Data Facts Lending Solutions Blog

UPDATE: How DU Plans to Handle Your Frozen Credit Files

Posted by Sara Kellum

Nov 9, 2017 11:51:10 AM

After the Equifax security breach that impacted millions of US consumers, many have elected to place a credit freeze on one or all of their credit reports as a safeguard. While putting a freeze on your report helps protect against fraud, it can present challenges if the consumer needs to obtain legitimate financing. 

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Topics: Identity theft, Credit Freeze, fannie mae, frozen credit files

Trick or Treat? Avoid these Mistakes During the Home Buying Process

Posted by Susan McCullah

Oct 31, 2017 1:11:40 PM

Is it what you hope is the last Halloween before you move into a new home? Are you dreaming of passing out candy to hungry zombies and beautiful princesses?

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Topics: Credit Score, Mortgage Lending, mortgage process

New Rule Makes It Harder for Medical Bills to Mess up Your Credit

Posted by MIchelle Andrews

Sep 29, 2017 1:03:33 PM

The three bureaus added regulations on when medical bills can be reported on consumer credit reports.

This article was originally published on npr.org by Michelle Andrews.

Millions of Americans have medical debt that's hurting their credit. The Consumer Financial Protection Bureau estimated it's as many as 43 million people, according to data released in late 2014.

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Topics: Credit Score, CFPB, Understanding Credit Scores, medical debt

Fraud Alert and Credit Freeze: Which Do You Need?

Posted by Jennifer Hamby

Sep 19, 2017 11:15:42 AM

In light of the recent Equifax security breach, Data Facts is re-posting information on fraud alerts and credit freezes.

 Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.  On a case-by-case basis, that means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses!!

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Topics: Identity theft

Worried About Your Credit Score? 4 Tips for Reviewing Your Credit Report

Posted by Susan McCullah

Sep 13, 2017 10:36:52 AM

 In light of the Equifax security breach, consumers are concerned about their credit report. Advice is everywhere on how to handle this issue. Regardless of whether or not you decide to freeze your credit, you need to CHECK YOUR CREDIT REPORT!

So, what do we mean by that? What are you supposed to be checking?

While pulling your credit report at least once a year is very good advice, a person needs to know what to look for when reviewing their information.

You can actually check your credit 3 times a year at no charge.

Goto www.annualcreditreport.com which is a website sponsored by the three credit bureaus. You can pull one bureau once a year for free. Simply enter your information and order a one-bureau credit file.

Then what? 

Start with these tips to make certain you understand the information on your credit report:

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Topics: Data Facts blog, wordpress blog, Data Facts, Credit Score, Collection accounts, Collections, credit cards, credit history

Fannie Mae Increasing Debt-to-Income Ratio to Expand Mortgage Lending

Posted by Kelsey Ramirez

Jun 14, 2017 11:06:30 AM

This article was originally published on HousingWire by Kelsey Ramirez. 

Fannie Mae announced it is increasing debt-to-income ratio, the No. 1 reason that mortgage lending applicants get rejected, according to an article by Kenneth Harney for The Washington Post .

The largest population rejected due to high DTI ratios is Millennial borrowers, who often stretch to pay their rent early in their careers, according to

the article.

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Topics: Mortgage Lending, fannie mae

Mortgage Lenders' Challenge: Find New Sources For Lien And Judgment Data

Posted by Ann Fulmer

May 31, 2017 2:40:01 PM

This article was originally posted on MortgageOrb, written by Ann Fulmer.

In less than a month, the nation’s top credit-reporting agencies (CRAs) will drop most civil judgment and tax lien data from consumer credit reports. It’s a change that will boost millions of consumers’ credit scores – and one that raises major concerns for employers, landlords, mortgage bankers, and other lenders and service providers that use FICO scores as a primary means of determining consumer creditworthiness.

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Topics: credit reports, Credit Score, mortgage changes, Liens and judgment data

Fannie Mae Moves to Accommodate Student Loan Debt

Posted by Jann Swanson

Apr 26, 2017 9:00:40 AM

Data Facts periodically shares external information to educate our lending clients on upcoming industry changes, shifts, and relevant news that affects them. 

~Originally posted at Mortgage News Daily by Jann Swanson. 

At $1.4 trillion, student loan debt represents the U.S.'s second largest debt market behind mortgages and, in several recent surveys, younger respondents have said those loans are a large reason they are unable to save up a downpayment to buy a home. The debt won't easily go away, but Fannie Mae now says it would like to make those loans a slightly little less painful presence in borrowers' lives.

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Topics: fannie mae, Student loan debt

Credit Report Changes May Result in Credit Score Increases for Many Consumers

Posted by Susan McCullah

Mar 20, 2017 3:07:27 PM

The three credit bureaus, Equifax, Experian, and Transunion, will be making changes to two types of information currently reported on credit reports. These alterations could show credit score increases for an estimated 1 in 12 consumers. 

Tax liens and civil judgments are the two pieces of information on the hotseat. The change is scheduled for July 1, 2017. It's estimated that up to half of civil judgment information and most of tax lien data will be removed. 

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Topics: credit reports, Credit Score, mortgage news, Mortgage lenders

2017 Mortgage Trends that Can Disrupt A Mortgage Pro's Success

Posted by Susan McCullah

Feb 28, 2017 11:07:34 AM

Several components play into the fact there's no easy sailing for mortgage professionals.

 2017 poses especially unique challenges. Being prepared with the right tools and education is key to being successful in today's mortgage industry. 

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Topics: Data Facts blog, Millennials, Mortgage Lending, Potential Millennial homebuyers

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