Cordray: Change Credit Card Rules for Stay-at-Home Parents

For years, credit card restrictions have discriminated against stay-at-home parents who do not bring in enough income to get approved, even if their spouse has sufficient income. The Consumer Financial Protection Bureau is hoping to change that.

CFPB Director Richard Cordray announced last week that they would be proposing a new rule where credit card eligibility would be based on household income instead of individual income. If the rule is put into place, more stay-at-home parents with strong credit would be eligible for credit cards.

At My Credit Specialist, we are very excited about this change. It is unfair for a stay-at-home spouse to be denied for a credit card, even if they have stellar credit and their spouse brings in enough income. Besides, it is important for both spouses to have a strong credit history if they ever need a loan of any kind in the future. Using a credit card responsibly and paying it off is the easiest way to build a credit history. Hopefully this rule will be put into place and more Americans will have access to credit.

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Over Two-Thirds of Americans Can't Name Big 3 Credit Bureaus

Credit scores can affect your ability to get a car, house, or job, but a recent survey shows that less than one-third of Americans can name all three credit bureaus.

The three major credit bureaus are Experian, Equifax, and Transunion, and they are independent entities which all compile their own credit reports and credit scores. When survey subjects were asked to name the credit bureaus, sixty-nine percent could name one bureau, forty-eight percent could name two bureaus, and thirty percent could name all three bureaus. The survey results showed that education was the most significant factor in whether people knew all three credit bureaus, but among those who had completed college education or more higher education, only thirty-two percent knew all three credit bureaus.

G.I. Joe said that knowing is half the battle, and in this case, they were completely right. How can you have a healthy credit history or credit score if you don't even know the companies that are compiling your credit report? Have these consumers ever taken a look at their credit reports, making sure to get one from each credit bureau? Considering that many consumers can't name all three credit bureaus, I seriously doubt it.

Understanding how the credit bureaus work and improving your credit score does not have to be difficult. You can learn more about the credit bureaus and how they calculate your credit score at http://mycreditspecialist.com/educate.html and learn tips for improving your credit score at http://blog.mycreditspecialist.com. My Credit Specialist is even on YouTube, and you can view their on-going series “Debunking Credit Myths” at http://www.youtube.com/mycreditspecialist.

Educate yourself with My Credit Specialist, and put yourself on the road to better credit health!