Data Facts Lending Solutions Blog

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

Six New Year's Resolutions that Help You Close More Loans in 2016

Posted by Susan McCullah

Jan 26, 2016 10:27:14 AM

The new year is upon us, and most of us set goals that we want to accomplish. Many of these relate to money. If you are a mortgage professional who could handle more bucks in your bank account, employ these six New Year's resolutions to help you close more loans in 2016. 

#1: I will educate myself on all mortgage aspects. Consumers have lots of questions during the mortgage process, and it pays to be able to answer them in a concise, understandable manner. Mortgage professionals who "don't have time" to give their customers the 411, or who aren't prepared for the barrage of questions will most likely end up with big, gaping holes in their schedule. 

Resolve to: read industry blogs, attend training webinars, and in-person presentations about current

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Topics: Mortgage, lending solutions, Credit Score, Understanding Credit Scores, Third Party Vendor Management

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

The Credit Impact After Selling Your Home

Posted by Jennifer Hamby

Aug 11, 2015 8:00:00 AM

The housing market is HOT!  Are you getting ready to sell your home, but wonder if and how it will affect your credit? Selling your home could impact your credit in a few key ways. Let’s take a look and some of the ways- both postive and negative-your score could be affected after the sale of your home...

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Topics: Mortgage loan, short sale, Mortgage Lending, Understanding Credit Scores

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

Credit Score Health: Common Conditions that can Tank your Score

Posted by datafactssolutions

Oct 31, 2011 9:33:00 AM

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A credit score is a measurement to determine your credit worthiness, and we should all strive to keep ours as HIGH as possible. This means managing our payments, watching our credit card balances, and not frivolously applying for new credit.

However, certain seemingly innocent actions can result in credit score decreases. Do you recognize yourself as having any of these “conditions”?

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Topics: credit checks, Credit Score, Improve Credit Score, credit history, Budget, FICO, Understanding Credit Scores

Pay off your credit card every month? Your credit report may still show a balance

Posted by datafactssolutions

Oct 13, 2011 8:45:00 AM

To all you consumers who pay your credit card balances in full every month; good for you!

Not carrying a balance on a credit card is one of the best financial maneuvers you can make for yourself. This ensures that you won’t rack up expensive finance charges, nor will you find yourself deep in credit card debt.

However...

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Topics: credit checks, credit reports, Credit Score, Improve Credit Score, credit cards, credit history, Credit Bureau, Understanding Credit Scores

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