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The average credit score in the United States is 711—an all-time high according to credit score developer FICO. Not only is the average FICO® Score better than it has ever been, scores for U.S. consumers have been on a steady rise for the past decade. The reason credit scores matter so much is because lenders, insurance companies and other businesses routinely use them to evaluate risk. Consumer credit scores designed by FICO and VantageScore Solutions predict how likely you are to default on a credit obligation (pay 90 days late or worse) in the next 24 months. Credit scores range...

Overdraft fees are a silent but costly aspect of personal finance. The most recent Forbes Advisor Checking Account Fees Survey found the average overdraft fee is $24.38, with credit unions charging the highest fee compared to other banking institutions.    But what’s most striking about overdraft fees is that they are disproportionately shouldered by those who […]

Consumer confidence continues to tick upward, but there’s still a gap between outlook and reality for many Americans. This week, the Forbes Advisor-Ipsos Consumer Confidence Weekly Tracker saw an all-time high for its expectations index, which measures consumers’ outlook on their personal financial situation, community economy and employment. It reached 70.6 (out of 100)—the previous […]

The 1960s are known for being an important time in U.S. history. It’s a period that ushered in many groundbreaking legislative changes, such as the Civil Rights Act of 1964, the Medicare Law of 1965 and the Voting Rights Act of 1965. Amid these groundbreaking federal laws, you’d be remiss to forget about the Consumer […]

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The year 2020 changed life for families across the globe. Amid major adjustments like working from home, virtual schooling and new healthcare precautions, there was another area where Americans experienced change. The Covid-19 pandemic altered credit card habits for consumers nationwide. During a year when millions were stuck at home and unemployment rates reached a […]

Americans are growing increasingly confident in the economy’s potential for recovery post-pandemic, but are still divided over whether now is the right time to try to get back to “normal” and fully open businesses before the virus is contained. Sixty-one percent of Americans agree that the economy will recover quickly once pandemic restrictions are relaxed, […]

Congress passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 a little over a decade ago. The CARD Act, as it’s more commonly known, is a major piece of federal legislation that regulates credit card issuers in the U.S. It expanded the Truth in Lending Act by adding transparency related to credit cards […]

When you think of freezing, credit may not be the first word that comes to mind. But knowing how to freeze your credit can prevent you from pain even worse than frostbite: identity theft. What a credit freeze does is simple: It protects customers by blocking access to their credit reports. Whenever a consumer applies […]

When the pandemic began, the three major credit bureaus allowed Americans to access their credit reports for free once weekly through April 20, 2021, instead of the once-yearly access normally required by federal law. Today, those credit bureaus—Equifax, Experian and TransUnion—have announced an extension of that access through April 20, 2022.  The bureaus’ joint hub […]

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