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A credit report provides a snapshot of a persons ability to manage credit over time. The report includes most revolving credit lines, automobile loans, home mortgages, student loans and other debts. Information such as bankruptcies, tax judgments, and other public records may also appear on the report.

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More from Reuters: by Linda Stern
Wednesday, July 13, 2011

There’s an irony about the new credit score disclosure rules issued by the Federal Reserve Board on July 6, and this is it: Would-be borrowers who are most likely to get their credit scores for free are still the people who may find it advantageous to buy their scores.

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The borrowers who won’t get their scores may find they don’t need to buy them, either.

That’s because the rules require lenders to supply potential borrowers with their scores if they are denied credit or offered less favorable terms because of those scores. Starting on July 21, scorned applicants for credit cards, student loans and auto loans will see their scores.

But learning after you apply for a loan that there was a problem with your credit score isn’t that much help, is it? People who know t

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A stolen credit card is an obvious threat to a consumer’s identity, since a string of fraudulent purchases can swiftly undo someone’s good credit standing. But most identity-related fraud occurs outside the credit system, according to a recent survey by IdentityHawk, a company that sells identity protection services.

The company found that 17% of American consumers have been victims of ID theft, and 28% of all households have at least one member who’s been hit by the crime.

Credit card account fraud was the most common type of identity theft, comprising 20% of all cases, IdentityHawk found. But what about the other 80%? The second most-common identity theft scenario involves the sale of personally identifiable information, including Social Security numbers. Theft of bank account debit cards came in third, affecting 16% of ID theft victims.

The reason why any of this matters is that most systems to detect and stop identity theft rely on observing credit transactions, often by looking for anomalies in purchasing history. If a

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Many merchants large and small have recently made the decision to reduce the amount of credit and debit card transactions they will accept because they feel that the payment processing networks charge too much for doing so, according to a report from the Los Angeles Times. Typically, these fees can add up to as much as 2 percent of a total transaction.

The latest major company to do so is John Hancock, a massive financial services firm, the report said. It recently informed its long-term care insurance customers that it would no longer accept payments via credit card. Instead, payments can only be made by check or through automatic deduction from a checking account.

“The decision to discontinue this option is due to the high fees associated with this billing method,” the company said in a recent letter to ratepayers, according to the newspaper.

The Federal Reserve Board recently said it would impose a transaction fee limit of 21 cents on all debit card purchases on October 21. This is up considerably from the originally proposed rate of 12 cents per transaction, but down more than 50 percent from the current average of 44 cents.

For a closer look at how these new debit card fees end up hurting the American consumer the most, watch Credit.com’s Gerri Detweiler on The Daily Ticker for Yahoo! Finan

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Question by Strong All Along: Would I have a lot of problems transferring my college credit from NY to CA?
I go to a community college in New York & I’m thinking about transferring to somewhere in California.. I’m wondering if the inter-state transfer would cause me to lose a lot of the credit I’ve already earned? It’s mostly general ed classes, if I transferred with a A.A. in Liberal Arts what should I expect? Any info?! Thank you!

Each school sets its own rules for transfer credits so you would have to contact the registrar at the university of your choice to determine if they will accept your credits. Cali is a huge state with hundreds of colleges from tiny ones to UC which has branches throughout the state.