Data Facts Lending Solutions Blog

Are You Credit Invisible? 4 Tips to Establish Credit History

Posted by Matt Holmes

Nov 23, 2020 9:02:00 AM

In 2015, the Consumer Financial Protection Bureau published a study finding that 26 million Americans were “credit invisible”- in other words, about 1 in every 10 Americans has no documented credit profile with the 3 major credit bureaus.

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Topics: Credit Score, credit history, Credit Report

MBA Projects Record Purchase Volume, Higher Rates in 2021

Posted by Matt Holmes

Nov 19, 2020 9:40:51 AM

On Tuesday, the Mortgage Bankers Association released its estimates for the remainder of the year, as well as projections for 2021. Although the MBA expects to see a decrease in both refinances and purchases next year, there is no reason to believe the market is facing a substantial slowdown. In fact, it projected originations to come in at $2.56 trillion, which would still be the second-highest origination total in the last 15 years.

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Topics: MBA, Mortgage Lending, Mortgage Market

The FCRA Celebrates 50 Years

Posted by Matt Holmes

Nov 10, 2020 10:38:32 AM

On October 26th, 1970, the Fair Credit Reporting Act became law. 50 years later, the statute still stands as a symbol for the protection of the consumer, and the importance of the law today is greater than ever. As a tribute to this landmark legislation, let’s look back on some of the defining moments in FCRA history:

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Topics: FCRA

How Long Should You Rate-Shop for Mortgages?

Posted by Matt Holmes

Nov 2, 2020 9:02:00 AM

The credit bureaus always want to demonstrate whether you’re opening credit accounts responsibly. When you apply for a mortgage, your lender will pull your credit, and a notation will be placed on your report indicating that it has been viewed. This is called an inquiry. Inquiries for car loans, mortgages and student loans are all regarded as inquiries and will typically lower your credit score.

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Topics: Credit Score, Mortgage Lending, Credit Report

Why Having the Right Mix of Credit Matters

Posted by Matt Holmes

Oct 26, 2020 9:02:00 AM

Often overlooked, having the right mix of credit can really have an impact on your credit score. Think about your financial investments- how many times have you been told about the merits of “diversifying your portfolio”? Similarly, in the world of credit, the bureaus want to see a diverse buildup of credit use. In other words, they want to see that you aren’t putting all your eggs in one basket.

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Topics: Credit Score, Credit Report

3 Scary Mortgage Fraud Headlines

Posted by Matt Holmes

Oct 19, 2020 9:02:00 AM

It’s a spooky time of year, but all tricks and treats aside, there has been some really unsettling news involving mortgage fraud schemes in recent months. Check out these haunting headlines:

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Topics: mortgage fraud, Mortgage Lending, Fraud

Protecting Your Credit During a Divorce

Posted by Matt Holmes

Oct 13, 2020 9:02:00 AM

Going through a divorce can be one of the most stressful experiences in life, and if it happens to you, your credit score might be one of the last things on your mind. However, even during these difficult times, the world keeps spinning. And the fact is, divorce can greatly impact your finances and credit history. With close to 50% of all marriages ending in divorce, and divorce finalization taking close to 1 year to complete, protecting your credit along the way is critical to your financial future.

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Topics: divorce, finances, Credit Report

Cyberattacks are Increasing: Here’s How Lenders Can Stay Safe

Posted by Matt Holmes

Oct 5, 2020 9:02:00 AM

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Topics: Cybersecurity

5 Things That Can Derail a Mortgage Closing

Posted by Matt Holmes

Sep 29, 2020 9:02:00 AM

Stop us if you’ve heard this before: Just when you thought you were on a clear path to closing, someone or something throws a monkey wrench into the plan. This is a reality Data Facts has seen time and again, and there are several things you need to be on the lookout for. Here are 5 common things that can derail a mortgage closing:

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Topics: Mortgage Lending

Credit Supplements and Rescores: What's the Difference?

Posted by Matt Holmes

Sep 21, 2020 9:02:00 AM

When a consumer makes spending choices that affect their credit report, the bureaus don’t update this information right away. In fact, it can take a month for new information to appear on a credit report. This is why it’s often necessary for lenders to append additional information to the borrower’s file before closing. This is where credit supplements and rescores come in. Oftentimes, these two terms are mentioned in similar contexts, so it’s only appropriate that we distinguish them from each other. So what’s the difference between a supplement and a rescore?

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Topics: Credit Score, Credit Report, Rescores, Supplements

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