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2024 Consumer Debt Doesn’t Look So Well

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In Equifax’s article about consumer debt, they have analyzed the most recent data on U.S. consumer debt from the Federal Reserve and have found that 2024 is off to a bad start financially. The total U.S. consumer debt was $17.39 trillion in March 2024, an increase of 2.6% from March 2023.

Mortgage debt is most of American’s largest debt, exceeding other types by a wide margin. Student loans are the next largest type of debt among, followed closely by auto loans. The debt for mortgages including home equity loans were $12.65 trillion, a 72.8% share of total debt, while non-mortgage consumer debt totaled $4.73 trillion, with 34.6% of non-mortgage consumer debt attributable to auto loans and leases and 32.0% attributable to student loans.

Regarding auto loans and leases debt, the total balances owed were increased by 3.2% year over year to $1.64 trillion. March 2023 levels are similar to the number of outstanding accounts being 86.8 million.

Regarding credit card debt, the outstanding balances have gone up by 10.7% to reach $1.00 trillion year-over-year. The number of accounts that were still outstanding reached 548.1 million, a 3.3% increase from last year.

From all the debt analytics and research, we can surely confirm that our economy has had a major downfall from 2023 to 2024 in debt. We are now mid-year, so let’s hope for a better outcome to our financial crisis as the year comes to an end.

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How Do You Get Your AnnualCreditReport?

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AnnualCreditReport.com is a website that offers free access to your credit reports from Experian, Equifax and TransUnion. You’re entitled to a free report from each main credit bureau: Experian, Equifax, and TransUnion, every year. AnnualCreditReport is a safe and secure way to get all three reports quickly and easily, but these reports don’t show you your credit scores. Below are the steps neededs to take when requesting a report from AnnualCreditReport:

Step 1: Make sure to visit the correct website which is www.annualcreditreport.com

Step 2: You will need to submit all of your personal information such as your full name, social security number, date of birth and mailing address. This, along with other personal data, will be matched against files for identification

Step 3: Choose the credit report you would like to order. You can order your credit reports from one, two or all three of the major credit bureaus which is Equifax, Experian and TransUnion.

Step 4: You will need to succesfully answer security questions. For each credit report request, you’ll be asked a few questions about your finances that only you know the answers to.

Step 5: Generate your credit report online. You can save your credit reports to your desktop or print them out so you’ll have access to them later

If for any reason you need to request a credit report by phone you can do so by calling 877-322-8228. Also, if you choose to request a credit report by mail but you must fill out their request form and send it Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-5281.

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What Is An AnnualCreditReport?

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AnnualCreditReport.com is a website that offers free access to your credit reports from Experian, Equifax and TransUnion. You can request your credit reports by providing some personal information and answering a few questions to verify your identity. You’re entitled to a free report from each main credit bureau: Experian, Equifax, and TransUnion, every year. AnnualCreditReport is a safe and secure way to get all three reports quickly and easily, but these reports don’t show you your credit scores.

AnnualCreditReport.com, or ACR for short, it allows consumers to retrieve a copy of each of their three credit reports every 12 months at no cost. You can view your credit reports to make sure your credit profile is up to date and free of inaccuracies. Reviewing your credit report also helps you pinpoint areas of your credit history where you can make improvements to increase your credit score. These steps are particularly helpful if you’re getting ready to apply for a credit card or loan, especially a large loan like a mortgage or car loan.

With AnnualCreditReport you wont be notified daily of any activity that is going on in your credit report nor will you be able to receive your credit score. Here are at Credit.CC, you will receive free credit monitoring, you’ll also be able to get access to your Experian, Equifax and Transunion credit reports at anytime, along with real-time alerts when changes are made to your report and your FICO scores as well. This credit monitoring service can provide more consistent access to your credit profile and make it easier to respond to inaccuracies, identity theft and other issues more quickly.

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What Is A FICO Score?

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What is a FICO Score? FICO stands for Fair Isaac Corporation. Fair Isaac Corporation was one of the first companies to develop a method for calculating consumer credit scores based on information collected by credit reporting agencies.

The FICO score is a numerical representation of your creditworthiness. While there are other credit scoring models available, such as VantageScore, the FICO score is considered the most widely known. It’s used by many major banks and lenders to evaluate a borrower’s credit risk when making lending decisions.

Your FICO score is calculated using a complex formula that takes various factors into account. The following factors each help determine your FICO score to some degree: Payment history, credit utilization, length of credit history, types of credit used and new credit inquiries. With our services at Credit.CC, you can view all of your accounts in one convenient dashboard and be able to review your FICO credit score as well.

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What is A FAKO Score?

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So what is a FAKO score you might be asking yourself? A FAKO score is a term that refers to any credit score that’s not a FICO score. A FICO score is the most commonly looked at credit score by lenders. A FAKO score is literally any score that is not a FICO score.

Some companies such as Credit Karma & Credit Sesame provide FAKO scores and almost never refer to the scores they offer as FAKO. They are usually referred to as educational scores or simply credit scores.

Because FAKO scores are based on data found in an individuals credit report, there is a usually a connection between a consumers FAKO score and their FICO score. It may be worth it for an individual finding out their FAKO score for educational purposes, as it should indicate if their credit is on the rise or fall. Most companies offering these FAKO scores also include information such as how certain credit decisions will affect their score.

People developing FAKO scores are also trying to make sure their scoring models closely resemble that of the FICO model. There are so many FAKO scores out there, before making any significant credit decisions such as applying for a new credit card, Credit.CC advises that consumers find out their true FICO scores which you can do so on our website.

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Are Credit Monitoring Services Worth It?

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It’s no secret that identity theft has been an issue for consumers. However, there is a solution that can help detect issues early on which is credit monitoring. With a credit monitoring service you can track your accounts and receive alerts to any changes or suspicious activity on your credit report, giving you time to start the process of undoing any damage that’s been done.

Your credit history can have an impact on your ability to make big financial decisions, like purchasing a home or buying a new car. If your credit report has any negative information on it, your credit score will drop and you could be denied for many things.

Even if you’re credit is amazing and you have made all your payments on time responsibly, if someone has unauthorized use of your information, they can quickly damage your hard-earned credit score. That’s when credit monitoring comes in handy. You will receive a credit alert with any changes that occur on your credit report and if you see an alert corresponding to a change you didn’t make, you’ll know something is up and you can move quickly to repair any issues that might impact your creditworthiness.

Credit monitoring services can act like a watchdog over your accounts, flagging suspicious activity or changes so you can move quickly to correct inaccuracies or do damage control. You can request a free credit report every year from the three credit bureaus yourself, however, if you’ve been the victim of identity theft or fraud you might need more monitoring so you may want to consider paying for a credit monitoring service. Generally speaking, it’s a good idea to check your credit reports at least once a year. If you’re making a major purchase, consider monitoring your credit for a few months beforehand to ensure everything is in order.

So with that being said, credit monitoring is definitely worth having. With our services at Credit.CC, you can view all of your accounts in one convenient dashboard and be able to review your credit score as well.