Quick Credit Cards

Starting February 22, 2010, credit card companies will have to verify that you have the ability to repay your credit card balance before they approve your credit card application. This would have delayed the 60-second approval that credit card issuers and credit card applicants have come to love, so credit bureaus have come up with a solution.

Credit bureaus will start reporting an estimate of your income to businesses who request your credit report. The income reported by credit bureaus is just an estimate and could be much less than your actual income, which could lead to your application being denied. Income is simply estimated based on the information in your credit report. You may not be able to see the information or dispute it if it’s not accurate.

You can help improve the accuracy of your income by making sure the information in your credit report is right. If you find any errors on your credit report, dispute them with the credit bureau.

Source: Wall Street Journal

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