Credit Card Act of 2009

If you haven’t noticed by now there have been changes on your credit card statement which makes it easier to read. For one, the interest rate is shown more clearly and not in small text that is impossible to read. To try and get consumers to pay off their debt as soon as they can, government regulations has told credit card companies that they need to clearly define how long it will take to pay off the credit card if you only pay the minimum.

Because of a bill passed called the credit card act, finance companies must disclose information to the consumer like this. On the other hand, credit score reporting agencies are also effected by these new government regulations.

Click here to check your credit report free credit score. It’s important that you get a handle on your credit score and credit reporting so that everything is accurate.

Your credit score can be no more than 850 and no less than 300. With the credit card act, the regulation is trying to minimize credit card debt and with this it helps increase credit scores across the board. With the credit card regulations, your credit card APR rate may be at a better rate if you have a better credit score.

I would probably get a free credit score check online now to see what you have as your credit score. The range for a good score can be from 700 and up so shoot for the stars.

You can have time on your side if you are meticulous about it early on in life. For kids these days in college, they need loans so they can first check their student loan credit report. It doesn’t hurt to check your credit score yourself, so it is in your best interest to do so.