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Credit reporting agency Equifax is nearing a deal to pay about $700 million to state and federal regulators to settle probes stemming from a data breach that exposed the personal information of nearly 150 million people, according to two published reports. Funds from the settlement will go toward compensating consumers for the cost of the 2017 data breach, the Wall Street Journal and The new York Times reported Friday, citing people close to the matter. The hack, the largest in US history, exposed sensitive informaiton, including names, Social Security numbers, drivers' license numbers and addresses. The amount of the settlement could change depending on the number of claims still to be filed by consumers, the journal said. The deal with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general also requires more changes to how Equifax handles private user data, according to the reports.  It could be announced as early as Monday

If you're saddled with credit card debt - which can be particularly pernicious due to hight interest rates - paying it off should be a priority.  Balance-transfer credit cards can be a handy tool for that, but proceed with caution. First off, know that you may need a good credit score to qualify for a good balance-transfer card.  (You might get a significantly lower interest rate on your current card, though, just for asking for one.) Next, read the details.  Once card might offer a 0% rate for 15 months, while another extends it for 21 months.  Once the rate expires, you'll be paying the card's regular rate, so check the interest-rate range you might expect later.  Some card's recent rates were in the 12% to 18% range, while others were more like 17% to 26%.  (Ideally, aim to pay off your debt in full before the 0% rate expires.) Find out whether a fee will be charged on the amount you transfer, too.  Fees of 3% to 5% are not uncommon, and with a large enough balanc

M illennials' aversion to credit cards can make it hard for them to build good credit scores.  A recently announced scoring system, the UltraFICO may someday help them and other consumers get loans and credit based on how they use their bank accounts.  People who don't overdraw and who keep a few hundred dollars in their accounts could get enough points added to their traditional FICO credit cores to qualify for approvals or better rates and terms.  Others who don't have FICO scores that allow them to get approved for credit.  These are big changes, because up to now consumer needed accredit history to generate credit scores.  Good credit score not only save people money on loans but can help them get apartments, cheaper insurance and better cellphone deals as well.  UltraFICO's creators - credit scoring company FICO, credit bureau Experian and financial technology company Finicity - say the score could help people who have little or no information on their credit repor

Hack that began as far back as 2014 could affect up to 500million The hotel chain asked guests checking in for a treasure trove of personal information:  credit card, addresses and sometimes passport numbers.  On Friday, consumers learned the risk.  Marriott International revealed that hackers had breached its Starwood reservation systems and had stolen the personal data of up to 500 million guests. The assault stated as far back as 2014, and is one of the largest known thefts of personal records, second only to a 2013 breach of Yahoo that affected 3 billion users accounts. The intrusion was a reminder that after years of headline-grabbing attacks, the computer networks of big companies are still vulnerable. The affected hotel brands were operated by Starwood before it was acquired by Marriott in 2016.  They include W hotels, St. Regis, Sheraton, Westin, element, Aloft, The Luxury Collection, le Meridien and Four Points.  Starwood-branded time-share properties were also affected. 

A t some point, you'll buy your last car and refinance your last mortgage.  Surely, you're thinking, now I can stop worrying about my credit score.  Well, not really, although there are situations when credit scores shouldn't be anyone's main concern.  Let's start with some reasons why credit scores will matter, even when you don't plan to borrow money. Lenders aren't the only ones checking your credit.   Most insurers use credit-based insurance scores, which use information from credit reports, to help set premiums for auto, homeowner and renter polices.  A drop from excellent to poor credit can more than triple a homeowner's premiums in some states.  Credit can have a bigger impact on auto insurance premiums than any other factor, including your driving record, according to an investigation by Consumer Reports. That's not all, Cellphone companies often reserve their best deals for people with the best credit.  And many employers check credit rep

Your credit score will nose its way into nearly every major milestone in your life.  At every turn - buying your first car, leaving your parents' cellphone plan, moving to a new apartment with a partner - you'll need good credit.  Without scores of 690 or higher on an 850-point scale, you'll generally pay more than you need to.  But people with bad credit are not bad people.  Even the companies that dole out credit scores know this.  "The credit score is not a reflection of who you are as a person or how accomplished you are," says Jeff Richardson, a spokesperson for VantageScore, one of the two main credit scoring models.  "It is not passing any judgment."  You might, however, be judging yourself for the choices that sunk your score, or the fact that you've been too overwhelmed to think about it.  The best way to get your credit score back on track is to loosen its hold on your self-worth. Don't be afraid to look: You'll need to know whe