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Credit bureau Experian announced last week that positive rental history will be included on credit reports going forward.

The move should help underbanked consumers, such as college students and recent immigrants, build credit history.

In the past, only subsets of negative rental activity were included on credit reports, so consumers’ credit scores could only be hurt by their rental history.

The company said one-third of the country rents and argued that on-time rental payments should be included to reflect the “true creditworthiness” of those who pay on time each month.

Banks and lenders also stand to benefit from the change, as they’ll be able to update their underwriting procedures to automatically capture a consumer’s rental payment obligations from a credit report, instead of inputting it manually.

They’ll also have a more accurate understanding of a consumer’s total monthly obligations to assist in making future credit offerings.

Experian noted that the addition of positive rental history on credit reports will boost credit scores for more than one in three consumers in the highest risk VantageScore® score band to at least the next highest score band.

VantageScore uses both a number and letter grade (A, B, C, D or F), and has a credit score range of 501-990.

It’s unclear if the more popular Fico score will utilize positive rental history, but it’s fair to say it would make sense.

All the more reason to ensure you make your rent payments on time each month.

Borders Group, the country’s second largest bookseller who has struggled in the face of a tough economy and competition from other major booksellers and media companies, has hired a team of bankruptcy lawyers to address its financial situation.

The Wall Street Journal reports that part of these bankruptcy lawyers’ job will be to keep the company “out of bankruptcy court,” according to sources that are close to the situation.

Borders is attempting to get $500 million in credit as it eyes a restructuring in the face of problems. Kasowitz, Benson, Torres & Friedman are the lawyer group who Borders has hired to work with this restructuring.

Payments stopped to big publishers and distributors last month. The result has been that publishers have stopped sending their merchandise.

The bankruptcy lawyers who the company has brought on board will join a team of bankers as they work to avoid bankruptcy filing. The Wal

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Around this time of year, many recent college graduates are settling down into their first full-time jobs and getting their first taste of life on their own paying bills, shopping around for credit cards and insurance, and trying to pay down student loan debt.

With so many bills to pay, many young people can feel overwhelmed. Thats not surprising, given the fact that the average graduate from the class of 2009 holds $24,000 in student loan debt. Future students and alumni can expect this to rise in the coming years, as this type of debt rose by six percent from 2008 to 2009 alone.

For many young people who are interacting with major lenders and credit card companies for the first time, its important for them to understand that, as in many other areas of life, a first impression can be a valuable one.

Those who choose to let their bills go delinquent could end up hurting their credit histories. Read more…

There are many reasons why it considers that the monitoring of your credit profile and keep track of your financial situation. Most of people monitor their credit profile, if you are planning a robbery to borrow money, or simply because they are curious about the identity and the maximum time for review. The best thing you can do is check that your personal credit report at least once every three months. So you can become aware of your credit profile to the smallest detail. You can not justAfford to ignore the importance of constant contact, one for the report. And what’s more, these days have fairly easy Totally Free Credit Report.

A clear idea of where you stand in relation to your credit rating is more important given the fact that many people have discovered the hard way that their scores were low. Read more…

Is your phone ringing off the hook for someone you do not know? If a collection agency has your telephone number in their records for debt belonging to someone else, you can become a target for endless harassment. In most cases, it does not matter if you tell a debt collector repeatedly that you are not the person they are looking for. They will continue to call you anyway. Luckily, there are ways to defend yourself and end the harassment by taking a few simple actions.

Stop Harassment at the Source

According to the Federal Trade Commission, you should initiate a debt dispute by obtaining the address of the debt collector and writing a letter in which you declare that you do not owe the debtor anything. You should also request verification of the debt and conclude your debt dispute by demanding that the agency cease and desist with any further contact. One caveat, however: if it is a debt you actually owe and the debt collection agency sends you verification of the debt with your name on it, they will be able to continue contacting you. Read more…

There is a Target store just a couple of blocks from my home and I am in there every week it seems. It also seems that I can’t get out of the store without spending at least $50 (and I’ve tried!). So when the clerk recently offered me a 5% discount every time I shop there* – without signing up for a Target Credit Card – she got my attention. She explained that Target offers a debit card that would allow my purchase to be deducted from my checking account.

Of course, my first thought was about safety. How safe is it to tie my checking account to one of these cards? What happens if the card is lost or stolen? But I had other questions as well. So I contacted Target’s public relations department where Molly Koenst provided me with some answers, via email, about this card:

A Target Debit Card can be a good option for guests who do not want a credit card, as it draws right from an existing checking account, just like writing a check. In additi

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