Data Facts Lending Solutions Blog

A Better Mousetrap? Ten Crucial Points about Mortgage Trended Data

Posted by Susan McCullah

Mar 7, 2016 1:00:00 PM

Being able to predict whether or not a consumer will pay his or her mortgage loan on time and in full is the concept behind credit scoring. The Fannie Mae announcement about trended data being added to mortgage credit reports for the underwriting process is causing a shift in the entire industry.

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Topics: Mortgage, Credit Score, FICO, mortgage trended data, trended credit data

Why Are My FICO Credit Scores Different?

Posted by Jennifer Hamby

Sep 8, 2015 8:00:00 AM

If you’ve recently checked your FICO credit scores (Equifax, Experian and Transunion), you may have noticed that your credit score varies between the three. After thoroughly reviewing your credit report, you may be asking yourself, “Why are my 3 FICO credit scores different?”

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Topics: credit reports, Mortgage loan, Credit Score, Credit Bureau, FICO, Understanding Credit Scores

Are Millennials "Credit-Invisible"?

Posted by Jennifer Hamby

Jul 30, 2015 11:27:42 AM

Millennials are one of the largest demographic groups in the U.S. It is estimated that by 2020, one in three adults will be millennials. Yet, unlike past generations, this group appears to be less active in traditional credit and financial markets. With 33% being under–banked and 63% not have having credit cards.  

Millenials do in fact apply for credit, but are denied at a much higher rate than their generational counterparts.  Why? 

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Topics: Millennials, Credit Score, FICO

What You Need To Know About FICO 9.0

Posted by Jennifer Hamby

Mar 20, 2015 1:04:00 PM

FICO, the nation’s most popular credit-scoring system, released news about its latest credit scoring model, FICO®9.0.  While the media was all a-buzz with the potential “improvements” associated with the expected changes to the new scoring model, it is important to note that this will take time for mortgage consumers to experience its impact.

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Topics: credit reports, Credit Score, Collections, FICO, Understanding Credit Scores

FICO 9.0 - Great New Features, but Currently Not Available For Mortgage Lending

Posted by Jennifer Hamby

Aug 19, 2014 8:13:00 AM

Last week, FICO, the nation’s most popular credit-scoring system, released the news about its latest credit scoring model, FICO®9.0.  While the media was all a-buzz with the potential “improvements” associated with the expected changes to the new scoring model, it is important to note that this will take time for mortgage consumers to experience its impact.

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Topics: credit reports, Credit Score, Collections, FICO, Understanding Credit Scores

5 Common Credit Mistakes That Could Be Lowering Your Score

Posted by Jennifer Hamby

Jun 5, 2014 7:25:00 AM

Given all the myths surrounding credit scores, from the (false) belief that married couples share a single score to the notion that each person only has one, it’s no wonder there’s also some confusion about just what can help or hurt a score. In fact, some people unintentionally lower their scores, which can lead to higher loan payments or even loan denials, through behaviors they could change.

Here are five common mistakes that can accidentally hurt your credit score:

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Topics: credit reports, Credit Score, FICO

Finding the RIGHT Credit Card for YOU!

Posted by datafactssolutions

Mar 31, 2014 10:55:00 AM

Looking for a credit card? If so, you’ll need to shop around. Do some research to compare costs, features and drawbacks before settling on a single card.

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Topics: Data Facts blog, lending solutions, Credit Score, finances, credit cards, credit history, FICO

STOP! Don't Mess Up Your Home Mortgage!

Posted by datafactssolutions

Feb 26, 2014 10:25:00 AM

You’ve gone to your lender and been approved for a home mortgage. You’ve found the home of your dreams. But just when you are about to close, the lender says you are no longer approved. What happened?

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Topics: Data Facts blog, wordpress blog, Data Facts, Mortgage, lending solutions, Credit Score, Mortgage compliance, finances, credit cards, credit history, Compliance, Credit Bureau, mortgage news, FICO

8 Ways to Build a GREAT Credit Score

Posted by datafactssolutions

Feb 6, 2014 10:55:00 AM

Establishing a good credit history has never been as important as it is today. It's not just that you'll need good credit to get decent rates when you're ready to buy a home or a car. Your credit history can determine whether you get a good job, a decent apartment or reasonable rates on insurance. One seemingly minor misstep -- a late payment, maxing out your credit cards, applying for too much credit at once -- can haunt you for years. If you're just starting out, you have a once-in-a-lifetime opportunity to build a credit history the right way. Here's what to do, and what to avoid.

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Topics: credit checks, credit reports, Credit Score, credit cards, credit history, Credit Bureau, FICO

Data Facts Answers Question About Authorized User Accounts

Posted by datafactssolutions

May 30, 2012 8:36:00 AM

Question: “In the past, our mortgage company has encouraged borrowers who have either little credit or are rebuilding their credit to become an authorized user on the account of a spouse, parent, or sibling. Recently, however, we have heard that authorized user accounts are no longer factored into a person’s credit score, and will not help increase a credit score. What is true? Help!”

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Topics: Data Facts blog, wordpress blog, Data Facts, authorize user accounts, Credit Score, authorized user, Improve Credit Score, piggybacking, credit cards, credit history, FICO

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