There are three credit bureaus (Equifax, Experian, and Trans Union) that collect information about consumers from banks, mortgage companies, department stores, and other creditors such as credit card issuers.

By law, consumers are entitled to one free report per year from each credit bureau.  Since each credit bureau might gather information from different sources, there may be  differences between reports. Therefore, it is important  to review your report from each agency.  To stay current with these reports without paying for them, we recommend ordering one report from each of the three credit bureaus every four months. Reports may be requested online, by calling, or by mailing.  

Caution - there is only one government approved website to order your free reports.  Visit: the Federal Trade Commission for an amusing video explaining why.

To further discuss the impact that credit bureaus and credit reports have on your financial strategy, make an appointment with Diane Nissen Friedman by phone (201)447-1137 or email.

A grace period is the number of days a consumer has to pay the balance in full before incurring finance charges.  Credit card companies are not required to extend grace periods to their customers.  Generally, grace periods are not extended for cash advances or balance transfers. 

If your credit card has a grace period, the issuer must mail the invoice at least 14 days before the due date.  This allows the consumer time to pay the bill without incurring a finance charge.