Edens.nl: het laatste nieuws het eerst! 
President Trump at the White House on Friday.
Login
President Trump at the White House on Friday.
Monitoring your credit report is more important than you might think. Even if you don't spot something as extreme as identity theft (knock on wood), minor errors here and there could be damaging your overall credit health. The accuracy of your credit report impacts your ability to secure loans, rent apartments, and even obtain certain jobs. Unfortunately, errors are more common than many people realize, and these mistakes can cause serious financial headaches if left unaddressed.
Use this list to review your own credit report and make sure everything checks out.
Seemingly minor errors can cause major problems—they can lead to confusion with credit agencies and potentially mix up your credit history with someone else's.
Misspelled name
Incorrect address history
Wrong Social Security Number
Incorrect birth date
One of the most dangerous types of credit report errors involves accounts opened without your knowledge:
Credit cards you never applied for
Loans taken out in your name
Unauthorized financial transactions
Accounts resulting from identity theft
Sometimes, the same debt appears multiple times on a credit report:
The same collection account listed more than once
Transferred debts showing as separate entries
Paid-off debts still appearing as active
Credit reports can incorrectly show:
Accounts marked as late when payments were made on time
Closed accounts appearing as open
Incorrect credit limits
Wrong payment histories
Negative information should automatically drop off after a certain period:
Bankruptcies older than 10 years
Late payments older than 7 years
Outdated collection accounts
If you do spot mistakes on your credit report, you'll want to take these steps to submit a dispute.
Obtain your credit reports. You can request free reports from all three major bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com.
Document the errors. Review each report carefully for discrepancies and gather any supporting documentation that applies. Make copies of proof (payment records, identity documents). Write a clear, concise explanation of each error.
File a dispute. I have a more thorough guide to filing a credit dispute here, but what you need to know is there are three primary methods to submit disputes: Online, by mail, and by phone. Online is the most efficient method, but by phone could suffice for simple, straightforward errors.
Follow up. Bureaus must investigate within 30 days. Track your dispute's progress until you receive a written resolution. If your dispute is valid, the bureau must correct information and notify other the bureaus to do the same.
Your best strategy is to take preventative measures like checking credit reports annually, using credit monitoring services, and placing fraud alerts or credit freezes if you find yourself a victim of identity theft. In general, do what you can to give away less of your personal data. In cases of significant identity theft, contact the Consumer Financial Protection Bureau or file a report with local law enforcement.
Credit report errors are not just inconvenient—they can be financially devastating. Remember, you are your own best advocate when it comes to maintaining accurate credit information. For more, check out some of my tips for boosting your credit score here.
Cashless policies disadvantage a number of groups, including low-income people, the homeless, undocumented immigrants and older adults.
Article tags
Big expenses, whether they are planned or come as unavoidable surprises, may require the use of a credit card. In fact, even if you can pay for something in cash, there are benefits to charging a major purchase to a card that can earn you rewards or protect your investment from defects or damage. As a reminder, an emergency fund is more essential than ever and can keep you from accumulating costly debt. But if you do need to use a credit card to cover a big expense, here's how to choose the best option.
If you're going to spend a lot on a credit card, select one that maximizes your rewards in the form of points, cash back, statement credits, or spending-based bonuses. On the most basic level, you should use the card in your wallet that offers a higher points accrual for the category your purchase falls in, such as travel, home improvement, or entertainment. If you have a big expense that wouldn't typically qualify as a bonus category (a medical bill or an engagement ring, for example), choose the card that has the best rewards rate across all purchases or that earns points you will actually use.
If it makes sense with your credit situation to open a new card account, look for one that has a higher earning rate in the category you are spending on or a generous welcome offer that can net you extra points or get you closer to a spending-based reward (such as flight credits or companion passes). Sign-up bonuses are generally awarded if you spend a few hundred to several thousand dollars in the first few months after opening the account, and a big purchase is an easy way to meet that threshold.
Finally, be sure to check for merchant offers that can be added to your credit card through your issuer portal. Amex Offers, Chase Offers, and Capital One Offers will apply cash back to your account or add to your points balance if you make a qualifying purchase at eligible merchants (but these offers must be added to your card before you spend). High-end clothing retailers, home goods and appliance stores, event ticket sites, and tech companies are often included in merchant offers.
Some credit cards offer benefits like purchase protection—which covers loss, theft, or damage to your item for a limited time—and/or extended warranty protection, which may add to the manufacturer's warranty in case your item fails once the standard period is up. If you are buying an expensive appliance—like a washer or dryer—or high-value electronics (a computer or TV), both offer good peace of mind.
Depending on your card's terms, purchase protection may have coverage limits for certain types of claims or spending categories, so be sure to read your policy carefully, and save all receipts in case you need to make a claim. Here are some of the best options for purchase protection and extended warranty coverage.
If you absolutely must make a purchase that you can't pay for in full once your monthly statement comes due, a credit card with an introductory 0% APR may be a good option to avoid adding interest to your debt. If one of your existing cards with other rewards or benefits listed here doesn't offer a grace period (or if that grace period isn't long enough), you could open a new account that offers 0% APR on purchases for anywhere from 12 to 21 months. Here are some of the best 0% APR intro offers to consider. A handful even come with rewards, such as points or cash back.
Remember, you still have to pay off the balance before your 0% APR intro period ends—otherwise, you'll get hit with costly interest and fees. Don't neglect the balance until the last month or you may find yourself in the same situation you started in.
If you aren't planning to pay off your card balance by the due date, interest isn't the only thing to keep an eye on. Your credit utilization ratio will likely also jump up and stay elevated if you aren't paying down the debt, which will affect your credit score. This may not be a huge concern if you aren't applying for new credit in the near future and have a concrete plan to lower your balance, but you should keep an eye on your score.
If you carry a balance on your credit card, you're paying interest charges. First things first: Figure out how to avoid being charged that interest in the first place. Otherwise, the easiest way to reduce your credit card interest payments is surprisingly simple: just ask. Many cardholders overlook this straightforward approach, potentially leaving money on the table. Here's how to go about lowering your interest rate, so you have a better shot of getting on top of your credit card debt.
Before making any moves, it's important to understand your current financial position. Start by reviewing your credit score and payment history, as these factors significantly influence your negotiating power. Next, compare your current interest rate to what's available in the market for similar credit profiles. This research will give you a realistic idea of what you might qualify for. Finally, calculate how much you could potentially save with a lower rate. This figure will not only motivate you but also provide a concrete goal for your negotiations.
Preparation is key to any successful negotiation. Begin by gathering information on competitor offers, especially those you've recently received in the mail or online. These can serve as leverage during your conversation. Make a mental note of your positive account history, including how long you've been a customer and your record of on-time payments. Be ready to discuss your loyalty as a customer, highlighting any other accounts or services you have with the same institution.
When you're ready to negotiate, contact your card issuer's customer service line. Ask to speak with a representative specifically about lowering your interest rate. Remember to be polite but firm in your request. Your demeanor can significantly impact the outcome of the conversation. Approach the call with confidence, knowing you've done your homework and have a strong case for a rate reduction.
During the conversation, focus on highlighting your good payment history and loyalty to the company. Mention any better offers you've received from competitors, using them as a point of comparison. Be specific about the rate you're seeking, based on your research of current market offers. Remember, the representative may not agree to your first request, so be prepared to negotiate.
If the representative doesn't agree to lower your rate, don't give up. Ask to speak with a supervisor who may have more authority to adjust rates. Inquire about temporary promotional rates that could provide short-term relief. If all else fails, consider a balance transfer to a card with a lower rate, but be sure to factor in any balance transfer fees when calculating potential savings. Remember, even if you don't succeed on your first attempt, you can always try again in a few months, especially if your credit score improves or your financial situation changes.
There are no guarantees your credit card company will approve a decreased interest rate, but the potential savings make it worth trying. According to LendingTree, the average reduction that people receive is 6.3 percentage points. Not only that, but more than three in every four cardholders who asked for a lower interest rate on one of their credit cards got one, according to that same 2023 survey.
Depending on your circumstances, that type of decrease could save you $500 or more in interest. Let's say a cardholder has $5,000 credit card balance and pays $250 per month.
A 6.3-percentage point reduction from 23.84% to 17.54% saves $478 and two months worth of payments. That adds up to $1,436 over 26 months (versus $958 over 24 months).
A 6.3-percentage-point reduction from 27.00% to 20.70% saves $532 and two months worth of payments. That adds up to $1,717 over 26 months (versus $1,185 over 24 months).
Credit card balance transfers are a useful yet often misunderstood tool. When used strategically, they can offer a path to debt reduction and financial stability. However, like any financial instrument, balance transfers come with both opportunities and pitfalls.
At its core, a balance transfer is the process of moving debt from one credit card to another, typically to take advantage of a lower interest rate. Many credit card issuers offer promotional balance transfer rates, often as low as 0% APR for a limited time, as an incentive for new customers. Here's when a balance transfer does and doesn't make sense, and the steps it takes to do it.
Balance transfers can be an excellent strategy when you have a plan to pay off the debt within the promotional period. It makes sense when interest savings outweigh the balance transfer fee, and when you're committed to not accumulating new debt on the old card.
However, balance transfers may not be advisable if you can't qualify for a card with better terms than your current one, or the transfer fee would cost more than you'd save on interest. If you don't have a realistic plan to pay off the balance before the promotional rate expires, then you might slip into to viewing the transfer as a reason to accumulate more debt.
Benefits:
Interest savings: The primary advantage of a balance transfer is the potential for significant interest savings, especially with 0% APR offers.
Debt consolidation: Transferring multiple balances to a single card can simplify your finances and make it easier to track payments.
Breathing room: A promotional period can give you time to catch up on payments without accruing additional interest.
Drawbacks:
Transfer fees: Most balance transfers come with a fee, typically 3-5% of the transferred amount.
Limited time offer: The low interest rate is temporary. If you don't pay off the balance in time, you could face high interest rates.
Credit score impact: Applying for a new card and increasing your credit utilization on one card can temporarily lower your credit score.
If a balance transfer is right for you, here's how to do it.
Assess your current situation: Begin by taking a hard look at your existing credit card debt. Note the balance on each card, their respective interest rates, and your current monthly payments. This information will be crucial in determining whether a balance transfer makes financial sense for you.
Research balance transfer offers: Explore the market for balance transfer offers. Look for cards offering low or 0% introductory APR periods. Pay attention to the length of these promotional periods, which typically range from six to 21 months.
Calculate potential savings: Use online balance transfer calculators or create a spreadsheet to estimate how much you could save with different offers. Don't forget to factor in balance transfer fees, which usually range from 3% to 5% of the transferred amount.
Check your credit score: The best balance transfer offers are usually reserved for those with good to excellent credit. Check your credit score to get an idea of which offers you might qualify for.
Apply for the new card: Once you've identified the best offer for your situation, apply for the new credit card. Be prepared to provide personal and financial information.
Initiate the transfer: If approved, contact the new card issuer to initiate the balance transfer. You'll need to provide information about your old card and the amount you wish to transfer.
Continue payments on the old card: Until you receive confirmation that the transfer is complete, continue making payments on your old card to avoid late fees.
Create a repayment plan: Develop a strategy to pay off the transferred balance before the promotional period ends. Divide the total balance by the number of months in the promotional period to determine your monthly payment goal.
While balance transfers can provide immediate relief, they're not a cure-all for financial troubles. To truly benefit from a balance transfer, it's crucial to address the underlying issues that led to the debt in the first place. This might involve creating a budget, building an emergency fund, or seeking financial counseling.
Remember, a balance transfer is a tool, not a solution. Used wisely, it can be a stepping stone to financial stability. But like any tool, its effectiveness depends entirely on how you use it.
Credit card points and airline miles are strange aspects of the modern economy. On the one hand, they’re not really worth all that much—airline miles, hotel points, and credit card reward points max out at about 1.5 cents per point, with most valued significantly less than a penny. On the other hand, they’re basically free money—you get them whenever you use the card, so as long as you’re traveling places you need to go to and buying stuff you need anyway (and not paying interest on those purchases), those points will eventually add up to something of value you wouldn’t otherwise have.
If you’ve got an airline-affiliated credit card like the United MileagePlus card or something similar, you’ve probably used the points you accrue mainly to offset the costs of travel. Points can be pretty easily used to pay for flights, hotels, and rental cars, and if the exchange rate is awful it’s still essentially free. But hotels and flights aren’t the only ways to cash in those points.
The points and miles you earn via credit card purchases or airline loyalty programs may not have much cash value, but they have some cash value. If you want to make the world a slightly better place without actually taking a hit in your bank account, you can probably donate your miles or points to charity. Most loyalty programs already have built-in relationships with charities that make this pretty easy. Keep in mind that these donations are probably not tax-deductible; the IRS views points and miles as discounts, not income.
Your loyalty program or credit card website might have a built-in option to subscribe to magazines or newspapers, or you can check out MagsForMiles to see if you can trade those points for reading material. If you’ve got nothing else to do with your miles and you will actually get something out of the periodical, this could make sense—especially because points and miles are often high-value when used this way, for some reason. For example, with MileagePlus miles you can get a 15-issue subscription to Wine Spectator for 1,000 miles; that sub costs about $72 annually if you bought it directly, which values your point at about 7 cents each, which is not bad at all.
If you want to convert your miles or points into something a little more flexible, a solution most people overlook is a gift card. Most of these programs will happily sell you a gift card (you can also sometimes exchange your unwanted gift cards for points—United’s MileagePlus program does this—creating a weird kind of circular economy of craptastic gift cards). As with all points/miles transactions, you have to dig in to see if you’re getting any sort of value. A $5.00 Starbucks card through MileagePlus will cost you 1,666 points, making those points worth about 3 cents each. On the other hand, a gift card makes it a lot easier to actually buy things at Starbucks, so it might make sense. Plus, it’s a way to give someone a gift without spending any real money, you cheap weirdo.
Yeah, the word “experiences” is kind of silly, but if you’ve got a stash of miles or points sitting in an account somewhere, you should look into the “experiences” you can either buy or bid on. MileagePlus offers a bunch of sporting experiences you can bid on with your miles, and Hilton Honors members can bid on a wide range of special events, like concerts, sporting events, or special dinners. Since these are usually auctions of some kind, you might get tempted into using more points or miles than you want—but since those miles and points are more or less free, it might be fun to just yeet them into an adventure you might otherwise never pay for.
While it’s generally legal to sell your points or miles to a third party like MilesBuyer, it’s not a great idea because most airlines and credit cards prohibit the practice. If you’re caught, you could lose your account and all your accrued points or miles.
But there are some options. Many rewards programs have options to cash out your points—Citi, for example, makes it pretty easy to convert your ThankYou points into a direct deposit into your bank account, a credit to your credit card balance, or even a check in the mail. That transforms your difficult-to-redeem points into actual cash, so it’s worth checking into the details of your program to see what your options are. But do the math before you jump on it—generally speaking, you want to get at least a penny a point before you convert to cash; otherwise waiting to redeem them for other goods or services might make more sense. For example, Citi’s ThankYou points are worth exactly one penny each when you turn them into cash, so 5,000 points becomes a $50 deposit in your account.
If your credit reports contain inaccurate or unverifiable negative items, it can severely damage your credit scores. This can make it difficult or impossible to get approved for loans, credit cards, rental housing, or even a job. The good news: When negative items on your credit reports are incorrect or unsubstantiated, you have the right to dispute them and have them removed. However, this process can be time consuming and complicated. That's where credit repair services can help.
Credit repair companies work on your behalf to dispute errors, outdated information, and unverifiable negative items with the credit bureaus and creditors or data furnishers reporting the information. The Fair Credit Reporting Act (FCRA) requires credit bureaus to investigate allegations of inaccurate or unverified information on a credit report. If the creditor cannot verify the negative item, it must be removed.
Here are some examples of negative items that may be able to be removed through credit repair efforts:
Late payments that are incorrect
Charge-offs and collections for debts you did not actually owe
Duplicate negative entries reported multiple times in error
Debts or negative items that are too old to be reported anymore (generally 6-7 years)
You may want to consider using a credit repair company if you have legitimate negative items on your credit reports that are bringing down your credit scores. This could include:
Multiple late payments that you did make, preventing credit score recovery
A high debt burden and maxed out credit cards hurting your credit utilization
Past delinquencies, charge-offs, repossessions or other major derogatory marks
While credit repair can't truly erase accurate negative information, it can help remove incorrect data that should not be on your reports anymore.
When you sign up for a credit repair service, they will obtain copies of your credit reports from all three major bureaus. You will need to provide documentation to verify any disputes over information you allege is inaccurate. The credit repair company will analyze your full reports and advise on a plan for which items to dispute first for maximum impact.
From there, the repair process involves sending official disputes and documentation to challenge the negative reporting. Credit bureaus must then investigate and verify or remove items accordingly within 30-45 days. This dispute cycle continues until all inaccurate negatives have hopefully been eliminated.
In terms of costs, you might pay a one-time flat fee or pay for each derogatory mark the company removes from each of your reports. According to Credit Karma, this may start around $35 per deletion and could range to $750 or more. The company may also charge by the month, ranging from $50 to $130 or more.
Since credit repair scams are all too common, make sure you're using a vetted service. Some top options to consider:
Credit Saint – $79.99 per month
The Credit People – $99.99 per month
Lexington Law – $99.99 per month
Again, be wary of any credit repair service asking for huge upfront fees—this could be a scam. Otherwise, professional credit repair assistance may be able to quickly improve your credit standing by correcting mistakes and removing invalid negative items weighing you down. And if you’re suffering because of a low credit score, you can take additional steps to boost your credit.
The Consumer Financial Protection Bureau (CFPB) issued a new rule on Tuesday capping late fees on credit cards. The move slashes the typical late fee from an average of around $32 down to just $8, saving affected consumers an estimated $220 per year on average.
The new regulation comes after the CFPB reviewed data showing credit card companies have been steadily hiking late fees higher and higher over the last decade by exploiting a loophole in the 2009 Card Act. That law allowed issuers to raise fees to adjust for inflation, which they took full advantage of.
"For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers," CFPB Director Rohit Chopra sad in the release. "Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines." Here's how the release breaks down the main takeaways of the new rule:
Lowers the immunity provision dollar amount for late fees to $8: Based on data analyzed by the CFPB, a late fee of $8 would be sufficient for larger card issuers, on average, to cover collection costs incurred as a result of late payments.
Ends abuse of the automatic annual inflation adjustment: The CFPB found that many issuers hiked their late fees in lockstep each year without evidence of increased costs. The CFPB’s final rule eliminates the automatic annual inflation adjustment for the $8 late fee threshold. This adjustment was added by the Federal Reserve Board and is not required by law. The CFPB will instead monitor market conditions and adjust the $8 late fee immunity threshold as necessary.
Requires credit card issuers to show their math: Larger card issuers will be able to charge fees above the threshold so long as they can prove the higher fee is necessary to cover their actual collection costs.
By capping late fees at a reasonable $8 level, the CFPB estimates the new policy will save consumers billions of dollars annually in excessive penalty charges. The rule is set to take effect later this spring.
However, while the late fee reduction provides some relief, remember this is only a bandage on the larger problem of credit card debt. With interest rates on unpaid balances still averaging around 20% or higher, the core issue of making it difficult for Americans to get out of credit card debt remains. As always, you should try to pay your credit card bill on time, and always pay enough to avoid keeping a balance. For more, here's the most strategic time to pay your credit card balance.
