request each year (you can mark your calendar and request a report from a different bureau every four months). Be careful of lookalike websites that charge for free credit reports. Some websites will provide a credit report and/or score for free or for a small processing fee and then sign you up for a free seven-day membership. But the trick with these sites is that they automatically begin charging a monthly fee after that initial seven-day period unless you cancel it. To cancel the service, you have to call a designated number, and you may not be able to cancel online. In other words, it is a hassle to cancel.

    To avoid that hassle, use this convenient link to request your (truly) free copy now. Unfortunately, getting your score is not free, but it’s probably worth the money to take a gander at the all-important number that lenders see. To do that, go to MyFico.com. While it is true that other credit scores are out there, the FICO score is the one used by the vast majority of lenders.

     

    5 Tips for Raising Credit Scores and Lowering Your Interest Rates

    People who have bad credit scores should take heart in the fact that they can be improved. Even if you’ve been tardy paying your credit card bills in the past but have since shaped up, time is on your side. All the negative information that led to the bad score in the first place will drop off your record in 7 to 10 years (assuming there is no additional negative information in that time). However, if you want to repair your credit a bit faster, here’s how to do it:

     

    1. Make your payments on time. Timely payments are the single best way to improve a credit score.

    2. Make amends. Get in touch with past creditors and agree to pay what you owe in full in exchange for them reporting your good deed to all the credit bureaus. Not only does this eliminate debt, it erases that black mark from your history. Be sure to get the creditor to put their promise in writing before you pay.

    3. Don’t cut up your cards. It’s tempting to get out the scissors once you’ve paid off the balance of an account that has harmed your credit. Don’t do it. The lower the amount of debt you carry compared to your total allowable credit, the better off you are. For example, if you have $100,000 of credit available and you currently have a balance of $12,000 on your credit cards, department store cards, etc., you will have used 12% of your available credit. Shooting for 16% or less is a good goal.

    4. Raise a stink. Dispute errors on your credit report. Find out which reporting agency is reporting the error and contact it. The credit-reporting agencies to contact are Experian, TransUnion and Equifax. Each maintains its own report. It is possible that an error is on one report but not another.

    5. Take out a “credit builder” loan. One way to show lenders that you are low risk is to, well, show them by paying off another loan. Some credit unions offer a credit builder loan to their members. The money is actually placed in a savings account, which serves as collateral until the loan is repaid in full — then the payments and interest become yours.

     

    You may also look into applying for a second credit card.  Where prepaid or debit cards do not build your credit score, a secured credit card can help you build your credit score.  We offer a selection of secured credit cards at BestPrepaidDebitCards.com.  Compare their offers, but pay close attention to the interest rate.  It is advised to try to go no higher than 18%, if possible.

     

    Resources
    Below are some resources that may be helpful while researching your credit report and score.  Remember that you can get a free copy of your credit report, but you must pay to receive your credit score, and MyFico.com offers the credit score most utilized by lenders.

     

    Credit Bureau Phone Numbers:

    Equifax: 800-685-1111800-685-1111

    Experian: 888-397-3742888-397-3742

    TransUnion:     800-888-4213800-888-4213

     

    Contact Credit Bureaus Online:

    Experian – http://www.experian.com

    Equifax – http:www.equifax.com

    TransUnion – http://www.transunion.com

     

     

        

  • Experian Reporting Rental Payments on Credit Reports

    Experian Reporting Rental Payments on Credit Reports

    In times past, the only time rental history would show up on a credit report was when a property management company would turn it over for collections.  But in December 2010, that all changed when Experian became the first credit bureau reporting rental payments on consumer credit reports.  Not only is this is great news for the millions of displaced homeowners looking to get back into the housing market, but it also gives consumers the ability to benefit from meeting their monthly obligations on time, instead of penalizing the ones that don’t.  This opens up a world of possibilities for millions of consumers seeking to improve their credit rating.

    It turns out, renters aren’t throwing their money away after all.  Making up a large percentage of the population, renters will now have access to the credit products they deserve by meeting their monthly obligations, not just the ones they take out loans for.  The change will have a positive affect for millions of renters including immigrants, students and displaced homeowners.

    Experian collects data electronically from a property management network, rewarding responsible renters and reducing the risks of skips, bad checks, evictions and property damage for landlords and property managers nationwide.

    It is unknown if TransUnion or Equifax will follow suit and begin offering rental payments on their reports, but a recent on eHow.com suggests having rental payments added to all three credit reports is as simple asking your landlord or property management company to report them.

    For more information on Rent Bureau by Experian, visit http://www.experian.com/rentbureau/rental-payment.html.

    For more from this author visit:  Tameka Riley’s Author Page

Prepaid Debit Card Reviews, Complaints, Etc